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2021-06-27

Interesting

Square: The Bear Case<blockquote>广场：熊案</blockquote>

2021-06-27

Agreed good stock but too expensive

Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>

2021-06-27

Interesting perspective

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2021-06-27

Neither of them is good ev bet

Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>

2021-06-25

No more outsized gains for apple

Why Apple's Stock Valuation Could Present Long-Term Buying Opportunity<blockquote>为什么苹果的股票估值可能带来长期买入机会</blockquote>

2021-06-25

Nok long term play

Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>

2021-06-25

Cramer knows nothing

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2021-06-25

Need to dig deeper to decide on investing this spac

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2021-06-25

Good job everyone

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2021-06-24

Huat

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2021-06-24

Ill stay away

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2021-06-24

Neutral abt this

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2021-06-24

Sea is a must buy

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2021-06-24

Informative read

The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>

2021-06-22

Buy now?

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2021-06-22

Good to know

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2021-06-22

Expected

EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>

2021-06-22

Psth buy

Vivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</blockquote>

2021-06-22

Author writes like he knows more than the politicians

Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>

2021-06-22

Nonsense

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10:03","market":"us","language":"en","title":"Square: The Bear Case<blockquote>广场：熊案</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117734317","media":"seekingalpha","summary":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong re","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>  <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>  <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>  <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>  <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p><p><blockquote><ul><li>从表面上看，Square似乎是一家成长中的公司，也是一项不错的投资，收入增长强劲，Cash App用户群庞大。</li><li>事实上，该公司一直在努力将其营收转化为净利润。</li><li>这导致Square扩大其产品，以证明夸大的收入估值是合理的，而这可能永远不会带来有意义的盈利增长。</li><li>虽然乍一看，它的现金应用程序故事似乎是一个崭露头角的前景，但它可能只不过是基于必要性的暂时增长。</li><li>鉴于目前的估值和不断增加的比特币阻力，Square可能面临收入和盈利的大幅下调。</li></ul><p class=\"t-img-caption\"><span>AndreyPopov/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p><p><blockquote>Square Inc.（纽约证券交易所股票代码：SQ）是最受散户交易者和投资者欢迎的股票之一，在Robinhood的100强排名中排名第57位。这导致SQ的价格比去年上涨了135%，市值超过1000亿美元，交易波动性相当于中型公司。</blockquote></p><p> On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p><p><blockquote>从表面上看，价格和估值似乎是合理的，该公司通过Cash App、比特币（BTC-USD）、PPP贷款不断增加收入并扩大其产品组合，最近还通过Square Financial Services获得银行牌照。</blockquote></p><p> However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p><p><blockquote>然而，由于对未来收入预测的猜测，这些估值正与公司及其核心业务的基本面脱钩，而未来收入预测严重依赖于比特币收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自SQ Investor Relations（2021年第一季度历史财务信息）</span></p></blockquote></p><p> In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p><p><blockquote>除此之外，SQ还可能面临与小企业定位相关的其他几个问题；政策和法规；以及一般宏观经济因素，这些因素可能会产生不利因素，影响其估值并给投资者带来不对称的下行风险，我将在下面进行推断。</blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p><p><blockquote>SQ是一家支付处理和商业工具提供商，促进企业/卖家和个人之间的交易，并为他们提供硬件、在线基础设施和分析。此外，它还通过现金应用程序为个人提供服务，该应用程序似乎呈指数级增长，允许用户发送、接收、持有和投资资金，最近还有比特币。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信-现金App流入与毛利润）</span></p></blockquote></p><p> As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p><p><blockquote>截至2020年3月，该公司已获得联邦存款保险公司（FDIC）的银行牌照，可以向使用SQ进行支付处理的零售商发放商业贷款。</blockquote></p><p> Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p><p><blockquote>鉴于所有这些积极消息，根据未来增长预测，该股在过去3年中上涨了330%以上，并且自2020年以来一直追逐收入预期也就不足为奇了。</blockquote></p><p> This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p><p><blockquote>这在新冠疫情期间很常见，因为未知的水域意味着营收增长对于生存至关重要。此外，美联储似乎无休止的印钞，加上零利率，意味着资金流入显示出最高增长潜力的股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（2021年SQ与EPS预估和收入预估）</span></p></blockquote></p><p> However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p><p><blockquote>然而，在Q1 2021年，随着印刷放缓，收益率开始上升，联邦对个人的转移支付消失，因此不断增加的收入预期对市场的意义开始减弱，导致SQ价格走势在200美元至280美元之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（年初至今SQ价格）</span></p></blockquote></p><p> <b>Quantitative</b></p><p><blockquote><b>数量的</b></blockquote></p><p> Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p><p><blockquote>今年迄今为止，SQ相对于支付处理行业表现良好，为股东带来了约12%的价格上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ与支付处理行业今年迄今&gt;500亿美元）</span></p></blockquote></p><p></p><p> It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p><p><blockquote>当根据远期收益和收入对这些公司进行评估时，也就不足为奇了。SQ 2021年和2022年的盈利增长高于平均水平和中位数，2021年的收入增长强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，行业比较（支付处理商）</span></p></blockquote></p><p> Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p><p><blockquote>虽然与同行相比，SQ的远期市盈率似乎被夸大了，但其远期市盈率相对较小，低于行业平均水平和中位数，这或许证明了其现值的合理性。</blockquote></p><p> However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p><p><blockquote>然而，一旦你将比特币收入从等式中剔除，你就会得到对收入增长低得多的预期PS估计，而收入增长代表了SQ的主要业务。</blockquote></p><p> For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p><p><blockquote>在这个等式中，我从2021年第一季度的业绩中删除了比特币的收入，并根据分析师的平均预期判断，该预期显示2021年第二季度至第四季度的收入几乎没有环比增长，将该数字乘以4倍，得出年终收入估计为61.407亿美元。前几年，我已将比特币从收入中删除。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ收入增长（2018年至2021年比特币与不包括比特币的预测）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ与行业比较（收入预测不包括比特币）</span></p></blockquote></p><p> As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p><p><blockquote>正如我们所看到的，这描绘了该公司截然不同的图景，虽然收入增长仍略高于市盈率也很高的公司，但盈利估值突然看起来更有意义，并且很难证明远期市盈率高于平均水平3倍是合理的，比中位数高4.5倍。尤其是当美国运通公司(AXP)、万事达卡公司(MA)、PayPal控股公司(PYPL)和Visa Inc(V)等公司的每股收益平均高出4倍时。其中大多数支付股息，并具有类似的增长预期，但波动风险较小。</blockquote></p><p> Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p><p><blockquote>许多人会认为“这并不重要，因为BTC现在是他们收入指标的一部分，也就是说，除了交易量之外，才是重要的”。然而，我想举2018年比特币抛售的例子，比特币下跌了70%，交易量也从高点下跌了约75%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Bitcoinvisuals.com（2018年比特币市场交易量）</span></p></blockquote></p><p> On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p><p><blockquote>从估值角度来看，如果比特币因全球监管力度加大而继续回调，这将给投资者带来巨大的下行风险，因为该公司本质上是根据比特币支持的收入指标进行交易的。很简单，比特币的价格下跌可能意味着收入预期的下调，从而导致SQ价格的高度波动回撤。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ价格相关性-收入、EPS和EBITDA）</span></p></blockquote></p><p> This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p><p><blockquote>考虑到该股与同行相比的历史波动性，这种情况变得越来越有可能，而且它也成为共识空头头寸也就不足为奇了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者（SQ与行业比较隐含波动率和已实现波动率以及空头利息）</span></p></blockquote></p><p> Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p><p><blockquote>鉴于另一位Seeking Alpha撰稿人的分析，我不得不同意作者认为SQ 2025年增长的价值趋势基本上已被定价。SQ对收入预测的依赖被比特币大幅放大，给投资者带来了中短期内不对称的下行风险。</blockquote></p><p> <b>Macro</b></p><p><blockquote><b>宏观的</b></blockquote></p><p> Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p><p><blockquote>虽然我们正处于重新开放的过程中，但许多事情仍然不确定，如需求可持续性、就业增长和创造以及通货膨胀。</blockquote></p><p> Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p><p><blockquote>虽然媒体的情绪总体上是积极的，但在我们得出结论认为我们是清白的之前，有几个宏观经济问题需要解决。</blockquote></p><p> <b>Small Business Environment</b></p><p><blockquote><b>小企业环境</b></blockquote></p><p> SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p><p><blockquote>SQ的MRQ显示，近49%的毛利润来自卖家生态系统（小企业）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度10Q第39页-细分毛利）</span></p></blockquote></p><p></p><p> The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p><p><blockquote>其中大部分来自支付总额低于500,000美元的卖家（69.5%）。这使得square很大程度上受到小企业周期波动的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信）</span></p></blockquote></p><p> Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p><p><blockquote>深入研究业务形成统计数据，有一个乐观的画面，2021年5月超过500,000个业务应用程序为SQ提供了无尽的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Census.gov（商业应用，2021年5月）</span></p></blockquote></p><p> Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p><p><blockquote>同样，当我们深入挖掘并查看排名成熟小企业乐观情绪的统计数据时，情况开始扭曲，开始看起来像是进入2008年的下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-乐观，2021年5月）</span></p></blockquote></p><p> Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p><p><blockquote>此外，当我们考察小企业未来的扩张前景时，这也降至低点，与2008年类似。这可能表明SQ毛利率的主要组成部分可能不会以2017年至2020年期间的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望，2021年5月）</span></p></blockquote></p><p> Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p><p><blockquote>此外，应该指出的是，小企业给出负面前景的两个主要原因是“经济状况”和“政治气候”，这可能与2020年的选举、COVID、最近的政策变化有关，并且在某种程度上是暂时的。或者，它可能类似于2008年至2016年的缓慢三月，我们只是不知道，除了它是一个较低的读数，因此可能会影响SQ的高收入和盈利增长预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望原因，2021年5月）</span></p></blockquote></p><p> <b>Small Business Lending</b></p><p><blockquote><b>小企业贷款</b></blockquote></p><p> Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p><p><blockquote>展望未来，SQ显然旨在通过获得银行牌照来巩固其在商业贷款领域的地位。这对该公司来说非常积极，因为他们庞大且不断增长的小型企业用户群、他们自2014年以来的经验以及于2021年5月31日停止的PPP计划。</blockquote></p><p> Currently, bank lending has receded as a result of recovery efforts from COVID.</p><p><blockquote>目前，由于COVID的复苏努力，银行贷款已经减少。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（美国商业银行-商业和工业贷款）</span></p></blockquote></p><p> This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p><p><blockquote>这可以通过NFIB月度报告中的信用状况指数来验证。尽管如此，美国银行家的一项调查报告称，86%的小企业发现很难获得信贷，不得不求助于个人信贷。</blockquote></p><p> This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p><p><blockquote>这对SQ来说是积极的，因为这将使他们能够填补市场上小企业的信贷缺口。尽管我认为这将是短暂的，因为有人猜测，当美联储缩减规模时，他们还将宣布取消对富国银行（WFC）的资本限制。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：瑞士信贷（Global Money Dispatch–2021年5月25日）</span></p></blockquote></p><p> There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p><p><blockquote>鉴于美联储在2020年初取消了这些限制，以通过PPP计划帮助小企业，而且缩减购债规模有扰乱市场的历史，这种情况发生的可能性相当大。如果发生这种情况，我怀疑WFC将再次成为小企业信贷领域的巨头，并由于其在该领域广泛的网络和历史而成为SQ非常强劲的竞争对手。</blockquote></p><p> <b>Bitcoin, Legislation &amp; Gensler</b></p><p><blockquote><b>比特币、立法和詹斯勒</b></blockquote></p><p> Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p><p><blockquote>比特币在2020年下半年和2021年上半年的大部分时间里一直是头条新闻，这是有充分理由的。它在散户交易者和投资者中越来越受欢迎，并表现出非凡的赞赏。此外，一些小型银行对这种媒介很感兴趣，尽管许多银行和金融机构已经明确禁止使用其服务购买比特币。</blockquote></p><p> The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p><p><blockquote>他们反对的主要原因很可能与非法活动有关，如洗钱、恐怖主义、虚假交易量以及我不想参与的类似活动，银行也不想参与。</blockquote></p><p></p><p> Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p><p><blockquote>因此，在最近的炒作中，许多国家现在正在介入监管比特币的使用，但其他国家更进一步，正在颁布立法禁止其使用和开采，最明显的是中印。</blockquote></p><p> This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p><p><blockquote>自2021年5月ATHs约65,000美元以来，这对比特币的价格产生了负面影响，此后回撤了-46%。</blockquote></p><p> It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p><p><blockquote>这对比特币的未来也是极其不利的，因为比特币的大部分挖矿都是在中国完成的（年初至今约70%），挖矿的算力与价格相关。因此，如果这些因素因中国采矿活动减少而消退，价格肯定会随之上涨，从而影响SQ的比特币持有量和未来交易量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：剑桥大学（剑桥比特币电力消费指数年初至今）</span></p></blockquote></p><p> Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p><p><blockquote>虽然SEC已经站出来表示，比特币监管不在他们2021年的议程上，但Gary Gensler警告投资者要谨慎。Gensler在保护投资者的监管方面也有着悠久的历史，尽管没有将比特币列入2021年的议程，但我建议读者研究他在2000年和2008年的历史。</blockquote></p><p> Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p><p><blockquote>进一步看，总的来说，这对比特币和SQ来说并不是一个好兆头。很可能会有进一步的监管而不是采用，从而对其价格产生负面影响，导致2018年产量和采矿活动的下降重演。</blockquote></p><p> <b>General Economy - The Worry for Retail</b></p><p><blockquote><b>总体经济——零售业的担忧</b></blockquote></p><p> Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p><p><blockquote>另外，我们也可能会看到零售业未来的负面形势。零售业的复苏在很大程度上不是由“被压抑的需求”推动的，而是主要通过2020年和2021年初发放的补贴。当检查下图时，我们可以看到，一旦你减去转移收入（政府刺激支票和就业福利——红线），收入就不再是以前的样子了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：圣路易斯联邦储备银行（可支配收入vs实际收入减去转账vs个人储蓄vs零售贸易销售）</span></p></blockquote></p><p> Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p><p><blockquote>此外，我们可以看到，零售额（紫色）的飙升主要是由刺激支票推动的，刺激支票增加了可支配收入（蓝色）和消费者储蓄（绿色），尽管现在刺激已经结束，人们不得不开始挖掘他们的储蓄，3月至4月期间环比下降了54%。</blockquote></p><p> The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p><p><blockquote>在检查U6失业率时，消费者支出情况变得更糟，U6失业率被认为是经济学家中最能揭示问题的，因为它包括失业、未充分就业和灰心丧气的求职者。一般来说，这对未来消费者可自由支配支出模式来说不是一个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Macrotrends.net（U6失业率vs U5 vs官方）</span></p></blockquote></p><p> Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p><p><blockquote>最后，食品和能源成本的上涨（我预计食品成本将持续上涨）应该会阻碍消费者未来的可自由支配支出。我以前写过关于马赛克公司（MOS）和安德森公司（ANDE）的文章，概述了我对这一趋势的理由。</blockquote></p><p> In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p><p><blockquote>关于SQ，我们可以根据2019年底的数据看到他们对消费者可自由支配支出的历史敞口。当考虑到以下数据时：零售；专业服务、美容及个护、家居及维修、休闲娱乐及休闲使用，总曝光量约为59%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista（Raynor de Best–卖家行业GPV，2019年12月）</span></p></blockquote></p><p> Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p><p><blockquote>虽然由于比特币的权重，这可能不会对其收入数据产生重大影响，但我确实预计这将削弱未来的毛利润数据，并随着刺激措施进一步消退对利润率产生负面影响。</blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> <b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p> When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p><p><blockquote>在检查SQ的财务状况时，我们可以很容易地看到，比特币是推动其收入增长的主要因素（MRQ占总收入的69%），其估值也由此得出（参见上面的介绍部分-SQ价格与收入部分；和定量部分-SQ价格相关性）。</blockquote></p><p> From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p><p><blockquote>在2021年第一季度股东信第12页中，他们表示，截至2021年3月31日，他们所持股份的公允价值为4.72亿美元。这一天的收盘价为58,918.83美元，约合8,011个比特币。他们还表示，在此期间和第四季度，他们最初向比特币投资了2亿美元，因此他们的平均价格约为每个比特币25,000美元。</blockquote></p><p></p><p> Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p><p><blockquote>目前，比特币的价格约为34,600美元，它似乎也很难找到吸引力，尤其是当你研究其他一些趋势时。例如，看看谷歌趋势上“购买比特币”的搜索趋势，这显然正在减弱。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-全球5年）</span></p></blockquote></p><p> Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p><p><blockquote>此外，当你将这些数据与刺激支付联系起来时，很明显这两者在2020年下半年存在关系，最近的大部分猜测可能是由政府补贴驱动的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：USA.Gov（新冠刺激支票日期）</span></p></blockquote></p><p> The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p><p><blockquote>搜索量的激增大约发生在后两次政府刺激支票的时间，有几天到几周的滞后。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-美国12个月）</span></p></blockquote></p><p> This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p><p><blockquote>这也与比特币在2020年12月和2021年1月的价格上涨以及2021年3月和4月的失败反弹相吻合。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（比特币价格1年）</span></p></blockquote></p><p> Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p><p><blockquote>因此，在这个例子中，如果我们持续抛售-70%，这与2018年发生的情况类似。我们将回到2020年11月比特币价格约为20,000美元。</blockquote></p><p> This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p><p><blockquote>在数量减少、进一步立法和哈希率下降的基础上，这仍然是可行的。从理论上讲，SQ可能会产生4000万美元的减值费用，这将极大地影响营业收入、净利润和股东收益以及未来预期。尽管这纯粹是理论上的，没有考虑本季度的交易，例如在ATH或附近的购买或销售。</blockquote></p><p> Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p><p><blockquote>此外，由于未来缺乏刺激付款以及消费者可自由支配支出收紧，随着进入该领域的资金减少和销量下降，比特币产生的收入也可能下降。对SQ的收入估计以及随后的价格和估值产生负面影响。</blockquote></p><p> <b>Cash App</b></p><p><blockquote><b>现金应用程序</b></blockquote></p><p> On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p><p><blockquote>从表面上看，Cash App正在呈指数级增长，成为用户交易的可行平台，每月交易活跃客户超过3600万，同比增长50%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2020年第四季度股东信）</span></p></blockquote></p><p> However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p><p><blockquote>然而，Cash App的这种增长未来可能是不可持续的，SQ在其季度备案说明中详细阐述了这一点：</blockquote></p><p>   Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;  <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.    <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>  Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p><p><blockquote>Cash App收入受益于Cash App活跃客户数量的增长以及<b>政府救济计划</b>最近于2020年12月下旬和2021年3月通过成为法律，以及2020年通过的早期刺激计划的累积收益。这些计划提供了额外的刺激救济和失业福利，导致消费者支出和流入我们的Cash App生态系统的资金增加。Cash App的收入增长在未来几个季度可能无法维持在相同水平，并且可能会受到进一步刺激救济和福利计划的颁布以及比特币的需求和市场价格等因素的影响。<i>资料来源：SQ投资者关系（2021年第一季度10Q文件–第49页）</i>Cash App的部分问题是理论上的持续使用和未来的采用。去年的大部分增长主要是由通过Cash App生态系统进行的刺激支付推动的，因此在这种情况下是必要的。</blockquote></p><p> The two sharp spikes in searches for the app occurred on:</p><p><blockquote>该应用程序的搜索量出现了两次急剧上升：</blockquote></p><p> <ul>  <li>April 12-18 2020</li>  <li>January 24-30 2021</li> </ul> These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p><p><blockquote><ul><li>2020年4月12日至18日</li><li>2021年1月24日至30日</li></ul>这些与刺激付款相吻合，因为他们最初发送这些款项，并逐渐将其存入人们的账户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（现金应用搜索词-美国5年）</span></p></blockquote></p><p> Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p><p><blockquote>因此，随着政府刺激付款结束，比特币再次失去相关性，越来越多的人重返工作岗位，日间交易减少，这可能会对未来的用户增长指标产生负面影响，影响SQ的收入估计、毛利润数据及其收益。</blockquote></p><p> Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p><p><blockquote>此外，还有许多其他更可行的平台，另一位Seeking Alpha撰稿人The Value Trend在这里详细介绍了这些平台。</blockquote></p><p></p><p> It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p><p><blockquote>同样重要的是要记住他们如何定义这些用户，“交易活跃现金应用程序客户”如下：</blockquote></p><p>   ... has at least  <b>one financial transaction</b>using any product or service within Cash App during the specified period.    <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>  So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p><p><blockquote>...至少有<b>一笔金融交易</b>在指定期间内使用Cash App内的任何产品或服务。<i>资料来源：SQ投资者关系（2020年第四季度股东信-第4页）</i>因此，如果客户每月一次从雇主那里收到工资或失业救济金，并每月一次将所有工资转入他们的银行账户，那么他们就是“交易活跃现金应用客户”...</blockquote></p><p> Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p><p><blockquote>也许一个“活跃”客户的更好的量词是大于5笔交易。</blockquote></p><p> <b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p> Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p><p><blockquote>检查SQ的技术面，很明显该股目前在200美元至280美元之间波动，在250美元处有几次突破尝试，在300美元附近有两次失败的尝试，显示出几个迹象表明势头正在消失。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自FINVIZ（SQ图表）</span></p></blockquote></p><p> When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p><p><blockquote>在检查暗池订单流时，由于暗池处于低点，当前的反弹有可能继续，这可能会持续到8月份的收益中。尽管我不会抱太大希望，除非出现一些严重的好消息，比特币反弹回ATHs。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Squeezemetrics.com（SQ暗池与隐含Vol 2年）</span></p></blockquote></p><p> From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p><p><blockquote>从13F备案中也可以看到，不少基金降低了敞口并平仓，新增仓位较少。看跌期权与看涨期权的比率也变得相当高，尤其是在市值为1000亿美元的股票上，这表明我们并不是唯一有同样想法的人。</blockquote></p><p> Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p><p><blockquote>但需要谨慎，因为SQ与比特币的问题显然正在成为共识交易，当这些看跌期权被取消时，伽马可能会转为正值，并可能导致该股大幅上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Whalewisdom.com（SQ基金定位）</span></p></blockquote></p><p> Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p><p><blockquote>此外，就ARK ETF而言，过去6个月出现重大流动性问题也就不足为奇了，我同意另一位Seeking Alpha撰稿人的论点，即我们将看到这些ETF中持有的股票价格回归均值。值得注意的是，Cathie已经显著减少了她对SQ的接触，她可能正在选择她的战斗。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Cathiesark.com（持有SQ股票-所有ETF）</span></p></blockquote></p><p> Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p><p><blockquote>鉴于上述信息，这是一家很难做空的公司。它要么会带来巨大的回报，要么会因为它的波动性而撕碎你的脸。此外，许多基金希望对财务报表上有比特币的公司进行少量投资。因此，如果您要自担风险将其作为空头进行交易，建议谨慎行事，并且您应该始终选择战斗。</blockquote></p><p> <b>Price Targets</b></p><p><blockquote><b>价格目标</b></blockquote></p><p> On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p><p><blockquote>根据SQ ATR的波动性，SQ有可能在今年年底前跌至约100美元的低点，40%的情况下走势有利。如果你把比特币完全从等式中剔除，这与我的2021年底价格一致。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者（SQ ATR计算器）</span></p></blockquote></p><p> However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p><p><blockquote>然而，这样做是不明智的，因为这是他们目前收入的一部分，无论2021年初比特币的销量有多高，年底可能有多低。</blockquote></p><p> I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p><p><blockquote>我确实预计该股将再次下跌并重新测试200美元，可能跌破160美元。尽管很难确定SQ的估值，主要是因为估值来自比特币收入，以及基金和市场在未来采用该资产时的感知价值。</blockquote></p><p> If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p><p><blockquote>如果市场再次开始认为比特币无关紧要，我预计SQ将慢慢抛售至150美元至160美元之间（下跌-37%），反弹超过300美元（上涨25%）的可能性很低。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> With respect to SQ the following risks should be noted.