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2021-08-08

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2021-07-26

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2021-07-17

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2021-07-17

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2021-08-18

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SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</blockquote>

2021-07-28

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Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>

2021-07-14

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Democrats Strike Deal On $3.5 Trillion "Human Infrastructure" Package<blockquote>民主党就3.5万亿美元的“人力基础设施”计划达成协议</blockquote>

2021-08-01

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2021-07-26

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2021-07-16

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One Bank's Non-Transitory Inflation Meter Just Exploded<blockquote>一家银行的非暂时性通胀指标刚刚爆炸</blockquote>

2021-06-30

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2021-08-21

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2021-08-11

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2021-08-09

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2021-08-07

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Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>

2021-08-04

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2021-07-25

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2021-07-20

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2021-07-19

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Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街罪与罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>

2021-08-23

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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836670580","repostId":"2160710721","repostType":4,"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831579178,"gmtCreate":1629337757994,"gmtModify":1633685579555,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831579178","repostId":"1137731189","repostType":4,"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833420719,"gmtCreate":1629256526631,"gmtModify":1633686167401,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833420719","repostId":"1181607588","repostType":4,"repost":{"id":"1181607588","kind":"news","pubTimestamp":1629256236,"share":"https://www.laohu8.com/m/news/1181607588?lang=zh_CN&edition=full","pubTime":"2021-08-18 11:10","market":"us","language":"en","title":"SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181607588","media":"seekingalpha","summary":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了强劲的2021年第二季度财务业绩，其使用指标加速增长，其中大部分增长超过100%。</li><li>该季度调整后收入同比增长74%，基于SoFi三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度超过1.5亿美元的净亏损以及2021年下半年的温和指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延税负债的影响，同时尽管CARES法案延期带来了4000万美元的阻力，但仍重申了指引。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌15%显然是过度反应。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies(SOFI)是一家金融科技公司，在其三个关键业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1)贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户，以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3)金融科技，主要由SoFi于2020年5月收购的市场领先的金融科技基础设施提供商Galileo组成。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在顺利实现这一目标。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi刚刚公布了自成为上市公司以来的第一组财务业绩，2021年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司在其使用指标上显示出加速增长，其中大部分增长超过100%；</li><li>收入也实现了三位数增长，同比增长101%，达到2.313亿美元，而本季度调整后净收入同比增长74%，远高于同比增长58%至61%的指导；</li><li>会员和产品的增长也在加速，均以三位数的百分比增长，这是SoFi会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去12个月中实现了6100万美元的正EBITDA，较2019年全年1.49亿美元的亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，业绩发布后，投资者纷纷抛售该股，SoFi股价暴跌15%。该股目前在过去6个月内下跌了约-37%，市值约为120亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>似乎，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加的事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对SoFi数据的反应被夸大了，因为净亏损和指引这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释这一点。SoFi首席执行官Anthony Noto在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间才能了解SOFi的竞争优势和增长跑道，但我们认为，在目前的水平上，SOFi股价已经严重超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于SoFi的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi报告了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>该季度调整后收入同比增长74%，远高于管理层最初指导的58%至61%的增长，也远高于分析师的预期。此外，该公司又有一个季度的正EBITDA，本季度达到1100万美元，比2020年Q2的负（2400万美元）同比增长3500万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年计算，尽管本季度遇到了一些一次性阻力，并且对公司未来增长进行了积极投资，但SoFi仍实现了8.52亿美元的调整后净收入和6100万美元的调整后EBITDA。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi平台上所有领域的活动都在加速。SoFi报告称，其会员总数连续第八个季度同比加速增长，本季度会员总数达到256万人，高于2020年第二季度的120万人（增长113%）），较第一季度环比增长12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品数量同比增长持续加速，增长123%，达到370万件。SoFi同比增加超过200万件产品，同比增长123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台Galileo的账户数量从3600万增加到7900万，本季度增长了119%，该公司的金融技术产品增加了4290万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略目前公布过去四个季度的同比增长超过100%。该平台是SoFi未来增长的关键基石，事实上，他们正在以三位数的速度增长，并在7月份首次突破1000亿美元的年化支付量，这表明该业务不仅已经拥有巨大的规模，而且还具有同比增长所反映的真正竞争优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后，SoFi的业务正在显着多元化。该业务的整体会员增长是由金融服务领域的显着扩张推动的，SoFi Invest和SoFi Money的金融服务领域产品数量增加了两倍多，达到近270万件，高于2020年第二季度的约783,000件。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化的力度有多大（尽管贷款发放仍同比增长了66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，规模扩大了3倍，推动已活跃在平台上的会员交叉购买的产品数量增加了1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>令投资者感到恐慌的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>让许多投资者在财报发布后出售SoFi股票的一件事是，该公司报告净亏损1.653亿美元，而去年同期净利润仍为780万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬（SBC）等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购Galileo相关的递延税项负债，我们在2020年重新计量了我们的估值拨备，这使估值拨备减少了9980万美元。缺乏该税收优惠，加上大量非现金股票补偿费用以及主要与SOFI股票公平市场价值相关的认股权证公允价值变化，是造成当期净亏损的最大原因。<p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论外，投资者还应该仔细看看SoFi的损益表，其中净亏损的原因变得更加清晰。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括对技术和产品、销售和营销的投资，以及运营成本分别仅增长了45%、48%、46%，远低于公司+74%的收入增长。本季度仅一般和管理费用就增加了两倍多。深入研究SEC文件发现，G&amp;A费用的很大一部分来自上述因收购Galileo而产生的9980万美元递延税负债，以及因成为上市公司而产生的基于股票的薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果您排除9980万美元的一次性递延税负债项目，并以前六个月SBC费用的一半左右对三个月的SBC进行调整，那么SoFi本季度的净亏损将仅为负(20)百万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种粗略的计算，相对于SoFi报告的强劲营收增长，我们并不特别担心本季度报告的净亏损。SoFi的数据清楚地表明该业务正在加速增长，迅速实现服务多元化，同时我们看到其客户群内的交叉销售活动增加，这应该会在未来降低客户获取成本和提高利润率方面带来一些重要的效率收益。当我们还查看各个业务部门的结果以及各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi调整后净收入为1.72亿美元，同比增长47%，贡献利润为8900万美元。这一增长主要是由个人贷款发放推动的，同比增长188%。此外，贡献利润（如下所示）同比增长80%，各自的利润率从去年同期的42%提高至52%，同时该业务的投资也增加了+1530万美元本季度。利润率的提高是由运营效率推动的（例如，超过50%的个人贷款是完全自动化的，而一年前这一比例不到30%），以及谨慎的营销支出，降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在《电话会议》中强调，尽管政府延长CARES-act给学生贷款业务带来了明显阻力，但该领域仍实现了增长，本季度的发放额为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务板块</b>-该部门第二季度的净收入达到1700万美元，而2020年第二季度为240万美元，同比增长602%，令人惊叹。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和推动每个客户更高终身价值的一个重要方面。另一个重要方面是，收入同比增长抵消了该部门成本的增加，与2020年第二季度相比，费用同比增加了850万美元，而收入增加了1,460万美元，从而改善了贡献指标，其中损失同比下降20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门的所有产品也显示出强劲的产品增长，该部门的产品总数同比增长243%。SoFi并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将是有趣的观看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>-该部门主要报告SoFi金融技术产品Galileo的业绩，该产品的总净收入同比增长138%，达到4530万美元，而去年同期为1900万美元。伽利略账户总数从3600万增至7900万，本季度增长119%。正如电话会议期间指出的那样，伽利略7月份的年化支付额也刚刚突破1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为Galileo未来的强劲增长做好准备，例如通过将运营从内部转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为Galileo构建新的云计算环境，该环境将取代内部环境，包括准备在第三季度将现有客户端迁移到云。尽管这导致费用大幅增加并影响了该部门的贡献利润，但SoFi的贡献利润仍同比增长8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务领域之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出AWS产品所做的事情可以通过Galileo复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi管理层预计2021年第三季度调整后净收入为2.45亿美元至2.55亿美元，与去年同期相比仅增长15%左右，明显低于两位分析师2.702亿美元的平均预期。调整后EBITDA预计将在负(7)百万美元至正300万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率高得多的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长了74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指引是导致SoFi股票抛售的一个重要因素，但我们认为投资者不应过多关注“错过”指引的头条新闻。事实上，SoFi坚持其调整后净收入9.8亿美元和调整后EBITDA为正2700万美元的初始指引，这是最重要的收获。<b>尽管政府延长CARES法案暂停期后，预期规划对学生贷款再融资收入产生了重大负面影响，为负4000万美元，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付情况。该公司目前预计学生贷款再融资业务将在明年初反弹，而到目前为止，管理层在其初步指导中计划CARES法案将于9月30日结束。此外，该公司还预计，基于SoFi收购bac的APEX少数股权（投资贡献于2021年1月结束），技术平台收入预计减少1200万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管对SoFi最初的指引产生了4000万美元的重大负面收入影响，再加上最初包含的来自APEX股权投资的2021年预期收入1200万美元，但该公司并没有降低指引，而是能够向投资者保证其他业务部门可以超过这些阻力，这是对SoFi多元化业务的有力验证，这将使公司能够度过可能不时影响其业务部门之一的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了相对于其增长前景的明确成本管理战略，这应该会向投资者再次保证，在某个时候，公司将在营收强劲增长的同时恢复正净利润：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>......我们继续积极投资于我们的业务，以推动复合增长，同时仍然为我们的股东提供盈利能力。这种组合并不容易，但我们致力于为利润贡献约30%的增量收入，并将剩余的70%再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们在技术、营销和人员方面进行了积极投资，但我们仍在继续实现成本效率，这开始推动真正的运营杠杆。通过利用交叉购买以及更好地实现和定位，我们同比大幅降低了销售和营销占收入的百分比以及客户获取成本。最后，投资者还渴望听到有关SoFi正在寻求的预期银行牌照的任何最新消息。首席执行官Anthony Noto在电话会议上提到，该公司正在与美联储银行和OCC在一个“建设性的过程”中密切合作，但他们也重申，该过程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi于2020年7月申请了银行执照。SoFi的招聘信息表明，他们正在为备受期待的银行部门组建高级管理层和团队，包括合规、软件工程或审计方面的最新招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为该公司股票的抛售是过度反应。温和的指导，或者更积极地说，尽管CARES法案的延长产生了4000万美元的重大负面影响，但管理层仍能够重申其对2021财年的初步指导，因为管理层不再预计2021财年的学生贷款融资业务实际上应该被视为一个积极迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长CARES法案暂停期，这将对SoFi的学生贷款业务产生负面影响，但该公司现在已经实现了良好的多元化，足以抵消任何负面影响，而且随着我们进入2022年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi正在实现业务多元化，并在客户群的交叉销售和多产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每个客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何弥补短期阻力。我们仍然做多该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</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\">\nSoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-18 11:10</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>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了强劲的2021年第二季度财务业绩，其使用指标加速增长，其中大部分增长超过100%。</li><li>该季度调整后收入同比增长74%，基于SoFi三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度超过1.5亿美元的净亏损以及2021年下半年的温和指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延税负债的影响，同时尽管CARES法案延期带来了4000万美元的阻力，但仍重申了指引。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌15%显然是过度反应。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies(SOFI)是一家金融科技公司，在其三个关键业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1)贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户，以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3)金融科技，主要由SoFi于2020年5月收购的市场领先的金融科技基础设施提供商Galileo组成。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在顺利实现这一目标。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi刚刚公布了自成为上市公司以来的第一组财务业绩，2021年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司在其使用指标上显示出加速增长，其中大部分增长超过100%；</li><li>收入也实现了三位数增长，同比增长101%，达到2.313亿美元，而本季度调整后净收入同比增长74%，远高于同比增长58%至61%的指导；</li><li>会员和产品的增长也在加速，均以三位数的百分比增长，这是SoFi会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去12个月中实现了6100万美元的正EBITDA，较2019年全年1.49亿美元的亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，业绩发布后，投资者纷纷抛售该股，SoFi股价暴跌15%。该股目前在过去6个月内下跌了约-37%，市值约为120亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>似乎，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加的事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对SoFi数据的反应被夸大了，因为净亏损和指引这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释这一点。SoFi首席执行官Anthony Noto在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间才能了解SOFi的竞争优势和增长跑道，但我们认为，在目前的水平上，SOFi股价已经严重超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于SoFi的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi报告了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>该季度调整后收入同比增长74%，远高于管理层最初指导的58%至61%的增长，也远高于分析师的预期。此外，该公司又有一个季度的正EBITDA，本季度达到1100万美元，比2020年Q2的负（2400万美元）同比增长3500万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年计算，尽管本季度遇到了一些一次性阻力，并且对公司未来增长进行了积极投资，但SoFi仍实现了8.52亿美元的调整后净收入和6100万美元的调整后EBITDA。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi平台上所有领域的活动都在加速。SoFi报告称，其会员总数连续第八个季度同比加速增长，本季度会员总数达到256万人，高于2020年第二季度的120万人（增长113%）），较第一季度环比增长12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品数量同比增长持续加速，增长123%，达到370万件。SoFi同比增加超过200万件产品，同比增长123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台Galileo的账户数量从3600万增加到7900万，本季度增长了119%，该公司的金融技术产品增加了4290万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略目前公布过去四个季度的同比增长超过100%。该平台是SoFi未来增长的关键基石，事实上，他们正在以三位数的速度增长，并在7月份首次突破1000亿美元的年化支付量，这表明该业务不仅已经拥有巨大的规模，而且还具有同比增长所反映的真正竞争优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后，SoFi的业务正在显着多元化。该业务的整体会员增长是由金融服务领域的显着扩张推动的，SoFi Invest和SoFi Money的金融服务领域产品数量增加了两倍多，达到近270万件，高于2020年第二季度的约783,000件。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化的力度有多大（尽管贷款发放仍同比增长了66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，规模扩大了3倍，推动已活跃在平台上的会员交叉购买的产品数量增加了1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>令投资者感到恐慌的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>让许多投资者在财报发布后出售SoFi股票的一件事是，该公司报告净亏损1.653亿美元，而去年同期净利润仍为780万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬（SBC）等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购Galileo相关的递延税项负债，我们在2020年重新计量了我们的估值拨备，这使估值拨备减少了9980万美元。缺乏该税收优惠，加上大量非现金股票补偿费用以及主要与SOFI股票公平市场价值相关的认股权证公允价值变化，是造成当期净亏损的最大原因。<p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论外，投资者还应该仔细看看SoFi的损益表，其中净亏损的原因变得更加清晰。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括对技术和产品、销售和营销的投资，以及运营成本分别仅增长了45%、48%、46%，远低于公司+74%的收入增长。本季度仅一般和管理费用就增加了两倍多。深入研究SEC文件发现，G&amp;A费用的很大一部分来自上述因收购Galileo而产生的9980万美元递延税负债，以及因成为上市公司而产生的基于股票的薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果您排除9980万美元的一次性递延税负债项目，并以前六个月SBC费用的一半左右对三个月的SBC进行调整，那么SoFi本季度的净亏损将仅为负(20)百万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种粗略的计算，相对于SoFi报告的强劲营收增长，我们并不特别担心本季度报告的净亏损。SoFi的数据清楚地表明该业务正在加速增长，迅速实现服务多元化，同时我们看到其客户群内的交叉销售活动增加，这应该会在未来降低客户获取成本和提高利润率方面带来一些重要的效率收益。当我们还查看各个业务部门的结果以及各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi调整后净收入为1.72亿美元，同比增长47%，贡献利润为8900万美元。这一增长主要是由个人贷款发放推动的，同比增长188%。此外，贡献利润（如下所示）同比增长80%，各自的利润率从去年同期的42%提高至52%，同时该业务的投资也增加了+1530万美元本季度。利润率的提高是由运营效率推动的（例如，超过50%的个人贷款是完全自动化的，而一年前这一比例不到30%），以及谨慎的营销支出，降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在《电话会议》中强调，尽管政府延长CARES-act给学生贷款业务带来了明显阻力，但该领域仍实现了增长，本季度的发放额为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务板块</b>-该部门第二季度的净收入达到1700万美元，而2020年第二季度为240万美元，同比增长602%，令人惊叹。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和推动每个客户更高终身价值的一个重要方面。另一个重要方面是，收入同比增长抵消了该部门成本的增加，与2020年第二季度相比，费用同比增加了850万美元，而收入增加了1,460万美元，从而改善了贡献指标，其中损失同比下降20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门的所有产品也显示出强劲的产品增长，该部门的产品总数同比增长243%。SoFi并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将是有趣的观看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>-该部门主要报告SoFi金融技术产品Galileo的业绩，该产品的总净收入同比增长138%，达到4530万美元，而去年同期为1900万美元。伽利略账户总数从3600万增至7900万，本季度增长119%。正如电话会议期间指出的那样，伽利略7月份的年化支付额也刚刚突破1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为Galileo未来的强劲增长做好准备，例如通过将运营从内部转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为Galileo构建新的云计算环境，该环境将取代内部环境，包括准备在第三季度将现有客户端迁移到云。尽管这导致费用大幅增加并影响了该部门的贡献利润，但SoFi的贡献利润仍同比增长8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务领域之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出AWS产品所做的事情可以通过Galileo复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi管理层预计2021年第三季度调整后净收入为2.45亿美元至2.55亿美元，与去年同期相比仅增长15%左右，明显低于两位分析师2.702亿美元的平均预期。调整后EBITDA预计将在负(7)百万美元至正300万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率高得多的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长了74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指引是导致SoFi股票抛售的一个重要因素，但我们认为投资者不应过多关注“错过”指引的头条新闻。事实上，SoFi坚持其调整后净收入9.8亿美元和调整后EBITDA为正2700万美元的初始指引，这是最重要的收获。<b>尽管政府延长CARES法案暂停期后，预期规划对学生贷款再融资收入产生了重大负面影响，为负4000万美元，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付情况。该公司目前预计学生贷款再融资业务将在明年初反弹，而到目前为止，管理层在其初步指导中计划CARES法案将于9月30日结束。此外，该公司还预计，基于SoFi收购bac的APEX少数股权（投资贡献于2021年1月结束），技术平台收入预计减少1200万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管对SoFi最初的指引产生了4000万美元的重大负面收入影响，再加上最初包含的来自APEX股权投资的2021年预期收入1200万美元，但该公司并没有降低指引，而是能够向投资者保证其他业务部门可以超过这些阻力，这是对SoFi多元化业务的有力验证，这将使公司能够度过可能不时影响其业务部门之一的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了相对于其增长前景的明确成本管理战略，这应该会向投资者再次保证，在某个时候，公司将在营收强劲增长的同时恢复正净利润：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>......我们继续积极投资于我们的业务，以推动复合增长，同时仍然为我们的股东提供盈利能力。这种组合并不容易，但我们致力于为利润贡献约30%的增量收入，并将剩余的70%再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们在技术、营销和人员方面进行了积极投资，但我们仍在继续实现成本效率，这开始推动真正的运营杠杆。通过利用交叉购买以及更好地实现和定位，我们同比大幅降低了销售和营销占收入的百分比以及客户获取成本。最后，投资者还渴望听到有关SoFi正在寻求的预期银行牌照的任何最新消息。首席执行官Anthony Noto在电话会议上提到，该公司正在与美联储银行和OCC在一个“建设性的过程”中密切合作，但他们也重申，该过程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi于2020年7月申请了银行执照。SoFi的招聘信息表明，他们正在为备受期待的银行部门组建高级管理层和团队，包括合规、软件工程或审计方面的最新招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为该公司股票的抛售是过度反应。温和的指导，或者更积极地说，尽管CARES法案的延长产生了4000万美元的重大负面影响，但管理层仍能够重申其对2021财年的初步指导，因为管理层不再预计2021财年的学生贷款融资业务实际上应该被视为一个积极迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长CARES法案暂停期，这将对SoFi的学生贷款业务产生负面影响，但该公司现在已经实现了良好的多元化，足以抵消任何负面影响，而且随着我们进入2022年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi正在实现业务多元化，并在客户群的交叉销售和多产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每个客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何弥补短期阻力。