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2021-07-24

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2021-08-02

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Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>

2021-07-03

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2021-07-22

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2021-09-02

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2021-07-26

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2021-08-01

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2021-07-31

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Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>

2021-07-14

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PayPal's Epic Success Continues With Crypto<blockquote>PayPal 在加密货币领域继续取得巨大成功</blockquote>

2021-07-03

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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839913956","repostId":"899031825","repostType":1,"repost":{"id":899031825,"gmtCreate":1628140857567,"gmtModify":1633753184651,"author":{"id":"3577972314102478","authorId":"3577972314102478","name":"lom","avatar":"https://static.tigerbbs.com/44089f1be981c5c01b184dfe1635845a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577972314102478","authorIdStr":"3577972314102478"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>from 500 % to 75.3 % is ok....u dare u down more!!! 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I treat u 🍌🍌🍌","images":[{"img":"https://static.tigerbbs.com/21ac4d55ef17a34a6b92de742ee36399","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899031825","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2977,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898301347,"gmtCreate":1628471724989,"gmtModify":1631893390074,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Oh no. But these things will impact stock?","listText":"Oh no. But these things will impact stock?","text":"Oh no. But these things will impact stock?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898301347","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807992725,"gmtCreate":1627994538867,"gmtModify":1631893390088,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807992725","repostId":"1169635195","repostType":4,"repost":{"id":"1169635195","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":1627988246,"share":"https://www.laohunote.com/m/news/1169635195?lang=zh_CN&edition=full","pubTime":"2021-08-03 18:57","market":"us","language":"en","title":"Alibaba EPS beats by RMB2.27, misses on revenue<blockquote>阿里巴巴-SW每股收益超过预期人民币2.27元，营收不及预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169635195","media":"Tiger Newspress","summary":" $Alibaba$ posted financial result in premarket, which showed that:. Alibaba Q1 revenue RMB205.74 bln vs. RMB153.75 bln a year ago; FactSet consensus RMB209.11 bln.Alibaba Q1 adj. EPS RMB16.60 vs. RMB14.82 a year ago; FactSet consensus RMB14.33.Revenue was RMB205,740 million , an increase of 34% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 22% year-over-year to RMB187,306 million .Annual active consumersof the Alibaba Ecosystem across the world reached app","content":"<p>(August 3)&nbsp;<a href=\"https://laohu8.com/S/BABA\">Alibaba</a> posted&nbsp;financial&nbsp;result&nbsp;in&nbsp;premarket,&nbsp;which&nbsp;showed&nbsp;that:</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>盘前公布的财务业绩显示：</blockquote></p><p> Alibaba Q1 revenue RMB205.74 bln vs. RMB153.75 bln a year ago; FactSet consensus RMB209.11 bln.</p><p><blockquote>阿里巴巴-SW第一季度营收为2057.4亿元，去年同期为1537.5亿元；FactSet共识人民币209.11亿元。</blockquote></p><p> Alibaba Q1 adj. EPS RMB16.60 vs. RMB14.82 a year ago; FactSet consensus RMB14.33.</p><p><blockquote>阿里巴巴-SW第一季度调整。每股收益为16.60元，去年同期为14.82元；FactSet共识人民币14.33元。</blockquote></p><p> <b>BUSINESS HIGHLIGHTS</b></p><p><blockquote><b>业务亮点</b></blockquote></p><p> <b>In the quarter ended June 30, 2021:</b></p><p><blockquote><b>截至2021年6月30日止季度：</b></blockquote></p><p> <ul>  <li><b>Revenue</b>&nbsp;was RMB205,740 million (US$31,865 million), an increase of 34% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 22% year-over-year to RMB187,306 million (US$29,010 million).</li>  <li><b>Annual active consumers</b>of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li>  <li><b>Income from operations</b>&nbsp;was RMB30,847 million (US$4,778 million), a decrease of 11% year-over-year.<b>Adjusted EBITDA</b>, a non-GAAP measurement, decreased 5% year-over-year to RMB48,628 million (US$7,532 million).<b>Adjusted EBITA</b>, a non-GAAP measurement, decreased 8% year-over-year to RMB41,731 million (US$6,463 million). The year-over-year decreases were primarily due to our investments in strategic areas to capture incremental opportunities, such as Community Marketplaces, Taobao Deals, Local Consumer Services and Lazada, as well as our increased spending on growth initiatives within China retail marketplaces, such as Idle Fish and Taobao Live, and our support to merchants.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;was RMB45,141 million (US$6,991 million),and<b>net income</b>was RMB42,835 million (US$6,634 million).<b>Non-GAAP net income</b>&nbsp;was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, mainly due to an increase in share of profit of equity method investees.</li>  <li><b>Diluted earnings per ADS</b>&nbsp;was RMB16.38 (US$2.54) and<b>diluted earnings per share</b>was RMB2.05 (US$0.32 or HK$2.46).