</p><p><blockquote>关于SQ，应注意以下风险。</blockquote></p><p> The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p><p><blockquote>不管你喜不喜欢SQ，公司都在成长。主要问题是：市场会在任何现实基础上对比特币进行估值吗？不管有没有比特币，它增长了多少？无论有没有比特币，未来的潜在增长是多少？市场相信吗，或者就此而言在乎吗？</blockquote></p><p></p><p> If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p><p><blockquote>如果比特币失去相关性，从谷歌趋势来看，这种可能性更大，那么假设SQ将因此在2021年下半年遭受损失并对收入预期造成重大打击并不奇怪。然而，如果比特币的采用率增加并且负面消息消退，由于这是一家成长型公司，它可能会继续上涨。</blockquote></p><p> Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p><p><blockquote>此外，消费者支出模式正在产生混合数据，上面我提出了一个熊市案例。如果人们的行为发生变化，例如申请将增加经济支出的工作，并有望产生小企业增长，增加小企业的乐观情绪和扩张，这对于SQ作为支付处理领域的周期性企业非常有利。</blockquote></p><p> Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p><p><blockquote>同样，谨慎是必要的，尽管我确实认为公司未来的增长已被定价，SQ持有者面临的下行风险高于上行风险。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p><p><blockquote>SQ是一家高增长公司，从长远来看具有一些潜在的积极点；然而，其估值非常值得怀疑，因为其高收入预期主要来自比特币交易，而不是盈利增长。</blockquote></p><p> From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p><p><blockquote>从定量角度来看，它在同行中看起来不错，但经过进一步检查，它似乎被严重高估，因为未来的增长（至少2021年）可能来自比特币。此外，如果没有政府的持续刺激，其Cash App采用统计数据可能不会继续看到相同的运行率。</blockquote></p><p> Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</p><p><blockquote>此外，它还面临着一些潜在的宏观经济障碍，包括小企业风险、贷款竞争对手、消费者交易竞争对手、比特币立法和零售需求疲软。</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>Square: The Bear Case<blockquote>广场：熊案</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSquare: The Bear Case<blockquote>广场：熊案</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>  <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>  <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>  <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>  <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p><p><blockquote><ul><li>从表面上看，Square似乎是一家成长中的公司，也是一项不错的投资，收入增长强劲，Cash App用户群庞大。</li><li>事实上，该公司一直在努力将其营收转化为净利润。</li><li>这导致Square扩大其产品，以证明夸大的收入估值是合理的，而这可能永远不会带来有意义的盈利增长。</li><li>虽然乍一看，它的现金应用程序故事似乎是一个崭露头角的前景，但它可能只不过是基于必要性的暂时增长。</li><li>鉴于目前的估值和不断增加的比特币阻力，Square可能面临收入和盈利的大幅下调。</li></ul><p class=\"t-img-caption\"><span>AndreyPopov/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p><p><blockquote>Square Inc.（纽约证券交易所股票代码：SQ）是最受散户交易者和投资者欢迎的股票之一，在Robinhood的100强排名中排名第57位。这导致SQ的价格比去年上涨了135%，市值超过1000亿美元，交易波动性相当于中型公司。</blockquote></p><p> On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p><p><blockquote>从表面上看，价格和估值似乎是合理的，该公司通过Cash App、比特币（BTC-USD）、PPP贷款不断增加收入并扩大其产品组合，最近还通过Square Financial Services获得银行牌照。</blockquote></p><p> However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p><p><blockquote>然而，由于对未来收入预测的猜测，这些估值正与公司及其核心业务的基本面脱钩，而未来收入预测严重依赖于比特币收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自SQ Investor Relations（2021年第一季度历史财务信息）</span></p></blockquote></p><p> In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p><p><blockquote>除此之外，SQ还可能面临与小企业定位相关的其他几个问题；政策和法规；以及一般宏观经济因素，这些因素可能会产生不利因素，影响其估值并给投资者带来不对称的下行风险，我将在下面进行推断。</blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p><p><blockquote>SQ是一家支付处理和商业工具提供商，促进企业/卖家和个人之间的交易，并为他们提供硬件、在线基础设施和分析。此外，它还通过现金应用程序为个人提供服务，该应用程序似乎呈指数级增长，允许用户发送、接收、持有和投资资金，最近还有比特币。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信-现金App流入与毛利润）</span></p></blockquote></p><p> As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p><p><blockquote>截至2020年3月，该公司已获得联邦存款保险公司（FDIC）的银行牌照，可以向使用SQ进行支付处理的零售商发放商业贷款。</blockquote></p><p> Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p><p><blockquote>鉴于所有这些积极消息，根据未来增长预测，该股在过去3年中上涨了330%以上，并且自2020年以来一直追逐收入预期也就不足为奇了。</blockquote></p><p> This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p><p><blockquote>这在新冠疫情期间很常见，因为未知的水域意味着营收增长对于生存至关重要。此外，美联储似乎无休止的印钞，加上零利率，意味着资金流入显示出最高增长潜力的股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（2021年SQ与EPS预估和收入预估）</span></p></blockquote></p><p> However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p><p><blockquote>然而，在Q1 2021年，随着印刷放缓，收益率开始上升，联邦对个人的转移支付消失，因此不断增加的收入预期对市场的意义开始减弱，导致SQ价格走势在200美元至280美元之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（年初至今SQ价格）</span></p></blockquote></p><p> <b>Quantitative</b></p><p><blockquote><b>数量的</b></blockquote></p><p> Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p><p><blockquote>今年迄今为止，SQ相对于支付处理行业表现良好，为股东带来了约12%的价格上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ与支付处理行业今年迄今&gt;500亿美元）</span></p></blockquote></p><p></p><p> It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p><p><blockquote>当根据远期收益和收入对这些公司进行评估时，也就不足为奇了。SQ 2021年和2022年的盈利增长高于平均水平和中位数，2021年的收入增长强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，行业比较（支付处理商）</span></p></blockquote></p><p> Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p><p><blockquote>虽然与同行相比，SQ的远期市盈率似乎被夸大了，但其远期市盈率相对较小，低于行业平均水平和中位数，这或许证明了其现值的合理性。</blockquote></p><p> However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p><p><blockquote>然而，一旦你将比特币收入从等式中剔除，你就会得到对收入增长低得多的预期PS估计，而收入增长代表了SQ的主要业务。</blockquote></p><p> For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p><p><blockquote>在这个等式中，我从2021年第一季度的业绩中删除了比特币的收入，并根据分析师的平均预期判断，该预期显示2021年第二季度至第四季度的收入几乎没有环比增长，将该数字乘以4倍，得出年终收入估计为61.407亿美元。前几年，我已将比特币从收入中删除。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ收入增长（2018年至2021年比特币与不包括比特币的预测）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ与行业比较（收入预测不包括比特币）</span></p></blockquote></p><p> As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p><p><blockquote>正如我们所看到的，这描绘了该公司截然不同的图景，虽然收入增长仍略高于市盈率也很高的公司，但盈利估值突然看起来更有意义，并且很难证明远期市盈率高于平均水平3倍是合理的，比中位数高4.5倍。尤其是当美国运通公司(AXP)、万事达卡公司(MA)、PayPal控股公司(PYPL)和Visa Inc(V)等公司的每股收益平均高出4倍时。其中大多数支付股息，并具有类似的增长预期，但波动风险较小。</blockquote></p><p> Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p><p><blockquote>许多人会认为“这并不重要，因为BTC现在是他们收入指标的一部分，也就是说，除了交易量之外，才是重要的”。然而，我想举2018年比特币抛售的例子，比特币下跌了70%，交易量也从高点下跌了约75%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Bitcoinvisuals.com（2018年比特币市场交易量）</span></p></blockquote></p><p> On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p><p><blockquote>从估值角度来看，如果比特币因全球监管力度加大而继续回调，这将给投资者带来巨大的下行风险，因为该公司本质上是根据比特币支持的收入指标进行交易的。很简单，比特币的价格下跌可能意味着收入预期的下调，从而导致SQ价格的高度波动回撤。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ价格相关性-收入、EPS和EBITDA）</span></p></blockquote></p><p> This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p><p><blockquote>考虑到该股与同行相比的历史波动性，这种情况变得越来越有可能，而且它也成为共识空头头寸也就不足为奇了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者（SQ与行业比较隐含波动率和已实现波动率以及空头利息）</span></p></blockquote></p><p> Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p><p><blockquote>鉴于另一位Seeking Alpha撰稿人的分析，我不得不同意作者认为SQ 2025年增长的价值趋势基本上已被定价。SQ对收入预测的依赖被比特币大幅放大，给投资者带来了中短期内不对称的下行风险。</blockquote></p><p> <b>Macro</b></p><p><blockquote><b>宏观的</b></blockquote></p><p> Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p><p><blockquote>虽然我们正处于重新开放的过程中，但许多事情仍然不确定，如需求可持续性、就业增长和创造以及通货膨胀。</blockquote></p><p> Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p><p><blockquote>虽然媒体的情绪总体上是积极的，但在我们得出结论认为我们是清白的之前，有几个宏观经济问题需要解决。</blockquote></p><p> <b>Small Business Environment</b></p><p><blockquote><b>小企业环境</b></blockquote></p><p> SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p><p><blockquote>SQ的MRQ显示，近49%的毛利润来自卖家生态系统（小企业）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度10Q第39页-细分毛利）</span></p></blockquote></p><p></p><p> The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p><p><blockquote>其中大部分来自支付总额低于500,000美元的卖家（69.5%）。这使得square很大程度上受到小企业周期波动的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信）</span></p></blockquote></p><p> Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p><p><blockquote>深入研究业务形成统计数据，有一个乐观的画面，2021年5月超过500,000个业务应用程序为SQ提供了无尽的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Census.gov（商业应用，2021年5月）</span></p></blockquote></p><p> Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p><p><blockquote>同样，当我们深入挖掘并查看排名成熟小企业乐观情绪的统计数据时，情况开始扭曲，开始看起来像是进入2008年的下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-乐观，2021年5月）</span></p></blockquote></p><p> Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p><p><blockquote>此外，当我们考察小企业未来的扩张前景时，这也降至低点，与2008年类似。这可能表明SQ毛利率的主要组成部分可能不会以2017年至2020年期间的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望，2021年5月）</span></p></blockquote></p><p> Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p><p><blockquote>此外，应该指出的是，小企业给出负面前景的两个主要原因是“经济状况”和“政治气候”，这可能与2020年的选举、COVID、最近的政策变化有关，并且在某种程度上是暂时的。或者，它可能类似于2008年至2016年的缓慢三月，我们只是不知道，除了它是一个较低的读数，因此可能会影响SQ的高收入和盈利增长预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望原因，2021年5月）</span></p></blockquote></p><p> <b>Small Business Lending</b></p><p><blockquote><b>小企业贷款</b></blockquote></p><p> Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p><p><blockquote>展望未来，SQ显然旨在通过获得银行牌照来巩固其在商业贷款领域的地位。这对该公司来说非常积极，因为他们庞大且不断增长的小型企业用户群、他们自2014年以来的经验以及于2021年5月31日停止的PPP计划。</blockquote></p><p> Currently, bank lending has receded as a result of recovery efforts from COVID.</p><p><blockquote>目前，由于COVID的复苏努力，银行贷款已经减少。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（美国商业银行-商业和工业贷款）</span></p></blockquote></p><p> This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p><p><blockquote>这可以通过NFIB月度报告中的信用状况指数来验证。尽管如此，美国银行家的一项调查报告称，86%的小企业发现很难获得信贷，不得不求助于个人信贷。</blockquote></p><p> This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p><p><blockquote>这对SQ来说是积极的，因为这将使他们能够填补市场上小企业的信贷缺口。尽管我认为这将是短暂的，因为有人猜测，当美联储缩减规模时，他们还将宣布取消对富国银行（WFC）的资本限制。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：瑞士信贷（Global Money Dispatch–2021年5月25日）</span></p></blockquote></p><p> There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p><p><blockquote>鉴于美联储在2020年初取消了这些限制，以通过PPP计划帮助小企业，而且缩减购债规模有扰乱市场的历史，这种情况发生的可能性相当大。如果发生这种情况，我怀疑WFC将再次成为小企业信贷领域的巨头，并由于其在该领域广泛的网络和历史而成为SQ非常强劲的竞争对手。</blockquote></p><p> <b>Bitcoin, Legislation &amp; Gensler</b></p><p><blockquote><b>比特币、立法和詹斯勒</b></blockquote></p><p> Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p><p><blockquote>比特币在2020年下半年和2021年上半年的大部分时间里一直是头条新闻，这是有充分理由的。它在散户交易者和投资者中越来越受欢迎，并表现出非凡的赞赏。此外，一些小型银行对这种媒介很感兴趣，尽管许多银行和金融机构已经明确禁止使用其服务购买比特币。</blockquote></p><p> The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p><p><blockquote>他们反对的主要原因很可能与非法活动有关，如洗钱、恐怖主义、虚假交易量以及我不想参与的类似活动，银行也不想参与。</blockquote></p><p></p><p> Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p><p><blockquote>因此，在最近的炒作中，许多国家现在正在介入监管比特币的使用，但其他国家更进一步，正在颁布立法禁止其使用和开采，最明显的是中印。</blockquote></p><p> This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p><p><blockquote>自2021年5月ATHs约65,000美元以来，这对比特币的价格产生了负面影响，此后回撤了-46%。</blockquote></p><p> It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p><p><blockquote>这对比特币的未来也是极其不利的，因为比特币的大部分挖矿都是在中国完成的（年初至今约70%），挖矿的算力与价格相关。因此，如果这些因素因中国采矿活动减少而消退，价格肯定会随之上涨，从而影响SQ的比特币持有量和未来交易量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：剑桥大学（剑桥比特币电力消费指数年初至今）</span></p></blockquote></p><p> Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p><p><blockquote>虽然SEC已经站出来表示，比特币监管不在他们2021年的议程上，但Gary Gensler警告投资者要谨慎。Gensler在保护投资者的监管方面也有着悠久的历史，尽管没有将比特币列入2021年的议程，但我建议读者研究他在2000年和2008年的历史。</blockquote></p><p> Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p><p><blockquote>进一步看，总的来说，这对比特币和SQ来说并不是一个好兆头。很可能会有进一步的监管而不是采用，从而对其价格产生负面影响，导致2018年产量和采矿活动的下降重演。</blockquote></p><p> <b>General Economy - The Worry for Retail</b></p><p><blockquote><b>总体经济——零售业的担忧</b></blockquote></p><p> Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p><p><blockquote>另外，我们也可能会看到零售业未来的负面形势。零售业的复苏在很大程度上不是由“被压抑的需求”推动的，而是主要通过2020年和2021年初发放的补贴。当检查下图时，我们可以看到，一旦你减去转移收入（政府刺激支票和就业福利——红线），收入就不再是以前的样子了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：圣路易斯联邦储备银行（可支配收入vs实际收入减去转账vs个人储蓄vs零售贸易销售）</span></p></blockquote></p><p> Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p><p><blockquote>此外，我们可以看到，零售额（紫色）的飙升主要是由刺激支票推动的，刺激支票增加了可支配收入（蓝色）和消费者储蓄（绿色），尽管现在刺激已经结束，人们不得不开始挖掘他们的储蓄，3月至4月期间环比下降了54%。</blockquote></p><p> The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p><p><blockquote>在检查U6失业率时，消费者支出情况变得更糟，U6失业率被认为是经济学家中最能揭示问题的，因为它包括失业、未充分就业和灰心丧气的求职者。一般来说，这对未来消费者可自由支配支出模式来说不是一个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Macrotrends.net（U6失业率vs U5 vs官方）</span></p></blockquote></p><p> Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p><p><blockquote>最后，食品和能源成本的上涨（我预计食品成本将持续上涨）应该会阻碍消费者未来的可自由支配支出。我以前写过关于马赛克公司（MOS）和安德森公司（ANDE）的文章，概述了我对这一趋势的理由。</blockquote></p><p> In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p><p><blockquote>关于SQ，我们可以根据2019年底的数据看到他们对消费者可自由支配支出的历史敞口。当考虑到以下数据时：零售；专业服务、美容及个护、家居及维修、休闲娱乐及休闲使用，总曝光量约为59%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista（Raynor de Best–卖家行业GPV，2019年12月）</span></p></blockquote></p><p> Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p><p><blockquote>虽然由于比特币的权重，这可能不会对其收入数据产生重大影响，但我确实预计这将削弱未来的毛利润数据，并随着刺激措施进一步消退对利润率产生负面影响。</blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> <b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p> When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p><p><blockquote>在检查SQ的财务状况时，我们可以很容易地看到，比特币是推动其收入增长的主要因素（MRQ占总收入的69%），其估值也由此得出（参见上面的介绍部分-SQ价格与收入部分；和定量部分-SQ价格相关性）。</blockquote></p><p> From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p><p><blockquote>在2021年第一季度股东信第12页中，他们表示，截至2021年3月31日，他们所持股份的公允价值为4.72亿美元。这一天的收盘价为58,918.83美元，约合8,011个比特币。他们还表示，在此期间和第四季度，他们最初向比特币投资了2亿美元，因此他们的平均价格约为每个比特币25,000美元。</blockquote></p><p></p><p> Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p><p><blockquote>目前，比特币的价格约为34,600美元，它似乎也很难找到吸引力，尤其是当你研究其他一些趋势时。例如，看看谷歌趋势上“购买比特币”的搜索趋势，这显然正在减弱。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-全球5年）</span></p></blockquote></p><p> Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p><p><blockquote>此外，当你将这些数据与刺激支付联系起来时，很明显这两者在2020年下半年存在关系，最近的大部分猜测可能是由政府补贴驱动的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：USA.Gov（新冠刺激支票日期）</span></p></blockquote></p><p> The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p><p><blockquote>搜索量的激增大约发生在后两次政府刺激支票的时间，有几天到几周的滞后。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-美国12个月）</span></p></blockquote></p><p> This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p><p><blockquote>这也与比特币在2020年12月和2021年1月的价格上涨以及2021年3月和4月的失败反弹相吻合。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（比特币价格1年）</span></p></blockquote></p><p> Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p><p><blockquote>因此，在这个例子中，如果我们持续抛售-70%，这与2018年发生的情况类似。我们将回到2020年11月比特币价格约为20,000美元。</blockquote></p><p> This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p><p><blockquote>在数量减少、进一步立法和哈希率下降的基础上，这仍然是可行的。从理论上讲，SQ可能会产生4000万美元的减值费用，这将极大地影响营业收入、净利润和股东收益以及未来预期。尽管这纯粹是理论上的，没有考虑本季度的交易，例如在ATH或附近的购买或销售。</blockquote></p><p> Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p><p><blockquote>此外，由于未来缺乏刺激付款以及消费者可自由支配支出收紧，随着进入该领域的资金减少和销量下降，比特币产生的收入也可能下降。对SQ的收入估计以及随后的价格和估值产生负面影响。</blockquote></p><p> <b>Cash App</b></p><p><blockquote><b>现金应用程序</b></blockquote></p><p> On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p><p><blockquote>从表面上看，Cash App正在呈指数级增长，成为用户交易的可行平台，每月交易活跃客户超过3600万，同比增长50%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2020年第四季度股东信）</span></p></blockquote></p><p> However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p><p><blockquote>然而，Cash App的这种增长未来可能是不可持续的，SQ在其季度备案说明中详细阐述了这一点：</blockquote></p><p>   Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;  <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.    <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>  Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p><p><blockquote>Cash App收入受益于Cash App活跃客户数量的增长以及<b>政府救济计划</b>最近于2020年12月下旬和2021年3月通过成为法律，以及2020年通过的早期刺激计划的累积收益。这些计划提供了额外的刺激救济和失业福利，导致消费者支出和流入我们的Cash App生态系统的资金增加。Cash App的收入增长在未来几个季度可能无法维持在相同水平，并且可能会受到进一步刺激救济和福利计划的颁布以及比特币的需求和市场价格等因素的影响。<i>资料来源：SQ投资者关系（2021年第一季度10Q文件–第49页）</i>Cash App的部分问题是理论上的持续使用和未来的采用。去年的大部分增长主要是由通过Cash App生态系统进行的刺激支付推动的，因此在这种情况下是必要的。</blockquote></p><p> The two sharp spikes in searches for the app occurred on:</p><p><blockquote>该应用程序的搜索量出现了两次急剧上升：</blockquote></p><p> <ul>  <li>April 12-18 2020</li>  <li>January 24-30 2021</li> </ul> These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p><p><blockquote><ul><li>2020年4月12日至18日</li><li>2021年1月24日至30日</li></ul>这些与刺激付款相吻合，因为他们最初发送这些款项，并逐渐将其存入人们的账户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（现金应用搜索词-美国5年）</span></p></blockquote></p><p> Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p><p><blockquote>因此，随着政府刺激付款结束，比特币再次失去相关性，越来越多的人重返工作岗位，日间交易减少，这可能会对未来的用户增长指标产生负面影响，影响SQ的收入估计、毛利润数据及其收益。</blockquote></p><p> Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p><p><blockquote>此外，还有许多其他更可行的平台，另一位Seeking Alpha撰稿人The Value Trend在这里详细介绍了这些平台。</blockquote></p><p></p><p> It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p><p><blockquote>同样重要的是要记住他们如何定义这些用户，“交易活跃现金应用程序客户”如下：</blockquote></p><p>   ... has at least  <b>one financial transaction</b>using any product or service within Cash App during the specified period.    <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>  So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p><p><blockquote>...至少有<b>一笔金融交易</b>在指定期间内使用Cash App内的任何产品或服务。<i>资料来源：SQ投资者关系（2020年第四季度股东信-第4页）</i>因此，如果客户每月一次从雇主那里收到工资或失业救济金，并每月一次将所有工资转入他们的银行账户，那么他们就是“交易活跃现金应用客户”...</blockquote></p><p> Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p><p><blockquote>也许一个“活跃”客户的更好的量词是大于5笔交易。</blockquote></p><p> <b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p> Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p><p><blockquote>检查SQ的技术面，很明显该股目前在200美元至280美元之间波动，在250美元处有几次突破尝试，在300美元附近有两次失败的尝试，显示出几个迹象表明势头正在消失。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自FINVIZ（SQ图表）</span></p></blockquote></p><p> When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p><p><blockquote>在检查暗池订单流时，由于暗池处于低点，当前的反弹有可能继续，这可能会持续到8月份的收益中。尽管我不会抱太大希望，除非出现一些严重的好消息，比特币反弹回ATHs。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Squeezemetrics.com（SQ暗池与隐含Vol 2年）</span></p></blockquote></p><p> From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p><p><blockquote>从13F备案中也可以看到，不少基金降低了敞口并平仓，新增仓位较少。看跌期权与看涨期权的比率也变得相当高，尤其是在市值为1000亿美元的股票上，这表明我们并不是唯一有同样想法的人。</blockquote></p><p> Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p><p><blockquote>但需要谨慎，因为SQ与比特币的问题显然正在成为共识交易，当这些看跌期权被取消时，伽马可能会转为正值，并可能导致该股大幅上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Whalewisdom.com（SQ基金定位）</span></p></blockquote></p><p> Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p><p><blockquote>此外，就ARK ETF而言，过去6个月出现重大流动性问题也就不足为奇了，我同意另一位Seeking Alpha撰稿人的论点，即我们将看到这些ETF中持有的股票价格回归均值。值得注意的是，Cathie已经显著减少了她对SQ的接触，她可能正在选择她的战斗。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Cathiesark.com（持有SQ股票-所有ETF）</span></p></blockquote></p><p> Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p><p><blockquote>鉴于上述信息，这是一家很难做空的公司。它要么会带来巨大的回报，要么会因为它的波动性而撕碎你的脸。此外，许多基金希望对财务报表上有比特币的公司进行少量投资。因此，如果您要自担风险将其作为空头进行交易，建议谨慎行事，并且您应该始终选择战斗。</blockquote></p><p> <b>Price Targets</b></p><p><blockquote><b>价格目标</b></blockquote></p><p> On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p><p><blockquote>根据SQ ATR的波动性，SQ有可能在今年年底前跌至约100美元的低点，40%的情况下走势有利。如果你把比特币完全从等式中剔除，这与我的2021年底价格一致。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者（SQ ATR计算器）</span></p></blockquote></p><p> However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p><p><blockquote>然而，这样做是不明智的，因为这是他们目前收入的一部分，无论2021年初比特币的销量有多高，年底可能有多低。</blockquote></p><p> I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p><p><blockquote>我确实预计该股将再次下跌并重新测试200美元，可能跌破160美元。尽管很难确定SQ的估值，主要是因为估值来自比特币收入，以及基金和市场在未来采用该资产时的感知价值。</blockquote></p><p> If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p><p><blockquote>如果市场再次开始认为比特币无关紧要，我预计SQ将慢慢抛售至150美元至160美元之间（下跌-37%），反弹超过300美元（上涨25%）的可能性很低。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> With respect to SQ the following risks should be noted.</p><p><blockquote>关于SQ，应注意以下风险。</blockquote></p><p> The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p><p><blockquote>不管你喜不喜欢SQ，公司都在成长。主要问题是：市场会在任何现实基础上对比特币进行估值吗？不管有没有比特币，它增长了多少？无论有没有比特币，未来的潜在增长是多少？市场相信吗，或者就此而言在乎吗？</blockquote></p><p></p><p> If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p><p><blockquote>如果比特币失去相关性，从谷歌趋势来看，这种可能性更大，那么假设SQ将因此在2021年下半年遭受损失并对收入预期造成重大打击并不奇怪。然而，如果比特币的采用率增加并且负面消息消退，由于这是一家成长型公司，它可能会继续上涨。</blockquote></p><p> Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p><p><blockquote>此外，消费者支出模式正在产生混合数据，上面我提出了一个熊市案例。如果人们的行为发生变化，例如申请将增加经济支出的工作，并有望产生小企业增长，增加小企业的乐观情绪和扩张，这对于SQ作为支付处理领域的周期性企业非常有利。