我们仍然做多该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong\">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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181607588","content_text":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by >100%.\nAdjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.\nHowever, investors got spooked by a net loss of >$150 million for the quarter and a muted guidance for H2 2021.\nManagement made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.\nSoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.\n\nipopba/iStock via Getty Images\nSummary\nSoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:\n1) Lending, which includes personal, home, and student loans;\n2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;\n3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.\nThe company aims to become a one-stop-shop for digital financial services and is well on its way to do so.\nSoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:\n\nThe company showed accelerating growth across its usage metrics, most of which grew by >100%;\nRevenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;\nGrowth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.\nIn addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.\n\nBut these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.\nData by YCharts\nSeemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was below what analysts had predicted.\nWe believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.\nThis article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit our previous article on SoFi.\nThe Numbers\nSoFi reported very strong Q2 financial results:\nAdjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.\nSource:SoFi\nOn an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.\nSource:SoFi\nMost importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.\nSource:SoFi\nThe quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.\nSource:SoFi\nGalileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.\nGalileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.\nSource:SoFi\nLastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.\nSource:SoFi\nThe Number That Spooked Investors\nThe one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):\n\n We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.\n\nSource:SoFi\nIn addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The SEC filing shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).\n\nSource:SoFi\nIf you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).\nWith that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:\n1) Lending Segment-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.\nSoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.\n\n\nSource:SoFi\n2) Financial Services Segment- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.\nThe Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.\n\nSource:SoFi\n3) Technology Platform- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the conference call.\nSource:SoFi\nSoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.\nManagement Guidance\nFor the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.\nWhile the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).\nEven despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.\nLastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:\n\n ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.\n\nLastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.\nConclusion\nThere was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.\nIn conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894631193,"gmtCreate":1628820564412,"gmtModify":1633689210092,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894631193","repostId":"1178005030","repostType":4,"repost":{"id":"1178005030","kind":"news","pubTimestamp":1628819923,"share":"https://www.laohu8.com/m/news/1178005030?lang=zh_CN&edition=full","pubTime":"2021-08-13 09:58","market":"hk","language":"en","title":"Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购量再创新高，超过去年</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178005030","media":"Nasdaq","summary":"By Patturaja Murugaboopathy and Gaurav Dogra\nAug 12 (Reuters)-Global merger and acquisition (M&A) ac","content":"<p>By Patturaja Murugaboopathy and Gaurav Dogra</p><p><blockquote>作者：Patturaja Murugaboopathy和Gaurav Dogra</blockquote></p><p> Aug 12 (Reuters)-Global merger and acquisition (M&amp;A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.</p><p><blockquote>路透8月12日-全球并购(M&amp;A)活动在低利率和股价飙升的推动下，自年初以来创纪录的交易连创新高。</blockquote></p><p> According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.</p><p><blockquote>根据Refinitiv的数据，今年迄今为止，2021年宣布的待处理和已完成交易的总价值已达到3.6万亿美元，超过了2020年全年的3.59万亿美元。</blockquote></p><p> So far this year, 35,128 deals have been announced, a 24% jump over last year.</p><p><blockquote>今年到目前为止，已宣布35,128笔交易，比去年增长24%。</blockquote></p><p> \"The M&amp;A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst &amp; Young.</p><p><blockquote>安永全球副主席Andrea Guerzoni表示：“并购势头表明未来市场基本面强劲。随着新的融资解决方案和行业推动活动，这种交易步伐可能会在未来18-24个月内持续下去。”</blockquote></p><p> \"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”</p><p><blockquote>“私募股权的强劲需求和SPAC收购的反弹……应该会在中短期内支持强劲的交易渠道。”</blockquote></p><p> The United States alone accounted for $2.14 trillion worth of M&amp;A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.</p><p><blockquote>仅美国今年的并购交易就达到了2.14万亿美元，而欧洲和亚太地区分别达到了6570亿美元和6200亿美元。</blockquote></p><p> Matthew Barbieri, partner in charge at Wiss &amp; Company, said looming tax increases on capital transactions have boosted M&amp;A activity in the U.S.</p><p><blockquote>Wiss&amp;Company的主管合伙人Matthew Barbieri表示，迫在眉睫的资本交易增税提振了美国的并购活动。</blockquote></p><p> \"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.</p><p><blockquote>“作为卖家，您面临的事实是，如果您等到新税法通过，并且如果它确实以现在提出的方式通过，您的净交易价值将受到约20%的打击，”巴比耶里说。</blockquote></p><p> The technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&amp;A volumes stood at $442 billion, while industrials accounted for $438 billion.</p><p><blockquote>通常占每个季度交易量大部分的科技行业继续处于领先地位——该行业宣布的交易价值7990亿美元。金融服务M&amp;A交易额为4420亿美元，而工业交易额为4380亿美元。</blockquote></p><p> Acquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.</p><p><blockquote>年初至今，空白支票公司或SPAC（特殊目的收购公司）的收购也达到了创纪录的4950亿美元。</blockquote></p><p> SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).</p><p><blockquote>SPAC是上市空壳公司，筹集资金收购一家私营公司，目的是将其上市。在过去的18个月里，通过SPAC合并上市已成为风险投资私营公司和初创公司非常受欢迎的途径，因为这一过程允许此类公司避开传统首次公开募股（IPO）更繁琐的监管检查。</blockquote></p><p> Analysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&amp;A volumes in the near term.</p><p><blockquote>分析师表示，大型收购公司和企业的交易积累了创纪录的现金水平，将在短期内进一步提振并购量。</blockquote></p><p> \"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&amp;P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&amp;A options,\" said Jeff Black, partner at Mercer.</p><p><blockquote>“私募股权公司拥有近2万亿美元的干粉，标普500的资产负债表上也有类似数量的现金。将进行交易的财务手段与重新调整商业模式以适应大流行后世界的需要结合起来，你会发现组织对他们的并购选择越来越感兴趣，”美世合伙人杰夫·布莱克说。</blockquote></p><p> The merger between AT&amp;T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.</p><p><blockquote>美国电话电报公司圣华纳媒体和DiscoveryDISCA.O的合并是今年迄今为止最大的一笔交易，合并后的新公司的企业价值超过1200亿美元。</blockquote></p><p> The latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&amp;A activity this year.</p><p><blockquote>路孚特的最新数据显示，消费零售和旅游公司等仍在疫情苦苦挣扎的行业今年在M&amp;A活动方面落后于科技和医疗保健等其他收购行业。</blockquote></p><p> The renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&amp;A volume that was generated last year.</p><p><blockquote>今年迄今为止，可再生能源行业已获得价值约180亿美元的交易，是去年并购交易量的两倍多。</blockquote></p><p></p>","source":"lsy1603171495471","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>Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购量再创新高，超过去年</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\">\nGlobal M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购量再创新高，超过去年</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-08-13 09:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Patturaja Murugaboopathy and Gaurav Dogra</p><p><blockquote>作者：Patturaja Murugaboopathy和Gaurav Dogra</blockquote></p><p> Aug 12 (Reuters)-Global merger and acquisition (M&amp;A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.</p><p><blockquote>路透8月12日-全球并购(M&amp;A)活动在低利率和股价飙升的推动下，自年初以来创纪录的交易连创新高。</blockquote></p><p> According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.</p><p><blockquote>根据Refinitiv的数据，今年迄今为止，2021年宣布的待处理和已完成交易的总价值已达到3.6万亿美元，超过了2020年全年的3.59万亿美元。</blockquote></p><p> So far this year, 35,128 deals have been announced, a 24% jump over last year.</p><p><blockquote>今年到目前为止，已宣布35,128笔交易，比去年增长24%。</blockquote></p><p> \"The M&amp;A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst &amp; Young.</p><p><blockquote>安永全球副主席Andrea Guerzoni表示：“并购势头表明未来市场基本面强劲。随着新的融资解决方案和行业推动活动，这种交易步伐可能会在未来18-24个月内持续下去。”</blockquote></p><p> \"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”</p><p><blockquote>“私募股权的强劲需求和SPAC收购的反弹……应该会在中短期内支持强劲的交易渠道。”</blockquote></p><p> The United States alone accounted for $2.14 trillion worth of M&amp;A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.</p><p><blockquote>仅美国今年的并购交易就达到了2.14万亿美元，而欧洲和亚太地区分别达到了6570亿美元和6200亿美元。</blockquote></p><p> Matthew Barbieri, partner in charge at Wiss &amp; Company, said looming tax increases on capital transactions have boosted M&amp;A activity in the U.S.</p><p><blockquote>Wiss&amp;Company的主管合伙人Matthew Barbieri表示，迫在眉睫的资本交易增税提振了美国的并购活动。</blockquote></p><p> \"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.</p><p><blockquote>“作为卖家，您面临的事实是，如果您等到新税法通过，并且如果它确实以现在提出的方式通过，您的净交易价值将受到约20%的打击，”巴比耶里说。</blockquote></p><p> The technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&amp;A volumes stood at $442 billion, while industrials accounted for $438 billion.</p><p><blockquote>通常占每个季度交易量大部分的科技行业继续处于领先地位——该行业宣布的交易价值7990亿美元。金融服务M&amp;A交易额为4420亿美元，而工业交易额为4380亿美元。</blockquote></p><p> Acquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.</p><p><blockquote>年初至今，空白支票公司或SPAC（特殊目的收购公司）的收购也达到了创纪录的4950亿美元。</blockquote></p><p> SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).</p><p><blockquote>SPAC是上市空壳公司，筹集资金收购一家私营公司，目的是将其上市。在过去的18个月里，通过SPAC合并上市已成为风险投资私营公司和初创公司非常受欢迎的途径，因为这一过程允许此类公司避开传统首次公开募股（IPO）更繁琐的监管检查。</blockquote></p><p> Analysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&amp;A volumes in the near term.</p><p><blockquote>分析师表示，大型收购公司和企业的交易积累了创纪录的现金水平，将在短期内进一步提振并购量。</blockquote></p><p> \"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&amp;P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&amp;A options,\" said Jeff Black, partner at Mercer.</p><p><blockquote>“私募股权公司拥有近2万亿美元的干粉，标普500的资产负债表上也有类似数量的现金。将进行交易的财务手段与重新调整商业模式以适应大流行后世界的需要结合起来，你会发现组织对他们的并购选择越来越感兴趣，”美世合伙人杰夫·布莱克说。</blockquote></p><p> The merger between AT&amp;T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.</p><p><blockquote>美国电话电报公司圣华纳媒体和DiscoveryDISCA.O的合并是今年迄今为止最大的一笔交易，合并后的新公司的企业价值超过1200亿美元。</blockquote></p><p> The latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&amp;A activity this year.</p><p><blockquote>路孚特的最新数据显示，消费零售和旅游公司等仍在疫情苦苦挣扎的行业今年在M&amp;A活动方面落后于科技和医疗保健等其他收购行业。</blockquote></p><p> The renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&amp;A volume that was generated last year.</p><p><blockquote>今年迄今为止，可再生能源行业已获得价值约180亿美元的交易，是去年并购交易量的两倍多。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/graphic-global-ma-volumes-hit-new-record-in-2021-overtaking-last-years-haul-2021-08-12\">Nasdaq</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.nasdaq.com/articles/graphic-global-ma-volumes-hit-new-record-in-2021-overtaking-last-years-haul-2021-08-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178005030","content_text":"By Patturaja Murugaboopathy and Gaurav Dogra\nAug 12 (Reuters)-Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.\nAccording to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.\nSo far this year, 35,128 deals have been announced, a 24% jump over last year.\n\"The M&A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst & Young.\n\"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”\nThe United States alone accounted for $2.14 trillion worth of M&A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.\nMatthew Barbieri, partner in charge at Wiss & Company, said looming tax increases on capital transactions have boosted M&A activity in the U.S.\n\"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.\nThe technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&A volumes stood at $442 billion, while industrials accounted for $438 billion.\nAcquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.\nSPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).\nAnalysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&A volumes in the near term.\n\"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&A options,\" said Jeff Black, partner at Mercer.\nThe merger between AT&T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.\nThe latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&A activity this year.\nThe renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&A volume that was generated last year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895873838,"gmtCreate":1628735754624,"gmtModify":1633689886788,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895873838","repostId":"1155538846","repostType":4,"repost":{"id":"1155538846","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628732272,"share":"https://www.laohu8.com/m/news/1155538846?lang=zh_CN&edition=full","pubTime":"2021-08-12 09:37","market":"us","language":"en","title":"8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155538846","media":"Benzinga","summary":"Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth","content":"<p>Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.</p><p><blockquote>尽管存在通胀压力和美联储即将加息的可能性，但成长型股票仍延续了2020年的势头。</blockquote></p><p> All three major indices recorded double-digit gains in the first half of 2021. The Dow, S&amp;P 500 and Nasdaq added 12.7%, 14.4%&nbsp;and 12.5%, respectively,&nbsp;in the first six months of the year.</p><p><blockquote>2021年上半年，三大指数均录得两位数涨幅。今年前六个月，道琼斯指数、标普500指数和纳斯达克指数分别上涨12.7%、14.4%和12.5%。</blockquote></p><p> Wall Street analysts widely expect the momentum to continue in the back half of 2021.</p><p><blockquote>华尔街分析师普遍预计这一势头将在2021年下半年持续。</blockquote></p><p> The following are growth stocks that could perform well in the second half, in no particular order.</p><p><blockquote>以下是下半年可能表现良好的成长股，排名不分先后。</blockquote></p><p> <h3><b>Alphabet</b></h3> <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.</p><p><blockquote><h3><b>Alphabet</b></h3><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>大幅超出第一季度和第二季度盈利预期。虽然企业持续转向云可能会提振谷歌云的前景，但旅游和零售支出的复苏可能会推动谷歌的业绩。</blockquote></p><p> Alphabet is also gearing up to launch new and innovative features to boost the Google TV app.</p><p><blockquote>Alphabet还准备推出新的创新功能，以推动谷歌电视应用程序的发展。</blockquote></p><p> <h3><b>Apple</b></h3> Semiconductor shortage aside,&nbsp;<a href=\"https://laohu8.com/S/AAPL\">Apple</a> has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.</p><p><blockquote><h3><b>苹果</b></h3>抛开半导体短缺不谈，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>有很多增长动力。该公司忠实的用户群可能会推动其下一阶段的增长。苹果一直在积极通过6.6亿用户群和经常性订阅收入将其服务货币化。</blockquote></p><p> <h3><b>Microsoft</b></h3> Despite&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> strong execution and blowout results, investor response has remained tepid year-to-date.</p><p><blockquote><h3><b>微软</b></h3>尽管<a href=\"https://laohu8.com/S/MSFT\">微软</a>强劲的执行力和井喷的业绩，年初至今投资者反应依然不温不火。</blockquote></p><p> The software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired&nbsp;<a href=\"https://laohu8.com/S/NUAN\">Nuance</a> to flex its muscles in the health caresector.</p><p><blockquote>这家软件巨头于6月推出了Windows 11操作系统，采用了更新的设计、新功能，并集成了Teams视频会议应用程序。微软最近收购了<a href=\"https://laohu8.com/S/NUAN\">细微差别</a>在医疗保健领域大展拳脚。</blockquote></p><p> <h3><b>Pfizer</b></h3> The COVID-19 vaccine is estimated to generate $26 billion in revenue&nbsp;for&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a> in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.</p><p><blockquote><h3><b>辉瑞</b></h3>据估计，COVID-19疫苗将为<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>2021年。这家制药巨头还与世界各国政府签订了在2024年之前供应疫苗的合同。</blockquote></p><p> Continued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.</p><p><blockquote>COVID-19德尔塔变异毒株的持续蔓延可能会使辉瑞股票的市场情绪保持高位。</blockquote></p><p> <h3><b>Zoom Video Communications</b></h3> Shares of&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.</p><p><blockquote><h3><b>Zoom Video通信公司</b></h3>本公司之股份<a href=\"https://laohu8.com/S/ZM\">Zoom</a>上半年增长14.7%，推出了一些重要产品，包括Zoom Events和Zoom Phone设备。</blockquote></p><p> “The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&amp;A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.</p><p><blockquote>“对内部和外部通信的控制也应该使Zoom更好地为应用程序开发人员开放平台并创建市场。凭借50亿美元的现金头寸和36%的营业利润率，我们还相信Zoom有一个有吸引力的机会进行更多潜在的并购，支出超过竞争对手，并扩大其领导地位，”美国银行分析师Daniel Bartus在给客户的一份报告中表示。