<b>Non-GAAP diluted earnings per ADS</b>was RMB16.60 (US$2.57), an increase of 12% year-over-year and<b>non-GAAP diluted earnings per share</b>was RMB2.08 (US$0.32 or HK$2.50), an increase of 12% year-over-year.</li>  <li><b>Net cashprovided by operating activities</b>&nbsp;was RMB33,603 million (US$5,204 million).<b>Non-GAAP free cash flow</b>was RMB20,683 million (US$3,203 million), a decrease compared to RMB36,570 million in the same quarter of 2020, mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million fine levied earlier this year by China’s State Administration for Market Regulation pursuant to China’s Anti-monopoly Law (the “Anti-monopoly Fine”) and a decrease in profit as a result of our investments in key strategic areas.</li> </ul> <img src=\"https://static.tigerbbs.com/11aa08a1ccb4f80e6867c7e7631297c8\" tg-width=\"719\" tg-height=\"863\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>收入</b>为人民币2057.40亿元（318.65亿美元），同比增长34%。剔除高鑫艺术的合并，我们的收入将同比增长22%至人民币1873.06亿元（290.10亿美元）。</li><li><b>年度活跃消费者</b>截至2021年6月30日止12个月，全球阿里巴巴-SW生态系统的数量约为11.8亿，比截至2021年3月31日止12个月增加了4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者和2.65亿海外消费者。</li><li><b>营业收入</b>为人民币308.47亿元（47.78亿美元），同比下降11%。<b>调整后 EBITDA</b>非 GAAP 衡量标准同比下降 5% 至人民币 486.28 亿元（75.32 亿美元）。<b>经调整EBITA</b>非 GAAP 衡量标准同比下降 8% 至人民币 417.31 亿元（64.63 亿美元）。同比减少主要由于我们在策略领域进行投资以抓住增量机会，如社区市场、淘宝优惠、本地消费者服务和Lazada，以及我们在中国零售市场（如闲鱼和淘宝直播）内的增长计划支出增加，以及我们对商家的支持。</li><li><b>归属于普通股股东的净利润</b>为人民币451.41亿元（69.91亿美元），<b>净收入</b>为人民币428.35亿元（66.34亿美元）。<b>非公认会计准则净利润</b>为人民币434.41亿元（67.28亿美元），同比增长10%，主要由于权益法投资单位应占利润增加所致。</li><li><b>每股美国存托凭证摊薄收益</b>为人民币16.38元（2.54美元）及<b>稀释每股盈利</b>为人民币2.05元（0.32美元或2.46港元）。<b>非 GAAP 稀释每股 ADS 收益</b>为人民币16.60元（2.57美元），同比增长12%；<b>非 GAAP 稀释每股收益</b>为人民币2.08元（0.32美元或2.50港元），同比增长12%。</li><li><b>经营活动提供的现金净额</b>为人民币336.03亿元（52.04亿美元）。<b>非 GAAP 自由现金流</b>为人民币206.83亿元（32.03亿美元），较二零二零年同一季度的人民币365.70亿元有所减少，主要由于中国国家市场监督管理总局今年早些时候根据中国《反垄断法》开出的人民币182.28亿元罚款（「反垄断罚款」）部分结清金额为人民币91.14亿元（14.12亿美元），以及我们在关键战略领域的投资导致利润减少。</li></ul></blockquote></p><p> <b>China Retail Marketplaces</b></p><p><blockquote><b>中国零售市场</b></blockquote></p><p> In June 2021, Alibaba's China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million.</p><p><blockquote>2021年6月，阿里巴巴中国零售市场拥有9.39亿移动MAU，季度净增1400万。</blockquote></p><p> <b>Cloud Computing</b></p><p><blockquote><b>云计算</b></blockquote></p><p> In the June 2021 quarter, our cloud computing revenue grew 29% year-over-year to RMB16,051 million (US$2,486 million), primarily driven by robust growth in revenue from customers in the Internet, financial services and retail industries.</p><p><blockquote>在2021年6月季度，我们的云计算收入同比增长29%至人民币160.51亿元（24.86亿美元），主要得益于来自互联网、金融服务和零售行业客户的收入强劲增长。</blockquote></p><p> <b>Cash Flow from Operating Activities and Free Cash Flow</b></p><p><blockquote><b>经营活动现金流量及自由现金流量</b></blockquote></p><p> In the quarter ended June 30, 2021, net cash provided by operating activities was RMB33,603 million (US$5,204 million), a decrease compared to RMB50,099 million in the same quarter of 2020. Free cash flow, a non-GAAP measurement of liquidity, decreased to RMB20,683 million (US$3,203 million), from RMB36,570 million in the same quarter of 2020. The year-over-year decreases were mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million Anti-monopoly Fine and a decrease in profit as a result of our investments in key strategic areas. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.</p><p><blockquote>截至2021年6月30日止季度，经营活动提供的现金净额为人民币336.03亿元（52.04亿美元），低于2020年同季度的人民币500.99亿元。自由现金流（一种非 GAAP 流动性衡量标准）从 2020 年同季度的人民币 365.7 亿元下降至人民币 206.83 亿元（32.03 亿美元）。同比减少主要由于人民币182.28亿元的反垄断罚款人民币91.14亿元（合14.12亿美元）的部分结算，以及我们在关键战略领域的投资导致利润减少。经营活动提供的净现金与自由现金流的对账列于本业绩公告末尾。</blockquote></p><p> <b>Increasing Share Repurchases</b></p><p><blockquote><b>增加股票回购</b></blockquote></p><p> Since April 1, 2021 and through the publication of this results announcement, we repurchased approximately 18.1 million of our ADSs (the equivalent of approximately 144.5 million of our ordinary shares) for approximately US$3,680 million under our share repurchase program. In addition, on August 2, 2021, our board of directors authorized the Company to upsize our Company's share repurchase program from US$10 billion to US$15 billion. This share repurchase program will be effective through the end of 2022.</p><p><blockquote>自2021年4月1日起及透过本业绩公告刊发，我们根据股份购回计划以约3,680百万美元购回约18.1百万股美国存讬股份（相当于约144.5百万股普通股）。此外，于2021年8月2日，我们的董事会授权本公司将本公司的股份回购计划规模从100亿美元扩大至150亿美元。该股份回购计划将于2022年底生效。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/58bf53593de78f5f6e4fa1096d7aae94\" tg-width=\"757\" tg-height=\"793\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”</p><p><blockquote>我们正在将股票回购计划从 100 亿美元增加到 150 亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。我们的净现金状况依然强劲，自2021年4月1日以来，我们已购回约37亿美元的美国存托凭证。”</blockquote></p><p> In June 2021, our China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million. We continue to increase penetration in less-developed areas, reflecting our success in broadening product offerings to meet diverse consumer demand.</p><p><blockquote>2021年6月，我们的中国零售市场拥有9.39亿个移动端MAU，季度净增1400万个。我们继续扩大在欠发达地区的渗透率，反映了我们在扩大产品范围以满足多元化消费者需求方面的成功。