</blockquote></p><p> Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p><p><blockquote>同样，谨慎是必要的，尽管我确实认为公司未来的增长已被定价，SQ持有者面临的下行风险高于上行风险。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p><p><blockquote>SQ是一家高增长公司，从长远来看具有一些潜在的积极点；然而，其估值非常值得怀疑，因为其高收入预期主要来自比特币交易，而不是盈利增长。</blockquote></p><p> From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p><p><blockquote>从定量角度来看，它在同行中看起来不错，但经过进一步检查，它似乎被严重高估，因为未来的增长（至少2021年）可能来自比特币。此外，如果没有政府的持续刺激，其Cash App采用统计数据可能不会继续看到相同的运行率。</blockquote></p><p> Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</p><p><blockquote>此外，它还面临着一些潜在的宏观经济障碍，包括小企业风险、贷款竞争对手、消费者交易竞争对手、比特币立法和零售需求疲软。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436723-square-the-bear-case\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4436723-square-the-bear-case","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117734317","content_text":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its top line into bottom line earnings.\nThis has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.\nAnd whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.\nGiven the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.\n\nAndreyPopov/iStock via Getty Images\nIntroduction\nSquare Inc.(NYSE:SQ)is one of the most popular stocks among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.\nOn the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a banking license via Square Financial Services.\nHowever, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.\nSource: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)\nIn addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.\nOverview\nSQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)\nAs of March 2020, the company has received a Banking License from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.\nGiven all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.\nThis was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.\nSource: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)\nHowever, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.\nSource: Author, using data from YCHARTS (SQ Price YTD)\nQuantitative\nYear to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.\nSource: Author, using data from YCHARTS (SQ vs Payment Processing Sector >$50 bln Year to Date)\nIt is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.\nSource: Author, Sector Comparison (Payment Processors)\nWhilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.\nHowever, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.\nFor this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.\nSource: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)\nSource: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)\nAs we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.\nMany will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:\nSource: Bitcoinvisuals.com (Bitcoin Market Volume 2018)\nOn a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.\nSource: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)\nThis becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.\nSource: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)\nGiven the analysis by another Seeking Alpha contributor,The Value Trend in which the author suggests that SQ's 2025 growth is essentially priced in I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.\nMacro\nWhilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.\nWhilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.\nSmall Business Environment\nSQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).\nSource: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)\nThe majority of this is originating from exposure to sellers with <$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter)\nDelving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.\nSource: Census.gov (Business Applications, May 2021)\nAgain, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.\nSource: NFIB (Small Business Economic Trends - Optimism, May 2021)\nFurther, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.\nSource: NFIB (Small Business Economic Trends - Outlook, May 2021)\nAdditionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.\nSource: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)\nSmall Business Lending\nLooking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the PPP program, which stopped on May 31, 2021.\nCurrently, bank lending has receded as a result of recovery efforts from COVID.\nSource: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)\nThis can be verified through the credit conditions index in the monthly NFIB report. Although, an American Banker survey is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.\nThis is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of capital restraints placed on Wells Fargo & Company (WFC).\nSource: Credit Suisse (Global Money Dispatch - 25 May 2021)\nThere is a fairly good probability that this will occur, given that early in 2020 the Fed had lifted these restraints to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.\nBitcoin, Legislation & Gensler\nBitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor banks have been interested in the medium although many banks and financial institutions have explicitly banned the purchase of Bitcoin using their services.\nThe primary reasons for their objection is more than likely to do with illicit activities, such as money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.\nConsequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China and India.\nThis has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.\nIt is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.\nSource: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)\nWhilst the SEC has come out and said that Bitcoin regulation is not on their agenda for 2021, Gary Gensler has warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to 2000 and 2008.\nLooking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.\nGeneral Economy - The Worry for Retail\nSeparately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout 2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.\nSource: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)\nAdditionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.\nThe consumer spending situation is made worse when examining U6 unemployment, which is considered to be the most revealing amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.\nSource: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)\nFinally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.\nIn relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.\nSource: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)\nWhilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.\nFinancials\nBitcoin\nWhen examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).\nFrom their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.\nCurrently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.\nSource: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)\nAdditionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.\nSource: USA.Gov (COVID Stimulus Cheque Dates)\nThe spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.\nSource: Google Trends (Buy Bitcoin search terms - USA 12 Months)\nThis also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.\nSource: YCHARTS (Bitcoin Price 1 Yr)\nThus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.\nThis is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.\nAdditionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.\nCash App\nOn the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter)\nHowever, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:\n\n Cash App revenue benefited from growth in numbers of active Cash App customers and from \n government relief programs most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n\n\nSource: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)\n\nPart of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.\nThe two sharp spikes in searches for the app occurred on:\n\nApril 12-18 2020\nJanuary 24-30 2021\n\nThese coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.\nSource: Google Trends (Cash App search terms - USA 5 Years)\nTherefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.\nFurther, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.\nIt is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:\n\n ... has at least\n one financial transactionusing any product or service within Cash App during the specified period.\n\n\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)\n\nSo, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...\nPerhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.\nTechnicals\nExamining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.\nSource: Author, with data from FINVIZ (SQ Chart)\nWhen examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.\nSource: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)\nFrom the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.\nCaution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.\nSource: Whalewisdom.com (SQ Funds Positioning)\nFurther, with relation to ARK ETFs, it is no surprise that there have been significant liquidity issues the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.\nSource: Cathiesark.com (SQ Shares Held - All ETFs)\nGiven the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.\nPrice Targets\nOn the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.\nSource: Author (SQ ATR Calculator)\nHowever, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.\nI do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.\nIf the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).\nRisks\nWith respect to SQ the following risks should be noted.\nThe company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?\nIf the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.\nFurther, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.\nAgain, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.\nSummary\nSQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.\nFrom a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.\nAdditionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124491832,"gmtCreate":1624777192826,"gmtModify":1633948690556,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Agreed good stock but too expensive","listText":"Agreed good stock but too expensive","text":"Agreed good stock but too expensive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124491832","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124491997,"gmtCreate":1624777160619,"gmtModify":1633948690902,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Interesting perspective","listText":"Interesting perspective","text":"Interesting perspective","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124491997","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":1175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124493519,"gmtCreate":1624777123131,"gmtModify":1633948691146,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Neither of them is good ev bet","listText":"Neither of them is good ev bet","text":"Neither of them is good ev bet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124493519","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohu8.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于其电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于其电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"NIO":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122385060,"gmtCreate":1624597797950,"gmtModify":1633950696623,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"No more outsized gains for apple","listText":"No more outsized gains for apple","text":"No more outsized gains for apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122385060","repostId":"1136202921","repostType":4,"repost":{"id":"1136202921","kind":"news","pubTimestamp":1624591759,"share":"https://www.laohu8.com/m/news/1136202921?lang=zh_CN&edition=full","pubTime":"2021-06-25 11:29","market":"us","language":"en","title":"Why Apple's Stock Valuation Could Present Long-Term Buying Opportunity<blockquote>为什么苹果的股票估值可能带来长期买入机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136202921","media":"Benzinga","summary":"Apple Inc.(NASDAQ:AAPL) shares have shown muted performanceyear-to-date, and an analyst at Morgan St","content":"<p><div> Apple Inc.(NASDAQ:AAPL) shares have shown muted performanceyear-to-date, and an analyst at Morgan Stanley sees long-term buying opportunity in the shares of the tech giant. The Apple Analyst:Katy ...</p><p><blockquote><div>苹果公司（纳斯达克股票代码：AAPL）的股价今年迄今表现低迷，摩根士丹利的一位分析师认为这家科技巨头的股票存在长期买入机会。苹果分析师：凯蒂...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple's Stock Valuation Could Present Long-Term Buying Opportunity<blockquote>为什么苹果的股票估值可能带来长期买入机会</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple's Stock Valuation Could Present Long-Term Buying Opportunity<blockquote>为什么苹果的股票估值可能带来长期买入机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-06-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Apple Inc.(NASDAQ:AAPL) shares have shown muted performanceyear-to-date, and an analyst at Morgan Stanley sees long-term buying opportunity in the shares of the tech giant. The Apple Analyst:Katy ...</p><p><blockquote><div>苹果公司（纳斯达克股票代码：AAPL）的股价今年迄今表现低迷，摩根士丹利的一位分析师认为这家科技巨头的股票存在长期买入机会。苹果分析师：凯蒂...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/06/21707490/why-apples-stock-valuation-could-present-long-term-buying-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136202921","content_text":"Apple Inc.(NASDAQ:AAPL) shares have shown muted performanceyear-to-date, and an analyst at Morgan Stanley sees long-term buying opportunity in the shares of the tech giant.\nThe Apple Analyst:Katy Huberty reiterated an Overweight rating on Apple with a $162 price target.\nThe Apple Takeaways:The incoming call volume on Apple shares is at a low amid investor concerns over a seasonally low period in the iPhone cycle,regulatory risk and difficult comps relative to the COVID-19-driven work-from-home and study-from-home demand, Huberty said in a note.\nAdditionally, investors fear a more evolutionary iPhone s-cycle will lead to extended iPhone replacement cycles, the analyst said.\nRevenues will likely decline in 2022, increasing the likelihood of negative estimate revisions, she said.\n\"We recognize these risks but have a more positive outlook,\" Huberty said.\nThe dominant bear case narrative now is the iPhone entering a more modest upgrade or \"s\" cycle — a period when iPhone revenue historically declined at a double-digit rate, the analyst said. She forecast a low risk of similar iPhone revenue decline next year.\nThis is due to the longer period of iPhone replacement cycle relative to the past, an expansion to Apple's trade-in, financing and installment offers and 5G adoption, which is still in its nascent stage, Huberty said.\n\"Taken together, these factors build confidence that the iPhone 13 cycle will not look like past s-cycles, which is reflected in our updated FY22 iPhone forecast of 231M units,\" the analyst said.\nThe June quarter will be stronger than originally expected, as iPhone and iPad builds are tracking ahead of Morgan Stanley's estimate, she said.\nHuberty raised her June quarter revenue and EPS estimates by 3%-5%.\nApple's catalyst path is more back-end loaded this year, the analyst said.\nThe company can drive low-teens annual revenue growth and high-teens annual EPS growth between fiscal years 2020 and 2023, she said.\n\"At24xFV/FCF, we believe the current valuation presents a good long-term buying opportunity.\"","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122382884,"gmtCreate":1624597774248,"gmtModify":1633950697089,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Nok long term play","listText":"Nok long term play","text":"Nok long term play","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122382884","repostId":"1170542603","repostType":4,"repost":{"id":"1170542603","kind":"news","pubTimestamp":1624592567,"share":"https://www.laohu8.com/m/news/1170542603?lang=zh_CN&edition=full","pubTime":"2021-06-25 11:42","market":"us","language":"en","title":"Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170542603","media":"thestreet","summary":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology tr","content":"<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：到2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</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>Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</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\">\nNokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-25 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：到2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme\">thestreet</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":{"NOK":"诺基亚"},"source_url":"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170542603","content_text":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock (NOKIA) since the mid-2010s.\nWall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.\nNokia: an unlikely journey\nIn 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.\nHowever, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.\nTrue to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.\nMeme stock for a day\nFor the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.\nOn that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. 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everyone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122381503","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":1621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126112358,"gmtCreate":1624547332874,"gmtModify":1634004522940,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Huat","listText":"Huat","text":"Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126112358","repostId":"1120000038","repostType":4,"isVote":1,"tweetType":1,"viewCount":1919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126116049,"gmtCreate":1624547305981,"gmtModify":1634004523883,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Ill stay away","listText":"Ill stay away","text":"Ill stay away","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126116049","repostId":"1149719439","repostType":4,"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126118367,"gmtCreate":1624547284659,"gmtModify":1634004524721,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Neutral abt this","listText":"Neutral abt this","text":"Neutral abt this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126118367","repostId":"1162964404","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126119601,"gmtCreate":1624547225103,"gmtModify":1634004527036,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Sea is a must buy","listText":"Sea is a must buy","text":"Sea is a must buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126119601","repostId":"1120836318","repostType":4,"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126110135,"gmtCreate":1624547197527,"gmtModify":1634004527981,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Informative read","listText":"Informative read","text":"Informative read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126110135","repostId":"1187819280","repostType":4,"repost":{"id":"1187819280","kind":"news","pubTimestamp":1624529642,"share":"https://www.laohu8.com/m/news/1187819280?lang=zh_CN&edition=full","pubTime":"2021-06-24 18:14","market":"us","language":"en","title":"The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187819280","media":"MarketWatch","summary":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pan","content":"<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</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\">\nThe ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-24 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187819280","content_text":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.