美国银行分析师还将Zoom Video通信公司列为首选。</blockquote></p><p> <h3><b>Etsy</b></h3> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.</p><p><blockquote><h3><b>Etsy</b></h3><a href=\"https://laohu8.com/S/ETSY\">Etsy</a>正在进入新市场，最近收购了巴西同行Elo7和全球时尚经销商Depop。对Depop的收购使该公司在价值5587亿美元的在线服装市场中占据有利地位，预计到2026年该市场将增长至1.3万亿美元。</blockquote></p><p> <h3><b>PayPal Holdings</b></h3> A global leader in the digital payments market,&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a> is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL&nbsp;and cross-border payment systems.</p><p><blockquote><h3><b>PayPal控股</b></h3>数字支付市场的全球领导者，<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>正在通过涉足加密货币支付、BNPL和跨境支付系统来加速其扩张战略。</blockquote></p><p> The company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.</p><p><blockquote>该公司通过Xoom和Venmo实现了收入来源多元化。非接触式金融在后COVID-19世界中可能仍然具有相关性，这使得这只成长型股票值得关注。</blockquote></p><p> <h3><b>Fiverr International</b></h3> <a href=\"https://laohu8.com/S/FVRR\">Fiverr International Ltd.</a> is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.</p><p><blockquote><h3><b>Fiverr国际</b></h3><a href=\"https://laohu8.com/S/FVRR\">Fiverr国际有限公司。</a>正在向新市场扩张，将数据相关服务作为其第九个垂直市场。该公司在支持零工经济方面的作用可能会继续有利于该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长股</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\">\n8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-12 09:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.</p><p><blockquote>尽管存在通胀压力和美联储即将加息的可能性，但成长型股票仍延续了2020年的势头。</blockquote></p><p> All three major indices recorded double-digit gains in the first half of 2021. The Dow, S&amp;P 500 and Nasdaq added 12.7%, 14.4%&nbsp;and 12.5%, respectively,&nbsp;in the first six months of the year.</p><p><blockquote>2021年上半年，三大指数均录得两位数涨幅。今年前六个月，道琼斯指数、标普500指数和纳斯达克指数分别上涨12.7%、14.4%和12.5%。</blockquote></p><p> Wall Street analysts widely expect the momentum to continue in the back half of 2021.</p><p><blockquote>华尔街分析师普遍预计这一势头将在2021年下半年持续。</blockquote></p><p> The following are growth stocks that could perform well in the second half, in no particular order.</p><p><blockquote>以下是下半年可能表现良好的成长股，排名不分先后。</blockquote></p><p> <h3><b>Alphabet</b></h3> <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.</p><p><blockquote><h3><b>Alphabet</b></h3><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>大幅超出第一季度和第二季度盈利预期。虽然企业持续转向云可能会提振谷歌云的前景，但旅游和零售支出的复苏可能会推动谷歌的业绩。</blockquote></p><p> Alphabet is also gearing up to launch new and innovative features to boost the Google TV app.</p><p><blockquote>Alphabet还准备推出新的创新功能，以推动谷歌电视应用程序的发展。</blockquote></p><p> <h3><b>Apple</b></h3> Semiconductor shortage aside,&nbsp;<a href=\"https://laohu8.com/S/AAPL\">Apple</a> has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.</p><p><blockquote><h3><b>苹果</b></h3>抛开半导体短缺不谈，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>有很多增长动力。该公司忠实的用户群可能会推动其下一阶段的增长。苹果一直在积极通过6.6亿用户群和经常性订阅收入将其服务货币化。</blockquote></p><p> <h3><b>Microsoft</b></h3> Despite&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> strong execution and blowout results, investor response has remained tepid year-to-date.</p><p><blockquote><h3><b>微软</b></h3>尽管<a href=\"https://laohu8.com/S/MSFT\">微软</a>强劲的执行力和井喷的业绩，年初至今投资者反应依然不温不火。</blockquote></p><p> The software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired&nbsp;<a href=\"https://laohu8.com/S/NUAN\">Nuance</a> to flex its muscles in the health caresector.</p><p><blockquote>这家软件巨头于6月推出了Windows 11操作系统，采用了更新的设计、新功能，并集成了Teams视频会议应用程序。微软最近收购了<a href=\"https://laohu8.com/S/NUAN\">细微差别</a>在医疗保健领域大展拳脚。</blockquote></p><p> <h3><b>Pfizer</b></h3> The COVID-19 vaccine is estimated to generate $26 billion in revenue&nbsp;for&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a> in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.</p><p><blockquote><h3><b>辉瑞</b></h3>据估计，COVID-19疫苗将为<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>2021年。这家制药巨头还与世界各国政府签订了在2024年之前供应疫苗的合同。</blockquote></p><p> Continued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.</p><p><blockquote>COVID-19德尔塔变异毒株的持续蔓延可能会使辉瑞股票的市场情绪保持高位。</blockquote></p><p> <h3><b>Zoom Video Communications</b></h3> Shares of&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.</p><p><blockquote><h3><b>Zoom Video通信公司</b></h3>本公司之股份<a href=\"https://laohu8.com/S/ZM\">Zoom</a>上半年增长14.7%，推出了一些重要产品，包括Zoom Events和Zoom Phone设备。</blockquote></p><p> “The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&amp;A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.</p><p><blockquote>“对内部和外部通信的控制也应该使Zoom更好地为应用程序开发人员开放平台并创建市场。凭借50亿美元的现金头寸和36%的营业利润率，我们还相信Zoom有一个有吸引力的机会进行更多潜在的并购，支出超过竞争对手，并扩大其领导地位，”美国银行分析师Daniel Bartus在给客户的一份报告中表示。美国银行分析师还将Zoom Video通信公司列为首选。</blockquote></p><p> <h3><b>Etsy</b></h3> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.</p><p><blockquote><h3><b>Etsy</b></h3><a href=\"https://laohu8.com/S/ETSY\">Etsy</a>正在进入新市场，最近收购了巴西同行Elo7和全球时尚经销商Depop。对Depop的收购使该公司在价值5587亿美元的在线服装市场中占据有利地位，预计到2026年该市场将增长至1.3万亿美元。</blockquote></p><p> <h3><b>PayPal Holdings</b></h3> A global leader in the digital payments market,&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a> is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL&nbsp;and cross-border payment systems.</p><p><blockquote><h3><b>PayPal控股</b></h3>数字支付市场的全球领导者，<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>正在通过涉足加密货币支付、BNPL和跨境支付系统来加速其扩张战略。</blockquote></p><p> The company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.</p><p><blockquote>该公司通过Xoom和Venmo实现了收入来源多元化。非接触式金融在后COVID-19世界中可能仍然具有相关性，这使得这只成长型股票值得关注。</blockquote></p><p> <h3><b>Fiverr International</b></h3> <a href=\"https://laohu8.com/S/FVRR\">Fiverr International Ltd.</a> is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.</p><p><blockquote><h3><b>Fiverr国际</b></h3><a href=\"https://laohu8.com/S/FVRR\">Fiverr国际有限公司。</a>正在向新市场扩张，将数据相关服务作为其第九个垂直市场。该公司在支持零工经济方面的作用可能会继续有利于该股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","AAPL":"苹果","FVRR":"Fiverr International Ltd.","MSFT":"微软","NUAN":"微妙通讯","ETSY":"Etsy, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155538846","content_text":"Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.\nAll three major indices recorded double-digit gains in the first half of 2021. The Dow, S&P 500 and Nasdaq added 12.7%, 14.4% and 12.5%, respectively, in the first six months of the year.\nWall Street analysts widely expect the momentum to continue in the back half of 2021.\nThe following are growth stocks that could perform well in the second half, in no particular order.\nAlphabet\nAlphabet beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.\nAlphabet is also gearing up to launch new and innovative features to boost the Google TV app.\nApple\nSemiconductor shortage aside, Apple has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.\nMicrosoft\nDespite Microsoft strong execution and blowout results, investor response has remained tepid year-to-date.\nThe software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired Nuance to flex its muscles in the health caresector.\nPfizer\nThe COVID-19 vaccine is estimated to generate $26 billion in revenue for Pfizer in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.\nContinued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.\nZoom Video Communications\nShares of Zoom jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.\n“The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.\nEtsy\nEtsy is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.\nPayPal Holdings\nA global leader in the digital payments market, PayPal is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL and cross-border payment systems.\nThe company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.\nFiverr International\nFiverr International Ltd. is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.","news_type":1,"symbols_score_info":{"FVRR":0.9,"ETSY":0.9,"AAPL":0.9,"GOOG":0.9,"MSFT":0.9,"NUAN":0.9}},"isVote":1,"tweetType":1,"viewCount":1338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895879840,"gmtCreate":1628735704580,"gmtModify":1633689887537,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895879840","repostId":"1115545302","repostType":4,"repost":{"id":"1115545302","kind":"news","pubTimestamp":1628734190,"share":"https://www.laohu8.com/m/news/1115545302?lang=zh_CN&edition=full","pubTime":"2021-08-12 10:09","market":"us","language":"en","title":"Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115545302","media":"Reuters","summary":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer pric","content":"<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透8月12日-中国电动汽车制造商理想汽车周四在港交所首次上市，股价较118港元的发行价下跌2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在香港的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三，在纽约上市的理想汽车股价上涨1.1%，首次开盘走软。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>每股118港元，较8月3日香港交易启动前纽约股票交易价格折价3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车原本打算筹集更多资金，但该股上周四在美国股价最终确定之前下跌了4%，这降低了投资者愿意支付的金额。</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>Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</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\">\nLi Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-12 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透8月12日-中国电动汽车制造商理想汽车周四在港交所首次上市，股价较118港元的发行价下跌2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在香港的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三，在纽约上市的理想汽车股价上涨1.1%，首次开盘走软。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>每股118港元，较8月3日香港交易启动前纽约股票交易价格折价3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车原本打算筹集更多资金，但该股上周四在美国股价最终确定之前下跌了4%，这降低了投资者愿意支付的金额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115545302","content_text":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.\nThe company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.\nHong Kong's Hang Seng Index(.HSI)was flat in early trade.\nThe weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.\nAt HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.\nLi Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892241827,"gmtCreate":1628668008869,"gmtModify":1633745252584,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896874090","repostId":"1168711372","repostType":4,"isVote":1,"tweetType":1,"viewCount":1260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898151195,"gmtCreate":1628479699317,"gmtModify":1633746832064,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898151965","repostId":"1183198209","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891797989,"gmtCreate":1628425125341,"gmtModify":1633747203434,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/891797989","repostId":"2157492883","repostType":4,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893272359,"gmtCreate":1628269941971,"gmtModify":1633752069863,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893272359","repostId":"1110501028","repostType":4,"repost":{"id":"1110501028","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":1628260468,"share":"https://www.laohu8.com/m/news/1110501028?lang=zh_CN&edition=full","pubTime":"2021-08-06 22:34","market":"us","language":"en","title":"Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110501028","media":"Tiger Newspress","summary":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","content":"<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</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>Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</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\">\nTencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-06 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110501028","content_text":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899331014,"gmtCreate":1628158199938,"gmtModify":1633753079763,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899331014","repostId":"1121866583","repostType":4,"repost":{"id":"1121866583","kind":"news","pubTimestamp":1628158108,"share":"https://www.laohu8.com/m/news/1121866583?lang=zh_CN&edition=full","pubTime":"2021-08-05 18:08","market":"us","language":"en","title":"What's Next For The S&P 500: 10% Pullback or Rolling Correction?<blockquote>标普500的下一步是什么：10%回调还是滚动修正？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121866583","media":"zacks","summary":"The market has become increasingly rational as this 16-month bull market matures, and index-based up","content":"<p>The market has become increasingly rational as this 16-month bull market matures, and index-based upside potential dwindles every additional percentage they rally. This is a stock picker's market. Quality stocks in well-positioned sectors will have much higher upside potential than most index-tracking ETFs for the remainder of 2021.</p><p><blockquote>随着这16个月牛市的成熟，市场变得越来越理性，基于指数的上涨潜力每增加一个百分比就会减少。这是一个选股者的市场。在2021年剩余时间里，处于有利地位的行业的优质股票将比大多数指数跟踪ETF具有更高的上涨潜力。</blockquote></p><p> The S&amp;P 500 hasn't seen a pullback of more than 5% so far this year and hasn't seen an actual correction (a pullback of 10% or more) since last September, which was quickly bought back up once that down 10% mark was reached. Despite this blue-chip benchmark not exhibiting any material sell-off, over 90% of its 505 components have experienced a 10% or larger correction in 2021 thus far.</p><p><blockquote>今年到目前为止，标普500的回调幅度还没有超过5%，自去年9月以来也没有出现过实际的回调（回调10%或更多），一旦下跌10%，就会迅速回升。达到了大关。尽管这一蓝筹股基准没有出现任何实质性抛售，但迄今为止，其505个成分股中超过90%在2021年经历了10%或更大的调整。</blockquote></p><p> <b>Rotations In &amp; Out of Growth &amp; Value</b></p><p><blockquote><b>增长与价值的进出轮换</b></blockquote></p><p> Investors have kept the stock market's bull drive alive by rotating in and out of growth and value sectors as portfolio's position for the reopening at the beginning of the year, then turned back to growth stocks when the yield surge began to fade mid-May. This performance deviation is clearly illustrated below with Vanguard's growth-oriented ETF (VUG Quick QuoteVUG-Free Report) in the candlesticks and its value-focused ETF (VTV Quick QuoteVTV-Free Report) represented by the orange line.</p><p><blockquote>投资者通过在年初重新开放的投资组合中轮换进出成长型和价值型板块来保持股市的牛市势头，然后在5月中旬收益率飙升开始消退时又回到成长型股票。下面烛台中Vanguard的增长型ETF（VUG Quick QuoteVUG-免费报告）及其以橙线为代表的价值型ETF（VTV Quick QuoteVTV-免费报告）清楚地说明了这种业绩偏差。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80d0680692ab8ada950167692164017e\" tg-width=\"620\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Image Source: TradingView</p><p><blockquote>图片来源：TradingView</blockquote></p><p> The year-to-date performance divergence between these two stock groupings illustrates that investors &amp; traders are not buying indiscriminately. Meaning that judgment is going into every trade decision (aka stock picking), causing the market to deflate overstretched areas and reallocate into relatively cheaper spaces.</p><p><blockquote>这两种股票组合之间年初至今的表现差异表明，投资者和交易者并没有不分青红皂白地买入。这意味着每一个交易决策（又名选股）都包含判断，导致市场收缩过度扩张的区域，并重新分配到相对更便宜的空间。</blockquote></p><p> <b>Accelerating Annualized Returns</b></p><p><blockquote><b>加速年化回报</b></blockquote></p><p> The S&amp;P 500 has remained above an extraordinary 75% annualized return trendline for over 16 months now. Unfortunately, this rate of return isn't even close to sustainable.</p><p><blockquote>16个多月来，标普500的年化回报率一直保持在75%以上。不幸的是，这种回报率甚至无法接近可持续。</blockquote></p><p> The S&amp;P 500 has averaged 12% upside a year over the past 3 decades. However, the average annual growth rate has aged like fine wine. This blue-chip benchmark has demonstrated an average annualized return of nearly 15% over the past decade, and if narrowed down to just the last 5 years, those annual gains go up to over 16%.</p><p><blockquote>过去30年来，标普500平均每年上涨12%。然而，年均增长率已经像美酒一样陈年。这一蓝筹股基准在过去十年中的平均年化回报率接近15%，如果缩小到过去5年，这些年涨幅将超过16%。</blockquote></p><p> The stock market is experiencing swelling average annual gains because of the rapid acceleration of technology that continuously accelerates companies' and our economy's growth outlook. I expect to see continued annualized return acceleration over the next decade as tech makes up a growing portion of the public equity market. Nevertheless, a rolling 75% annualized return out of the S&amp;P 500 isn't viable.</p><p><blockquote>由于技术的快速发展不断加速公司和我们经济的增长前景，股市的平均年涨幅不断扩大。随着科技在公共股票市场中所占的份额越来越大，我预计未来十年年化回报率将持续加速。然而，标普500 75%的年化回报率是不可行的。</blockquote></p><p> There may be too much sideline capital (a record 5.5 trillion in money market funds, according to Goldman Sachs (GS Quick QuoteGS-Free Report) for the market to entirely correct. Still, we are due for consolidation over the next few months, aka a rolling correction.</p><p><blockquote>可能有太多的副业资本（根据高盛（GS Quick QuoteGS-免费报告），货币市场基金达到创纪录的5.5万亿美元，市场无法完全纠正。尽管如此，我们仍将在未来几个月内进行整合，也就是滚动修正。</blockquote></p><p> We are now entering a pivotal point in this maturing market cycle. Q2 earnings season has been tremendous thus far, with earnings soaring 105% on sales up over 22% from a year ago. 91% of the reported companies beating EPS estimates, and over 86% beat top-line projections. The richly valued tech sector has demonstrated awe-inspiring Q2 results, with 100% of them exceeding EPS estimates and over 96% beating on revenues, which seemingly justified frothy valuations in the space.</p><p><blockquote>我们现在正进入这个成熟市场周期的关键点。