</blockquote></p><p> “Alibaba started the new fiscal year by delivering a healthy quarter. For the June quarter, global annual active consumers across the Alibaba Ecosystem reached 1.18 billion, an increase of 45 million from the March quarter, which includes 912 million consumers in China. Over more than twenty years of growth, we have developed a company that spans across both consumer and industrial Internet, with multiple engines driving our long-term growth,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our enterprise customers to accomplish successful digital transformations.”</p><p><blockquote>“阿里巴巴-SW以健康的季度开启了新的财年。6 月份的季度，阿里巴巴-SW生态系统的全球年度活跃消费者达到 11.8 亿，比 3 月份的季度增加了 4500 万，其中包括 9.12 亿中国区消费者。经过二十多年的发展，我们已经发展成为一家横跨消费互联网和工业互联网的公司，多重引擎推动着我们的长期增长，”张勇集团董事长兼首席执行官阿里巴巴-SW说。“我们相信中国经济的增长和阿里巴巴-SW的长期价值创造，我们将继续加强我们在改善消费者体验和帮助企业客户成功实现数字化转型方面的技术优势。”</blockquote></p><p> “We delivered strong revenue growth of 34% year-over-year. As we said in last quarter's results announcement, we are investing our excess profits and additional capital to support our merchants and invest in strategic areas to better serve customers and penetrate into new addressable markets,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”</p><p><blockquote>“我们实现了 34% 的强劲收入同比增长。正如我们在上一季度业绩公告中所说，我们正在将超额利润和额外资本投资于支持我们的商家，并投资于战略领域，以更好地服务客户并打入新的潜在市场，”阿里巴巴-SW集团首席财务官 Maggie Wu 说。“我们正在将股票回购计划从 100 亿美元增加到 150 亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。自 2021 年 4 月 1 日以来，我们已回购了约 37 亿美元的美国存托凭证”。</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>Alibaba EPS beats by RMB2.27, misses on revenue<blockquote>阿里巴巴-SW每股收益超过预期人民币2.27元，营收不及预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba EPS beats by RMB2.27, misses on revenue<blockquote>阿里巴巴-SW每股收益超过预期人民币2.27元，营收不及预期</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\">2021-08-03 18:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 3)&nbsp;<a href=\"https://laohu8.com/S/BABA\">Alibaba</a> posted&nbsp;financial&nbsp;result&nbsp;in&nbsp;premarket,&nbsp;which&nbsp;showed&nbsp;that:</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>盘前公布的财务业绩显示：</blockquote></p><p> Alibaba Q1 revenue RMB205.74 bln vs. RMB153.75 bln a year ago; FactSet consensus RMB209.11 bln.</p><p><blockquote>阿里巴巴-SW第一季度营收为2057.4亿元，去年同期为1537.5亿元；FactSet共识人民币209.11亿元。</blockquote></p><p> Alibaba Q1 adj. EPS RMB16.60 vs. RMB14.82 a year ago; FactSet consensus RMB14.33.</p><p><blockquote>阿里巴巴-SW第一季度调整。每股收益为16.60元，去年同期为14.82元；FactSet共识人民币14.33元。</blockquote></p><p> <b>BUSINESS HIGHLIGHTS</b></p><p><blockquote><b>业务亮点</b></blockquote></p><p> <b>In the quarter ended June 30, 2021:</b></p><p><blockquote><b>截至2021年6月30日止季度：</b></blockquote></p><p> <ul>  <li><b>Revenue</b>&nbsp;was RMB205,740 million (US$31,865 million), an increase of 34% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 22% year-over-year to RMB187,306 million (US$29,010 million).</li>  <li><b>Annual active consumers</b>of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li>  <li><b>Income from operations</b>&nbsp;was RMB30,847 million (US$4,778 million), a decrease of 11% year-over-year.<b>Adjusted EBITDA</b>, a non-GAAP measurement, decreased 5% year-over-year to RMB48,628 million (US$7,532 million).<b>Adjusted EBITA</b>, a non-GAAP measurement, decreased 8% year-over-year to RMB41,731 million (US$6,463 million). The year-over-year decreases were primarily due to our investments in strategic areas to capture incremental opportunities, such as Community Marketplaces, Taobao Deals, Local Consumer Services and Lazada, as well as our increased spending on growth initiatives within China retail marketplaces, such as Idle Fish and Taobao Live, and our support to merchants.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;was RMB45,141 million (US$6,991 million),and<b>net income</b>was RMB42,835 million (US$6,634 million).<b>Non-GAAP net income</b>&nbsp;was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, mainly due to an increase in share of profit of equity method investees.</li>  <li><b>Diluted earnings per ADS</b>&nbsp;was RMB16.38 (US$2.54) and<b>diluted earnings per share</b>was RMB2.05 (US$0.32 or HK$2.46).<b>Non-GAAP diluted earnings per ADS</b>was RMB16.60 (US$2.57), an increase of 12% year-over-year and<b>non-GAAP diluted earnings per share</b>was RMB2.08 (US$0.32 or HK$2.50), an increase of 12% year-over-year.</li>  <li><b>Net cashprovided by operating activities</b>&nbsp;was RMB33,603 million (US$5,204 million).<b>Non-GAAP free cash flow</b>was RMB20,683 million (US$3,203 million), a decrease compared to RMB36,570 million in the same quarter of 2020, mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million fine levied earlier this year by China’s State Administration for Market Regulation pursuant to China’s Anti-monopoly Law (the “Anti-monopoly Fine”) and a decrease in profit as a result of our investments in key strategic areas.</li> </ul> <img src=\"https://static.tigerbbs.com/11aa08a1ccb4f80e6867c7e7631297c8\" tg-width=\"719\" tg-height=\"863\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>收入</b>为人民币2057.40亿元（318.65亿美元），同比增长34%。剔除高鑫艺术的合并，我们的收入将同比增长22%至人民币1873.06亿元（290.10亿美元）。</li><li><b>年度活跃消费者</b>截至2021年6月30日止12个月，全球阿里巴巴-SW生态系统的数量约为11.8亿，比截至2021年3月31日止12个月增加了4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者和2.65亿海外消费者。</li><li><b>营业收入</b>为人民币308.47亿元（47.78亿美元），同比下降11%。<b>调整后 EBITDA</b>非 GAAP 衡量标准同比下降 5% 至人民币 486.28 亿元（75.32 亿美元）。<b>经调整EBITA</b>非 GAAP 衡量标准同比下降 8% 至人民币 417.31 亿元（64.63 亿美元）。同比减少主要由于我们在策略领域进行投资以抓住增量机会，如社区市场、淘宝优惠、本地消费者服务和Lazada，以及我们在中国零售市场（如闲鱼和淘宝直播）内的增长计划支出增加，以及我们对商家的支持。</li><li><b>归属于普通股股东的净利润</b>为人民币451.41亿元（69.91亿美元），<b>净收入</b>为人民币428.35亿元（66.34亿美元）。<b>非公认会计准则净利润</b>为人民币434.41亿元（67.28亿美元），同比增长10%，主要由于权益法投资单位应占利润增加所致。