\nTake the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.\nLately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&P 500 SPX, -0.11% has tacked on about 6% in the same period.\nAnd some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.\nWhile some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.\nHere are five big reasons why:\n1. The upgrade cycle is over\nLast summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.\nConsider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.\nThe same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.\n2. Valuations are stretched\nSpeaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.\nTake TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.\nWhat’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.\n3. Delays and shortages\nFuture growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.\nHome improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.\nEven if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.\n4. Inflationary pressures\nFor the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.\nThe cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.\nInflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.\n5. Home-equity hubris\nSpeaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.\nSome of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.\nBut here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.\nAnyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129244379,"gmtCreate":1624375407991,"gmtModify":1634007032098,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Buy now?","listText":"Buy now?","text":"Buy now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129244379","repostId":"1186919064","repostType":2,"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129246036,"gmtCreate":1624375258225,"gmtModify":1634007033588,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129246036","repostId":"2145905996","repostType":4,"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129257457,"gmtCreate":1624375053579,"gmtModify":1634007036026,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Expected","listText":"Expected","text":"Expected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129257457","repostId":"1143759096","repostType":4,"repost":{"id":"1143759096","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohu8.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</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>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</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\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","LI":"理想汽车","NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129257038,"gmtCreate":1624375025224,"gmtModify":1634007036673,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Psth buy","listText":"Psth buy","text":"Psth buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129257038","repostId":"1185822687","repostType":4,"repost":{"id":"1185822687","kind":"news","pubTimestamp":1624374519,"share":"https://www.laohu8.com/m/news/1185822687?lang=zh_CN&edition=full","pubTime":"2021-06-22 23:08","market":"us","language":"en","title":"Vivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185822687","media":"The Wall Street Journal","summary":"Universal shares to be listed in Amsterdam in September.\n\nVivendi SE shareholders approved the Frenc","content":"<p>  Universal shares to be listed in Amsterdam in September.  Vivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.</p><p><blockquote>环球股票将于9月在阿姆斯特丹上市。维旺迪股东批准了这家法国媒体集团剥离其环球音乐集团部门的计划，使这家全球最大的音乐公司距离成为自己的公共实体又近了一步。</blockquote></p><p> With more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.</p><p><blockquote>股东们以超过99%的支持率支持将环球60%的股份分配给维旺迪现有股东并在阿姆斯特丹泛欧交易所上市的计划。维旺迪高管表示，上市将于9月21日进行。</blockquote></p><p> Universal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.</p><p><blockquote>环球影业拥有泰勒·斯威夫特(Taylor Swift)、比莉·埃利什(Billie Eilish)、皇后乐队(Queen)和披头士(Beatles)等明星，在国内录音音乐业务中占据约40%的市场份额（全球市场份额为30%），并经营着全球第二大音乐出版公司，该公司去年收购了鲍勃·迪伦(Bob Dylan)的整个歌曲创作目录。</blockquote></p><p> Over the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”</p><p><blockquote>周末，维旺迪达成协议，威廉·阿克曼(William Ackman)的潘兴广场通廷控股有限公司(Pershing Square Tontine Holdings Ltd.)投资环球10%，对该公司的估值为350亿欧元，约合400亿美元。《华尔街日报》此前报道了这些讨论。在给员工的一封电子邮件中，环球首席执行官卢西恩·格兰奇(Lucian Grainge)称这项投资是“强有力的验证”。</blockquote></p><p> Tencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.</p><p><blockquote>腾讯控股控股有限公司拥有环球影业约20%的股份，这家中国互联网集团去年将其股份增加了一倍，交易对该业务的估值约为300亿欧元。</blockquote></p><p> “The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.</p><p><blockquote>格兰奇先生表示：“除了维旺迪之外，我们现在还有两个坚定的投资者——腾讯控股领导的财团以及PSTH——这是投资和技术界可以想象的最有力的支持。”笔记。</blockquote></p><p> Universal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.</p><p><blockquote>环球影业将在公开市场上加入华纳音乐集团公司。这家第三大唱片公司去年6月在纳斯达克上市，旗下拥有Atlantic、Elektra及其旗舰华纳唱片公司等唱片公司，以及第三大音乐出版商华纳沙佩尔音乐公司。股价首次亮相就飙升，过去一年上涨了15%。</blockquote></p><p> The resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.</p><p><blockquote>复兴的音乐行业引起了投资界的兴趣，因为由于Spotify和苹果音乐等流媒体服务的兴起，音乐行业一直在快速增长。在因网络盗版猖獗而经历了15年的下滑之后，音乐行业的命运在2016年开始扭转，当时流媒体服务的增长开始超过CD和数字下载销量的下降。流媒体目前占美国录制音乐收入的80%以上，占全球60%以上。</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>Vivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</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\">\nVivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-22 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Universal shares to be listed in Amsterdam in September.  Vivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.</p><p><blockquote>环球股票将于9月在阿姆斯特丹上市。维旺迪股东批准了这家法国媒体集团剥离其环球音乐集团部门的计划，使这家全球最大的音乐公司距离成为自己的公共实体又近了一步。</blockquote></p><p> With more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.</p><p><blockquote>股东们以超过99%的支持率支持将环球60%的股份分配给维旺迪现有股东并在阿姆斯特丹泛欧交易所上市的计划。维旺迪高管表示，上市将于9月21日进行。</blockquote></p><p> Universal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.</p><p><blockquote>环球影业拥有泰勒·斯威夫特(Taylor Swift)、比莉·埃利什(Billie Eilish)、皇后乐队(Queen)和披头士(Beatles)等明星，在国内录音音乐业务中占据约40%的市场份额（全球市场份额为30%），并经营着全球第二大音乐出版公司，该公司去年收购了鲍勃·迪伦(Bob Dylan)的整个歌曲创作目录。</blockquote></p><p> Over the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”</p><p><blockquote>周末，维旺迪达成协议，威廉·阿克曼(William Ackman)的潘兴广场通廷控股有限公司(Pershing Square Tontine Holdings Ltd.)投资环球10%，对该公司的估值为350亿欧元，约合400亿美元。《华尔街日报》此前报道了这些讨论。在给员工的一封电子邮件中，环球首席执行官卢西恩·格兰奇(Lucian Grainge)称这项投资是“强有力的验证”。</blockquote></p><p> Tencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.</p><p><blockquote>腾讯控股控股有限公司拥有环球影业约20%的股份，这家中国互联网集团去年将其股份增加了一倍，交易对该业务的估值约为300亿欧元。</blockquote></p><p> “The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.</p><p><blockquote>格兰奇先生表示：“除了维旺迪之外，我们现在还有两个坚定的投资者——腾讯控股领导的财团以及PSTH——这是投资和技术界可以想象的最有力的支持。”笔记。</blockquote></p><p> Universal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.</p><p><blockquote>环球影业将在公开市场上加入华纳音乐集团公司。这家第三大唱片公司去年6月在纳斯达克上市，旗下拥有Atlantic、Elektra及其旗舰华纳唱片公司等唱片公司，以及第三大音乐出版商华纳沙佩尔音乐公司。股价首次亮相就飙升，过去一年上涨了15%。</blockquote></p><p> The resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.</p><p><blockquote>复兴的音乐行业引起了投资界的兴趣，因为由于Spotify和苹果音乐等流媒体服务的兴起，音乐行业一直在快速增长。在因网络盗版猖獗而经历了15年的下滑之后，音乐行业的命运在2016年开始扭转，当时流媒体服务的增长开始超过CD和数字下载销量的下降。流媒体目前占美国录制音乐收入的80%以上，占全球60%以上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/vivendi-shareholders-approve-spinoff-of-universal-music-11624357650\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/vivendi-shareholders-approve-spinoff-of-universal-music-11624357650","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185822687","content_text":"Universal shares to be listed in Amsterdam in September.\n\nVivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.\nWith more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.\nUniversal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.\nOver the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”\nTencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.\n“The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.\nUniversal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.\nThe resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129255422,"gmtCreate":1624374956866,"gmtModify":1634007037239,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Author writes like he knows more than the politicians","listText":"Author writes like he knows more than the politicians","text":"Author writes like he knows more than the politicians","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129255422","repostId":"1180651681","repostType":4,"repost":{"id":"1180651681","kind":"news","pubTimestamp":1624374662,"share":"https://www.laohu8.com/m/news/1180651681?lang=zh_CN&edition=full","pubTime":"2021-06-22 23:11","market":"us","language":"en","title":"Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180651681","media":"zerohedge","summary":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary ","content":"<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动周期性增长的快速反弹，甚至迎接通胀的上行。这与1994年老一代政策制定者面对类似周期性反弹的方式形成了鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免自己犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了所需的时间。与1995年老一代政策制定者在1994年面临类似情景时设计的软着陆相比，目前的做法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年与1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济与1994年有很多相同的特征。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲反弹反映了经济重新开放以及宽松货币和财政刺激的帮助。1994年反弹的催化剂来自宽松货币政策的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021年的快速增长速度更快、范围更广。普遍估计2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021年前五个月，核心消费者通胀率的年化增长率为5%，而通胀率在1994年达到3%的峰值。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格在过去一年中上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，考虑多种产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者结束所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划缩减其资产购买计划，在完全透明之前它不能这样做。这毫无意义。<b>一项助长不可持续的需求激增和房价上涨的政策今天是错误的，明天就会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者将强劲的订单和材料价格上涨视为公司需要更多库存来保护生产计划的证据。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年政策制定者连续12个月提高官方利率，将官方利率从3%提高到6%，翻了一番。官方利率的逐步上升带来了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零官方利率和资产购买的政策立场使经济走上了一条不同的道路，硬着陆的可能性要大得多</b>美联储需要有人尽快发声，因为在快速增长和物价压力上升的背景下，创纪录的货币宽松政策不再是必要的，在此过程中，经济将走上不可持续的道路，结局将很糟糕。</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>Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</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\">\nSomeone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-22 23:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动周期性增长的快速反弹，甚至迎接通胀的上行。这与1994年老一代政策制定者面对类似周期性反弹的方式形成了鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免自己犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了所需的时间。与1995年老一代政策制定者在1994年面临类似情景时设计的软着陆相比，目前的做法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年与1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济与1994年有很多相同的特征。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲反弹反映了经济重新开放以及宽松货币和财政刺激的帮助。1994年反弹的催化剂来自宽松货币政策的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021年的快速增长速度更快、范围更广。普遍估计2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021年前五个月，核心消费者通胀率的年化增长率为5%，而通胀率在1994年达到3%的峰值。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格在过去一年中上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，考虑多种产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者结束所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划缩减其资产购买计划，在完全透明之前它不能这样做。这毫无意义。<b>一项助长不可持续的需求激增和房价上涨的政策今天是错误的，明天就会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者将强劲的订单和材料价格上涨视为公司需要更多库存来保护生产计划的证据。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年政策制定者连续12个月提高官方利率，将官方利率从3%提高到6%，翻了一番。官方利率的逐步上升带来了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零官方利率和资产购买的政策立场使经济走上了一条不同的道路，硬着陆的可能性要大得多</b>美联储需要有人尽快发声，因为在快速增长和物价压力上升的背景下，创纪录的货币宽松政策不再是必要的，在此过程中，经济将走上不可持续的道路，结局将很糟糕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180651681","content_text":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.\nSomeone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.\n2021 vs. 1994\nThe economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.\n2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.\nCore consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.\nThe current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.\nInstitutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.\nIn 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.\nThe current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129252634,"gmtCreate":1624374902128,"gmtModify":1634007038034,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Nonsense","listText":"Nonsense","text":"Nonsense","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129252634","repostId":"1177499959","repostType":4,"isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":166731984,"gmtCreate":1624024704748,"gmtModify":1634023938414,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Never move the stock price much","listText":"Never move the stock price much","text":"Never move the stock price much","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/166731984","repostId":"1171510497","repostType":4,"repost":{"id":"1171510497","kind":"news","pubTimestamp":1624024592,"share":"https://www.laohu8.com/m/news/1171510497?lang=zh_CN&edition=full","pubTime":"2021-06-18 21:56","market":"us","language":"en","title":"Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries<blockquote>法院就COVID-19疫苗交付延迟做出有利于阿斯利康的裁决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171510497","media":"benzinga","summary":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the c","content":"<p><div> AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries. The company ...</p><p><blockquote><div>阿斯利康公司(AstraZeneca Plc)声称在与欧盟的法庭诉讼中获胜，该诉讼指控该公司生产疫苗的速度不够快，从而错过了COVID-19疫苗的交付。公司……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries<blockquote>法院就COVID-19疫苗交付延迟做出有利于阿斯利康的裁决</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\">\nCourt Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries<blockquote>法院就COVID-19疫苗交付延迟做出有利于阿斯利康的裁决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-18 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries. The company ...</p><p><blockquote><div>阿斯利康公司(AstraZeneca Plc)声称在与欧盟的法庭诉讼中获胜，该诉讼指控该公司生产疫苗的速度不够快，从而错过了COVID-19疫苗的交付。公司……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171510497","content_text":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company had planned 120 million vaccine doses cumulatively by the end of June 2021 and 300 million doses by the end of September.\nAZN intends to deliver more than 70 million by the end of the month.\nA judge ordered delivery of 80.2M doses by the end of September.\nThe judgment also acknowledged that the company experienced substantial difficulties in producing the vaccine, which explains the delay.\nLast month, the E.U.’s lawyer had asked the court to force AZN to pay €10 per dose for each day of delay as compensation for breaching the E.U. contract.\nPrice Action: AZN shares are down 0.75% at $57.91 during the premarket trading session on the last check Friday.","news_type":1,"symbols_score_info":{"AZN":0.9}},"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124491832,"gmtCreate":1624777192826,"gmtModify":1633948690556,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Agreed good stock but too expensive","listText":"Agreed good stock but too expensive","text":"Agreed good stock but too expensive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124491832","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129258446,"gmtCreate":1624374844385,"gmtModify":1634007039076,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Dont trust these fools man","listText":"Dont trust these fools man","text":"Dont trust these fools man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129258446","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122382943,"gmtCreate":1624597755682,"gmtModify":1633950697453,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Cramer knows nothing","listText":"Cramer knows nothing","text":"Cramer knows nothing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122382943","repostId":"1137689091","repostType":4,"isVote":1,"tweetType":1,"viewCount":1265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163020227,"gmtCreate":1623853984469,"gmtModify":1634027016002,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Comment and like this please!","listText":"Comment and like this please!","text":"Comment and like this please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/163020227","repostId":"1118154026","repostType":4,"repost":{"id":"1118154026","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623850220,"share":"https://www.laohu8.com/m/news/1118154026?lang=zh_CN&edition=full","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-16 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122386694,"gmtCreate":1624597717418,"gmtModify":1633950697936,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Need to dig deeper to decide on investing this spac","listText":"Need to dig deeper to decide on investing this spac","text":"Need to dig deeper to decide on investing this spac","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122386694","repostId":"2146023710","repostType":4,"isVote":1,"tweetType":1,"viewCount":2050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122381503,"gmtCreate":1624597657202,"gmtModify":1633950699061,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Good job everyone","listText":"Good job everyone","text":"Good job everyone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122381503","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":1621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129255422,"gmtCreate":1624374956866,"gmtModify":1634007037239,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Author writes like he knows more than the politicians","listText":"Author writes like he knows more than the politicians","text":"Author writes like he knows more than the politicians","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129255422","repostId":"1180651681","repostType":4,"repost":{"id":"1180651681","kind":"news","pubTimestamp":1624374662,"share":"https://www.laohu8.com/m/news/1180651681?lang=zh_CN&edition=full","pubTime":"2021-06-22 23:11","market":"us","language":"en","title":"Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180651681","media":"zerohedge","summary":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary ","content":"<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动周期性增长的快速反弹，甚至迎接通胀的上行。这与1994年老一代政策制定者面对类似周期性反弹的方式形成了鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免自己犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了所需的时间。与1995年老一代政策制定者在1994年面临类似情景时设计的软着陆相比，目前的做法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年与1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济与1994年有很多相同的特征。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲反弹反映了经济重新开放以及宽松货币和财政刺激的帮助。1994年反弹的催化剂来自宽松货币政策的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021年的快速增长速度更快、范围更广。普遍估计2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021年前五个月，核心消费者通胀率的年化增长率为5%，而通胀率在1994年达到3%的峰值。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格在过去一年中上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，考虑多种产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者结束所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划缩减其资产购买计划，在完全透明之前它不能这样做。这毫无意义。<b>一项助长不可持续的需求激增和房价上涨的政策今天是错误的，明天就会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者将强劲的订单和材料价格上涨视为公司需要更多库存来保护生产计划的证据。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年政策制定者连续12个月提高官方利率，将官方利率从3%提高到6%，翻了一番。官方利率的逐步上升带来了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零官方利率和资产购买的政策立场使经济走上了一条不同的道路，硬着陆的可能性要大得多</b>美联储需要有人尽快发声，因为在快速增长和物价压力上升的背景下，创纪录的货币宽松政策不再是必要的，在此过程中，经济将走上不可持续的道路，结局将很糟糕。