到目前为止，第二季度财报季表现出色，盈利飙升105%，销售额同比增长22%以上。91%的报告公司超出了每股收益预期，超过86%的公司超出了营收预测。估值丰厚的科技行业第二季度业绩令人惊叹，其中100%超出每股收益预期，超过96%超出收入，这似乎证明了该领域的泡沫估值是合理的。</blockquote></p><p> However, analysts are projecting peak earnings growth to be in the rear-view mirror as Q2 earnings season wraps up, and at these rich multiples, valuation compression may be in order. Even with these exceptional quarterly reports and growing full-year estimates, we have seen an undue level of profit-pulling and defensive market positioning. The resurging COVID fears and anticipated shift in monetary policy also weigh on bullish sentiment.</p><p><blockquote>然而，分析师预计，随着第二季度财报季的结束，盈利增长峰值将成为过去，而在如此高的市盈率下，估值压缩可能是有序的。即使有这些出色的季度报告和不断增长的全年预期，我们还是看到了过度的利润拉动和防御性市场定位。对新冠疫情的担忧和货币政策的预期转变也打压了看涨情绪。</blockquote></p><p> Nevertheless, the enormous amount of cash on the bench is still being put to work, with every marginal dip being bought right back up. The national consumer savings rate in the US sits sizably above the last decade's average. Americans are not only participating in the public equity market at a record rate, but they also have plenty of liquidity to keep buying their favorite stocks.</p><p><blockquote>尽管如此，替补席上的大量现金仍在发挥作用，每次小幅下跌都会立即被买入。美国全国消费者储蓄率远高于过去十年的平均水平。美国人不仅以创纪录的速度参与公共股票市场，而且他们也有充足的流动性来继续购买他们喜欢的股票。</blockquote></p><p> Stocks remain the most attractive asset class, with negative real interest rates in the bond market, sky-high commodity prices, highly volatile crypto prices, and pricing pressure that most publicly traded companies have been able to easily transfer to their end-markets (illustrated by Q2 margin results).</p><p><blockquote>股票仍然是最具吸引力的资产类别，债券市场实际利率为负，大宗商品价格极高，加密货币价格高度波动，大多数上市公司都能够轻松转移到终端市场的定价压力（如第二季度利润率结果所示）。</blockquote></p><p></p><p> I expect to see a rolling correction, reflected by a consolidating stock market, instead of this 10%+ correction that analysts have been postulating. Range-bound indexes(less than 10% swings) for some time (month or two) would have the same valuation compressing effect as an all-out correction because earnings would be growing while prices remain muted, leading to shrinking P/E multiples (aka rolling correction).</p><p><blockquote>我预计会看到滚动调整，反映在股市盘整上，而不是分析师一直假设的10%以上的调整。一段时间（一两个月）的区间指数（波动小于10%）将产生与全面修正相同的估值压缩效应，因为收益将在价格保持低迷的情况下增长，导致市盈率倍数缩小（又名滚动修正）。</blockquote></p><p> I foresee a sideways broader market trade until the Delta-variant is no longer a global concern. I remain bullish on stocks for the remaining 5 months of 2021 and am confident that the S&amp;P 500 will close out the year higher than it is trading at today.</p><p><blockquote>我预计大盘将横盘整理，直到Delta变体不再是全球关注的问题。我仍然看好2021年剩余5个月的股市，并相信标普500今年收盘价将高于今天的交易价格。</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>What's Next For The S&P 500: 10% Pullback or Rolling Correction?<blockquote>标普500的下一步是什么：10%回调还是滚动修正？</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\">\nWhat's Next For The S&P 500: 10% Pullback or Rolling Correction?<blockquote>标普500的下一步是什么：10%回调还是滚动修正？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zacks</strong><span class=\"h-time small\">2021-08-05 18:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market has become increasingly rational as this 16-month bull market matures, and index-based upside potential dwindles every additional percentage they rally. This is a stock picker's market. Quality stocks in well-positioned sectors will have much higher upside potential than most index-tracking ETFs for the remainder of 2021.</p><p><blockquote>随着这16个月牛市的成熟，市场变得越来越理性，基于指数的上涨潜力每增加一个百分比就会减少。这是一个选股者的市场。在2021年剩余时间里，处于有利地位的行业的优质股票将比大多数指数跟踪ETF具有更高的上涨潜力。</blockquote></p><p> The S&amp;P 500 hasn't seen a pullback of more than 5% so far this year and hasn't seen an actual correction (a pullback of 10% or more) since last September, which was quickly bought back up once that down 10% mark was reached. Despite this blue-chip benchmark not exhibiting any material sell-off, over 90% of its 505 components have experienced a 10% or larger correction in 2021 thus far.</p><p><blockquote>今年到目前为止，标普500的回调幅度还没有超过5%，自去年9月以来也没有出现过实际的回调（回调10%或更多），一旦下跌10%，就会迅速回升。达到了大关。尽管这一蓝筹股基准没有出现任何实质性抛售，但迄今为止，其505个成分股中超过90%在2021年经历了10%或更大的调整。</blockquote></p><p> <b>Rotations In &amp; Out of Growth &amp; Value</b></p><p><blockquote><b>增长与价值的进出轮换</b></blockquote></p><p> Investors have kept the stock market's bull drive alive by rotating in and out of growth and value sectors as portfolio's position for the reopening at the beginning of the year, then turned back to growth stocks when the yield surge began to fade mid-May. This performance deviation is clearly illustrated below with Vanguard's growth-oriented ETF (VUG Quick QuoteVUG-Free Report) in the candlesticks and its value-focused ETF (VTV Quick QuoteVTV-Free Report) represented by the orange line.</p><p><blockquote>投资者通过在年初重新开放的投资组合中轮换进出成长型和价值型板块来保持股市的牛市势头，然后在5月中旬收益率飙升开始消退时又回到成长型股票。下面烛台中Vanguard的增长型ETF（VUG Quick QuoteVUG-免费报告）及其以橙线为代表的价值型ETF（VTV Quick QuoteVTV-免费报告）清楚地说明了这种业绩偏差。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80d0680692ab8ada950167692164017e\" tg-width=\"620\" tg-height=\"408\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Image Source: TradingView</p><p><blockquote>图片来源：TradingView</blockquote></p><p> The year-to-date performance divergence between these two stock groupings illustrates that investors &amp; traders are not buying indiscriminately. Meaning that judgment is going into every trade decision (aka stock picking), causing the market to deflate overstretched areas and reallocate into relatively cheaper spaces.</p><p><blockquote>这两种股票组合之间年初至今的表现差异表明，投资者和交易者并没有不分青红皂白地买入。这意味着每一个交易决策（又名选股）都包含判断，导致市场收缩过度扩张的区域，并重新分配到相对更便宜的空间。</blockquote></p><p> <b>Accelerating Annualized Returns</b></p><p><blockquote><b>加速年化回报</b></blockquote></p><p> The S&amp;P 500 has remained above an extraordinary 75% annualized return trendline for over 16 months now. Unfortunately, this rate of return isn't even close to sustainable.</p><p><blockquote>16个多月来，标普500的年化回报率一直保持在75%以上。不幸的是，这种回报率甚至无法接近可持续。</blockquote></p><p> The S&amp;P 500 has averaged 12% upside a year over the past 3 decades. However, the average annual growth rate has aged like fine wine. This blue-chip benchmark has demonstrated an average annualized return of nearly 15% over the past decade, and if narrowed down to just the last 5 years, those annual gains go up to over 16%.</p><p><blockquote>过去30年来，标普500平均每年上涨12%。然而，年均增长率已经像美酒一样陈年。这一蓝筹股基准在过去十年中的平均年化回报率接近15%，如果缩小到过去5年，这些年涨幅将超过16%。</blockquote></p><p> The stock market is experiencing swelling average annual gains because of the rapid acceleration of technology that continuously accelerates companies' and our economy's growth outlook. I expect to see continued annualized return acceleration over the next decade as tech makes up a growing portion of the public equity market. Nevertheless, a rolling 75% annualized return out of the S&amp;P 500 isn't viable.</p><p><blockquote>由于技术的快速发展不断加速公司和我们经济的增长前景，股市的平均年涨幅不断扩大。随着科技在公共股票市场中所占的份额越来越大，我预计未来十年年化回报率将持续加速。然而，标普500 75%的年化回报率是不可行的。</blockquote></p><p> There may be too much sideline capital (a record 5.5 trillion in money market funds, according to Goldman Sachs (GS Quick QuoteGS-Free Report) for the market to entirely correct. Still, we are due for consolidation over the next few months, aka a rolling correction.</p><p><blockquote>可能有太多的副业资本（根据高盛（GS Quick QuoteGS-免费报告），货币市场基金达到创纪录的5.5万亿美元，市场无法完全纠正。尽管如此，我们仍将在未来几个月内进行整合，也就是滚动修正。</blockquote></p><p> We are now entering a pivotal point in this maturing market cycle. Q2 earnings season has been tremendous thus far, with earnings soaring 105% on sales up over 22% from a year ago. 91% of the reported companies beating EPS estimates, and over 86% beat top-line projections. The richly valued tech sector has demonstrated awe-inspiring Q2 results, with 100% of them exceeding EPS estimates and over 96% beating on revenues, which seemingly justified frothy valuations in the space.</p><p><blockquote>我们现在正进入这个成熟市场周期的关键点。到目前为止，第二季度财报季表现出色，盈利飙升105%，销售额同比增长22%以上。91%的报告公司超出了每股收益预期，超过86%的公司超出了营收预测。估值丰厚的科技行业第二季度业绩令人惊叹，其中100%超出每股收益预期，超过96%超出收入，这似乎证明了该领域的泡沫估值是合理的。</blockquote></p><p> However, analysts are projecting peak earnings growth to be in the rear-view mirror as Q2 earnings season wraps up, and at these rich multiples, valuation compression may be in order. Even with these exceptional quarterly reports and growing full-year estimates, we have seen an undue level of profit-pulling and defensive market positioning. The resurging COVID fears and anticipated shift in monetary policy also weigh on bullish sentiment.</p><p><blockquote>然而，分析师预计，随着第二季度财报季的结束，盈利增长峰值将成为过去，而在如此高的市盈率下，估值压缩可能是有序的。即使有这些出色的季度报告和不断增长的全年预期，我们还是看到了过度的利润拉动和防御性市场定位。对新冠疫情的担忧和货币政策的预期转变也打压了看涨情绪。</blockquote></p><p> Nevertheless, the enormous amount of cash on the bench is still being put to work, with every marginal dip being bought right back up. The national consumer savings rate in the US sits sizably above the last decade's average. Americans are not only participating in the public equity market at a record rate, but they also have plenty of liquidity to keep buying their favorite stocks.</p><p><blockquote>尽管如此，替补席上的大量现金仍在发挥作用，每次小幅下跌都会立即被买入。美国全国消费者储蓄率远高于过去十年的平均水平。美国人不仅以创纪录的速度参与公共股票市场，而且他们也有充足的流动性来继续购买他们喜欢的股票。</blockquote></p><p> Stocks remain the most attractive asset class, with negative real interest rates in the bond market, sky-high commodity prices, highly volatile crypto prices, and pricing pressure that most publicly traded companies have been able to easily transfer to their end-markets (illustrated by Q2 margin results).</p><p><blockquote>股票仍然是最具吸引力的资产类别，债券市场实际利率为负，大宗商品价格极高，加密货币价格高度波动，大多数上市公司都能够轻松转移到终端市场的定价压力（如第二季度利润率结果所示）。</blockquote></p><p></p><p> I expect to see a rolling correction, reflected by a consolidating stock market, instead of this 10%+ correction that analysts have been postulating. Range-bound indexes(less than 10% swings) for some time (month or two) would have the same valuation compressing effect as an all-out correction because earnings would be growing while prices remain muted, leading to shrinking P/E multiples (aka rolling correction).</p><p><blockquote>我预计会看到滚动调整，反映在股市盘整上，而不是分析师一直假设的10%以上的调整。一段时间（一两个月）的区间指数（波动小于10%）将产生与全面修正相同的估值压缩效应，因为收益将在价格保持低迷的情况下增长，导致市盈率倍数缩小（又名滚动修正）。</blockquote></p><p> I foresee a sideways broader market trade until the Delta-variant is no longer a global concern. I remain bullish on stocks for the remaining 5 months of 2021 and am confident that the S&amp;P 500 will close out the year higher than it is trading at today.</p><p><blockquote>我预计大盘将横盘整理，直到Delta变体不再是全球关注的问题。我仍然看好2021年剩余5个月的股市，并相信标普500今年收盘价将高于今天的交易价格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/commentary/1773639/whats-next-for-the-sp-500-10-pullback-or-rolling-correction?&art_rec=home-home-investment_ideas_stocks-ID09-txt-1278004\">zacks</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":{".SPX":"S&P 500 Index"},"source_url":"https://www.zacks.com/commentary/1773639/whats-next-for-the-sp-500-10-pullback-or-rolling-correction?&art_rec=home-home-investment_ideas_stocks-ID09-txt-1278004","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121866583","content_text":"The market has become increasingly rational as this 16-month bull market matures, and index-based upside potential dwindles every additional percentage they rally. This is a stock picker's market. Quality stocks in well-positioned sectors will have much higher upside potential than most index-tracking ETFs for the remainder of 2021.\nThe S&P 500 hasn't seen a pullback of more than 5% so far this year and hasn't seen an actual correction (a pullback of 10% or more) since last September, which was quickly bought back up once that down 10% mark was reached. Despite this blue-chip benchmark not exhibiting any material sell-off, over 90% of its 505 components have experienced a 10% or larger correction in 2021 thus far.\nRotations In & Out of Growth & Value\nInvestors have kept the stock market's bull drive alive by rotating in and out of growth and value sectors as portfolio's position for the reopening at the beginning of the year, then turned back to growth stocks when the yield surge began to fade mid-May. This performance deviation is clearly illustrated below with Vanguard's growth-oriented ETF (VUG Quick QuoteVUG-Free Report) in the candlesticks and its value-focused ETF (VTV Quick QuoteVTV-Free Report) represented by the orange line.\n\nImage Source: TradingView\nThe year-to-date performance divergence between these two stock groupings illustrates that investors & traders are not buying indiscriminately. Meaning that judgment is going into every trade decision (aka stock picking), causing the market to deflate overstretched areas and reallocate into relatively cheaper spaces.\nAccelerating Annualized Returns\nThe S&P 500 has remained above an extraordinary 75% annualized return trendline for over 16 months now. Unfortunately, this rate of return isn't even close to sustainable.\nThe S&P 500 has averaged 12% upside a year over the past 3 decades. However, the average annual growth rate has aged like fine wine. This blue-chip benchmark has demonstrated an average annualized return of nearly 15% over the past decade, and if narrowed down to just the last 5 years, those annual gains go up to over 16%.\nThe stock market is experiencing swelling average annual gains because of the rapid acceleration of technology that continuously accelerates companies' and our economy's growth outlook. I expect to see continued annualized return acceleration over the next decade as tech makes up a growing portion of the public equity market. Nevertheless, a rolling 75% annualized return out of the S&P 500 isn't viable.\nThere may be too much sideline capital (a record 5.5 trillion in money market funds, according to Goldman Sachs (GS Quick QuoteGS-Free Report) for the market to entirely correct. Still, we are due for consolidation over the next few months, aka a rolling correction.\nWe are now entering a pivotal point in this maturing market cycle. Q2 earnings season has been tremendous thus far, with earnings soaring 105% on sales up over 22% from a year ago. 91% of the reported companies beating EPS estimates, and over 86% beat top-line projections. The richly valued tech sector has demonstrated awe-inspiring Q2 results, with 100% of them exceeding EPS estimates and over 96% beating on revenues, which seemingly justified frothy valuations in the space.\nHowever, analysts are projecting peak earnings growth to be in the rear-view mirror as Q2 earnings season wraps up, and at these rich multiples, valuation compression may be in order. Even with these exceptional quarterly reports and growing full-year estimates, we have seen an undue level of profit-pulling and defensive market positioning. The resurging COVID fears and anticipated shift in monetary policy also weigh on bullish sentiment.\nNevertheless, the enormous amount of cash on the bench is still being put to work, with every marginal dip being bought right back up. The national consumer savings rate in the US sits sizably above the last decade's average. Americans are not only participating in the public equity market at a record rate, but they also have plenty of liquidity to keep buying their favorite stocks.\nStocks remain the most attractive asset class, with negative real interest rates in the bond market, sky-high commodity prices, highly volatile crypto prices, and pricing pressure that most publicly traded companies have been able to easily transfer to their end-markets (illustrated by Q2 margin results).\nI expect to see a rolling correction, reflected by a consolidating stock market, instead of this 10%+ correction that analysts have been postulating. Range-bound indexes(less than 10% swings) for some time (month or two) would have the same valuation compressing effect as an all-out correction because earnings would be growing while prices remain muted, leading to shrinking P/E multiples (aka rolling correction).\nI foresee a sideways broader market trade until the Delta-variant is no longer a global concern. I remain bullish on stocks for the remaining 5 months of 2021 and am confident that the S&P 500 will close out the year higher than it is trading at today.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899333512,"gmtCreate":1628158186236,"gmtModify":1633753080088,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899333512","repostId":"2156109959","repostType":4,"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807537361,"gmtCreate":1628042918953,"gmtModify":1633754108541,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like plss","listText":"Like plss","text":"Like plss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807537361","repostId":"1127319449","repostType":4,"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807534478,"gmtCreate":1628042905394,"gmtModify":1633754108785,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807534478","repostId":"1182687501","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807095076,"gmtCreate":1627986886395,"gmtModify":1633754642775,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807095076","repostId":"1183769825","repostType":4,"repost":{"id":"1183769825","kind":"news","pubTimestamp":1627983044,"share":"https://www.laohu8.com/m/news/1183769825?lang=zh_CN&edition=full","pubTime":"2021-08-03 17:30","market":"sg","language":"en","title":"PMI expands for the 13th straight month at 51 in July<blockquote>7月份PMI连续第13个月扩张至51</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183769825","media":"Singapore Business","summary":"Analysts say the manufacturing industry will be relatively unscathed from the tighter social restric","content":"<p>  <b><i>Analysts say the manufacturing industry will be relatively unscathed from the tighter social restriction measures.