</li><li><b>每股美国存托凭证摊薄收益</b>为人民币16.38元（2.54美元）及<b>稀释每股盈利</b>为人民币2.05元（0.32美元或2.46港元）。<b>非 GAAP 稀释每股 ADS 收益</b>为人民币16.60元（2.57美元），同比增长12%；<b>非 GAAP 稀释每股收益</b>为人民币2.08元（0.32美元或2.50港元），同比增长12%。</li><li><b>经营活动提供的现金净额</b>为人民币336.03亿元（52.04亿美元）。<b>非 GAAP 自由现金流</b>为人民币206.83亿元（32.03亿美元），较二零二零年同一季度的人民币365.70亿元有所减少，主要由于中国国家市场监督管理总局今年早些时候根据中国《反垄断法》开出的人民币182.28亿元罚款（「反垄断罚款」）部分结清金额为人民币91.14亿元（14.12亿美元），以及我们在关键战略领域的投资导致利润减少。</li></ul></blockquote></p><p> <b>China Retail Marketplaces</b></p><p><blockquote><b>中国零售市场</b></blockquote></p><p> In June 2021, Alibaba's China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million.</p><p><blockquote>2021年6月，阿里巴巴中国零售市场拥有9.39亿移动MAU，季度净增1400万。</blockquote></p><p> <b>Cloud Computing</b></p><p><blockquote><b>云计算</b></blockquote></p><p> In the June 2021 quarter, our cloud computing revenue grew 29% year-over-year to RMB16,051 million (US$2,486 million), primarily driven by robust growth in revenue from customers in the Internet, financial services and retail industries.</p><p><blockquote>在2021年6月季度，我们的云计算收入同比增长29%至人民币160.51亿元（24.86亿美元），主要得益于来自互联网、金融服务和零售行业客户的收入强劲增长。</blockquote></p><p> <b>Cash Flow from Operating Activities and Free Cash Flow</b></p><p><blockquote><b>经营活动现金流量及自由现金流量</b></blockquote></p><p> In the quarter ended June 30, 2021, net cash provided by operating activities was RMB33,603 million (US$5,204 million), a decrease compared to RMB50,099 million in the same quarter of 2020. Free cash flow, a non-GAAP measurement of liquidity, decreased to RMB20,683 million (US$3,203 million), from RMB36,570 million in the same quarter of 2020. The year-over-year decreases were mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million Anti-monopoly Fine and a decrease in profit as a result of our investments in key strategic areas. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.</p><p><blockquote>截至2021年6月30日止季度，经营活动提供的现金净额为人民币336.03亿元（52.04亿美元），低于2020年同季度的人民币500.99亿元。自由现金流（一种非 GAAP 流动性衡量标准）从 2020 年同季度的人民币 365.7 亿元下降至人民币 206.83 亿元（32.03 亿美元）。同比减少主要由于人民币182.28亿元的反垄断罚款人民币91.14亿元（合14.12亿美元）的部分结算，以及我们在关键战略领域的投资导致利润减少。经营活动提供的净现金与自由现金流的对账列于本业绩公告末尾。</blockquote></p><p> <b>Increasing Share Repurchases</b></p><p><blockquote><b>增加股票回购</b></blockquote></p><p> Since April 1, 2021 and through the publication of this results announcement, we repurchased approximately 18.1 million of our ADSs (the equivalent of approximately 144.5 million of our ordinary shares) for approximately US$3,680 million under our share repurchase program. In addition, on August 2, 2021, our board of directors authorized the Company to upsize our Company's share repurchase program from US$10 billion to US$15 billion. This share repurchase program will be effective through the end of 2022.</p><p><blockquote>自2021年4月1日起及透过本业绩公告刊发，我们根据股份购回计划以约3,680百万美元购回约18.1百万股美国存讬股份（相当于约144.5百万股普通股）。此外，于2021年8月2日，我们的董事会授权本公司将本公司的股份回购计划规模从100亿美元扩大至150亿美元。该股份回购计划将于2022年底生效。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/58bf53593de78f5f6e4fa1096d7aae94\" tg-width=\"757\" tg-height=\"793\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”</p><p><blockquote>我们正在将股票回购计划从 100 亿美元增加到 150 亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。我们的净现金状况依然强劲，自2021年4月1日以来，我们已购回约37亿美元的美国存托凭证。”</blockquote></p><p> In June 2021, our China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million. We continue to increase penetration in less-developed areas, reflecting our success in broadening product offerings to meet diverse consumer demand.</p><p><blockquote>2021年6月，我们的中国零售市场拥有9.39亿个移动端MAU，季度净增1400万个。我们继续扩大在欠发达地区的渗透率，反映了我们在扩大产品范围以满足多元化消费者需求方面的成功。</blockquote></p><p> “Alibaba started the new fiscal year by delivering a healthy quarter. For the June quarter, global annual active consumers across the Alibaba Ecosystem reached 1.18 billion, an increase of 45 million from the March quarter, which includes 912 million consumers in China. Over more than twenty years of growth, we have developed a company that spans across both consumer and industrial Internet, with multiple engines driving our long-term growth,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our enterprise customers to accomplish successful digital transformations.”</p><p><blockquote>“阿里巴巴-SW以健康的季度开启了新的财年。6 月份的季度，阿里巴巴-SW生态系统的全球年度活跃消费者达到 11.8 亿，比 3 月份的季度增加了 4500 万，其中包括 9.12 亿中国区消费者。经过二十多年的发展，我们已经发展成为一家横跨消费互联网和工业互联网的公司，多重引擎推动着我们的长期增长，”张勇集团董事长兼首席执行官阿里巴巴-SW说。“我们相信中国经济的增长和阿里巴巴-SW的长期价值创造，我们将继续加强我们在改善消费者体验和帮助企业客户成功实现数字化转型方面的技术优势。”</blockquote></p><p> “We delivered strong revenue growth of 34% year-over-year. As we said in last quarter's results announcement, we are investing our excess profits and additional capital to support our merchants and invest in strategic areas to better serve customers and penetrate into new addressable markets,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”</p><p><blockquote>“我们实现了 34% 的强劲收入同比增长。正如我们在上一季度业绩公告中所说，我们正在将超额利润和额外资本投资于支持我们的商家，并投资于战略领域，以更好地服务客户并打入新的潜在市场，”阿里巴巴-SW集团首席财务官 Maggie Wu 说。“我们正在将股票回购计划从 100 亿美元增加到 150 亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。自 2021 年 4 月 1 日以来，我们已回购了约 37 亿美元的美国存托凭证”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169635195","content_text":"(August 3) Alibaba posted financial result in premarket, which showed that:\nAlibaba Q1 revenue RMB205.74 bln vs. RMB153.75 bln a year ago; FactSet consensus RMB209.11 bln.\nAlibaba Q1 adj. EPS RMB16.60 vs. RMB14.82 a year ago; FactSet consensus RMB14.33.