</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>Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</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\">\nSomeone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-22 23:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动周期性增长的快速反弹，甚至迎接通胀的上行。这与1994年老一代政策制定者面对类似周期性反弹的方式形成了鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免自己犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了所需的时间。与1995年老一代政策制定者在1994年面临类似情景时设计的软着陆相比，目前的做法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年与1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济与1994年有很多相同的特征。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲反弹反映了经济重新开放以及宽松货币和财政刺激的帮助。1994年反弹的催化剂来自宽松货币政策的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021年的快速增长速度更快、范围更广。普遍估计2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021年前五个月，核心消费者通胀率的年化增长率为5%，而通胀率在1994年达到3%的峰值。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格在过去一年中上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，考虑多种产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者结束所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划缩减其资产购买计划，在完全透明之前它不能这样做。这毫无意义。<b>一项助长不可持续的需求激增和房价上涨的政策今天是错误的，明天就会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者将强劲的订单和材料价格上涨视为公司需要更多库存来保护生产计划的证据。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年政策制定者连续12个月提高官方利率，将官方利率从3%提高到6%，翻了一番。官方利率的逐步上升带来了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零官方利率和资产购买的政策立场使经济走上了一条不同的道路，硬着陆的可能性要大得多</b>美联储需要有人尽快发声，因为在快速增长和物价压力上升的背景下，创纪录的货币宽松政策不再是必要的，在此过程中，经济将走上不可持续的道路，结局将很糟糕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180651681","content_text":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.\nSomeone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.\n2021 vs. 1994\nThe economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.\n2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.\nCore consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.\nThe current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.\nInstitutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.\nIn 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.\nThe current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166735066,"gmtCreate":1624024829955,"gmtModify":1634023935146,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"U like me i will like u back","listText":"U like me i will like u back","text":"U like me i will like u back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166735066","repostId":"2144779308","repostType":4,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169177735,"gmtCreate":1623824973527,"gmtModify":1634027507276,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"All in!!","listText":"All in!!","text":"All in!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169177735","repostId":"1114934376","repostType":4,"repost":{"id":"1114934376","kind":"news","pubTimestamp":1623823279,"share":"https://www.laohu8.com/m/news/1114934376?lang=zh_CN&edition=full","pubTime":"2021-06-16 14:01","market":"us","language":"en","title":"Odds favor the Dow being higher at the end of 2021 and 125 years of history supports this<blockquote>道琼斯指数在2021年底走高的可能性很大，125年的历史支持了这一点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114934376","media":"MarketWatch","summary":"Second half of the year tends to be strong for U.S. stocks\nGETTY IMAGES\nOdds are good that the U.S. ","content":"<p>Second half of the year tends to be strong for U.S. stocks</p><p><blockquote>美股下半年往往走强</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa48171959ef33c4e5ded6b6a1dac2df\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Odds are good that the U.S. stock market will be higher at the end of December. Don’t get too excited; these odds have nothing to do with how strong the U.S. economy is right now or the stock market’s impressive returns so far this year. In fact, the chance of a winning second half of 2021 would be the same even if stocks were in a bear market or the economy was in recession.</p><p><blockquote>12月底美国股市走高的可能性很大。不要太兴奋；这些赔率与美国经济目前的强劲程度或股市今年迄今为止令人印象深刻的回报无关。事实上，即使股市处于熊市或经济衰退，2021年下半年获胜的机会也是一样的。</blockquote></p><p> The reason why has to do with the stock market’s efficiency. Its level at any given point reflects all available information up to that point. For example, if on June 30 the odds were better-than-usual that stocks would be higher in six months’ time, traders would have already bid up prices to take those better odds into account. They wouldn’t wait until later in the year to up their bets.</p><p><blockquote>其原因与股票市场的效率有关。它在任何给定点的水平反映了截至该点的所有可用信息。例如，如果6月30日股市在六个月内走高的可能性比平时更大，交易者就会抬高价格以考虑到这些更大的可能性。他们不会等到今年晚些时候才加大赌注。</blockquote></p><p> That’s also true if the odds of a higher market were worse than usual. If traders at the midyear mark knew that the market would most likely be lower in six months’ time, they would sell immediately rather than wait.</p><p><blockquote>如果市场走高的可能性比平时更差，情况也是如此。如果处于年中关口的交易者知道六个月后市场很可能会走低，他们会立即抛售，而不是等待。</blockquote></p><p> The net result of their actions in both cases would that the market’s odds of rising in the second half of the year are more or less the same. Those odds are 66.9% — about two out of three — based on the Dow Jones Industrial Average&nbsp;back to its creation in the late 1890s.</p><p><blockquote>在这两种情况下，他们行动的最终结果是，市场在下半年上涨的几率大致相同。根据19世纪90年代末创立的道琼斯工业平均指数，这一可能性为66.9%（约三分之二）。</blockquote></p><p> Notice from the chart below that these odds are largely the same regardless of what has happened with the Dow through mid-year. In those calendar years in which the Dow rose over the first six months, it in the second half rose 72.4% of the time. The increase from 66.9% to 72.4% is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine.</p><p><blockquote>请注意，从下图中可以看出，无论道琼斯指数在年中发生了什么变化，这些赔率基本相同。在道琼斯指数前六个月上涨的历年中，下半年有72.4%的时间上涨。从66.9%到72.4%的增长在统计学家在确定模式是否真实时经常使用的95%置信水平上并不显著。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727712f5fc7e02a4333de6df26576024\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Or take the first years of the presidential four-year term, which is the year we’re in now. Over the second halves of those years, the stock market has risen 64.5% of the time. That is not statistically significantly different than the odds that apply to all years.</p><p><blockquote>或者以总统四年任期的头几年为例，也就是我们现在所处的这一年。在那些年的下半年，股市上涨了64.5%。这与适用于所有年份的几率在统计上没有显著差异。</blockquote></p><p> You may be disappointed that a strong first half doesn’t increase the odds of a strong second half. Yet no one complained a year ago when the identical statistical analysis suggested that there was a two-out-of-three chance the stock market would be higher at the end of 2020. Sure enough, it was: Following a 9.6% decline for the first half of last year, the Dow rose 18.6% in the second.</p><p><blockquote>你可能会失望，强劲的上半场并没有增加强劲下半场的几率。然而，一年前，当相同的统计分析表明股市有三分之二的可能性在2020年底走高时，没有人抱怨。果然如此：继去年上半年下跌9.6%后，道琼斯指数下半年上涨18.6%。</blockquote></p><p> It’s because of the market’s efficiency that a buy-and-hold strategy is so hard to beat over the long term. When you deviate from that buy-and-hold approach, you’re in effect betting that you know more and have greater insight than the collective wisdom of millions of other stock market investors. It’s not out of the question that you do, but — as history has shown numerous times — it’s a low probability bet.</p><p><blockquote>正是由于市场的效率，从长远来看，买入并持有策略很难被击败。当你偏离这种买入并持有的方法时，你实际上是在打赌你比数百万其他股市投资者的集体智慧知道得更多，拥有更强的洞察力。你这样做并非不可能，但是——正如历史多次表明的那样——这是一个低概率的赌注。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Odds favor the Dow being higher at the end of 2021 and 125 years of history supports this<blockquote>道琼斯指数在2021年底走高的可能性很大，125年的历史支持了这一点</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\">\nOdds favor the Dow being higher at the end of 2021 and 125 years of history supports this<blockquote>道琼斯指数在2021年底走高的可能性很大，125年的历史支持了这一点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-16 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Second half of the year tends to be strong for U.S. stocks</p><p><blockquote>美股下半年往往走强</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa48171959ef33c4e5ded6b6a1dac2df\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Odds are good that the U.S. stock market will be higher at the end of December. Don’t get too excited; these odds have nothing to do with how strong the U.S. economy is right now or the stock market’s impressive returns so far this year. In fact, the chance of a winning second half of 2021 would be the same even if stocks were in a bear market or the economy was in recession.</p><p><blockquote>12月底美国股市走高的可能性很大。不要太兴奋；这些赔率与美国经济目前的强劲程度或股市今年迄今为止令人印象深刻的回报无关。事实上，即使股市处于熊市或经济衰退，2021年下半年获胜的机会也是一样的。</blockquote></p><p> The reason why has to do with the stock market’s efficiency. Its level at any given point reflects all available information up to that point. For example, if on June 30 the odds were better-than-usual that stocks would be higher in six months’ time, traders would have already bid up prices to take those better odds into account. They wouldn’t wait until later in the year to up their bets.</p><p><blockquote>其原因与股票市场的效率有关。它在任何给定点的水平反映了截至该点的所有可用信息。例如，如果6月30日股市在六个月内走高的可能性比平时更大，交易者就会抬高价格以考虑到这些更大的可能性。他们不会等到今年晚些时候才加大赌注。</blockquote></p><p> That’s also true if the odds of a higher market were worse than usual. If traders at the midyear mark knew that the market would most likely be lower in six months’ time, they would sell immediately rather than wait.</p><p><blockquote>如果市场走高的可能性比平时更差，情况也是如此。如果处于年中关口的交易者知道六个月后市场很可能会走低，他们会立即抛售，而不是等待。</blockquote></p><p> The net result of their actions in both cases would that the market’s odds of rising in the second half of the year are more or less the same. Those odds are 66.9% — about two out of three — based on the Dow Jones Industrial Average&nbsp;back to its creation in the late 1890s.</p><p><blockquote>在这两种情况下，他们行动的最终结果是，市场在下半年上涨的几率大致相同。根据19世纪90年代末创立的道琼斯工业平均指数，这一可能性为66.9%（约三分之二）。</blockquote></p><p> Notice from the chart below that these odds are largely the same regardless of what has happened with the Dow through mid-year. In those calendar years in which the Dow rose over the first six months, it in the second half rose 72.4% of the time. The increase from 66.9% to 72.4% is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine.</p><p><blockquote>请注意，从下图中可以看出，无论道琼斯指数在年中发生了什么变化，这些赔率基本相同。在道琼斯指数前六个月上涨的历年中，下半年有72.4%的时间上涨。从66.9%到72.4%的增长在统计学家在确定模式是否真实时经常使用的95%置信水平上并不显著。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727712f5fc7e02a4333de6df26576024\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Or take the first years of the presidential four-year term, which is the year we’re in now. Over the second halves of those years, the stock market has risen 64.5% of the time. That is not statistically significantly different than the odds that apply to all years.</p><p><blockquote>或者以总统四年任期的头几年为例，也就是我们现在所处的这一年。在那些年的下半年，股市上涨了64.5%。这与适用于所有年份的几率在统计上没有显著差异。</blockquote></p><p> You may be disappointed that a strong first half doesn’t increase the odds of a strong second half. Yet no one complained a year ago when the identical statistical analysis suggested that there was a two-out-of-three chance the stock market would be higher at the end of 2020. Sure enough, it was: Following a 9.6% decline for the first half of last year, the Dow rose 18.6% in the second.</p><p><blockquote>你可能会失望，强劲的上半场并没有增加强劲下半场的几率。然而，一年前，当相同的统计分析表明股市有三分之二的可能性在2020年底走高时，没有人抱怨。果然如此：继去年上半年下跌9.6%后，道琼斯指数下半年上涨18.6%。</blockquote></p><p> It’s because of the market’s efficiency that a buy-and-hold strategy is so hard to beat over the long term. When you deviate from that buy-and-hold approach, you’re in effect betting that you know more and have greater insight than the collective wisdom of millions of other stock market investors. It’s not out of the question that you do, but — as history has shown numerous times — it’s a low probability bet.</p><p><blockquote>正是由于市场的效率，从长远来看，买入并持有策略很难被击败。当你偏离这种买入并持有的方法时，你实际上是在打赌你比数百万其他股市投资者的集体智慧知道得更多，拥有更强的洞察力。你这样做并非不可能，但是——正如历史多次表明的那样——这是一个低概率的赌注。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-odds-of-the-dow-being-higher-at-the-end-of-2021-are-about-two-in-three-11623737505?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-odds-of-the-dow-being-higher-at-the-end-of-2021-are-about-two-in-three-11623737505?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114934376","content_text":"Second half of the year tends to be strong for U.S. stocks\nGETTY IMAGES\nOdds are good that the U.S. stock market will be higher at the end of December. Don’t get too excited; these odds have nothing to do with how strong the U.S. economy is right now or the stock market’s impressive returns so far this year. In fact, the chance of a winning second half of 2021 would be the same even if stocks were in a bear market or the economy was in recession.\nThe reason why has to do with the stock market’s efficiency. Its level at any given point reflects all available information up to that point. For example, if on June 30 the odds were better-than-usual that stocks would be higher in six months’ time, traders would have already bid up prices to take those better odds into account. They wouldn’t wait until later in the year to up their bets.\nThat’s also true if the odds of a higher market were worse than usual. If traders at the midyear mark knew that the market would most likely be lower in six months’ time, they would sell immediately rather than wait.\nThe net result of their actions in both cases would that the market’s odds of rising in the second half of the year are more or less the same. Those odds are 66.9% — about two out of three — based on the Dow Jones Industrial Average back to its creation in the late 1890s.\nNotice from the chart below that these odds are largely the same regardless of what has happened with the Dow through mid-year. In those calendar years in which the Dow rose over the first six months, it in the second half rose 72.4% of the time. The increase from 66.9% to 72.4% is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine.\n\nOr take the first years of the presidential four-year term, which is the year we’re in now. Over the second halves of those years, the stock market has risen 64.5% of the time. That is not statistically significantly different than the odds that apply to all years.\nYou may be disappointed that a strong first half doesn’t increase the odds of a strong second half. Yet no one complained a year ago when the identical statistical analysis suggested that there was a two-out-of-three chance the stock market would be higher at the end of 2020. Sure enough, it was: Following a 9.6% decline for the first half of last year, the Dow rose 18.6% in the second.\nIt’s because of the market’s efficiency that a buy-and-hold strategy is so hard to beat over the long term. When you deviate from that buy-and-hold approach, you’re in effect betting that you know more and have greater insight than the collective wisdom of millions of other stock market investors. It’s not out of the question that you do, but — as history has shown numerous times — it’s a low probability bet.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169174636,"gmtCreate":1623824870825,"gmtModify":1634027508727,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Sell sell!","listText":"Sell sell!","text":"Sell sell!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169174636","repostId":"1182315358","repostType":4,"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124491997,"gmtCreate":1624777160619,"gmtModify":1633948690902,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Interesting perspective","listText":"Interesting perspective","text":"Interesting perspective","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124491997","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":1175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124493519,"gmtCreate":1624777123131,"gmtModify":1633948691146,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Neither of them is good ev bet","listText":"Neither of them is good ev bet","text":"Neither of them is good ev bet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124493519","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohu8.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于其电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于其电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"NIO":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126112358,"gmtCreate":1624547332874,"gmtModify":1634004522940,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Huat","listText":"Huat","text":"Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126112358","repostId":"1120000038","repostType":4,"isVote":1,"tweetType":1,"viewCount":1919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129246036,"gmtCreate":1624375258225,"gmtModify":1634007033588,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129246036","repostId":"2145905996","repostType":4,"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169802355,"gmtCreate":1623825313577,"gmtModify":1634027502756,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Exciting times ahead","listText":"Exciting times ahead","text":"Exciting times ahead","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169802355","repostId":"2143680537","repostType":4,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160985724,"gmtCreate":1623769435868,"gmtModify":1634028555996,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Cruise or tesla?","listText":"Cruise or tesla?","text":"Cruise or tesla?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/160985724","repostId":"1121368819","repostType":4,"isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160982001,"gmtCreate":1623769364603,"gmtModify":1634028557729,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Buy the dips","listText":"Buy the dips","text":"Buy the dips","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/160982001","repostId":"2143751575","repostType":2,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160935718,"gmtCreate":1623768790234,"gmtModify":1634028571623,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Soon rocket","listText":"Soon rocket","text":"Soon rocket","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160935718","repostId":"1179958588","repostType":4,"repost":{"id":"1179958588","kind":"news","pubTimestamp":1623766192,"share":"https://www.laohu8.com/m/news/1179958588?lang=zh_CN&edition=full","pubTime":"2021-06-15 22:09","market":"us","language":"en","title":"Tesla Going Through A \"Rather Dry Spell\", Says Morgan Stanley's Adam Jonas<blockquote>Morgan Stanley的Adam Jonas表示，特斯拉正在经历一段“相当干燥的时期”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179958588","media":"zerohedge","summary":"In most respects, the latest note from Adam Jonas at Morgan Stanley on Tesla has been more of the sa","content":"<p>In most respects, the latest note from Adam Jonas at Morgan Stanley on Tesla has been more of the same.</p><p><blockquote>在大多数方面，摩根士丹利Adam Jonas关于特斯拉的最新报告大同小异。</blockquote></p><p> You've got your bona fide comedy, as Jonas starts his note&nbsp;by saying \"Let’s begin with a healthy dose of intellectual honesty on the starting point for&nbsp;the stock,\" before defending his $900 price target on the name...</p><p><blockquote>你已经得到了你真正的喜剧，正如乔纳斯在他的笔记开始时所说的那样，“让我们在股票的起点上以健康的智力诚实开始”，然后为他900美元的目标价辩护...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c9cc9bfba9fba1bf3593b4b6f4e20dbf\" tg-width=\"500\" tg-height=\"198\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> You've got your \"pie in the sky\" style lofty estimates about a SaaS revenue stream that doesn't exist and that the company likely doesn't even have the infrastructure for...</p><p><blockquote>你对SaaS的收入流做出了“天上掉馅饼”式的高估，而这种收入流并不存在，而且该公司可能甚至没有基础设施...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e525d8ff30b02cefbdc8daecdcfcca7b\" tg-width=\"500\" tg-height=\"246\" referrerpolicy=\"no-referrer\">You've got your insane valuation for Tesla's insurance business...