</i></b>  The Purchasing Manger’s Index (PMI) expanded for the 13thstraight month, at 51&nbsp;in July,the highest reading since December 2018.</p><p><blockquote><b><i>分析人士表示，制造业将相对不会受到更严格的社会限制措施的影响。</i></b>7月份采购经理人指数(PMI)连续第13个月扩张，为51，为2018年12月以来的最高读数。</blockquote></p><p> Electronics sector PMI increased by 0.2 points to 50.8, marking a full year of expansion.</p><p><blockquote>电子行业PMI上升0.2点至50.8，全年扩张。</blockquote></p><p> The PMI measures the strength of the manufacturing sector, by polling over 200 purchasing managers. Production output, new orders, supplier deliveries, inventory, and employment are all factored into the computation.</p><p><blockquote>PMI通过对200多名采购经理进行调查来衡量制造业的实力。产量、新订单、供应商交付、库存和就业都被考虑在内。</blockquote></p><p> A PMI of over 50 indicates an expansion compared to the month previous, while a PMI under 50 indicates a contraction.</p><p><blockquote>PMI超过50表明与上月相比扩张，而PMI低于50表明收缩。</blockquote></p><p> “Despite the tighter social restriction measures, we see a little negative impact on Singapore’s manufacturing landscape... Importantly, Singapore’s manufacturing environment had been relatively unscathed from the previous Phase Two (HA) which ended on 14 June, given the expansion seen in both non-oil domestic exports (NODX) and industrial production,”said UOB Global Economics &amp; Markets Research economist Barnabas Gan.</p><p><blockquote>“尽管采取了更严格的社会限制措施，但我们看到新加坡的制造业格局受到了一些负面影响……重要的是，考虑到新加坡的扩张，新加坡的制造业环境相对没有受到6月14日结束的上一阶段(HA)的影响。非石油国内出口(NODX)和工业生产，”大华银行全球经济与市场研究经济学家Barnabas Gan表示。</blockquote></p><p> “At this juncture, Singapore’s manufacturing and electronics sectors remain fairly resilient and should continue to provide a key pillar of support for near-term growth. While the domestic manufacturing sector is likely to see a moderation to single-digit growth rates in the second half of 2021 as the low base effects subside, full-year 2021 manufacturing growth is still likely to exceed 10% year-on-year (YoY), and this, in turn, should support 2021 GDP growth minimally at the 6% YoY handle,” said OCBC Treasury Research Head of Research and Strategy Selena Ling.</p><p><blockquote>“此时此刻，新加坡的制造业和电子行业仍然相当有弹性，应该会继续为近期增长提供关键的支撑支柱。虽然国内制造业的增长率可能会放缓至个位数2021年下半年随着低基数效应消退，2021年全年制造业同比增长仍有可能超过10%，这反过来应该会支持2021年GDP同比增长至少6%，”华侨银行财资研究主管Selena Ling表示。</blockquote></p><p></p>","source":"lsy1618986048053","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>PMI expands for the 13th straight month at 51 in July<blockquote>7月份PMI连续第13个月扩张至51</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\">\nPMI expands for the 13th straight month at 51 in July<blockquote>7月份PMI连续第13个月扩张至51</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-03 17:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Analysts say the manufacturing industry will be relatively unscathed from the tighter social restriction measures.</i></b>  The Purchasing Manger’s Index (PMI) expanded for the 13thstraight month, at 51&nbsp;in July,the highest reading since December 2018.</p><p><blockquote><b><i>分析人士表示，制造业将相对不会受到更严格的社会限制措施的影响。</i></b>7月份采购经理人指数(PMI)连续第13个月扩张，为51，为2018年12月以来的最高读数。</blockquote></p><p> Electronics sector PMI increased by 0.2 points to 50.8, marking a full year of expansion.</p><p><blockquote>电子行业PMI上升0.2点至50.8，全年扩张。</blockquote></p><p> The PMI measures the strength of the manufacturing sector, by polling over 200 purchasing managers. Production output, new orders, supplier deliveries, inventory, and employment are all factored into the computation.</p><p><blockquote>PMI通过对200多名采购经理进行调查来衡量制造业的实力。产量、新订单、供应商交付、库存和就业都被考虑在内。</blockquote></p><p> A PMI of over 50 indicates an expansion compared to the month previous, while a PMI under 50 indicates a contraction.</p><p><blockquote>PMI超过50表明与上月相比扩张，而PMI低于50表明收缩。</blockquote></p><p> “Despite the tighter social restriction measures, we see a little negative impact on Singapore’s manufacturing landscape... Importantly, Singapore’s manufacturing environment had been relatively unscathed from the previous Phase Two (HA) which ended on 14 June, given the expansion seen in both non-oil domestic exports (NODX) and industrial production,”said UOB Global Economics &amp; Markets Research economist Barnabas Gan.</p><p><blockquote>“尽管采取了更严格的社会限制措施，但我们看到新加坡的制造业格局受到了一些负面影响……重要的是，考虑到新加坡的扩张，新加坡的制造业环境相对没有受到6月14日结束的上一阶段(HA)的影响。非石油国内出口(NODX)和工业生产，”大华银行全球经济与市场研究经济学家Barnabas Gan表示。</blockquote></p><p> “At this juncture, Singapore’s manufacturing and electronics sectors remain fairly resilient and should continue to provide a key pillar of support for near-term growth. While the domestic manufacturing sector is likely to see a moderation to single-digit growth rates in the second half of 2021 as the low base effects subside, full-year 2021 manufacturing growth is still likely to exceed 10% year-on-year (YoY), and this, in turn, should support 2021 GDP growth minimally at the 6% YoY handle,” said OCBC Treasury Research Head of Research and Strategy Selena Ling.</p><p><blockquote>“此时此刻，新加坡的制造业和电子行业仍然相当有弹性，应该会继续为近期增长提供关键的支撑支柱。虽然国内制造业的增长率可能会放缓至个位数2021年下半年随着低基数效应消退，2021年全年制造业同比增长仍有可能超过10%，这反过来应该会支持2021年GDP同比增长至少6%，”华侨银行财资研究主管Selena Ling表示。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/manufacturing/news/pmi-expands-13th-straight-month-51-in-july\">Singapore Business</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":"https://static.tigerbbs.com/414be3d3266ab0c447385949529d0d5a","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/manufacturing/news/pmi-expands-13th-straight-month-51-in-july","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183769825","content_text":"Analysts say the manufacturing industry will be relatively unscathed from the tighter social restriction measures.\n\nThe Purchasing Manger’s Index (PMI) expanded for the 13thstraight month, at 51 in July,the highest reading since December 2018.\nElectronics sector PMI increased by 0.2 points to 50.8, marking a full year of expansion.\nThe PMI measures the strength of the manufacturing sector, by polling over 200 purchasing managers. Production output, new orders, supplier deliveries, inventory, and employment are all factored into the computation.\nA PMI of over 50 indicates an expansion compared to the month previous, while a PMI under 50 indicates a contraction.\n“Despite the tighter social restriction measures, we see a little negative impact on Singapore’s manufacturing landscape... Importantly, Singapore’s manufacturing environment had been relatively unscathed from the previous Phase Two (HA) which ended on 14 June, given the expansion seen in both non-oil domestic exports (NODX) and industrial production,”said UOB Global Economics & Markets Research economist Barnabas Gan.\n“At this juncture, Singapore’s manufacturing and electronics sectors remain fairly resilient and should continue to provide a key pillar of support for near-term growth. While the domestic manufacturing sector is likely to see a moderation to single-digit growth rates in the second half of 2021 as the low base effects subside, full-year 2021 manufacturing growth is still likely to exceed 10% year-on-year (YoY), and this, in turn, should support 2021 GDP growth minimally at the 6% YoY handle,” said OCBC Treasury Research Head of Research and Strategy Selena Ling.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802226262,"gmtCreate":1627783667056,"gmtModify":1633756447538,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/891797989","repostId":"2157492883","repostType":4,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800098062,"gmtCreate":1627264938556,"gmtModify":1633766737982,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800098062","repostId":"2154893468","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179687554,"gmtCreate":1626519058378,"gmtModify":1633926082711,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/179687554","repostId":"1149577900","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179687156,"gmtCreate":1626519042275,"gmtModify":1633926083057,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179687156","repostId":"2152686879","repostType":4,"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833420719,"gmtCreate":1629256526631,"gmtModify":1633686167401,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833420719","repostId":"1181607588","repostType":4,"repost":{"id":"1181607588","kind":"news","pubTimestamp":1629256236,"share":"https://www.laohu8.com/m/news/1181607588?lang=zh_CN&edition=full","pubTime":"2021-08-18 11:10","market":"us","language":"en","title":"SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181607588","media":"seekingalpha","summary":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了强劲的2021年第二季度财务业绩，其使用指标加速增长，其中大部分增长超过100%。</li><li>该季度调整后收入同比增长74%，基于SoFi三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度超过1.5亿美元的净亏损以及2021年下半年的温和指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延税负债的影响，同时尽管CARES法案延期带来了4000万美元的阻力，但仍重申了指引。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌15%显然是过度反应。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies(SOFI)是一家金融科技公司，在其三个关键业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1)贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户，以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3)金融科技，主要由SoFi于2020年5月收购的市场领先的金融科技基础设施提供商Galileo组成。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在顺利实现这一目标。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi刚刚公布了自成为上市公司以来的第一组财务业绩，2021年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司在其使用指标上显示出加速增长，其中大部分增长超过100%；</li><li>收入也实现了三位数增长，同比增长101%，达到2.313亿美元，而本季度调整后净收入同比增长74%，远高于同比增长58%至61%的指导；</li><li>会员和产品的增长也在加速，均以三位数的百分比增长，这是SoFi会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去12个月中实现了6100万美元的正EBITDA，较2019年全年1.49亿美元的亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，业绩发布后，投资者纷纷抛售该股，SoFi股价暴跌15%。该股目前在过去6个月内下跌了约-37%，市值约为120亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>似乎，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加的事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对SoFi数据的反应被夸大了，因为净亏损和指引这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释这一点。SoFi首席执行官Anthony Noto在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间才能了解SOFi的竞争优势和增长跑道，但我们认为，在目前的水平上，SOFi股价已经严重超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于SoFi的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi报告了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>该季度调整后收入同比增长74%，远高于管理层最初指导的58%至61%的增长，也远高于分析师的预期。此外，该公司又有一个季度的正EBITDA，本季度达到1100万美元，比2020年Q2的负（2400万美元）同比增长3500万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年计算，尽管本季度遇到了一些一次性阻力，并且对公司未来增长进行了积极投资，但SoFi仍实现了8.52亿美元的调整后净收入和6100万美元的调整后EBITDA。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi平台上所有领域的活动都在加速。SoFi报告称，其会员总数连续第八个季度同比加速增长，本季度会员总数达到256万人，高于2020年第二季度的120万人（增长113%）），较第一季度环比增长12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品数量同比增长持续加速，增长123%，达到370万件。SoFi同比增加超过200万件产品，同比增长123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台Galileo的账户数量从3600万增加到7900万，本季度增长了119%，该公司的金融技术产品增加了4290万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略目前公布过去四个季度的同比增长超过100%。该平台是SoFi未来增长的关键基石，事实上，他们正在以三位数的速度增长，并在7月份首次突破1000亿美元的年化支付量，这表明该业务不仅已经拥有巨大的规模，而且还具有同比增长所反映的真正竞争优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后，SoFi的业务正在显着多元化。该业务的整体会员增长是由金融服务领域的显着扩张推动的，SoFi Invest和SoFi Money的金融服务领域产品数量增加了两倍多，达到近270万件，高于2020年第二季度的约783,000件。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化的力度有多大（尽管贷款发放仍同比增长了66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，规模扩大了3倍，推动已活跃在平台上的会员交叉购买的产品数量增加了1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>令投资者感到恐慌的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>让许多投资者在财报发布后出售SoFi股票的一件事是，该公司报告净亏损1.653亿美元，而去年同期净利润仍为780万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬（SBC）等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购Galileo相关的递延税项负债，我们在2020年重新计量了我们的估值拨备，这使估值拨备减少了9980万美元。缺乏该税收优惠，加上大量非现金股票补偿费用以及主要与SOFI股票公平市场价值相关的认股权证公允价值变化，是造成当期净亏损的最大原因。<p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论外，投资者还应该仔细看看SoFi的损益表，其中净亏损的原因变得更加清晰。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括对技术和产品、销售和营销的投资，以及运营成本分别仅增长了45%、48%、46%，远低于公司+74%的收入增长。本季度仅一般和管理费用就增加了两倍多。深入研究SEC文件发现，G&amp;A费用的很大一部分来自上述因收购Galileo而产生的9980万美元递延税负债，以及因成为上市公司而产生的基于股票的薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果您排除9980万美元的一次性递延税负债项目，并以前六个月SBC费用的一半左右对三个月的SBC进行调整，那么SoFi本季度的净亏损将仅为负(20)百万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种粗略的计算，相对于SoFi报告的强劲营收增长，我们并不特别担心本季度报告的净亏损。SoFi的数据清楚地表明该业务正在加速增长，迅速实现服务多元化，同时我们看到其客户群内的交叉销售活动增加，这应该会在未来降低客户获取成本和提高利润率方面带来一些重要的效率收益。当我们还查看各个业务部门的结果以及各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi调整后净收入为1.72亿美元，同比增长47%，贡献利润为8900万美元。这一增长主要是由个人贷款发放推动的，同比增长188%。此外，贡献利润（如下所示）同比增长80%，各自的利润率从去年同期的42%提高至52%，同时该业务的投资也增加了+1530万美元本季度。利润率的提高是由运营效率推动的（例如，超过50%的个人贷款是完全自动化的，而一年前这一比例不到30%），以及谨慎的营销支出，降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在《电话会议》中强调，尽管政府延长CARES-act给学生贷款业务带来了明显阻力，但该领域仍实现了增长，本季度的发放额为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务板块</b>-该部门第二季度的净收入达到1700万美元，而2020年第二季度为240万美元，同比增长602%，令人惊叹。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和推动每个客户更高终身价值的一个重要方面。另一个重要方面是，收入同比增长抵消了该部门成本的增加，与2020年第二季度相比，费用同比增加了850万美元，而收入增加了1,460万美元，从而改善了贡献指标，其中损失同比下降20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门的所有产品也显示出强劲的产品增长，该部门的产品总数同比增长243%。SoFi并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将是有趣的观看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>-该部门主要报告SoFi金融技术产品Galileo的业绩，该产品的总净收入同比增长138%，达到4530万美元，而去年同期为1900万美元。伽利略账户总数从3600万增至7900万，本季度增长119%。正如电话会议期间指出的那样，伽利略7月份的年化支付额也刚刚突破1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为Galileo未来的强劲增长做好准备，例如通过将运营从内部转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为Galileo构建新的云计算环境，该环境将取代内部环境，包括准备在第三季度将现有客户端迁移到云。尽管这导致费用大幅增加并影响了该部门的贡献利润，但SoFi的贡献利润仍同比增长8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务领域之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出AWS产品所做的事情可以通过Galileo复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi管理层预计2021年第三季度调整后净收入为2.45亿美元至2.55亿美元，与去年同期相比仅增长15%左右，明显低于两位分析师2.702亿美元的平均预期。调整后EBITDA预计将在负(7)百万美元至正300万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率高得多的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长了74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指引是导致SoFi股票抛售的一个重要因素，但我们认为投资者不应过多关注“错过”指引的头条新闻。事实上，SoFi坚持其调整后净收入9.8亿美元和调整后EBITDA为正2700万美元的初始指引，这是最重要的收获。<b>尽管政府延长CARES法案暂停期后，预期规划对学生贷款再融资收入产生了重大负面影响，为负4000万美元，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付情况。该公司目前预计学生贷款再融资业务将在明年初反弹，而到目前为止，管理层在其初步指导中计划CARES法案将于9月30日结束。此外，该公司还预计，基于SoFi收购bac的APEX少数股权（投资贡献于2021年1月结束），技术平台收入预计减少1200万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管对SoFi最初的指引产生了4000万美元的重大负面收入影响，再加上最初包含的来自APEX股权投资的2021年预期收入1200万美元，但该公司并没有降低指引，而是能够向投资者保证其他业务部门可以超过这些阻力，这是对SoFi多元化业务的有力验证，这将使公司能够度过可能不时影响其业务部门之一的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了相对于其增长前景的明确成本管理战略，这应该会向投资者再次保证，在某个时候，公司将在营收强劲增长的同时恢复正净利润：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>......我们继续积极投资于我们的业务，以推动复合增长，同时仍然为我们的股东提供盈利能力。这种组合并不容易，但我们致力于为利润贡献约30%的增量收入，并将剩余的70%再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们在技术、营销和人员方面进行了积极投资，但我们仍在继续实现成本效率，这开始推动真正的运营杠杆。通过利用交叉购买以及更好地实现和定位，我们同比大幅降低了销售和营销占收入的百分比以及客户获取成本。最后，投资者还渴望听到有关SoFi正在寻求的预期银行牌照的任何最新消息。首席执行官Anthony Noto在电话会议上提到，该公司正在与美联储银行和OCC在一个“建设性的过程”中密切合作，但他们也重申，该过程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi于2020年7月申请了银行执照。SoFi的招聘信息表明，他们正在为备受期待的银行部门组建高级管理层和团队，包括合规、软件工程或审计方面的最新招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为该公司股票的抛售是过度反应。温和的指导，或者更积极地说，尽管CARES法案的延长产生了4000万美元的重大负面影响，但管理层仍能够重申其对2021财年的初步指导，因为管理层不再预计2021财年的学生贷款融资业务实际上应该被视为一个积极迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长CARES法案暂停期，这将对SoFi的学生贷款业务产生负面影响，但该公司现在已经实现了良好的多元化，足以抵消任何负面影响，而且随着我们进入2022年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi正在实现业务多元化，并在客户群的交叉销售和多产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每个客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何弥补短期阻力。我们仍然做多该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</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\">\nSoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全错了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-18 11:10</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>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了强劲的2021年第二季度财务业绩，其使用指标加速增长，其中大部分增长超过100%。</li><li>该季度调整后收入同比增长74%，基于SoFi三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度超过1.5亿美元的净亏损以及2021年下半年的温和指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延税负债的影响，同时尽管CARES法案延期带来了4000万美元的阻力，但仍重申了指引。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌15%显然是过度反应。