\nBUSINESS HIGHLIGHTS\nIn the quarter ended June 30, 2021:\n\nRevenue was RMB205,740 million (US$31,865 million), an increase of 34% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 22% year-over-year to RMB187,306 million (US$29,010 million).\nAnnual active consumersof the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.\nIncome from operations was RMB30,847 million (US$4,778 million), a decrease of 11% year-over-year.Adjusted EBITDA, a non-GAAP measurement, decreased 5% year-over-year to RMB48,628 million (US$7,532 million).Adjusted EBITA, a non-GAAP measurement, decreased 8% year-over-year to RMB41,731 million (US$6,463 million). The year-over-year decreases were primarily due to our investments in strategic areas to capture incremental opportunities, such as Community Marketplaces, Taobao Deals, Local Consumer Services and Lazada, as well as our increased spending on growth initiatives within China retail marketplaces, such as Idle Fish and Taobao Live, and our support to merchants.\nNet income attributable to ordinary shareholders was RMB45,141 million (US$6,991 million),andnet incomewas RMB42,835 million (US$6,634 million).Non-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, mainly due to an increase in share of profit of equity method investees.\nDiluted earnings per ADS was RMB16.38 (US$2.54) anddiluted earnings per sharewas RMB2.05 (US$0.32 or HK$2.46).Non-GAAP diluted earnings per ADSwas RMB16.60 (US$2.57), an increase of 12% year-over-year andnon-GAAP diluted earnings per sharewas RMB2.08 (US$0.32 or HK$2.50), an increase of 12% year-over-year.\nNet cashprovided by operating activities was RMB33,603 million (US$5,204 million).Non-GAAP free cash flowwas RMB20,683 million (US$3,203 million), a decrease compared to RMB36,570 million in the same quarter of 2020, mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million fine levied earlier this year by China’s State Administration for Market Regulation pursuant to China’s Anti-monopoly Law (the “Anti-monopoly Fine”) and a decrease in profit as a result of our investments in key strategic areas.\n\n\nChina Retail Marketplaces\nIn June 2021, Alibaba's China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million.\nCloud Computing\nIn the June 2021 quarter, our cloud computing revenue grew 29% year-over-year to RMB16,051 million (US$2,486 million), primarily driven by robust growth in revenue from customers in the Internet, financial services and retail industries.\nCash Flow from Operating Activities and Free Cash Flow\nIn the quarter ended June 30, 2021, net cash provided by operating activities was RMB33,603 million (US$5,204 million), a decrease compared to RMB50,099 million in the same quarter of 2020. Free cash flow, a non-GAAP measurement of liquidity, decreased to RMB20,683 million (US$3,203 million), from RMB36,570 million in the same quarter of 2020. The year-over-year decreases were mainly due to the partial settlement in the amount of RMB9,114 million (US$1,412 million) of the RMB18,228 million Anti-monopoly Fine and a decrease in profit as a result of our investments in key strategic areas. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.\nIncreasing Share Repurchases\nSince April 1, 2021 and through the publication of this results announcement, we repurchased approximately 18.1 million of our ADSs (the equivalent of approximately 144.5 million of our ordinary shares) for approximately US$3,680 million under our share repurchase program. In addition, on August 2, 2021, our board of directors authorized the Company to upsize our Company's share repurchase program from US$10 billion to US$15 billion. This share repurchase program will be effective through the end of 2022.\n\nWe are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”\nIn June 2021, our China retail marketplaces had 939 million mobile MAUs, representing a quarterly net increase of 14 million. We continue to increase penetration in less-developed areas, reflecting our success in broadening product offerings to meet diverse consumer demand.\n“Alibaba started the new fiscal year by delivering a healthy quarter. For the June quarter, global annual active consumers across the Alibaba Ecosystem reached 1.18 billion, an increase of 45 million from the March quarter, which includes 912 million consumers in China. Over more than twenty years of growth, we have developed a company that spans across both consumer and industrial Internet, with multiple engines driving our long-term growth,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our enterprise customers to accomplish successful digital transformations.”\n“We delivered strong revenue growth of 34% year-over-year. As we said in last quarter's results announcement, we are investing our excess profits and additional capital to support our merchants and invest in strategic areas to better serve customers and penetrate into new addressable markets,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807992182,"gmtCreate":1627994513446,"gmtModify":1631893390098,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807992182","repostId":"1181078046","repostType":4,"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805330114,"gmtCreate":1627859851538,"gmtModify":1631893390110,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/805330114","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohunote.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>","source":"lsy1610680873436","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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</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",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805397735,"gmtCreate":1627859827327,"gmtModify":1631893390123,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805397735","repostId":"1142892616","repostType":4,"isVote":1,"tweetType":1,"viewCount":4177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805397294,"gmtCreate":1627859810018,"gmtModify":1631893390136,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805397294","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohunote.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</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\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","UBER":"优步","EA":"艺电","ROKU":"Roku Inc",".IXIC":"NASDAQ Composite","GE":"GE航空航天","DKNG":"DraftKings Inc.","GM":"通用汽车","BABA":"阿里巴巴",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"UBER":0.9,".SPX":0.9,"ROKU":0.9,"GE":0.9,"EA":0.9,".DJI":0.9,"BABA":0.9,".IXIC":0.9,"VIAC":0.9,"DKNG":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802228016,"gmtCreate":1627783596535,"gmtModify":1633756449045,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802223124","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":1243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802161996,"gmtCreate":1627735169215,"gmtModify":1633756735188,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802161996","repostId":"2155743150","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802163735,"gmtCreate":1627735149627,"gmtModify":1633756735432,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802163735","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohunote.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</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>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</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\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">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":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802163637,"gmtCreate":1627735109429,"gmtModify":1633756735894,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802163637","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohunote.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</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.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802163170,"gmtCreate":1627735084990,"gmtModify":1633756736136,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802163170","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806614729,"gmtCreate":1627653421061,"gmtModify":1633757403998,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806614729","repostId":"1110111987","repostType":4,"isVote":1,"tweetType":1,"viewCount":1601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801667571,"gmtCreate":1627515516993,"gmtModify":1633764318460,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801667571","repostId":"2154236859","repostType":4,"isVote":1,"tweetType":1,"viewCount":998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801664537,"gmtCreate":1627515491929,"gmtModify":1633764319578,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586570953514754","authorIdStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801664537","repostId":"1182616893","repostType":4,"repost":{"id":"1182616893","kind":"news","pubTimestamp":1627484855,"share":"https://www.laohunote.com/m/news/1182616893?lang=zh_CN&edition=full","pubTime":"2021-07-28 23:07","market":"us","language":"en","title":"Apple: Big Quarter For The World's Greatest Business<blockquote>苹果：全球最大企业的大季度</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182616893","media":"seekingalpha","summary":"Summary\n\nAnother great quarter shows a high price may be justified.\nGrowth in the Services business ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Another great quarter shows a high price may be justified.</li>  <li>Growth in the Services business is more valuable than products.</li>  <li>Apple looks like a great company, but a fairly valued one.</li>  <li>No need to buy here, but no reason to sell either.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a6f7d2554112e4dee2a40087e9bf4cc7\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>yalcinsonat1/iStock via Getty Images</span></p><p><blockquote><ul><li>另一个伟大的季度表明高价格可能是合理的。</li><li>服务业务的增长比产品更有价值。</li><li>苹果看起来是一家伟大的公司，但估值相当高。</li><li>这里没有必要买，但也没有理由卖。</li></ul><p class=\"t-img-caption\"><span>yalcinsonat1/iStock 来自盖蒂图片社</span></p></blockquote></p><p> After another great quarter, I'm kind of awed by what Apple (AAPL) has accomplished, the number of customers who love their products and the financial results all that brings together. I'm genuinely surprised by how big these earnings numbers get. My goal here is just to explain how I would put a range of valuations on Apple's stock, and then we can work backwards to figure out what kinds of assumptions are \"baked in\" to different stock price levels.</p><p><blockquote>在又一个出色的季度之后，我对苹果 (AAPL) 所取得的成就、喜爱其产品的客户数量以及所有这些带来的财务业绩感到有点敬畏。我真的对这些盈利数字之大感到惊讶。我在这里的目标只是解释我将如何对苹果股票进行一系列估值，然后我们可以向后计算出不同股价水平“内置”了什么样的假设。</blockquote></p><p> <b>Is this the best business in the world?</b></p><p><blockquote><b>这是世界上最好的生意吗？