</p><p><blockquote>你对特斯拉保险业务的估值太疯狂了...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/67267c0686d45416d0cb73fda3e253c7\" tg-width=\"516\" tg-height=\"648\" referrerpolicy=\"no-referrer\">...and finally, you've got your proclamation that Tesla is going to exceed its timelines for autonomous productions. You know, because the company has been so masterful with handling timelines in the past.</p><p><blockquote>......最后，你宣布特斯拉将超越自主制作的时间表。你知道，因为该公司过去在处理时间表方面非常熟练。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7526beef593477f8a494eac3cd07e6f\" tg-width=\"500\" tg-height=\"97\"></p><p><blockquote></blockquote></p><p> All told, it was a pretty standard Adam Jonas ticker tape parade for the company.</p><p><blockquote>总而言之，对于该公司来说，这是一次非常标准的亚当·乔纳斯股票盘带游行。</blockquote></p><p> But tucked into what can only be described as the \"endless optimism\" of Jonas' note was an interesting point that the analyst made.<b>Namely, he appears to make the suggestion that CEO Elon Musk's latest obsession with bitcoin is indicative that Tesla's underlying business could be going through a \"dry spell\".</b></p><p><blockquote>但在乔纳斯的报告中只能被描述为“无尽的乐观”的内容中，分析师提出了一个有趣的观点。<b>也就是说，他似乎暗示首席执行官Elon Musk最近对比特币的痴迷表明特斯拉的基础业务可能正在经历“干旱期”。</b></blockquote></p><p> <b>\"Over the past couple of months, incoming client interest on Tesla is focused mostly on Chinese sales/production data and Elon Musk’s tweets regarding Bitcoin. Might Tesla-Bitcoin fever may be telling us something about the lull in Tesla sentiment?</b>\" Jonas asks toward the beginning of his note.</p><p><blockquote><b>“在过去的几个月里，客户对特斯拉的兴趣主要集中在中国的销售/生产数据和Elon Musk有关比特币的推文上。特斯拉-比特币热可能告诉我们一些有关特斯拉情绪平静的信息吗？</b>”乔纳斯在笔记的开头问道。</blockquote></p><p> He continues:<b>\"You just know it’s a rather dry spell for Tesla when Bitcoin is the dominant new story and dominant driver of investor discussion day in, day out.</b>In our opinion, what’s considerably more interesting than ‘decoding’ the TSLA-Bitcoin relationship is the fact that there is a virtual ‘vacuum’ of developments and news related to other areas of technological and commercial progress that the company is involved with on renewable energy, storage networking and transportation.\"</p><p><blockquote>他继续说道：<b>“你只知道，对于特斯拉来说，这是一个相当干燥的时期，比特币是主要的新故事和投资者日复一日讨论的主要驱动力。</b>我们认为，比“解码”特斯拉与比特币的关系更有趣的是，与该公司参与的其他技术和商业进步领域相关的发展和新闻实际上存在“真空”能源、存储网络和运输。”</blockquote></p><p> He begrudgingly concludes&nbsp;about Tesla's underwhelming Model S Plaid unveil: \"<b>Yes, the Model S Plaid unveil was fun, but where’s the next ‘big’ development to move the company forward?\"</b></p><p><blockquote>他不情愿地总结了特斯拉平淡无奇的Model S Plaid发布会：“<b>是的，Model S Plaid的亮相很有趣，但推动公司前进的下一个‘重大’发展在哪里？”</b></blockquote></p><p> The lines even stood out CNBC's Carl Quintanilla who pointed it out early this morning.</p><p><blockquote>这些台词甚至引起了CNBC的卡尔·金塔尼拉(Carl Quintanilla)的注意，他今天早上就指出了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ec9ba5f7279aee4c62994fd1495bdcec\" tg-width=\"507\" tg-height=\"530\">It's interesting to note this level of what appears to just be bemusement and exhaustion from Jonas. But whether or not it sticks out to the \"sophisticated investors\" buying Tesla stock remains another question...</p><p><blockquote>有趣的是，乔纳斯似乎只是困惑和疲惫。但它是否会引起购买特斯拉股票的“老练投资者”的注意仍然是另一个问题……</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Going Through A \"Rather Dry Spell\", Says Morgan Stanley's Adam Jonas<blockquote>Morgan Stanley的Adam Jonas表示，特斯拉正在经历一段“相当干燥的时期”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Going Through A \"Rather Dry Spell\", Says Morgan Stanley's Adam Jonas<blockquote>Morgan Stanley的Adam Jonas表示，特斯拉正在经历一段“相当干燥的时期”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 22:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In most respects, the latest note from Adam Jonas at Morgan Stanley on Tesla has been more of the same.</p><p><blockquote>在大多数方面，摩根士丹利Adam Jonas关于特斯拉的最新报告大同小异。</blockquote></p><p> You've got your bona fide comedy, as Jonas starts his note&nbsp;by saying \"Let’s begin with a healthy dose of intellectual honesty on the starting point for&nbsp;the stock,\" before defending his $900 price target on the name...</p><p><blockquote>你已经得到了你真正的喜剧，正如乔纳斯在他的笔记开始时所说的那样，“让我们在股票的起点上以健康的智力诚实开始”，然后为他900美元的目标价辩护...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c9cc9bfba9fba1bf3593b4b6f4e20dbf\" tg-width=\"500\" tg-height=\"198\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> You've got your \"pie in the sky\" style lofty estimates about a SaaS revenue stream that doesn't exist and that the company likely doesn't even have the infrastructure for...</p><p><blockquote>你对SaaS的收入流做出了“天上掉馅饼”式的高估，而这种收入流并不存在，而且该公司可能甚至没有基础设施...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e525d8ff30b02cefbdc8daecdcfcca7b\" tg-width=\"500\" tg-height=\"246\" referrerpolicy=\"no-referrer\">You've got your insane valuation for Tesla's insurance business...</p><p><blockquote>你对特斯拉保险业务的估值太疯狂了...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/67267c0686d45416d0cb73fda3e253c7\" tg-width=\"516\" tg-height=\"648\" referrerpolicy=\"no-referrer\">...and finally, you've got your proclamation that Tesla is going to exceed its timelines for autonomous productions. You know, because the company has been so masterful with handling timelines in the past.</p><p><blockquote>......最后，你宣布特斯拉将超越自主制作的时间表。你知道，因为该公司过去在处理时间表方面非常熟练。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7526beef593477f8a494eac3cd07e6f\" tg-width=\"500\" tg-height=\"97\"></p><p><blockquote></blockquote></p><p> All told, it was a pretty standard Adam Jonas ticker tape parade for the company.</p><p><blockquote>总而言之，对于该公司来说，这是一次非常标准的亚当·乔纳斯股票盘带游行。</blockquote></p><p> But tucked into what can only be described as the \"endless optimism\" of Jonas' note was an interesting point that the analyst made.<b>Namely, he appears to make the suggestion that CEO Elon Musk's latest obsession with bitcoin is indicative that Tesla's underlying business could be going through a \"dry spell\".</b></p><p><blockquote>但在乔纳斯的报告中只能被描述为“无尽的乐观”的内容中，分析师提出了一个有趣的观点。<b>也就是说，他似乎暗示首席执行官Elon Musk最近对比特币的痴迷表明特斯拉的基础业务可能正在经历“干旱期”。</b></blockquote></p><p> <b>\"Over the past couple of months, incoming client interest on Tesla is focused mostly on Chinese sales/production data and Elon Musk’s tweets regarding Bitcoin. Might Tesla-Bitcoin fever may be telling us something about the lull in Tesla sentiment?</b>\" Jonas asks toward the beginning of his note.</p><p><blockquote><b>“在过去的几个月里，客户对特斯拉的兴趣主要集中在中国的销售/生产数据和Elon Musk有关比特币的推文上。特斯拉-比特币热可能告诉我们一些有关特斯拉情绪平静的信息吗？</b>”乔纳斯在笔记的开头问道。</blockquote></p><p> He continues:<b>\"You just know it’s a rather dry spell for Tesla when Bitcoin is the dominant new story and dominant driver of investor discussion day in, day out.</b>In our opinion, what’s considerably more interesting than ‘decoding’ the TSLA-Bitcoin relationship is the fact that there is a virtual ‘vacuum’ of developments and news related to other areas of technological and commercial progress that the company is involved with on renewable energy, storage networking and transportation.\"</p><p><blockquote>他继续说道：<b>“你只知道，对于特斯拉来说，这是一个相当干燥的时期，比特币是主要的新故事和投资者日复一日讨论的主要驱动力。</b>我们认为，比“解码”特斯拉与比特币的关系更有趣的是，与该公司参与的其他技术和商业进步领域相关的发展和新闻实际上存在“真空”能源、存储网络和运输。”</blockquote></p><p> He begrudgingly concludes&nbsp;about Tesla's underwhelming Model S Plaid unveil: \"<b>Yes, the Model S Plaid unveil was fun, but where’s the next ‘big’ development to move the company forward?\"</b></p><p><blockquote>他不情愿地总结了特斯拉平淡无奇的Model S Plaid发布会：“<b>是的，Model S Plaid的亮相很有趣，但推动公司前进的下一个‘重大’发展在哪里？”</b></blockquote></p><p> The lines even stood out CNBC's Carl Quintanilla who pointed it out early this morning.</p><p><blockquote>这些台词甚至引起了CNBC的卡尔·金塔尼拉(Carl Quintanilla)的注意，他今天早上就指出了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ec9ba5f7279aee4c62994fd1495bdcec\" tg-width=\"507\" tg-height=\"530\">It's interesting to note this level of what appears to just be bemusement and exhaustion from Jonas. But whether or not it sticks out to the \"sophisticated investors\" buying Tesla stock remains another question...</p><p><blockquote>有趣的是，乔纳斯似乎只是困惑和疲惫。但它是否会引起购买特斯拉股票的“老练投资者”的注意仍然是另一个问题……</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/tesla-going-through-rather-dry-spell-says-morgan-stanleys-adam-jonas\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/tesla-going-through-rather-dry-spell-says-morgan-stanleys-adam-jonas","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179958588","content_text":"In most respects, the latest note from Adam Jonas at Morgan Stanley on Tesla has been more of the same.\nYou've got your bona fide comedy, as Jonas starts his note by saying \"Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,\" before defending his $900 price target on the name...\n\nYou've got your \"pie in the sky\" style lofty estimates about a SaaS revenue stream that doesn't exist and that the company likely doesn't even have the infrastructure for...\nYou've got your insane valuation for Tesla's insurance business...\n...and finally, you've got your proclamation that Tesla is going to exceed its timelines for autonomous productions. You know, because the company has been so masterful with handling timelines in the past.\n\nAll told, it was a pretty standard Adam Jonas ticker tape parade for the company.\nBut tucked into what can only be described as the \"endless optimism\" of Jonas' note was an interesting point that the analyst made.Namely, he appears to make the suggestion that CEO Elon Musk's latest obsession with bitcoin is indicative that Tesla's underlying business could be going through a \"dry spell\".\n\"Over the past couple of months, incoming client interest on Tesla is focused mostly on Chinese sales/production data and Elon Musk’s tweets regarding Bitcoin. Might Tesla-Bitcoin fever may be telling us something about the lull in Tesla sentiment?\" Jonas asks toward the beginning of his note.\nHe continues:\"You just know it’s a rather dry spell for Tesla when Bitcoin is the dominant new story and dominant driver of investor discussion day in, day out.In our opinion, what’s considerably more interesting than ‘decoding’ the TSLA-Bitcoin relationship is the fact that there is a virtual ‘vacuum’ of developments and news related to other areas of technological and commercial progress that the company is involved with on renewable energy, storage networking and transportation.\"\nHe begrudgingly concludes about Tesla's underwhelming Model S Plaid unveil: \"Yes, the Model S Plaid unveil was fun, but where’s the next ‘big’ development to move the company forward?\"\nThe lines even stood out CNBC's Carl Quintanilla who pointed it out early this morning.\nIt's interesting to note this level of what appears to just be bemusement and exhaustion from Jonas. But whether or not it sticks out to the \"sophisticated investors\" buying Tesla stock remains another question...","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124496176,"gmtCreate":1624777484095,"gmtModify":1633948689299,"author":{"id":"3586167531065956","authorId":"3586167531065956","name":"7ed83f0f","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586167531065956","authorIdStr":"3586167531065956"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124496176","repostId":"1117734317","repostType":4,"repost":{"id":"1117734317","kind":"news","pubTimestamp":1624759414,"share":"https://www.laohu8.com/m/news/1117734317?lang=zh_CN&edition=full","pubTime":"2021-06-27 10:03","market":"us","language":"en","title":"Square: The Bear Case<blockquote>广场：熊案</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117734317","media":"seekingalpha","summary":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong re","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>  <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>  <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>  <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>  <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p><p><blockquote><ul><li>从表面上看，Square似乎是一家成长中的公司，也是一项不错的投资，收入增长强劲，Cash App用户群庞大。</li><li>事实上，该公司一直在努力将其营收转化为净利润。</li><li>这导致Square扩大其产品，以证明夸大的收入估值是合理的，而这可能永远不会带来有意义的盈利增长。</li><li>虽然乍一看，它的现金应用程序故事似乎是一个崭露头角的前景，但它可能只不过是基于必要性的暂时增长。</li><li>鉴于目前的估值和不断增加的比特币阻力，Square可能面临收入和盈利的大幅下调。</li></ul><p class=\"t-img-caption\"><span>AndreyPopov/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p><p><blockquote>Square Inc.（纽约证券交易所股票代码：SQ）是最受散户交易者和投资者欢迎的股票之一，在Robinhood的100强排名中排名第57位。这导致SQ的价格比去年上涨了135%，市值超过1000亿美元，交易波动性相当于中型公司。</blockquote></p><p> On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p><p><blockquote>从表面上看，价格和估值似乎是合理的，该公司通过Cash App、比特币（BTC-USD）、PPP贷款不断增加收入并扩大其产品组合，最近还通过Square Financial Services获得银行牌照。</blockquote></p><p> However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p><p><blockquote>然而，由于对未来收入预测的猜测，这些估值正与公司及其核心业务的基本面脱钩，而未来收入预测严重依赖于比特币收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自SQ Investor Relations（2021年第一季度历史财务信息）</span></p></blockquote></p><p> In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p><p><blockquote>除此之外，SQ还可能面临与小企业定位相关的其他几个问题；政策和法规；以及一般宏观经济因素，这些因素可能会产生不利因素，影响其估值并给投资者带来不对称的下行风险，我将在下面进行推断。</blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p><p><blockquote>SQ是一家支付处理和商业工具提供商，促进企业/卖家和个人之间的交易，并为他们提供硬件、在线基础设施和分析。此外，它还通过现金应用程序为个人提供服务，该应用程序似乎呈指数级增长，允许用户发送、接收、持有和投资资金，最近还有比特币。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信-现金App流入与毛利润）</span></p></blockquote></p><p> As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p><p><blockquote>截至2020年3月，该公司已获得联邦存款保险公司（FDIC）的银行牌照，可以向使用SQ进行支付处理的零售商发放商业贷款。</blockquote></p><p> Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p><p><blockquote>鉴于所有这些积极消息，根据未来增长预测，该股在过去3年中上涨了330%以上，并且自2020年以来一直追逐收入预期也就不足为奇了。</blockquote></p><p> This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p><p><blockquote>这在新冠疫情期间很常见，因为未知的水域意味着营收增长对于生存至关重要。此外，美联储似乎无休止的印钞，加上零利率，意味着资金流入显示出最高增长潜力的股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（2021年SQ与EPS预估和收入预估）</span></p></blockquote></p><p> However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p><p><blockquote>然而，在Q1 2021年，随着印刷放缓，收益率开始上升，联邦对个人的转移支付消失，因此不断增加的收入预期对市场的意义开始减弱，导致SQ价格走势在200美元至280美元之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（年初至今SQ价格）</span></p></blockquote></p><p> <b>Quantitative</b></p><p><blockquote><b>数量的</b></blockquote></p><p> Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p><p><blockquote>今年迄今为止，SQ相对于支付处理行业表现良好，为股东带来了约12%的价格上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ与支付处理行业今年迄今&gt;500亿美元）</span></p></blockquote></p><p></p><p> It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p><p><blockquote>当根据远期收益和收入对这些公司进行评估时，也就不足为奇了。SQ 2021年和2022年的盈利增长高于平均水平和中位数，2021年的收入增长强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，行业比较（支付处理商）</span></p></blockquote></p><p> Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p><p><blockquote>虽然与同行相比，SQ的远期市盈率似乎被夸大了，但其远期市盈率相对较小，低于行业平均水平和中位数，这或许证明了其现值的合理性。</blockquote></p><p> However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p><p><blockquote>然而，一旦你将比特币收入从等式中剔除，你就会得到对收入增长低得多的预期PS估计，而收入增长代表了SQ的主要业务。</blockquote></p><p> For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p><p><blockquote>在这个等式中，我从2021年第一季度的业绩中删除了比特币的收入，并根据分析师的平均预期判断，该预期显示2021年第二季度至第四季度的收入几乎没有环比增长，将该数字乘以4倍，得出年终收入估计为61.407亿美元。前几年，我已将比特币从收入中删除。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ收入增长（2018年至2021年比特币与不包括比特币的预测）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ与行业比较（收入预测不包括比特币）</span></p></blockquote></p><p> As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p><p><blockquote>正如我们所看到的，这描绘了该公司截然不同的图景，虽然收入增长仍略高于市盈率也很高的公司，但盈利估值突然看起来更有意义，并且很难证明远期市盈率高于平均水平3倍是合理的，比中位数高4.5倍。尤其是当美国运通公司(AXP)、万事达卡公司(MA)、PayPal控股公司(PYPL)和Visa Inc(V)等公司的每股收益平均高出4倍时。其中大多数支付股息，并具有类似的增长预期，但波动风险较小。</blockquote></p><p> Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p><p><blockquote>许多人会认为“这并不重要，因为BTC现在是他们收入指标的一部分，也就是说，除了交易量之外，才是重要的”。然而，我想举2018年比特币抛售的例子，比特币下跌了70%，交易量也从高点下跌了约75%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Bitcoinvisuals.com（2018年比特币市场交易量）</span></p></blockquote></p><p> On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p><p><blockquote>从估值角度来看，如果比特币因全球监管力度加大而继续回调，这将给投资者带来巨大的下行风险，因为该公司本质上是根据比特币支持的收入指标进行交易的。很简单，比特币的价格下跌可能意味着收入预期的下调，从而导致SQ价格的高度波动回撤。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ价格相关性-收入、EPS和EBITDA）</span></p></blockquote></p><p> This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p><p><blockquote>考虑到该股与同行相比的历史波动性，这种情况变得越来越有可能，而且它也成为共识空头头寸也就不足为奇了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者（SQ与行业比较隐含波动率和已实现波动率以及空头利息）</span></p></blockquote></p><p> Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p><p><blockquote>鉴于另一位Seeking Alpha撰稿人的分析，我不得不同意作者认为SQ 2025年增长的价值趋势基本上已被定价。SQ对收入预测的依赖被比特币大幅放大，给投资者带来了中短期内不对称的下行风险。</blockquote></p><p> <b>Macro</b></p><p><blockquote><b>宏观的</b></blockquote></p><p> Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p><p><blockquote>虽然我们正处于重新开放的过程中，但许多事情仍然不确定，如需求可持续性、就业增长和创造以及通货膨胀。</blockquote></p><p> Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p><p><blockquote>虽然媒体的情绪总体上是积极的，但在我们得出结论认为我们是清白的之前，有几个宏观经济问题需要解决。</blockquote></p><p> <b>Small Business Environment</b></p><p><blockquote><b>小企业环境</b></blockquote></p><p> SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p><p><blockquote>SQ的MRQ显示，近49%的毛利润来自卖家生态系统（小企业）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度10Q第39页-细分毛利）</span></p></blockquote></p><p></p><p> The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p><p><blockquote>其中大部分来自支付总额低于500,000美元的卖家（69.5%）。这使得square很大程度上受到小企业周期波动的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信）</span></p></blockquote></p><p> Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p><p><blockquote>深入研究业务形成统计数据，有一个乐观的画面，2021年5月超过500,000个业务应用程序为SQ提供了无尽的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Census.gov（商业应用，2021年5月）</span></p></blockquote></p><p> Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p><p><blockquote>同样，当我们深入挖掘并查看排名成熟小企业乐观情绪的统计数据时，情况开始扭曲，开始看起来像是进入2008年的下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-乐观，2021年5月）</span></p></blockquote></p><p> Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p><p><blockquote>此外，当我们考察小企业未来的扩张前景时，这也降至低点，与2008年类似。这可能表明SQ毛利率的主要组成部分可能不会以2017年至2020年期间的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望，2021年5月）</span></p></blockquote></p><p> Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p><p><blockquote>此外，应该指出的是，小企业给出负面前景的两个主要原因是“经济状况”和“政治气候”，这可能与2020年的选举、COVID、最近的政策变化有关，并且在某种程度上是暂时的。或者，它可能类似于2008年至2016年的缓慢三月，我们只是不知道，除了它是一个较低的读数，因此可能会影响SQ的高收入和盈利增长预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望原因，2021年5月）</span></p></blockquote></p><p> <b>Small Business Lending</b></p><p><blockquote><b>小企业贷款</b></blockquote></p><p> Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p><p><blockquote>展望未来，SQ显然旨在通过获得银行牌照来巩固其在商业贷款领域的地位。这对该公司来说非常积极，因为他们庞大且不断增长的小型企业用户群、他们自2014年以来的经验以及于2021年5月31日停止的PPP计划。</blockquote></p><p> Currently, bank lending has receded as a result of recovery efforts from COVID.</p><p><blockquote>目前，由于COVID的复苏努力，银行贷款已经减少。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（美国商业银行-商业和工业贷款）</span></p></blockquote></p><p> This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p><p><blockquote>这可以通过NFIB月度报告中的信用状况指数来验证。尽管如此，美国银行家的一项调查报告称，86%的小企业发现很难获得信贷，不得不求助于个人信贷。</blockquote></p><p> This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p><p><blockquote>这对SQ来说是积极的，因为这将使他们能够填补市场上小企业的信贷缺口。尽管我认为这将是短暂的，因为有人猜测，当美联储缩减规模时，他们还将宣布取消对富国银行（WFC）的资本限制。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：瑞士信贷（Global Money Dispatch–2021年5月25日）</span></p></blockquote></p><p> There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p><p><blockquote>鉴于美联储在2020年初取消了这些限制，以通过PPP计划帮助小企业，而且缩减购债规模有扰乱市场的历史，这种情况发生的可能性相当大。如果发生这种情况，我怀疑WFC将再次成为小企业信贷领域的巨头，并由于其在该领域广泛的网络和历史而成为SQ非常强劲的竞争对手。</blockquote></p><p> <b>Bitcoin, Legislation &amp; Gensler</b></p><p><blockquote><b>比特币、立法和詹斯勒</b></blockquote></p><p> Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p><p><blockquote>比特币在2020年下半年和2021年上半年的大部分时间里一直是头条新闻，这是有充分理由的。