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies(SOFI)是一家金融科技公司，在其三个关键业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1)贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户，以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3)金融科技，主要由SoFi于2020年5月收购的市场领先的金融科技基础设施提供商Galileo组成。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在顺利实现这一目标。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi刚刚公布了自成为上市公司以来的第一组财务业绩，2021年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司在其使用指标上显示出加速增长，其中大部分增长超过100%；</li><li>收入也实现了三位数增长，同比增长101%，达到2.313亿美元，而本季度调整后净收入同比增长74%，远高于同比增长58%至61%的指导；</li><li>会员和产品的增长也在加速，均以三位数的百分比增长，这是SoFi会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去12个月中实现了6100万美元的正EBITDA，较2019年全年1.49亿美元的亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，业绩发布后，投资者纷纷抛售该股，SoFi股价暴跌15%。该股目前在过去6个月内下跌了约-37%，市值约为120亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>似乎，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加的事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对SoFi数据的反应被夸大了，因为净亏损和指引这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释这一点。SoFi首席执行官Anthony Noto在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间才能了解SOFi的竞争优势和增长跑道，但我们认为，在目前的水平上，SOFi股价已经严重超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于SoFi的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi报告了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>该季度调整后收入同比增长74%，远高于管理层最初指导的58%至61%的增长，也远高于分析师的预期。此外，该公司又有一个季度的正EBITDA，本季度达到1100万美元，比2020年Q2的负（2400万美元）同比增长3500万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年计算，尽管本季度遇到了一些一次性阻力，并且对公司未来增长进行了积极投资，但SoFi仍实现了8.52亿美元的调整后净收入和6100万美元的调整后EBITDA。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi平台上所有领域的活动都在加速。SoFi报告称，其会员总数连续第八个季度同比加速增长，本季度会员总数达到256万人，高于2020年第二季度的120万人（增长113%）），较第一季度环比增长12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品数量同比增长持续加速，增长123%，达到370万件。SoFi同比增加超过200万件产品，同比增长123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台Galileo的账户数量从3600万增加到7900万，本季度增长了119%，该公司的金融技术产品增加了4290万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略目前公布过去四个季度的同比增长超过100%。该平台是SoFi未来增长的关键基石，事实上，他们正在以三位数的速度增长，并在7月份首次突破1000亿美元的年化支付量，这表明该业务不仅已经拥有巨大的规模，而且还具有同比增长所反映的真正竞争优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后，SoFi的业务正在显着多元化。该业务的整体会员增长是由金融服务领域的显着扩张推动的，SoFi Invest和SoFi Money的金融服务领域产品数量增加了两倍多，达到近270万件，高于2020年第二季度的约783,000件。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化的力度有多大（尽管贷款发放仍同比增长了66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，规模扩大了3倍，推动已活跃在平台上的会员交叉购买的产品数量增加了1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>令投资者感到恐慌的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>让许多投资者在财报发布后出售SoFi股票的一件事是，该公司报告净亏损1.653亿美元，而去年同期净利润仍为780万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬（SBC）等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购Galileo相关的递延税项负债，我们在2020年重新计量了我们的估值拨备，这使估值拨备减少了9980万美元。缺乏该税收优惠，加上大量非现金股票补偿费用以及主要与SOFI股票公平市场价值相关的认股权证公允价值变化，是造成当期净亏损的最大原因。<p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论外，投资者还应该仔细看看SoFi的损益表，其中净亏损的原因变得更加清晰。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括对技术和产品、销售和营销的投资，以及运营成本分别仅增长了45%、48%、46%，远低于公司+74%的收入增长。本季度仅一般和管理费用就增加了两倍多。深入研究SEC文件发现，G&amp;A费用的很大一部分来自上述因收购Galileo而产生的9980万美元递延税负债，以及因成为上市公司而产生的基于股票的薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果您排除9980万美元的一次性递延税负债项目，并以前六个月SBC费用的一半左右对三个月的SBC进行调整，那么SoFi本季度的净亏损将仅为负(20)百万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种粗略的计算，相对于SoFi报告的强劲营收增长，我们并不特别担心本季度报告的净亏损。SoFi的数据清楚地表明该业务正在加速增长，迅速实现服务多元化，同时我们看到其客户群内的交叉销售活动增加，这应该会在未来降低客户获取成本和提高利润率方面带来一些重要的效率收益。当我们还查看各个业务部门的结果以及各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi调整后净收入为1.72亿美元，同比增长47%，贡献利润为8900万美元。这一增长主要是由个人贷款发放推动的，同比增长188%。此外，贡献利润（如下所示）同比增长80%，各自的利润率从去年同期的42%提高至52%，同时该业务的投资也增加了+1530万美元本季度。利润率的提高是由运营效率推动的（例如，超过50%的个人贷款是完全自动化的，而一年前这一比例不到30%），以及谨慎的营销支出，降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在《电话会议》中强调，尽管政府延长CARES-act给学生贷款业务带来了明显阻力，但该领域仍实现了增长，本季度的发放额为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务板块</b>-该部门第二季度的净收入达到1700万美元，而2020年第二季度为240万美元，同比增长602%，令人惊叹。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和推动每个客户更高终身价值的一个重要方面。另一个重要方面是，收入同比增长抵消了该部门成本的增加，与2020年第二季度相比，费用同比增加了850万美元，而收入增加了1,460万美元，从而改善了贡献指标，其中损失同比下降20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门的所有产品也显示出强劲的产品增长，该部门的产品总数同比增长243%。SoFi并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将是有趣的观看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>-该部门主要报告SoFi金融技术产品Galileo的业绩，该产品的总净收入同比增长138%，达到4530万美元，而去年同期为1900万美元。伽利略账户总数从3600万增至7900万，本季度增长119%。正如电话会议期间指出的那样，伽利略7月份的年化支付额也刚刚突破1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为Galileo未来的强劲增长做好准备，例如通过将运营从内部转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为Galileo构建新的云计算环境，该环境将取代内部环境，包括准备在第三季度将现有客户端迁移到云。尽管这导致费用大幅增加并影响了该部门的贡献利润，但SoFi的贡献利润仍同比增长8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务领域之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出AWS产品所做的事情可以通过Galileo复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi管理层预计2021年第三季度调整后净收入为2.45亿美元至2.55亿美元，与去年同期相比仅增长15%左右，明显低于两位分析师2.702亿美元的平均预期。调整后EBITDA预计将在负(7)百万美元至正300万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率高得多的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长了74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指引是导致SoFi股票抛售的一个重要因素，但我们认为投资者不应过多关注“错过”指引的头条新闻。事实上，SoFi坚持其调整后净收入9.8亿美元和调整后EBITDA为正2700万美元的初始指引，这是最重要的收获。<b>尽管政府延长CARES法案暂停期后，预期规划对学生贷款再融资收入产生了重大负面影响，为负4000万美元，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付情况。该公司目前预计学生贷款再融资业务将在明年初反弹，而到目前为止，管理层在其初步指导中计划CARES法案将于9月30日结束。此外，该公司还预计，基于SoFi收购bac的APEX少数股权（投资贡献于2021年1月结束），技术平台收入预计减少1200万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管对SoFi最初的指引产生了4000万美元的重大负面收入影响，再加上最初包含的来自APEX股权投资的2021年预期收入1200万美元，但该公司并没有降低指引，而是能够向投资者保证其他业务部门可以超过这些阻力，这是对SoFi多元化业务的有力验证，这将使公司能够度过可能不时影响其业务部门之一的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了相对于其增长前景的明确成本管理战略，这应该会向投资者再次保证，在某个时候，公司将在营收强劲增长的同时恢复正净利润：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>......我们继续积极投资于我们的业务，以推动复合增长，同时仍然为我们的股东提供盈利能力。这种组合并不容易，但我们致力于为利润贡献约30%的增量收入，并将剩余的70%再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们在技术、营销和人员方面进行了积极投资，但我们仍在继续实现成本效率，这开始推动真正的运营杠杆。通过利用交叉购买以及更好地实现和定位，我们同比大幅降低了销售和营销占收入的百分比以及客户获取成本。最后，投资者还渴望听到有关SoFi正在寻求的预期银行牌照的任何最新消息。首席执行官Anthony Noto在电话会议上提到，该公司正在与美联储银行和OCC在一个“建设性的过程”中密切合作，但他们也重申，该过程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi于2020年7月申请了银行执照。SoFi的招聘信息表明，他们正在为备受期待的银行部门组建高级管理层和团队，包括合规、软件工程或审计方面的最新招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为该公司股票的抛售是过度反应。温和的指导，或者更积极地说，尽管CARES法案的延长产生了4000万美元的重大负面影响，但管理层仍能够重申其对2021财年的初步指导，因为管理层不再预计2021财年的学生贷款融资业务实际上应该被视为一个积极迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长CARES法案暂停期，这将对SoFi的学生贷款业务产生负面影响，但该公司现在已经实现了良好的多元化，足以抵消任何负面影响，而且随着我们进入2022年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi正在实现业务多元化，并在客户群的交叉销售和多产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每个客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何弥补短期阻力。我们仍然做多该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong\">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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181607588","content_text":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by >100%.\nAdjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.\nHowever, investors got spooked by a net loss of >$150 million for the quarter and a muted guidance for H2 2021.\nManagement made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.\nSoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.\n\nipopba/iStock via Getty Images\nSummary\nSoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:\n1) Lending, which includes personal, home, and student loans;\n2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;\n3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.\nThe company aims to become a one-stop-shop for digital financial services and is well on its way to do so.\nSoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:\n\nThe company showed accelerating growth across its usage metrics, most of which grew by >100%;\nRevenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;\nGrowth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.\nIn addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.\n\nBut these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.\nData by YCharts\nSeemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was below what analysts had predicted.\nWe believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.\nThis article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit our previous article on SoFi.\nThe Numbers\nSoFi reported very strong Q2 financial results:\nAdjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.\nSource:SoFi\nOn an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.\nSource:SoFi\nMost importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.\nSource:SoFi\nThe quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.\nSource:SoFi\nGalileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.\nGalileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.\nSource:SoFi\nLastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.\nSource:SoFi\nThe Number That Spooked Investors\nThe one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):\n\n We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.\n\nSource:SoFi\nIn addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The SEC filing shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).\n\nSource:SoFi\nIf you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).\nWith that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:\n1) Lending Segment-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.\nSoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.\n\n\nSource:SoFi\n2) Financial Services Segment- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.\nThe Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.\n\nSource:SoFi\n3) Technology Platform- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the conference call.\nSource:SoFi\nSoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.\nManagement Guidance\nFor the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.\nWhile the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).\nEven despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.\nLastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:\n\n ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.\n\nLastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.\nConclusion\nThere was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.\nIn conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801995611,"gmtCreate":1627478307533,"gmtModify":1633764644499,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801995611","repostId":"1145347264","repostType":4,"repost":{"id":"1145347264","kind":"news","pubTimestamp":1627475104,"share":"https://www.laohu8.com/m/news/1145347264?lang=zh_CN&edition=full","pubTime":"2021-07-28 20:25","market":"us","language":"en","title":"Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145347264","media":"Barrons","summary":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple regist","content":"<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出了盈利预期。苹果第三财季iPhone销售额近400亿美元，超出华尔街预期50亿美元。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，投资者的兴奋很快变成了失望，首席财务官卢卡·马埃斯特里(Luca Maestri)表示，9月份季度的收入增长将放缓。Maestri表示，“非常强劲的两位数”增长无法与6月份季度36%的增长相匹配。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官表示，不利的外汇影响、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些波动。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名的Wedbush tech分析师Dan Ives对此有不同的看法，并表示苹果的“放下麦克风”季度是推动该股市值达到3万亿美元的下一步。他说，中国是这场秀的明星，在苹果牛市论点的关键地区，中国的销售额增长了58%。他补充说，iPhone和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但5G超级周期可能是持续需求故事的关键。很大一部分iPhone用户近年来没有升级手机，iPhone 13也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司在4月份警告称，第三季度半导体危机可能会造成30亿至40亿美元的损失。看看结果如何。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-28 20:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出了盈利预期。苹果第三财季iPhone销售额近400亿美元，超出华尔街预期50亿美元。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，投资者的兴奋很快变成了失望，首席财务官卢卡·马埃斯特里(Luca Maestri)表示，9月份季度的收入增长将放缓。Maestri表示，“非常强劲的两位数”增长无法与6月份季度36%的增长相匹配。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官表示，不利的外汇影响、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些波动。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名的Wedbush tech分析师Dan Ives对此有不同的看法，并表示苹果的“放下麦克风”季度是推动该股市值达到3万亿美元的下一步。他说，中国是这场秀的明星，在苹果牛市论点的关键地区，中国的销售额增长了58%。他补充说，iPhone和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但5G超级周期可能是持续需求故事的关键。很大一部分iPhone用户近年来没有升级手机，iPhone 13也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司在4月份警告称，第三季度半导体危机可能会造成30亿至40亿美元的损失。看看结果如何。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145347264","content_text":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.\nYet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.\nA less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.\nRenowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.\nBut it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.\nWhile Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take a $3 billion to $4 billion hit from the semiconductor crisis in the third quarter. Look how that turned out.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145408179,"gmtCreate":1626234199891,"gmtModify":1633928757609,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please thank you","listText":"Like please thank you","text":"Like please thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145408179","repostId":"1153057412","repostType":4,"repost":{"id":"1153057412","kind":"news","pubTimestamp":1626232523,"share":"https://www.laohu8.com/m/news/1153057412?lang=zh_CN&edition=full","pubTime":"2021-07-14 11:15","market":"us","language":"en","title":"Democrats Strike Deal On $3.5 Trillion \"Human Infrastructure\" Package<blockquote>民主党就3.5万亿美元的“人力基础设施”计划达成协议</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153057412","media":"zerohedge","summary":"Months after the Biden Administration and its Congressional alliesleaked the first details of Presid","content":"<p>Months after the Biden Administration and its Congressional alliesleaked the first details of President Biden's massive two-part \"Build Back Better\" infrastructure plan, Chuck Schumer, the Democrats' leader in the Senate, just announced that Democrats have united behind a $3.5 trillion \"infrastructure\" spending package, which they can now pass using special budget rules allowing them to circumvent the filibuster.</p><p><blockquote>在拜登政府及其国会盟友泄露拜登总统由两部分组成的大规模“重建得更好”基础设施计划的第一个细节几个月后，参议院民主党领袖查克·舒默刚刚宣布，民主党已团结起来支持3.5万亿美元的“基础设施”支出计划，他们现在可以使用特殊预算规则通过该计划，使他们能够绕过阻挠。</blockquote></p><p> In a late-night announcement Tuesday, Schumer said the Budget Committee had reached an agreement to allot $3.5 trillion for a spending package that would complete President Biden’s infrastructure plan.</p><p><blockquote>舒默在周二深夜的一份声明中表示，预算委员会已达成协议，为一项支出计划拨款3.5万亿美元，以完成拜登总统的基础设施计划。</blockquote></p><p>   \"The Budget Committee has come to an agreement,\" Sen. Schumer told reporters Tuesday night following a closed-door meeting with Democratic lawmakers.  The deal adds to the $600 billion package of infrastructure measures that Biden has struck with Republicans.</p><p><blockquote>“预算委员会已经达成协议，”参议员舒默周二晚上在与民主党议员举行闭门会议后告诉记者。该协议是拜登与共和党达成的6000亿美元一揽子基础设施措施的补充。</blockquote></p><p>   \"You add that to that the $600 billion in a bipartisan plan and you get to $4.1 trillion, which is very, very close to what President Biden has asked us for,\" Schumer said. \"Every major program that President Biden has asked us for is funded in a robust way.\"  The package will include such \"infrastructure\" priorities like expanding Medicare, addressing climate change, expanding childcare (after the administration just approved a new $300 handout for couples with children)&nbsp; and education. The Democrats have famously deemed all this \"human infrastructure\", which Republicans have vowed to reject.</p><p><blockquote>舒默说：“再加上两党计划中的6000亿美元，就会达到4.1万亿美元，这非常非常接近拜登总统向我们提出的要求。”“拜登总统要求我们实施的每一个重大项目都得到了充足的资助。”该计划将包括“基础设施”优先事项，如扩大医疗保险、应对气候变化、扩大儿童保育（在政府刚刚批准为有孩子的夫妇提供300美元的新施舍后）和教育。众所周知，民主党人认为所有这些都是“人类基础设施”，而共和党人发誓要拒绝这一点。</blockquote></p><p> Democrats will meet with Biden Wednesday, the majority leader said following the closed-door meeting.</p><p><blockquote>多数党领袖在闭门会议后表示，民主党人将于周三会见拜登。</blockquote></p><p>   \"We are very proud of this plan. We know we have a long road to go. We're going to get this done for the sake of making average Americans' lives a whole lot better,\" Schumer said  Previously, Schumer has promised to hold votes on both pieces of legislation before the Senate breaks for its August recess, which amounts to a pretty aggressive timeline, especially since some Republicans might rethink their support for the earlier measure now that Democrats are pushing ahead with the bigger multi-trillion-dollar package.</p><p><blockquote>舒默表示：“我们对这项计划感到非常自豪。我们知道我们还有很长的路要走。为了让普通美国人的生活变得更好，我们将完成这项工作。”此前，舒默曾承诺在参议院八月份休会之前就这两项立法进行投票，这相当于一个相当激进的时间表，特别是因为现在民主党正在推进更大的数万亿美元一揽子计划，一些共和党人可能会重新考虑他们对早期措施的支持。</blockquote></p><p> To be clear, the bipartisan deal struck by Biden authorizes a total of $1.2 trillion in spending over eight years. Meanwhile, the budget resolution necessary to pass the Democratic-only bill will require some more maneuvering.