</b></blockquote></p><p> No less an authority than Warren Buffett has called Apple \"probably the best business in the world\" and it's easy to understand why. Apple's primary products are the iPhone (with popularaccessories) and Mac computers and the iPad.</p><p><blockquote>不亚于沃伦·巴菲特的权威称苹果“可能是世界上最好的企业”，原因很容易理解。苹果的主要产品是iPhone（带流行配件）、Mac电脑和iPad。</blockquote></p><p> For years I made the mistake of analyzing Apple's products by comparing their capabilities and specifications to other products at similar price points. This was a huge mistake. Rather, the right way to look at it in this case is how people feel about the company.Its products not only make people happy, but they have become part of people's identities. I wouldn't normally fawn over a company or its products in this way in an analytical article, but it's important for the next point I want to make.</p><p><blockquote>多年来，我犯了一个错误，那就是通过将苹果产品的功能和规格与类似价位的其他产品进行比较来分析苹果产品。这是一个巨大的错误。相反，在这种情况下，正确的看法是人们对公司的感觉。它的产品不仅让人快乐，而且已经成为人们身份的一部分。我通常不会在分析文章中以这种方式奉承一家公司或其产品，但这对我想说的下一点很重要。</blockquote></p><p> Because Apple's products are so highly valued by its customers, its products have a high consumer surplus (pink area in the graph below):</p><p><blockquote>由于苹果的产品受到客户的高度重视，其产品具有很高的消费者剩余（下图中的粉红色区域）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb0d32106e13dc45cccafb285b3f3826\" tg-width=\"585\" tg-height=\"579\" width=\"100%\" height=\"auto\"><span>Source:Inomics.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Inomics.com</span></p></blockquote></p><p> That is to say that many people would be willing to pay more for what they get from their iPhones. This means two important things for Apple's business. First, they have some room to increase prices over time. Second, it would be very difficult for a competitor to offer something else as satisfying at a similar price. That means that Apple pursues a profit-maximizing strategy by keeping its prices relatively low compared to what it could charge(i.e., how many people do you know who already have iPhones would pick a different phone even if they had to pay an extra $100?).</p><p><blockquote>也就是说，许多人愿意为他们从iPhone中获得的东西支付更多费用。这对苹果的业务来说意味着两件重要的事情。首先，随着时间的推移，他们有一些涨价的空间。其次，竞争对手很难以类似的价格提供其他令人满意的东西。这意味着苹果追求利润最大化策略，将价格保持在相对较低的水平（也就是说，你知道有多少已经拥有iPhone的人会选择不同的手机，即使他们不得不额外支付100美元？）.</blockquote></p><p> And still, the earnings power of the business is enormous.</p><p><blockquote>尽管如此，该业务的盈利能力仍然巨大。</blockquote></p><p> <b>Third Quarter earnings look great</b></p><p><blockquote><b>第三季度盈利看起来不错</b></blockquote></p><p> Apple's third quarter resultswere extremely strong, with almost $82 billion in sales and over $21 billion in net income. News reports have talked about year-over-year growth and I assumed that Apple would be merely overcoming an \"easy comp\" since one year ago was some of the worst of the Covid-19 pandemic and lockdowns. That is to say I expected this quarter to be weak in its own right and subsequent results would not only be coming off an unusually low base, but would also include some delayed purchases as people who would have bought early \"caught up.\"</p><p><blockquote>苹果第三季度业绩非常强劲，销售额接近 820 亿美元，净利润超过 210 亿美元。新闻报道谈到了同比增长，我认为苹果只是在克服“轻松调整”，因为一年前是新冠肺炎疫情和封锁最糟糕的时期。也就是说，我预计本季度本身就会疲软，随后的业绩不仅会出现异常低的基数，而且还会包括一些延迟购买，因为原本会提前购买的人“赶上”。</blockquote></p><p> Instead I was surprised to find that Apple also grew in the third quarter of 2020 (Apple's fiscal year ends at the end of September, so we're in the third quarter)! This spreadsheet shows how revenue and earnings have grown in the last threeyears' worth of third quarters:</p><p><blockquote>相反，我惊讶地发现苹果在2020年第三季度也有增长（苹果的财年在9月底结束，所以我们在第三季度）!该电子表格显示了过去三年第三季度的收入和盈利增长情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45679571c0de1db41e28b83d33d6349\" tg-width=\"640\" tg-height=\"203\" width=\"100%\" height=\"auto\"><span>Source: Author, from company earnings reports</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，来自公司收益报告</span></p></blockquote></p><p> So as we can see, Apple in fact grew earnings through both product sales and services in the depths of the pandemic. So if there's an \"easy comp\" problem, it's still in a business that grew anyhow. Just as likely is that without the option to travel or eat in restaurants, people with disposable income were more likely to spend on Apple products.</p><p><blockquote>因此，正如我们所看到的，苹果实际上通过疫情深处的产品销售和服务增加了收入。因此，如果有一个“容易补偿”的问题，它仍然是一个增长的业务。同样有可能的是，如果没有旅行或在餐馆吃饭的选择，有可支配收入的人更有可能花在苹果产品上。</blockquote></p><p> This was just a great quarter.</p><p><blockquote>这是一个很棒的季度。</blockquote></p><p> <b>A simple model for Apple's earnings</b></p><p><blockquote><b>苹果盈利的简单模型</b></blockquote></p><p> The job now is to put this in context. I made this chart using Apple's trailing twelve month earnings for the last five years to show not only the scale but also the growth of what we're talking about:</p><p><blockquote>现在的工作是把这个放在上下文中。我使用苹果过去五年过去 12 个月的收益制作了这张图表，不仅显示了我们正在谈论的规模，还显示了我们正在谈论的增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38d70528687fa0c27af0e4ef2041585d\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> For the last four quarters, net income is $86 billion. But as we saw above, Apple breaks its sales into two segments, products and services. And services is growing apace.</p><p><blockquote>过去四个季度，净利润为 860 亿美元。但正如我们上面看到的，苹果将其销售分为两个部分，产品和服务。服务正在快速增长。