它在散户交易者和投资者中越来越受欢迎，并表现出非凡的赞赏。此外，一些小型银行对这种媒介很感兴趣，尽管许多银行和金融机构已经明确禁止使用其服务购买比特币。</blockquote></p><p> The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p><p><blockquote>他们反对的主要原因很可能与非法活动有关，如洗钱、恐怖主义、虚假交易量以及我不想参与的类似活动，银行也不想参与。</blockquote></p><p></p><p> Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p><p><blockquote>因此，在最近的炒作中，许多国家现在正在介入监管比特币的使用，但其他国家更进一步，正在颁布立法禁止其使用和开采，最明显的是中印。</blockquote></p><p> This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p><p><blockquote>自2021年5月ATHs约65,000美元以来，这对比特币的价格产生了负面影响，此后回撤了-46%。</blockquote></p><p> It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p><p><blockquote>这对比特币的未来也是极其不利的，因为比特币的大部分挖矿都是在中国完成的（年初至今约70%），挖矿的算力与价格相关。因此，如果这些因素因中国采矿活动减少而消退，价格肯定会随之上涨，从而影响SQ的比特币持有量和未来交易量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：剑桥大学（剑桥比特币电力消费指数年初至今）</span></p></blockquote></p><p> Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p><p><blockquote>虽然SEC已经站出来表示，比特币监管不在他们2021年的议程上，但Gary Gensler警告投资者要谨慎。Gensler在保护投资者的监管方面也有着悠久的历史，尽管没有将比特币列入2021年的议程，但我建议读者研究他在2000年和2008年的历史。</blockquote></p><p> Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p><p><blockquote>进一步看，总的来说，这对比特币和SQ来说并不是一个好兆头。很可能会有进一步的监管而不是采用，从而对其价格产生负面影响，导致2018年产量和采矿活动的下降重演。</blockquote></p><p> <b>General Economy - The Worry for Retail</b></p><p><blockquote><b>总体经济——零售业的担忧</b></blockquote></p><p> Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p><p><blockquote>另外，我们也可能会看到零售业未来的负面形势。零售业的复苏在很大程度上不是由“被压抑的需求”推动的，而是主要通过2020年和2021年初发放的补贴。当检查下图时，我们可以看到，一旦你减去转移收入（政府刺激支票和就业福利——红线），收入就不再是以前的样子了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：圣路易斯联邦储备银行（可支配收入vs实际收入减去转账vs个人储蓄vs零售贸易销售）</span></p></blockquote></p><p> Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p><p><blockquote>此外，我们可以看到，零售额（紫色）的飙升主要是由刺激支票推动的，刺激支票增加了可支配收入（蓝色）和消费者储蓄（绿色），尽管现在刺激已经结束，人们不得不开始挖掘他们的储蓄，3月至4月期间环比下降了54%。</blockquote></p><p> The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p><p><blockquote>在检查U6失业率时，消费者支出情况变得更糟，U6失业率被认为是经济学家中最能揭示问题的，因为它包括失业、未充分就业和灰心丧气的求职者。一般来说，这对未来消费者可自由支配支出模式来说不是一个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Macrotrends.net（U6失业率vs U5 vs官方）</span></p></blockquote></p><p> Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p><p><blockquote>最后，食品和能源成本的上涨（我预计食品成本将持续上涨）应该会阻碍消费者未来的可自由支配支出。我以前写过关于马赛克公司（MOS）和安德森公司（ANDE）的文章，概述了我对这一趋势的理由。</blockquote></p><p> In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p><p><blockquote>关于SQ，我们可以根据2019年底的数据看到他们对消费者可自由支配支出的历史敞口。当考虑到以下数据时：零售；专业服务、美容及个护、家居及维修、休闲娱乐及休闲使用，总曝光量约为59%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista（Raynor de Best–卖家行业GPV，2019年12月）</span></p></blockquote></p><p> Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p><p><blockquote>虽然由于比特币的权重，这可能不会对其收入数据产生重大影响，但我确实预计这将削弱未来的毛利润数据，并随着刺激措施进一步消退对利润率产生负面影响。</blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> <b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p> When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p><p><blockquote>在检查SQ的财务状况时，我们可以很容易地看到，比特币是推动其收入增长的主要因素（MRQ占总收入的69%），其估值也由此得出（参见上面的介绍部分-SQ价格与收入部分；和定量部分-SQ价格相关性）。</blockquote></p><p> From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p><p><blockquote>在2021年第一季度股东信第12页中，他们表示，截至2021年3月31日，他们所持股份的公允价值为4.72亿美元。这一天的收盘价为58,918.83美元，约合8,011个比特币。他们还表示，在此期间和第四季度，他们最初向比特币投资了2亿美元，因此他们的平均价格约为每个比特币25,000美元。</blockquote></p><p></p><p> Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p><p><blockquote>目前，比特币的价格约为34,600美元，它似乎也很难找到吸引力，尤其是当你研究其他一些趋势时。例如，看看谷歌趋势上“购买比特币”的搜索趋势，这显然正在减弱。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-全球5年）</span></p></blockquote></p><p> Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p><p><blockquote>此外，当你将这些数据与刺激支付联系起来时，很明显这两者在2020年下半年存在关系，最近的大部分猜测可能是由政府补贴驱动的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：USA.Gov（新冠刺激支票日期）</span></p></blockquote></p><p> The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p><p><blockquote>搜索量的激增大约发生在后两次政府刺激支票的时间，有几天到几周的滞后。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-美国12个月）</span></p></blockquote></p><p> This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p><p><blockquote>这也与比特币在2020年12月和2021年1月的价格上涨以及2021年3月和4月的失败反弹相吻合。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（比特币价格1年）</span></p></blockquote></p><p> Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p><p><blockquote>因此，在这个例子中，如果我们持续抛售-70%，这与2018年发生的情况类似。我们将回到2020年11月比特币价格约为20,000美元。</blockquote></p><p> This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p><p><blockquote>在数量减少、进一步立法和哈希率下降的基础上，这仍然是可行的。从理论上讲，SQ可能会产生4000万美元的减值费用，这将极大地影响营业收入、净利润和股东收益以及未来预期。尽管这纯粹是理论上的，没有考虑本季度的交易，例如在ATH或附近的购买或销售。</blockquote></p><p> Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p><p><blockquote>此外，由于未来缺乏刺激付款以及消费者可自由支配支出收紧，随着进入该领域的资金减少和销量下降，比特币产生的收入也可能下降。对SQ的收入估计以及随后的价格和估值产生负面影响。</blockquote></p><p> <b>Cash App</b></p><p><blockquote><b>现金应用程序</b></blockquote></p><p> On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p><p><blockquote>从表面上看，Cash App正在呈指数级增长，成为用户交易的可行平台，每月交易活跃客户超过3600万，同比增长50%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2020年第四季度股东信）</span></p></blockquote></p><p> However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p><p><blockquote>然而，Cash App的这种增长未来可能是不可持续的，SQ在其季度备案说明中详细阐述了这一点：</blockquote></p><p>   Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;  <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.    <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>  Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p><p><blockquote>Cash App收入受益于Cash App活跃客户数量的增长以及<b>政府救济计划</b>最近于2020年12月下旬和2021年3月通过成为法律，以及2020年通过的早期刺激计划的累积收益。这些计划提供了额外的刺激救济和失业福利，导致消费者支出和流入我们的Cash App生态系统的资金增加。Cash App的收入增长在未来几个季度可能无法维持在相同水平，并且可能会受到进一步刺激救济和福利计划的颁布以及比特币的需求和市场价格等因素的影响。<i>资料来源：SQ投资者关系（2021年第一季度10Q文件–第49页）</i>Cash App的部分问题是理论上的持续使用和未来的采用。去年的大部分增长主要是由通过Cash App生态系统进行的刺激支付推动的，因此在这种情况下是必要的。</blockquote></p><p> The two sharp spikes in searches for the app occurred on:</p><p><blockquote>该应用程序的搜索量出现了两次急剧上升：</blockquote></p><p> <ul>  <li>April 12-18 2020</li>  <li>January 24-30 2021</li> </ul> These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p><p><blockquote><ul><li>2020年4月12日至18日</li><li>2021年1月24日至30日</li></ul>这些与刺激付款相吻合，因为他们最初发送这些款项，并逐渐将其存入人们的账户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（现金应用搜索词-美国5年）</span></p></blockquote></p><p> Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p><p><blockquote>因此，随着政府刺激付款结束，比特币再次失去相关性，越来越多的人重返工作岗位，日间交易减少，这可能会对未来的用户增长指标产生负面影响，影响SQ的收入估计、毛利润数据及其收益。</blockquote></p><p> Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p><p><blockquote>此外，还有许多其他更可行的平台，另一位Seeking Alpha撰稿人The Value Trend在这里详细介绍了这些平台。</blockquote></p><p></p><p> It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p><p><blockquote>同样重要的是要记住他们如何定义这些用户，“交易活跃现金应用程序客户”如下：</blockquote></p><p>   ... has at least  <b>one financial transaction</b>using any product or service within Cash App during the specified period.    <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>  So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p><p><blockquote>...至少有<b>一笔金融交易</b>在指定期间内使用Cash App内的任何产品或服务。<i>资料来源：SQ投资者关系（2020年第四季度股东信-第4页）</i>因此，如果客户每月一次从雇主那里收到工资或失业救济金，并每月一次将所有工资转入他们的银行账户，那么他们就是“交易活跃现金应用客户”...</blockquote></p><p> Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p><p><blockquote>也许一个“活跃”客户的更好的量词是大于5笔交易。</blockquote></p><p> <b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p> Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p><p><blockquote>检查SQ的技术面，很明显该股目前在200美元至280美元之间波动，在250美元处有几次突破尝试，在300美元附近有两次失败的尝试，显示出几个迹象表明势头正在消失。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自FINVIZ（SQ图表）</span></p></blockquote></p><p> When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p><p><blockquote>在检查暗池订单流时，由于暗池处于低点，当前的反弹有可能继续，这可能会持续到8月份的收益中。尽管我不会抱太大希望，除非出现一些严重的好消息，比特币反弹回ATHs。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Squeezemetrics.com（SQ暗池与隐含Vol 2年）</span></p></blockquote></p><p> From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p><p><blockquote>从13F备案中也可以看到，不少基金降低了敞口并平仓，新增仓位较少。看跌期权与看涨期权的比率也变得相当高，尤其是在市值为1000亿美元的股票上，这表明我们并不是唯一有同样想法的人。</blockquote></p><p> Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p><p><blockquote>但需要谨慎，因为SQ与比特币的问题显然正在成为共识交易，当这些看跌期权被取消时，伽马可能会转为正值，并可能导致该股大幅上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Whalewisdom.com（SQ基金定位）</span></p></blockquote></p><p> Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p><p><blockquote>此外，就ARK ETF而言，过去6个月出现重大流动性问题也就不足为奇了，我同意另一位Seeking Alpha撰稿人的论点，即我们将看到这些ETF中持有的股票价格回归均值。值得注意的是，Cathie已经显著减少了她对SQ的接触，她可能正在选择她的战斗。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Cathiesark.com（持有SQ股票-所有ETF）</span></p></blockquote></p><p> Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p><p><blockquote>鉴于上述信息，这是一家很难做空的公司。它要么会带来巨大的回报，要么会因为它的波动性而撕碎你的脸。此外，许多基金希望对财务报表上有比特币的公司进行少量投资。因此，如果您要自担风险将其作为空头进行交易，建议谨慎行事，并且您应该始终选择战斗。</blockquote></p><p> <b>Price Targets</b></p><p><blockquote><b>价格目标</b></blockquote></p><p> On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p><p><blockquote>根据SQ ATR的波动性，SQ有可能在今年年底前跌至约100美元的低点，40%的情况下走势有利。如果你把比特币完全从等式中剔除，这与我的2021年底价格一致。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者（SQ ATR计算器）</span></p></blockquote></p><p> However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p><p><blockquote>然而，这样做是不明智的，因为这是他们目前收入的一部分，无论2021年初比特币的销量有多高，年底可能有多低。</blockquote></p><p> I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p><p><blockquote>我确实预计该股将再次下跌并重新测试200美元，可能跌破160美元。尽管很难确定SQ的估值，主要是因为估值来自比特币收入，以及基金和市场在未来采用该资产时的感知价值。</blockquote></p><p> If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p><p><blockquote>如果市场再次开始认为比特币无关紧要，我预计SQ将慢慢抛售至150美元至160美元之间（下跌-37%），反弹超过300美元（上涨25%）的可能性很低。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> With respect to SQ the following risks should be noted.</p><p><blockquote>关于SQ，应注意以下风险。</blockquote></p><p> The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p><p><blockquote>不管你喜不喜欢SQ，公司都在成长。主要问题是：市场会在任何现实基础上对比特币进行估值吗？不管有没有比特币，它增长了多少？无论有没有比特币，未来的潜在增长是多少？市场相信吗，或者就此而言在乎吗？</blockquote></p><p></p><p> If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p><p><blockquote>如果比特币失去相关性，从谷歌趋势来看，这种可能性更大，那么假设SQ将因此在2021年下半年遭受损失并对收入预期造成重大打击并不奇怪。然而，如果比特币的采用率增加并且负面消息消退，由于这是一家成长型公司，它可能会继续上涨。</blockquote></p><p> Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p><p><blockquote>此外，消费者支出模式正在产生混合数据，上面我提出了一个熊市案例。如果人们的行为发生变化，例如申请将增加经济支出的工作，并有望产生小企业增长，增加小企业的乐观情绪和扩张，这对于SQ作为支付处理领域的周期性企业非常有利。</blockquote></p><p> Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p><p><blockquote>同样，谨慎是必要的，尽管我确实认为公司未来的增长已被定价，SQ持有者面临的下行风险高于上行风险。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p><p><blockquote>SQ是一家高增长公司，从长远来看具有一些潜在的积极点；然而，其估值非常值得怀疑，因为其高收入预期主要来自比特币交易，而不是盈利增长。</blockquote></p><p> From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p><p><blockquote>从定量角度来看，它在同行中看起来不错，但经过进一步检查，它似乎被严重高估，因为未来的增长（至少2021年）可能来自比特币。此外，如果没有政府的持续刺激，其Cash App采用统计数据可能不会继续看到相同的运行率。</blockquote></p><p> Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</p><p><blockquote>此外，它还面临着一些潜在的宏观经济障碍，包括小企业风险、贷款竞争对手、消费者交易竞争对手、比特币立法和零售需求疲软。</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>Square: The Bear Case<blockquote>广场：熊案</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSquare: The Bear Case<blockquote>广场：熊案</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>  <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>  <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>  <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>  <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p><p><blockquote><ul><li>从表面上看，Square似乎是一家成长中的公司，也是一项不错的投资，收入增长强劲，Cash App用户群庞大。</li><li>事实上，该公司一直在努力将其营收转化为净利润。</li><li>这导致Square扩大其产品，以证明夸大的收入估值是合理的，而这可能永远不会带来有意义的盈利增长。</li><li>虽然乍一看，它的现金应用程序故事似乎是一个崭露头角的前景，但它可能只不过是基于必要性的暂时增长。</li><li>鉴于目前的估值和不断增加的比特币阻力，Square可能面临收入和盈利的大幅下调。</li></ul><p class=\"t-img-caption\"><span>AndreyPopov/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p><p><blockquote>Square Inc.（纽约证券交易所股票代码：SQ）是最受散户交易者和投资者欢迎的股票之一，在Robinhood的100强排名中排名第57位。这导致SQ的价格比去年上涨了135%，市值超过1000亿美元，交易波动性相当于中型公司。</blockquote></p><p> On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p><p><blockquote>从表面上看，价格和估值似乎是合理的，该公司通过Cash App、比特币（BTC-USD）、PPP贷款不断增加收入并扩大其产品组合，最近还通过Square Financial Services获得银行牌照。</blockquote></p><p> However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p><p><blockquote>然而，由于对未来收入预测的猜测，这些估值正与公司及其核心业务的基本面脱钩，而未来收入预测严重依赖于比特币收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自SQ Investor Relations（2021年第一季度历史财务信息）</span></p></blockquote></p><p> In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p><p><blockquote>除此之外，SQ还可能面临与小企业定位相关的其他几个问题；政策和法规；以及一般宏观经济因素，这些因素可能会产生不利因素，影响其估值并给投资者带来不对称的下行风险，我将在下面进行推断。</blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p><p><blockquote>SQ是一家支付处理和商业工具提供商，促进企业/卖家和个人之间的交易，并为他们提供硬件、在线基础设施和分析。此外，它还通过现金应用程序为个人提供服务，该应用程序似乎呈指数级增长，允许用户发送、接收、持有和投资资金，最近还有比特币。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信-现金App流入与毛利润）</span></p></blockquote></p><p> As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p><p><blockquote>截至2020年3月，该公司已获得联邦存款保险公司（FDIC）的银行牌照，可以向使用SQ进行支付处理的零售商发放商业贷款。</blockquote></p><p> Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p><p><blockquote>鉴于所有这些积极消息，根据未来增长预测，该股在过去3年中上涨了330%以上，并且自2020年以来一直追逐收入预期也就不足为奇了。</blockquote></p><p> This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p><p><blockquote>这在新冠疫情期间很常见，因为未知的水域意味着营收增长对于生存至关重要。此外，美联储似乎无休止的印钞，加上零利率，意味着资金流入显示出最高增长潜力的股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（2021年SQ与EPS预估和收入预估）</span></p></blockquote></p><p> However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p><p><blockquote>然而，在Q1 2021年，随着印刷放缓，收益率开始上升，联邦对个人的转移支付消失，因此不断增加的收入预期对市场的意义开始减弱，导致SQ价格走势在200美元至280美元之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（年初至今SQ价格）</span></p></blockquote></p><p> <b>Quantitative</b></p><p><blockquote><b>数量的</b></blockquote></p><p> Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p><p><blockquote>今年迄今为止，SQ相对于支付处理行业表现良好，为股东带来了约12%的价格上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ与支付处理行业今年迄今&gt;500亿美元）</span></p></blockquote></p><p></p><p> It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p><p><blockquote>当根据远期收益和收入对这些公司进行评估时，也就不足为奇了。SQ 2021年和2022年的盈利增长高于平均水平和中位数，2021年的收入增长强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，行业比较（支付处理商）</span></p></blockquote></p><p> Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p><p><blockquote>虽然与同行相比，SQ的远期市盈率似乎被夸大了，但其远期市盈率相对较小，低于行业平均水平和中位数，这或许证明了其现值的合理性。</blockquote></p><p> However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p><p><blockquote>然而，一旦你将比特币收入从等式中剔除，你就会得到对收入增长低得多的预期PS估计，而收入增长代表了SQ的主要业务。</blockquote></p><p> For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p><p><blockquote>在这个等式中，我从2021年第一季度的业绩中删除了比特币的收入，并根据分析师的平均预期判断，该预期显示2021年第二季度至第四季度的收入几乎没有环比增长，将该数字乘以4倍，得出年终收入估计为61.407亿美元。前几年，我已将比特币从收入中删除。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ收入增长（2018年至2021年比特币与不包括比特币的预测）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，SQ与行业比较（收入预测不包括比特币）</span></p></blockquote></p><p> As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p><p><blockquote>正如我们所看到的，这描绘了该公司截然不同的图景，虽然收入增长仍略高于市盈率也很高的公司，但盈利估值突然看起来更有意义，并且很难证明远期市盈率高于平均水平3倍是合理的，比中位数高4.5倍。尤其是当美国运通公司(AXP)、万事达卡公司(MA)、PayPal控股公司(PYPL)和Visa Inc(V)等公司的每股收益平均高出4倍时。其中大多数支付股息，并具有类似的增长预期，但波动风险较小。</blockquote></p><p> Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p><p><blockquote>许多人会认为“这并不重要，因为BTC现在是他们收入指标的一部分，也就是说，除了交易量之外，才是重要的”。然而，我想举2018年比特币抛售的例子，比特币下跌了70%，交易量也从高点下跌了约75%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Bitcoinvisuals.com（2018年比特币市场交易量）</span></p></blockquote></p><p> On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p><p><blockquote>从估值角度来看，如果比特币因全球监管力度加大而继续回调，这将给投资者带来巨大的下行风险，因为该公司本质上是根据比特币支持的收入指标进行交易的。很简单，比特币的价格下跌可能意味着收入预期的下调，从而导致SQ价格的高度波动回撤。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，使用YCHARTS的数据（SQ价格相关性-收入、EPS和EBITDA）</span></p></blockquote></p><p> This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p><p><blockquote>考虑到该股与同行相比的历史波动性，这种情况变得越来越有可能，而且它也成为共识空头头寸也就不足为奇了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者（SQ与行业比较隐含波动率和已实现波动率以及空头利息）</span></p></blockquote></p><p> Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p><p><blockquote>鉴于另一位Seeking Alpha撰稿人的分析，我不得不同意作者认为SQ 2025年增长的价值趋势基本上已被定价。SQ对收入预测的依赖被比特币大幅放大，给投资者带来了中短期内不对称的下行风险。</blockquote></p><p> <b>Macro</b></p><p><blockquote><b>宏观的</b></blockquote></p><p> Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p><p><blockquote>虽然我们正处于重新开放的过程中，但许多事情仍然不确定，如需求可持续性、就业增长和创造以及通货膨胀。</blockquote></p><p> Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p><p><blockquote>虽然媒体的情绪总体上是积极的，但在我们得出结论认为我们是清白的之前，有几个宏观经济问题需要解决。</blockquote></p><p> <b>Small Business Environment</b></p><p><blockquote><b>小企业环境</b></blockquote></p><p> SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p><p><blockquote>SQ的MRQ显示，近49%的毛利润来自卖家生态系统（小企业）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度10Q第39页-细分毛利）</span></p></blockquote></p><p></p><p> The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p><p><blockquote>其中大部分来自支付总额低于500,000美元的卖家（69.5%）。这使得square很大程度上受到小企业周期波动的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2021年第一季度股东信）</span></p></blockquote></p><p> Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p><p><blockquote>深入研究业务形成统计数据，有一个乐观的画面，2021年5月超过500,000个业务应用程序为SQ提供了无尽的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Census.gov（商业应用，2021年5月）</span></p></blockquote></p><p> Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p><p><blockquote>同样，当我们深入挖掘并查看排名成熟小企业乐观情绪的统计数据时，情况开始扭曲，开始看起来像是进入2008年的下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-乐观，2021年5月）</span></p></blockquote></p><p> Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p><p><blockquote>此外，当我们考察小企业未来的扩张前景时，这也降至低点，与2008年类似。这可能表明SQ毛利率的主要组成部分可能不会以2017年至2020年期间的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望，2021年5月）</span></p></blockquote></p><p> Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p><p><blockquote>此外，应该指出的是，小企业给出负面前景的两个主要原因是“经济状况”和“政治气候”，这可能与2020年的选举、COVID、最近的政策变化有关，并且在某种程度上是暂时的。或者，它可能类似于2008年至2016年的缓慢三月，我们只是不知道，除了它是一个较低的读数，因此可能会影响SQ的高收入和盈利增长预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：NFIB（小企业经济趋势-展望原因，2021年5月）</span></p></blockquote></p><p> <b>Small Business Lending</b></p><p><blockquote><b>小企业贷款</b></blockquote></p><p> Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p><p><blockquote>展望未来，SQ显然旨在通过获得银行牌照来巩固其在商业贷款领域的地位。这对该公司来说非常积极，因为他们庞大且不断增长的小型企业用户群、他们自2014年以来的经验以及于2021年5月31日停止的PPP计划。</blockquote></p><p> Currently, bank lending has receded as a result of recovery efforts from COVID.</p><p><blockquote>目前，由于COVID的复苏努力，银行贷款已经减少。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（美国商业银行-商业和工业贷款）</span></p></blockquote></p><p> This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p><p><blockquote>这可以通过NFIB月度报告中的信用状况指数来验证。尽管如此，美国银行家的一项调查报告称，86%的小企业发现很难获得信贷，不得不求助于个人信贷。</blockquote></p><p> This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p><p><blockquote>这对SQ来说是积极的，因为这将使他们能够填补市场上小企业的信贷缺口。尽管我认为这将是短暂的，因为有人猜测，当美联储缩减规模时，他们还将宣布取消对富国银行（WFC）的资本限制。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：瑞士信贷（Global Money Dispatch–2021年5月25日）</span></p></blockquote></p><p> There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p><p><blockquote>鉴于美联储在2020年初取消了这些限制，以通过PPP计划帮助小企业，而且缩减购债规模有扰乱市场的历史，这种情况发生的可能性相当大。如果发生这种情况，我怀疑WFC将再次成为小企业信贷领域的巨头，并由于其在该领域广泛的网络和历史而成为SQ非常强劲的竞争对手。</blockquote></p><p> <b>Bitcoin, Legislation &amp; Gensler</b></p><p><blockquote><b>比特币、立法和詹斯勒</b></blockquote></p><p> Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p><p><blockquote>比特币在2020年下半年和2021年上半年的大部分时间里一直是头条新闻，这是有充分理由的。它在散户交易者和投资者中越来越受欢迎，并表现出非凡的赞赏。此外，一些小型银行对这种媒介很感兴趣，尽管许多银行和金融机构已经明确禁止使用其服务购买比特币。</blockquote></p><p> The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p><p><blockquote>他们反对的主要原因很可能与非法活动有关，如洗钱、恐怖主义、虚假交易量以及我不想参与的类似活动，银行也不想参与。</blockquote></p><p></p><p> Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p><p><blockquote>因此，在最近的炒作中，许多国家现在正在介入监管比特币的使用，但其他国家更进一步，正在颁布立法禁止其使用和开采，最明显的是中印。</blockquote></p><p> This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p><p><blockquote>自2021年5月ATHs约65,000美元以来，这对比特币的价格产生了负面影响，此后回撤了-46%。