</p><p><blockquote>需要明确的是，拜登达成的两党协议授权在八年内总共支出1.2万亿美元。与此同时，通过民主党专用法案所需的预算决议将需要更多的操作。</blockquote></p><p> Senate Democrats want to bring the bipartisan infrastructure&nbsp;bill to the floor as soon as next week, though negotiators have warned that is an ambitious pace. Democrats didn't say on Tuesday night when specifically they would be ready to take the budget resolution to the floor. To pass both the budget resolution and a&nbsp;subsequent&nbsp;$3 to $5-trillion infrastructure bill through the Senate Democrats will need total unity from all 50 of their members. Democrats declined to say on Tuesday night if they had unified support.</p><p><blockquote>参议院民主党人希望最早在下周将两党基础设施法案提交议会，尽管谈判代表警告说这是一个雄心勃勃的步伐。民主党人周二晚上没有透露他们何时准备好将预算决议提交议会。为了在参议院通过预算决议和随后的3至5万亿美元基础设施法案，民主党需要所有50名成员的完全团结。民主党人周二晚上拒绝透露他们是否得到了统一的支持。</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>Democrats Strike Deal On $3.5 Trillion \"Human Infrastructure\" Package<blockquote>民主党就3.5万亿美元的“人力基础设施”计划达成协议</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\">\nDemocrats Strike Deal On $3.5 Trillion \"Human Infrastructure\" Package<blockquote>民主党就3.5万亿美元的“人力基础设施”计划达成协议</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-14 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Months after the Biden Administration and its Congressional alliesleaked the first details of President Biden's massive two-part \"Build Back Better\" infrastructure plan, Chuck Schumer, the Democrats' leader in the Senate, just announced that Democrats have united behind a $3.5 trillion \"infrastructure\" spending package, which they can now pass using special budget rules allowing them to circumvent the filibuster.</p><p><blockquote>在拜登政府及其国会盟友泄露拜登总统由两部分组成的大规模“重建得更好”基础设施计划的第一个细节几个月后，参议院民主党领袖查克·舒默刚刚宣布，民主党已团结起来支持3.5万亿美元的“基础设施”支出计划，他们现在可以使用特殊预算规则通过该计划，使他们能够绕过阻挠。</blockquote></p><p> In a late-night announcement Tuesday, Schumer said the Budget Committee had reached an agreement to allot $3.5 trillion for a spending package that would complete President Biden’s infrastructure plan.</p><p><blockquote>舒默在周二深夜的一份声明中表示，预算委员会已达成协议，为一项支出计划拨款3.5万亿美元，以完成拜登总统的基础设施计划。</blockquote></p><p>   \"The Budget Committee has come to an agreement,\" Sen. Schumer told reporters Tuesday night following a closed-door meeting with Democratic lawmakers.  The deal adds to the $600 billion package of infrastructure measures that Biden has struck with Republicans.</p><p><blockquote>“预算委员会已经达成协议，”参议员舒默周二晚上在与民主党议员举行闭门会议后告诉记者。该协议是拜登与共和党达成的6000亿美元一揽子基础设施措施的补充。</blockquote></p><p>   \"You add that to that the $600 billion in a bipartisan plan and you get to $4.1 trillion, which is very, very close to what President Biden has asked us for,\" Schumer said. \"Every major program that President Biden has asked us for is funded in a robust way.\"  The package will include such \"infrastructure\" priorities like expanding Medicare, addressing climate change, expanding childcare (after the administration just approved a new $300 handout for couples with children)&nbsp; and education. The Democrats have famously deemed all this \"human infrastructure\", which Republicans have vowed to reject.</p><p><blockquote>舒默说：“再加上两党计划中的6000亿美元，就会达到4.1万亿美元，这非常非常接近拜登总统向我们提出的要求。”“拜登总统要求我们实施的每一个重大项目都得到了充足的资助。”该计划将包括“基础设施”优先事项，如扩大医疗保险、应对气候变化、扩大儿童保育（在政府刚刚批准为有孩子的夫妇提供300美元的新施舍后）和教育。众所周知，民主党人认为所有这些都是“人类基础设施”，而共和党人发誓要拒绝这一点。</blockquote></p><p> Democrats will meet with Biden Wednesday, the majority leader said following the closed-door meeting.</p><p><blockquote>多数党领袖在闭门会议后表示，民主党人将于周三会见拜登。</blockquote></p><p>   \"We are very proud of this plan. We know we have a long road to go. We're going to get this done for the sake of making average Americans' lives a whole lot better,\" Schumer said  Previously, Schumer has promised to hold votes on both pieces of legislation before the Senate breaks for its August recess, which amounts to a pretty aggressive timeline, especially since some Republicans might rethink their support for the earlier measure now that Democrats are pushing ahead with the bigger multi-trillion-dollar package.</p><p><blockquote>舒默表示：“我们对这项计划感到非常自豪。我们知道我们还有很长的路要走。为了让普通美国人的生活变得更好，我们将完成这项工作。”此前，舒默曾承诺在参议院八月份休会之前就这两项立法进行投票，这相当于一个相当激进的时间表，特别是因为现在民主党正在推进更大的数万亿美元一揽子计划，一些共和党人可能会重新考虑他们对早期措施的支持。</blockquote></p><p> To be clear, the bipartisan deal struck by Biden authorizes a total of $1.2 trillion in spending over eight years. Meanwhile, the budget resolution necessary to pass the Democratic-only bill will require some more maneuvering.</p><p><blockquote>需要明确的是，拜登达成的两党协议授权在八年内总共支出1.2万亿美元。与此同时，通过民主党专用法案所需的预算决议将需要更多的操作。</blockquote></p><p> Senate Democrats want to bring the bipartisan infrastructure&nbsp;bill to the floor as soon as next week, though negotiators have warned that is an ambitious pace. Democrats didn't say on Tuesday night when specifically they would be ready to take the budget resolution to the floor. To pass both the budget resolution and a&nbsp;subsequent&nbsp;$3 to $5-trillion infrastructure bill through the Senate Democrats will need total unity from all 50 of their members. Democrats declined to say on Tuesday night if they had unified support.</p><p><blockquote>参议院民主党人希望最早在下周将两党基础设施法案提交议会，尽管谈判代表警告说这是一个雄心勃勃的步伐。民主党人周二晚上没有透露他们何时准备好将预算决议提交议会。为了在参议院通过预算决议和随后的3至5万亿美元基础设施法案，民主党需要所有50名成员的完全团结。民主党人周二晚上拒绝透露他们是否得到了统一的支持。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/political/democrats-strike-deal-35-trillion-human-infrastructure-package?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/political/democrats-strike-deal-35-trillion-human-infrastructure-package?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":"1153057412","content_text":"Months after the Biden Administration and its Congressional alliesleaked the first details of President Biden's massive two-part \"Build Back Better\" infrastructure plan, Chuck Schumer, the Democrats' leader in the Senate, just announced that Democrats have united behind a $3.5 trillion \"infrastructure\" spending package, which they can now pass using special budget rules allowing them to circumvent the filibuster.\nIn a late-night announcement Tuesday, Schumer said the Budget Committee had reached an agreement to allot $3.5 trillion for a spending package that would complete President Biden’s infrastructure plan.\n\n \"The Budget Committee has come to an agreement,\" Sen. Schumer told reporters Tuesday night following a closed-door meeting with Democratic lawmakers.\n\nThe deal adds to the $600 billion package of infrastructure measures that Biden has struck with Republicans.\n\n \"You add that to that the $600 billion in a bipartisan plan and you get to $4.1 trillion, which is very, very close to what President Biden has asked us for,\" Schumer said. \"Every major program that President Biden has asked us for is funded in a robust way.\"\n\nThe package will include such \"infrastructure\" priorities like expanding Medicare, addressing climate change, expanding childcare (after the administration just approved a new $300 handout for couples with children)  and education. The Democrats have famously deemed all this \"human infrastructure\", which Republicans have vowed to reject.\nDemocrats will meet with Biden Wednesday, the majority leader said following the closed-door meeting.\n\n \"We are very proud of this plan. We know we have a long road to go. We're going to get this done for the sake of making average Americans' lives a whole lot better,\" Schumer said\n\nPreviously, Schumer has promised to hold votes on both pieces of legislation before the Senate breaks for its August recess, which amounts to a pretty aggressive timeline, especially since some Republicans might rethink their support for the earlier measure now that Democrats are pushing ahead with the bigger multi-trillion-dollar package.\nTo be clear, the bipartisan deal struck by Biden authorizes a total of $1.2 trillion in spending over eight years. Meanwhile, the budget resolution necessary to pass the Democratic-only bill will require some more maneuvering.\nSenate Democrats want to bring the bipartisan infrastructure bill to the floor as soon as next week, though negotiators have warned that is an ambitious pace. Democrats didn't say on Tuesday night when specifically they would be ready to take the budget resolution to the floor. To pass both the budget resolution and a subsequent $3 to $5-trillion infrastructure bill through the Senate Democrats will need total unity from all 50 of their members. Democrats declined to say on Tuesday night if they had unified support.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802226262,"gmtCreate":1627783667056,"gmtModify":1633756447538,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802226262","repostId":"1167073573","repostType":4,"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800098617,"gmtCreate":1627264951739,"gmtModify":1633766737385,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800098617","repostId":"2154593428","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170333888,"gmtCreate":1626403389644,"gmtModify":1633927051707,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170333888","repostId":"1122107992","repostType":4,"repost":{"id":"1122107992","kind":"news","pubTimestamp":1626400291,"share":"https://www.laohu8.com/m/news/1122107992?lang=zh_CN&edition=full","pubTime":"2021-07-16 09:51","market":"us","language":"en","title":"One Bank's Non-Transitory Inflation Meter Just Exploded<blockquote>一家银行的非暂时性通胀指标刚刚爆炸</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122107992","media":"zerohedge","summary":"One month ago we reported that Bank of America had released a new proprietary indicator tracking the","content":"<p>One month ago we reported that Bank of America had released a new proprietary indicator tracking the level of transitory inflation, which incidentally was at the highest possible reading of 100.</p><p><blockquote>一个月前，我们报道了美国银行发布了一个新的专有指标来跟踪暂时性通胀水平，顺便提一下，该指标的最高读数为100。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff143ecaa5048b85057495194244af83\" tg-width=\"707\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Of course, since then it's only gotten worse and the June CPI report released earlier this week revealed another explosion in transitory price pressures. Used cars, new cars, lodging, and transportation services together accounted for 70bp of the 88bp increase in broader core CPI as discussed previously. As a result, core CPI surged 0.9% mom in June: these components primarily reflected the price pressures from goods shortages and the reopening. To no surprise, the BofA US transitory inflation meter (TIM) remained at 100 this month, because it simply couldn't rise any further.</p><p><blockquote>当然，自那以后情况只会变得更糟，本周早些时候发布的6月份消费者物价指数报告显示，暂时性价格压力再次爆发。如前所述，二手车、新车、住宿和交通服务合计占更广泛核心CPI上涨88个基点的70个基点。因此，6月份核心CPI环比飙升0.9%：这些组成部分主要反映了商品短缺和重新开放带来的价格压力。毫不奇怪，美国银行美国暂时性通胀指标(TIM)本月保持在100，因为它根本无法进一步上涨。</blockquote></p><p> But while the transitory strength in inflation took the spotlight, another development in the June CPI report - which we had discussedextensively before- was a strong 0.32% increase in owners’ equivalent rent (OER) which is a far stickier source of inflation and whichGoldman sees hitting 4% around the end of 2022.</p><p><blockquote>不过，尽管通胀的暂时走强引起了人们的关注，但6月份CPI报告中的另一项进展（我们之前曾广泛讨论过）是业主等值租金(OER)强劲增长0.32%，这是通胀的粘性更大的来源，高盛预计到2022年底将达到4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29e8197cd3b3f73d48338d5b01164364\" tg-width=\"960\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In other words, persistent inflation looks to be rising sharply as well.</p><p><blockquote>换句话说，持续的通胀看起来也在急剧上升。</blockquote></p><p> This, as Bank of America economist Alex Lin writes today, highlights the importance of being able to track persistent inflation while keeping transitory inflation in perspective.</p><p><blockquote>正如美国银行经济学家亚历克斯·林(Alex Lin)今天所写的那样，这凸显了能够跟踪持续通胀同时正确看待暂时性通胀的重要性。</blockquote></p><p> So to get a more complete picture of current inflation dynamics, BofA has revised its transitory inflation meter with the BofA US Persistent Inflation Meter (PIM), and here, a shock:<b>it soared to 75 in June from 37 in May, indicating elevated</b><b><u>persistent</u></b><b>, as in non-transitory,&nbsp; inflation.</b></p><p><blockquote>因此，为了更全面地了解当前的通胀动态，美国银行通过美国银行美国持续通胀表（PIM）修订了其暂时性通胀表，这里令人震惊：<b>从5月份的37飙升至6月份的75，表明</b><b><u>持续存在的</u></b><b>如非暂时性通货膨胀。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc907b44c17cb542b759a78f8c15f76d\" tg-width=\"713\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This confirms that contrary to its best wishes, the Fed already has a major headache on its hands. Furthermore, as Deutsche Bank pointed out earlier this week,<b>Wall Street consensus inflation expectations for 2022 are already well above 2%,</b>which is impossible if inflation is transitory and if there is going to be a deflationary phase after the current burst in transitory inflation ends.</p><p><blockquote>这证实，与其最美好的愿望相反，美联储已经有了一个令人头疼的问题。此外，正如德意志银行本周早些时候指出的那样，<b>华尔街对2022年的普遍通胀预期已经远高于2%，</b>如果通胀是暂时性的，并且在当前暂时性通胀爆发结束后将出现通缩阶段，这是不可能的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/92086971b86a9511afb50387980e3995\" tg-width=\"720\" tg-height=\"448\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In other words, the Fed is again wrong and sooner or later, 10Y yields which continue to pretend that everything is fine, will face a day of very painful reckoning.</p><p><blockquote>换句话说，美联储又错了，继续假装一切都很好的10年期国债迟早将面临非常痛苦的清算日。</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>One Bank's Non-Transitory Inflation Meter Just Exploded<blockquote>一家银行的非暂时性通胀指标刚刚爆炸</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\">\nOne Bank's Non-Transitory Inflation Meter Just Exploded<blockquote>一家银行的非暂时性通胀指标刚刚爆炸</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-16 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One month ago we reported that Bank of America had released a new proprietary indicator tracking the level of transitory inflation, which incidentally was at the highest possible reading of 100.</p><p><blockquote>一个月前，我们报道了美国银行发布了一个新的专有指标来跟踪暂时性通胀水平，顺便提一下，该指标的最高读数为100。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff143ecaa5048b85057495194244af83\" tg-width=\"707\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Of course, since then it's only gotten worse and the June CPI report released earlier this week revealed another explosion in transitory price pressures. Used cars, new cars, lodging, and transportation services together accounted for 70bp of the 88bp increase in broader core CPI as discussed previously. As a result, core CPI surged 0.9% mom in June: these components primarily reflected the price pressures from goods shortages and the reopening. To no surprise, the BofA US transitory inflation meter (TIM) remained at 100 this month, because it simply couldn't rise any further.</p><p><blockquote>当然，自那以后情况只会变得更糟，本周早些时候发布的6月份消费者物价指数报告显示，暂时性价格压力再次爆发。如前所述，二手车、新车、住宿和交通服务合计占更广泛核心CPI上涨88个基点的70个基点。因此，6月份核心CPI环比飙升0.9%：这些组成部分主要反映了商品短缺和重新开放带来的价格压力。毫不奇怪，美国银行美国暂时性通胀指标(TIM)本月保持在100，因为它根本无法进一步上涨。</blockquote></p><p> But while the transitory strength in inflation took the spotlight, another development in the June CPI report - which we had discussedextensively before- was a strong 0.32% increase in owners’ equivalent rent (OER) which is a far stickier source of inflation and whichGoldman sees hitting 4% around the end of 2022.</p><p><blockquote>不过，尽管通胀的暂时走强引起了人们的关注，但6月份CPI报告中的另一项进展（我们之前曾广泛讨论过）是业主等值租金(OER)强劲增长0.32%，这是通胀的粘性更大的来源，高盛预计到2022年底将达到4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29e8197cd3b3f73d48338d5b01164364\" tg-width=\"960\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In other words, persistent inflation looks to be rising sharply as well.</p><p><blockquote>换句话说，持续的通胀看起来也在急剧上升。</blockquote></p><p> This, as Bank of America economist Alex Lin writes today, highlights the importance of being able to track persistent inflation while keeping transitory inflation in perspective.</p><p><blockquote>正如美国银行经济学家亚历克斯·林(Alex Lin)今天所写的那样，这凸显了能够跟踪持续通胀同时正确看待暂时性通胀的重要性。</blockquote></p><p> So to get a more complete picture of current inflation dynamics, BofA has revised its transitory inflation meter with the BofA US Persistent Inflation Meter (PIM), and here, a shock:<b>it soared to 75 in June from 37 in May, indicating elevated</b><b><u>persistent</u></b><b>, as in non-transitory,&nbsp; inflation.</b></p><p><blockquote>因此，为了更全面地了解当前的通胀动态，美国银行通过美国银行美国持续通胀表（PIM）修订了其暂时性通胀表，这里令人震惊：<b>从5月份的37飙升至6月份的75，表明</b><b><u>持续存在的</u></b><b>如非暂时性通货膨胀。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc907b44c17cb542b759a78f8c15f76d\" tg-width=\"713\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This confirms that contrary to its best wishes, the Fed already has a major headache on its hands. Furthermore, as Deutsche Bank pointed out earlier this week,<b>Wall Street consensus inflation expectations for 2022 are already well above 2%,</b>which is impossible if inflation is transitory and if there is going to be a deflationary phase after the current burst in transitory inflation ends.</p><p><blockquote>这证实，与其最美好的愿望相反，美联储已经有了一个令人头疼的问题。