</blockquote></p><p> It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p><p><blockquote>这对比特币的未来也是极其不利的，因为比特币的大部分挖矿都是在中国完成的（年初至今约70%），挖矿的算力与价格相关。因此，如果这些因素因中国采矿活动减少而消退，价格肯定会随之上涨，从而影响SQ的比特币持有量和未来交易量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：剑桥大学（剑桥比特币电力消费指数年初至今）</span></p></blockquote></p><p> Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p><p><blockquote>虽然SEC已经站出来表示，比特币监管不在他们2021年的议程上，但Gary Gensler警告投资者要谨慎。Gensler在保护投资者的监管方面也有着悠久的历史，尽管没有将比特币列入2021年的议程，但我建议读者研究他在2000年和2008年的历史。</blockquote></p><p> Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p><p><blockquote>进一步看，总的来说，这对比特币和SQ来说并不是一个好兆头。很可能会有进一步的监管而不是采用，从而对其价格产生负面影响，导致2018年产量和采矿活动的下降重演。</blockquote></p><p> <b>General Economy - The Worry for Retail</b></p><p><blockquote><b>总体经济——零售业的担忧</b></blockquote></p><p> Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p><p><blockquote>另外，我们也可能会看到零售业未来的负面形势。零售业的复苏在很大程度上不是由“被压抑的需求”推动的，而是主要通过2020年和2021年初发放的补贴。当检查下图时，我们可以看到，一旦你减去转移收入（政府刺激支票和就业福利——红线），收入就不再是以前的样子了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：圣路易斯联邦储备银行（可支配收入vs实际收入减去转账vs个人储蓄vs零售贸易销售）</span></p></blockquote></p><p> Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p><p><blockquote>此外，我们可以看到，零售额（紫色）的飙升主要是由刺激支票推动的，刺激支票增加了可支配收入（蓝色）和消费者储蓄（绿色），尽管现在刺激已经结束，人们不得不开始挖掘他们的储蓄，3月至4月期间环比下降了54%。</blockquote></p><p> The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p><p><blockquote>在检查U6失业率时，消费者支出情况变得更糟，U6失业率被认为是经济学家中最能揭示问题的，因为它包括失业、未充分就业和灰心丧气的求职者。一般来说，这对未来消费者可自由支配支出模式来说不是一个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Macrotrends.net（U6失业率vs U5 vs官方）</span></p></blockquote></p><p> Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p><p><blockquote>最后，食品和能源成本的上涨（我预计食品成本将持续上涨）应该会阻碍消费者未来的可自由支配支出。我以前写过关于马赛克公司（MOS）和安德森公司（ANDE）的文章，概述了我对这一趋势的理由。</blockquote></p><p> In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p><p><blockquote>关于SQ，我们可以根据2019年底的数据看到他们对消费者可自由支配支出的历史敞口。当考虑到以下数据时：零售；专业服务、美容及个护、家居及维修、休闲娱乐及休闲使用，总曝光量约为59%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista（Raynor de Best–卖家行业GPV，2019年12月）</span></p></blockquote></p><p> Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p><p><blockquote>虽然由于比特币的权重，这可能不会对其收入数据产生重大影响，但我确实预计这将削弱未来的毛利润数据，并随着刺激措施进一步消退对利润率产生负面影响。</blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> <b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p> When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p><p><blockquote>在检查SQ的财务状况时，我们可以很容易地看到，比特币是推动其收入增长的主要因素（MRQ占总收入的69%），其估值也由此得出（参见上面的介绍部分-SQ价格与收入部分；和定量部分-SQ价格相关性）。</blockquote></p><p> From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p><p><blockquote>在2021年第一季度股东信第12页中，他们表示，截至2021年3月31日，他们所持股份的公允价值为4.72亿美元。这一天的收盘价为58,918.83美元，约合8,011个比特币。他们还表示，在此期间和第四季度，他们最初向比特币投资了2亿美元，因此他们的平均价格约为每个比特币25,000美元。</blockquote></p><p></p><p> Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p><p><blockquote>目前，比特币的价格约为34,600美元，它似乎也很难找到吸引力，尤其是当你研究其他一些趋势时。例如，看看谷歌趋势上“购买比特币”的搜索趋势，这显然正在减弱。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-全球5年）</span></p></blockquote></p><p> Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p><p><blockquote>此外，当你将这些数据与刺激支付联系起来时，很明显这两者在2020年下半年存在关系，最近的大部分猜测可能是由政府补贴驱动的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：USA.Gov（新冠刺激支票日期）</span></p></blockquote></p><p> The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p><p><blockquote>搜索量的激增大约发生在后两次政府刺激支票的时间，有几天到几周的滞后。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（购买比特币搜索词-美国12个月）</span></p></blockquote></p><p> This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p><p><blockquote>这也与比特币在2020年12月和2021年1月的价格上涨以及2021年3月和4月的失败反弹相吻合。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCHARTS（比特币价格1年）</span></p></blockquote></p><p> Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p><p><blockquote>因此，在这个例子中，如果我们持续抛售-70%，这与2018年发生的情况类似。我们将回到2020年11月比特币价格约为20,000美元。</blockquote></p><p> This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p><p><blockquote>在数量减少、进一步立法和哈希率下降的基础上，这仍然是可行的。从理论上讲，SQ可能会产生4000万美元的减值费用，这将极大地影响营业收入、净利润和股东收益以及未来预期。尽管这纯粹是理论上的，没有考虑本季度的交易，例如在ATH或附近的购买或销售。</blockquote></p><p> Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p><p><blockquote>此外，由于未来缺乏刺激付款以及消费者可自由支配支出收紧，随着进入该领域的资金减少和销量下降，比特币产生的收入也可能下降。对SQ的收入估计以及随后的价格和估值产生负面影响。</blockquote></p><p> <b>Cash App</b></p><p><blockquote><b>现金应用程序</b></blockquote></p><p> On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p><p><blockquote>从表面上看，Cash App正在呈指数级增长，成为用户交易的可行平台，每月交易活跃客户超过3600万，同比增长50%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SQ投资者关系（2020年第四季度股东信）</span></p></blockquote></p><p> However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p><p><blockquote>然而，Cash App的这种增长未来可能是不可持续的，SQ在其季度备案说明中详细阐述了这一点：</blockquote></p><p>   Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;  <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.    <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>  Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p><p><blockquote>Cash App收入受益于Cash App活跃客户数量的增长以及<b>政府救济计划</b>最近于2020年12月下旬和2021年3月通过成为法律，以及2020年通过的早期刺激计划的累积收益。这些计划提供了额外的刺激救济和失业福利，导致消费者支出和流入我们的Cash App生态系统的资金增加。Cash App的收入增长在未来几个季度可能无法维持在相同水平，并且可能会受到进一步刺激救济和福利计划的颁布以及比特币的需求和市场价格等因素的影响。<i>资料来源：SQ投资者关系（2021年第一季度10Q文件–第49页）</i>Cash App的部分问题是理论上的持续使用和未来的采用。去年的大部分增长主要是由通过Cash App生态系统进行的刺激支付推动的，因此在这种情况下是必要的。</blockquote></p><p> The two sharp spikes in searches for the app occurred on:</p><p><blockquote>该应用程序的搜索量出现了两次急剧上升：</blockquote></p><p> <ul>  <li>April 12-18 2020</li>  <li>January 24-30 2021</li> </ul> These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p><p><blockquote><ul><li>2020年4月12日至18日</li><li>2021年1月24日至30日</li></ul>这些与刺激付款相吻合，因为他们最初发送这些款项，并逐渐将其存入人们的账户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Google Trends（现金应用搜索词-美国5年）</span></p></blockquote></p><p> Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p><p><blockquote>因此，随着政府刺激付款结束，比特币再次失去相关性，越来越多的人重返工作岗位，日间交易减少，这可能会对未来的用户增长指标产生负面影响，影响SQ的收入估计、毛利润数据及其收益。</blockquote></p><p> Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p><p><blockquote>此外，还有许多其他更可行的平台，另一位Seeking Alpha撰稿人The Value Trend在这里详细介绍了这些平台。</blockquote></p><p></p><p> It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p><p><blockquote>同样重要的是要记住他们如何定义这些用户，“交易活跃现金应用程序客户”如下：</blockquote></p><p>   ... has at least  <b>one financial transaction</b>using any product or service within Cash App during the specified period.    <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>  So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p><p><blockquote>...至少有<b>一笔金融交易</b>在指定期间内使用Cash App内的任何产品或服务。<i>资料来源：SQ投资者关系（2020年第四季度股东信-第4页）</i>因此，如果客户每月一次从雇主那里收到工资或失业救济金，并每月一次将所有工资转入他们的银行账户，那么他们就是“交易活跃现金应用客户”...</blockquote></p><p> Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p><p><blockquote>也许一个“活跃”客户的更好的量词是大于5笔交易。</blockquote></p><p> <b>Technicals</b></p><p><blockquote><b>技术</b></blockquote></p><p> Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p><p><blockquote>检查SQ的技术面，很明显该股目前在200美元至280美元之间波动，在250美元处有几次突破尝试，在300美元附近有两次失败的尝试，显示出几个迹象表明势头正在消失。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自FINVIZ（SQ图表）</span></p></blockquote></p><p> When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p><p><blockquote>在检查暗池订单流时，由于暗池处于低点，当前的反弹有可能继续，这可能会持续到8月份的收益中。尽管我不会抱太大希望，除非出现一些严重的好消息，比特币反弹回ATHs。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Squeezemetrics.com（SQ暗池与隐含Vol 2年）</span></p></blockquote></p><p> From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p><p><blockquote>从13F备案中也可以看到，不少基金降低了敞口并平仓，新增仓位较少。看跌期权与看涨期权的比率也变得相当高，尤其是在市值为1000亿美元的股票上，这表明我们并不是唯一有同样想法的人。</blockquote></p><p> Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p><p><blockquote>但需要谨慎，因为SQ与比特币的问题显然正在成为共识交易，当这些看跌期权被取消时，伽马可能会转为正值，并可能导致该股大幅上涨。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Whalewisdom.com（SQ基金定位）</span></p></blockquote></p><p> Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p><p><blockquote>此外，就ARK ETF而言，过去6个月出现重大流动性问题也就不足为奇了，我同意另一位Seeking Alpha撰稿人的论点，即我们将看到这些ETF中持有的股票价格回归均值。值得注意的是，Cathie已经显著减少了她对SQ的接触，她可能正在选择她的战斗。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Cathiesark.com（持有SQ股票-所有ETF）</span></p></blockquote></p><p> Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p><p><blockquote>鉴于上述信息，这是一家很难做空的公司。它要么会带来巨大的回报，要么会因为它的波动性而撕碎你的脸。此外，许多基金希望对财务报表上有比特币的公司进行少量投资。因此，如果您要自担风险将其作为空头进行交易，建议谨慎行事，并且您应该始终选择战斗。</blockquote></p><p> <b>Price Targets</b></p><p><blockquote><b>价格目标</b></blockquote></p><p> On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p><p><blockquote>根据SQ ATR的波动性，SQ有可能在今年年底前跌至约100美元的低点，40%的情况下走势有利。如果你把比特币完全从等式中剔除，这与我的2021年底价格一致。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者（SQ ATR计算器）</span></p></blockquote></p><p> However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p><p><blockquote>然而，这样做是不明智的，因为这是他们目前收入的一部分，无论2021年初比特币的销量有多高，年底可能有多低。</blockquote></p><p> I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p><p><blockquote>我确实预计该股将再次下跌并重新测试200美元，可能跌破160美元。尽管很难确定SQ的估值，主要是因为估值来自比特币收入，以及基金和市场在未来采用该资产时的感知价值。</blockquote></p><p> If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p><p><blockquote>如果市场再次开始认为比特币无关紧要，我预计SQ将慢慢抛售至150美元至160美元之间（下跌-37%），反弹超过300美元（上涨25%）的可能性很低。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> With respect to SQ the following risks should be noted.</p><p><blockquote>关于SQ，应注意以下风险。</blockquote></p><p> The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p><p><blockquote>不管你喜不喜欢SQ，公司都在成长。主要问题是：市场会在任何现实基础上对比特币进行估值吗？不管有没有比特币，它增长了多少？无论有没有比特币，未来的潜在增长是多少？市场相信吗，或者就此而言在乎吗？</blockquote></p><p></p><p> If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p><p><blockquote>如果比特币失去相关性，从谷歌趋势来看，这种可能性更大，那么假设SQ将因此在2021年下半年遭受损失并对收入预期造成重大打击并不奇怪。然而，如果比特币的采用率增加并且负面消息消退，由于这是一家成长型公司，它可能会继续上涨。</blockquote></p><p> Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p><p><blockquote>此外，消费者支出模式正在产生混合数据，上面我提出了一个熊市案例。如果人们的行为发生变化，例如申请将增加经济支出的工作，并有望产生小企业增长，增加小企业的乐观情绪和扩张，这对于SQ作为支付处理领域的周期性企业非常有利。</blockquote></p><p> Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p><p><blockquote>同样，谨慎是必要的，尽管我确实认为公司未来的增长已被定价，SQ持有者面临的下行风险高于上行风险。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p><p><blockquote>SQ是一家高增长公司，从长远来看具有一些潜在的积极点；然而，其估值非常值得怀疑，因为其高收入预期主要来自比特币交易，而不是盈利增长。</blockquote></p><p> From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p><p><blockquote>从定量角度来看，它在同行中看起来不错，但经过进一步检查，它似乎被严重高估，因为未来的增长（至少2021年）可能来自比特币。此外，如果没有政府的持续刺激，其Cash App采用统计数据可能不会继续看到相同的运行率。</blockquote></p><p> Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</p><p><blockquote>此外，它还面临着一些潜在的宏观经济障碍，包括小企业风险、贷款竞争对手、消费者交易竞争对手、比特币立法和零售需求疲软。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436723-square-the-bear-case\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4436723-square-the-bear-case","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117734317","content_text":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its top line into bottom line earnings.\nThis has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.\nAnd whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.\nGiven the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.\n\nAndreyPopov/iStock via Getty Images\nIntroduction\nSquare Inc.(NYSE:SQ)is one of the most popular stocks among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.\nOn the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a banking license via Square Financial Services.\nHowever, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.\nSource: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)\nIn addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.\nOverview\nSQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)\nAs of March 2020, the company has received a Banking License from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.\nGiven all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.\nThis was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.\nSource: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)\nHowever, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.\nSource: Author, using data from YCHARTS (SQ Price YTD)\nQuantitative\nYear to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.\nSource: Author, using data from YCHARTS (SQ vs Payment Processing Sector >$50 bln Year to Date)\nIt is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.\nSource: Author, Sector Comparison (Payment Processors)\nWhilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.\nHowever, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.\nFor this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.\nSource: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)\nSource: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)\nAs we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.\nMany will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:\nSource: Bitcoinvisuals.com (Bitcoin Market Volume 2018)\nOn a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.\nSource: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)\nThis becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.\nSource: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)\nGiven the analysis by another Seeking Alpha contributor,The Value Trend in which the author suggests that SQ's 2025 growth is essentially priced in I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.\nMacro\nWhilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.\nWhilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.\nSmall Business Environment\nSQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).\nSource: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)\nThe majority of this is originating from exposure to sellers with <$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter)\nDelving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.\nSource: Census.gov (Business Applications, May 2021)\nAgain, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.\nSource: NFIB (Small Business Economic Trends - Optimism, May 2021)\nFurther, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.\nSource: NFIB (Small Business Economic Trends - Outlook, May 2021)\nAdditionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.\nSource: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)\nSmall Business Lending\nLooking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the PPP program, which stopped on May 31, 2021.\nCurrently, bank lending has receded as a result of recovery efforts from COVID.\nSource: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)\nThis can be verified through the credit conditions index in the monthly NFIB report. Although, an American Banker survey is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.\nThis is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of capital restraints placed on Wells Fargo & Company (WFC).\nSource: Credit Suisse (Global Money Dispatch - 25 May 2021)\nThere is a fairly good probability that this will occur, given that early in 2020 the Fed had lifted these restraints to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.\nBitcoin, Legislation & Gensler\nBitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor banks have been interested in the medium although many banks and financial institutions have explicitly banned the purchase of Bitcoin using their services.\nThe primary reasons for their objection is more than likely to do with illicit activities, such as money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.\nConsequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China and India.\nThis has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.\nIt is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.\nSource: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)\nWhilst the SEC has come out and said that Bitcoin regulation is not on their agenda for 2021, Gary Gensler has warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to 2000 and 2008.\nLooking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.\nGeneral Economy - The Worry for Retail\nSeparately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout 2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.\nSource: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)\nAdditionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.\nThe consumer spending situation is made worse when examining U6 unemployment, which is considered to be the most revealing amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.\nSource: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)\nFinally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.\nIn relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.\nSource: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)\nWhilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.\nFinancials\nBitcoin\nWhen examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).\nFrom their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.\nCurrently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.\nSource: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)\nAdditionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.\nSource: USA.Gov (COVID Stimulus Cheque Dates)\nThe spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.\nSource: Google Trends (Buy Bitcoin search terms - USA 12 Months)\nThis also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.\nSource: YCHARTS (Bitcoin Price 1 Yr)\nThus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.\nThis is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.\nAdditionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.\nCash App\nOn the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter)\nHowever, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:\n\n Cash App revenue benefited from growth in numbers of active Cash App customers and from \n government relief programs most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n\n\nSource: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)\n\nPart of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.\nThe two sharp spikes in searches for the app occurred on:\n\nApril 12-18 2020\nJanuary 24-30 2021\n\nThese coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.\nSource: Google Trends (Cash App search terms - USA 5 Years)\nTherefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.\nFurther, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.\nIt is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:\n\n ... has at least\n one financial transactionusing any product or service within Cash App during the specified period.\n\n\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)\n\nSo, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...\nPerhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.\nTechnicals\nExamining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.\nSource: Author, with data from FINVIZ (SQ Chart)\nWhen examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.\nSource: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)\nFrom the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.\nCaution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.\nSource: Whalewisdom.com (SQ Funds Positioning)\nFurther, with relation to ARK ETFs, it is no surprise that there have been significant liquidity issues the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.\nSource: Cathiesark.com (SQ Shares Held - All ETFs)\nGiven the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.\nPrice Targets\nOn the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.\nSource: Author (SQ ATR Calculator)\nHowever, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.\nI do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.\nIf the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).\nRisks\nWith respect to SQ the following risks should be noted.\nThe company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?\nIf the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.\nFurther, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.\nAgain, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.\nSummary\nSQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.\nFrom a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.\nAdditionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}