此外，正如德意志银行本周早些时候指出的那样，<b>华尔街对2022年的普遍通胀预期已经远高于2%，</b>如果通胀是暂时性的，并且在当前暂时性通胀爆发结束后将出现通缩阶段，这是不可能的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/92086971b86a9511afb50387980e3995\" tg-width=\"720\" tg-height=\"448\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In other words, the Fed is again wrong and sooner or later, 10Y yields which continue to pretend that everything is fine, will face a day of very painful reckoning.</p><p><blockquote>换句话说，美联储又错了，继续假装一切都很好的10年期国债迟早将面临非常痛苦的清算日。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/one-banks-non-transitory-inflation-meter-just-exploded\">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":{".DJI":"道琼斯","SPY":"标普500ETF","BAC":"美国银行",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/economics/one-banks-non-transitory-inflation-meter-just-exploded","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122107992","content_text":"One month ago we reported that Bank of America had released a new proprietary indicator tracking the level of transitory inflation, which incidentally was at the highest possible reading of 100.\n\nOf course, since then it's only gotten worse and the June CPI report released earlier this week revealed another explosion in transitory price pressures. Used cars, new cars, lodging, and transportation services together accounted for 70bp of the 88bp increase in broader core CPI as discussed previously. As a result, core CPI surged 0.9% mom in June: these components primarily reflected the price pressures from goods shortages and the reopening. To no surprise, the BofA US transitory inflation meter (TIM) remained at 100 this month, because it simply couldn't rise any further.\nBut while the transitory strength in inflation took the spotlight, another development in the June CPI report - which we had discussedextensively before- was a strong 0.32% increase in owners’ equivalent rent (OER) which is a far stickier source of inflation and whichGoldman sees hitting 4% around the end of 2022.\n\nIn other words, persistent inflation looks to be rising sharply as well.\nThis, as Bank of America economist Alex Lin writes today, highlights the importance of being able to track persistent inflation while keeping transitory inflation in perspective.\nSo to get a more complete picture of current inflation dynamics, BofA has revised its transitory inflation meter with the BofA US Persistent Inflation Meter (PIM), and here, a shock:it soared to 75 in June from 37 in May, indicating elevatedpersistent, as in non-transitory,  inflation.\n\nThis confirms that contrary to its best wishes, the Fed already has a major headache on its hands. Furthermore, as Deutsche Bank pointed out earlier this week,Wall Street consensus inflation expectations for 2022 are already well above 2%,which is impossible if inflation is transitory and if there is going to be a deflationary phase after the current burst in transitory inflation ends.\n\nIn other words, the Fed is again wrong and sooner or later, 10Y yields which continue to pretend that everything is fine, will face a day of very painful reckoning.","news_type":1,"symbols_score_info":{"BAC":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153879135,"gmtCreate":1625019265827,"gmtModify":1633945772039,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/153879135","repostId":"1171228649","repostType":4,"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836670580,"gmtCreate":1629484118940,"gmtModify":1633684521305,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836670580","repostId":"2160710721","repostType":4,"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892241827,"gmtCreate":1628668008869,"gmtModify":1633745252584,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892241827","repostId":"1149948447","repostType":4,"isVote":1,"tweetType":1,"viewCount":1850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898151195,"gmtCreate":1628479699317,"gmtModify":1633746832064,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898151195","repostId":"2157418467","repostType":4,"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893272359,"gmtCreate":1628269941971,"gmtModify":1633752069863,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893272359","repostId":"1110501028","repostType":4,"repost":{"id":"1110501028","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":1628260468,"share":"https://www.laohu8.com/m/news/1110501028?lang=zh_CN&edition=full","pubTime":"2021-08-06 22:34","market":"us","language":"en","title":"Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110501028","media":"Tiger Newspress","summary":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","content":"<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</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>Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</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\">\nTencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-06 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110501028","content_text":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807537361,"gmtCreate":1628042918953,"gmtModify":1633754108541,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like plss","listText":"Like plss","text":"Like 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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177379632","repostId":"1181195967","repostType":4,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178055076,"gmtCreate":1626775092895,"gmtModify":1633771162915,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/178055076","repostId":"1173914774","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173198709,"gmtCreate":1626629233701,"gmtModify":1633925416736,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Interesting read","listText":"Interesting read","text":"Interesting read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173198709","repostId":"1139907709","repostType":4,"repost":{"id":"1139907709","kind":"news","pubTimestamp":1626568617,"share":"https://www.laohu8.com/m/news/1139907709?lang=zh_CN&edition=full","pubTime":"2021-07-18 08:36","market":"us","language":"en","title":"Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街罪与罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139907709","media":"Benzinga","summary":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Q","content":"<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一位名叫托马斯·F·奎因的美国侨民，罪名是他策划了一项全球证券计划，诈骗投资者5亿美元。作为...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">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>Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街罪与罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</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\">\nWall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街罪与罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-18 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一位名叫托马斯·F·奎因的美国侨民，罪名是他策划了一项全球证券计划，诈骗投资者5亿美元。作为...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">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/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">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":{},"source_url":"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139907709","content_text":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million.\nAs an unapologetic financial miscreant with a lifelong penchant for fraud, the French escapade represented something of a career peak for Quinn, whose flair of swindling took on an astonishing level of organizing that left no corner of the world untouched.\nIllusory Assets For Sale:Thomas Francis Quinn was born in Brooklyn in 1932; his father drove a cement truck and his mother was a housewife who made extra money selling clothing and jewelry from the family’s garage.\nQuinn was an altar boy in his childhood and was the first member of his family to pursue higher education, graduating from St. John’s University Law School and passing the bar in 1962.\nQuinn opted to go into business for himself, starting a brokerage firm in New York called Thomas, Williams & Lee.The main focus of this firm became the promotion of Kent Industries,a company that claimed to own Florida property valued at $2 million.\nThere was a slight problem — Kent Industries didn’t own anything in the Sunshine State, and this inconvenient fact helped to introduce Quinn to the U.S. Securities and Exchange Commission (SEC).\nLong story short: Quinn received a lifetime banishment from the SEC in 1966 from doing business with brokers and dealers thanks to what the agency defined as his “flagrant fraudulent practices” related to the Kent Industries assets, which the regulator considered to be “almost completely illusory.”\nThe U.S. Department of Justice (DOJ) was a bit slower in dealing with Quinn, but by 1970 he was sent to jail for six months and was later permanently disbarred from practicing law.\nA Job With The Mob:Prior to losing his law license, Quinn gained a partnership in a New York-based securities law firm that set off several alarms among federal law enforcement agencies. Indeed, an FBI report from 1983 recalled this firm’s chief focus was being responsible for the “funds of hoodlum-controlled companies.”\nQuinn was on both the FBI’s and SEC’s respective radars in the early 1980s for his role with two companies,Sundance Gold Mining and Aquarius Gold Exploration, that claimed to have discovered gold in Suriname. The companies created a flurry of excitement among investors, but an investigation into their operations found a hitherto undeclared connection with the Genovese crime family.\nThe SEC filed a civil complaint against Quinn in 1983, charging him with fraudulently manipulating and promoting the companies’ stocks.\nThree years later, he reached a settlement with the regulator by agreeing to permanently stay away from anything related to securities.\nThe FBI, despite finding Mafia fingerprints in Quinn’s business affairs, declined to press charges against him.\nRealizing that he wore out his welcome in his home country, Quinn and his common-law wife Rochelle Rothfleisch decided to relocate to France and to up his game to an unprecedented operation.\nBoiler Room Follies:The circumstances and details of how Quinn built his swindling masterpiece are a bit fuzzy, but it is believed that the scheme was first hatched in 1984 and was coordinated out of his $6 million villa in the south of France.\nQuinn set up an archipelago of offices in several European countries and in Dubai, Jamaica and the tiny South Pacific island nation of Vanuatu, and he gave them phony names that sounded similar to respectable brokerages.\nEach office was staffed with salesmen who were tasked to sell stocks for 20 U.S. corporations to individual investors around the world. The stocks in question were mostly shell companies trading on the over-the-counter exchanges that Quinn picked up for pennies, but they were resold by Quinn’s salesmen at inflated amounts.\nThe investors were culled from mailing lists sold by publishing companies and professional organizations, as well as from respondents to advertisements placed in newsletters focused on the over-the-counter markets.\nQuinn’s henchmen would telephone the investors — nearly all of whom were novices to investing — and do a high-pressure sales spiel that, more often than not, resulted in the separation of the gullible targets from their money.\nQuinn’s team aimed at European, Australian, Middle Eastern and Hong Kong neophyte investors. The only country off-limits from this scheme was the U.S. Quinn was already on the FBI’s radar and the last thing he wanted was to give them cause to pursue him anew.\nA Temporary Setback: In 1988, Quinn’s arrest in France saw him charged with securities fraud, forgery of administrative documents and the possession of two fake Greek passports. His detention and the subsequent arrest of 20 of his salesmen created a fascinating dilemma for banking and law enforcement agencies in multiple countries.\nFor starters, no one could easily figure out where the majority of Quinn’s $500 million in ill-gotten gains wound up. Transfers were traced through banks in Switzerland, Luxembourg and Gibraltar, as well as the beleaguered Bank of Credit and Commerce International in Tampa, Florida, which gained national attention as a favored depository for those involved in drug money laundering. But where the money eventually landed was anyone’s guess, and Quinn’s talent for adopting aliases to cover his business tracks confounded investigators.\nAlso, it was unclear regarding how many people were swindled. A pair of class-action lawsuits brought out a total of 500 people trying to regain their money, but some observers of this case speculated the number could have been higher — some investors might have seen Quinn’s scam as a means of evading local taxes and foreign currency exchanges and would then have to answer to their authorities if this chicanery came to light.\nThe SEC got into the picture because the stocks being sold in the scheme were all U.S. companies. The agency hosted a meeting in Washington D.C. with law enforcement officers and prosecutors from eight European countries and Australia, with the hopes of sorting out the mess. But since no Americans were defrauded in this elaborate charade, Quinn did not face criminal charges in his own country, although the SEC temporarily froze his U.S. assets.\nIn France, Quinn was initially released after agreeing to reimburse his French victims but was arrested again when the Swiss government demanded his extradition.\nHe came to trial in 1991 and was only sentenced to four years in prison, but his sentence was reduced to include time served and he was extradited to Switzerland.\nHis Alpine detention was brief and by the mid-1990s he returned to the U.S. and rented a luxury home in Greenwich, Connecticut, a swanky suburb of New York City.\nAn Eventual Stumble:One of Quinn’s neighbors in Greenwich wasMartin Frankel,a financier with his own addiction to swindling.\nIn 1999, the Wall Street Journal used anonymous “people familiar with the matter” to claim Quinn assisted Frankel in his efforts to raise money for a controlled investment fund designed to buy insurance companies — but this turned out to be an embezzlement scam that resulted in Frankel fleeing the U.S. to Germany on a phony passport.\nFrankel was eventually extradited and spent nearly two decades in prison, but Quinn was never charged for being a partner in Frankel’s shenanigans.\nFor most of the 1990s and the 2000s, Quinn kept a very low public profile, although law enforcement tracked his travels to such far-flung places as the Maldives and the United Arab Emirates.\nIn 2004, he made a rare appearance at the Irish Derby as the co-owner of the winning thoroughbred Grey Swallow. Photographs of Quinn with the winning racehorse marked the only time that he was ever photographed in a public gathering. (Copyright restrictions prevent us from reprinting the photograph here, butthis linkon the RTE website shows Quinn, standing second from right, at the conclusion of the championship race.)\nIn November 2009, Quinn’s luck finally ran out. On a trip back from Ireland to New York’s JFK International Airport, he was arrested for his role within a ring of embezzlers that sought to defraud a pair of British telecommunications companies out of more than $60 million. The scheme had the global hallmarks of Quinn’s earlier criminal triumph, with funds being disbursed to seven countries across four continents.\nQuinn was immediately jailed upon his arrest and was denied bail because it was feared he would attempt to flee the country. He eventually pleaded guilty to a single count of wire fraud and, despite exhortations to avoid prison due to health problems, he was sentenced in March 2013 to 84 months in prison. He was released in May 2016.\nWhat became of Quinn since his release is unknown. No obituary for him has been published, and he would be 89 years old if he is still alive.\nOne information-tracking website listed him residing at a Brooklyn address, but the website also listed an accompanying telephone number that is not in service. Any readers who may have information on Quinn’s whereabouts should contact us and we will offer an update on his story.\nQuinn rarely spoke to anyone about his criminal activities. During an investigative session after his final arrest, he reportedly would only answer questions through a series of eyelid blinks. When a reporter sought to interview him in 1995, he demanded his privacy.\n\"Just forget me,\" Quinn said. \"I've got a lot of trouble and a lot of personal grief. I'm just trying to get on with my life. I'm not in the securities business and never will be again.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835331293,"gmtCreate":1629686797312,"gmtModify":1633683189587,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586519067840195","idStr":"3586519067840195"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835331293","repostId":"1124774000","repostType":4,"isVote":1,"tweetType":1,"viewCount":2627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}