</blockquote></p><p> These two items from Apple's last annual report tell the tale of a growing and increasingly profitable services business:</p><p><blockquote>苹果上一份年度报告中的这两个项目讲述了一个不断增长且利润越来越高的服务业务的故事：</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/639441b9f33b4c8b2f99441d75311cdf\" tg-width=\"640\" tg-height=\"191\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8dd6062dede578f1362242b659308402\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"><span>Source: Apple form 10K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果表格 10K</span></p></blockquote></p><p> As you can see in the first chart, Services revenue grew over three years from almost $40 billion to almost $54 billion, and in the second chart you can see that it became increasingly profitable with gross margins increasing as revenue increased. This is common in software and media endeavors; if your service can pay the bills with 1 million customers and you add another customer for free, each additional one is \"pure profit.\" We can see that these trends have only increased in the first three quarters of this year:</p><p><blockquote>正如您在第一张图表中看到的，服务收入在三年内从近 400 亿美元增长到近 540 亿美元，在第二张图表中您可以看到，随着收入的增加，它的盈利能力越来越强，毛利率也在增加。这在软件和媒体工作中很常见；如果您的服务可以为 100 万客户支付账单，并且您可以免费添加另一个客户，那么每增加一个客户就是“纯利润”。我们可以看到，这些趋势在今年前三季度才有所增加：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19a271923040bd86ee7f9389e7a14cc2\" tg-width=\"640\" tg-height=\"178\" width=\"100%\" height=\"auto\"><span>Source: Apple form 10Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果表格 10Q</span></p></blockquote></p><p> So all this is to say that rather than use the $86 billion number to value Apple going forward, I want to put separate multiples on the \"Products\" and \"Services\" businesses.</p><p><blockquote>因此，所有这些都是为了说，我不想用 860 亿美元的数字来评估苹果的未来，而是想对“产品”和“服务”业务分别进行倍数。</blockquote></p><p> For the last nine months, Apple had a gross margin of almost $118 billion. In the same 10Q they reported $32.5 billion in operating expenses and $11.8 billion in income taxes. If we considered these Products and Services assumptions as separate businesses and allocated those expenses and taxes among them, I would do it in proportion to their share of gross margin. So 29% of that $32.5 billion in operating expenses and $11.8 billion in income taxes goes to Services, and 71% to Products.</p><p><blockquote>过去九个月，苹果的毛利率接近1180亿美元。在同一个 10 季度，他们报告的运营费用为 325 亿美元，所得税为 118 亿美元。如果我们将这些产品和服务假设视为独立的业务，并在它们之间分配这些费用和税收，我会按照它们在毛利率中的份额比例进行分配。因此，325亿美元的运营费用和118亿美元的所得税中，29%用于服务，71%用于产品。</blockquote></p><p> For the last nine months, that means Products would have earned $51 billion and Services would have earned $25 billion. I realize this rough number is 2 billion higher than the amount Apple reported as net income, but that's OK since we're making a lot of assumptions here.</p><p><blockquote>在过去的9个月里，这意味着产品将赚取510亿美元，服务将赚取250亿美元。我意识到这个粗略的数字比苹果报告的净利润高出 20 亿美元，但这没关系，因为我们在这里做了很多假设。</blockquote></p><p> In last year's fourth quarter Apple only earned slightly more than in the third. So to estimate a full year, I'm just multiplying my nine-month numbers by 4/3. I get a full year estimates of the following by segment:</p><p><blockquote>去年第四季度，苹果的收入仅略高于第三季度。所以要估算一整年，我只是把我九个月的数字乘以4/3。我得到了以下部分的全年估计：</blockquote></p><p> Products: $68 billion</p><p><blockquote>产品：680亿美元</blockquote></p><p> Services: $33 billion</p><p><blockquote>服务：330亿美元</blockquote></p><p> To arrive at a valuation, I want to offer a range of multiples and let the reader find the number that seems most reasonable to her:</p><p><blockquote>为了得出估值，我想提供一系列倍数，让读者找到她认为最合理的数字：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dfe1fc61655b211e640159d477cad5\" tg-width=\"640\" tg-height=\"133\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> So using my \"back-of-the-envelope\" numbers, I would feel pretty comfortable buying Apple at a 16x multiple for its products business and a 25x multiple for its services, which yields and an enterprise value of $1,088 + $825 = $1,913. Throw in Apple's $89 billion in additional net cash, and I would be interested in buying shares at a market capitalization of $2,002 billion, or about 16% below recent prices - namely $123 per share.</p><p><blockquote>因此，使用我的“信封背面”数字，我会很乐意以 16 倍的价格购买苹果的产品业务，25 倍的价格购买其服务，其收益率和企业价值为 1,088 美元 + 825 美元 = 1,913 美元。再加上苹果公司 890 亿美元的额外净现金，我有兴趣购买市值为 2002 亿美元的股票，比最近的价格低约 16%，即每股 123 美元。</blockquote></p><p> On the other hand, I would start to be concerned that if we paid more than 25x for the Products business and 33x for the services business that perhaps the valuation is getting ahead of itself. So at a market cap of $1,700 + $1089 + $89 = $2,878 billion or $173 share, I would think that's too high a price to pay today to earn a good return.</p><p><blockquote>另一方面，我开始担心，如果我们为产品业务支付超过 25 倍，为服务业务支付超过 33 倍，那么估值可能会超前。因此，在 1,700 美元 + 1089 美元 + 89 美元 = 28,780 亿美元或每股 173 美元的市值下，我认为今天支付这个价格太高了，无法获得良好的回报。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There are a lot of things that could go keep Apple from being a good investment, but it's hard to imagine them when looking at results like this. I wouldn't be concerned about someone else building a better phone. Rather what would concern me most are the \"unknown unknowns\" such as some kid of change of technology that makes Apple's advantage in customer satisfaction from the iPhone not that relevant.</p><p><blockquote>有很多事情可能会阻止苹果成为一项好的投资，但当看到这样的结果时，很难想象它们。我不会担心别人制造更好的手机。相反，我最担心的是“未知的未知”，比如一些技术变革，这使得苹果在客户满意度方面的优势与iPhone相比变得不那么相关。</blockquote></p><p> I wish I could reach more of a firm buy/sell conclusion about Apple's share price here, but it looks fairly valued to me based on some reasonable assumptions. I would be interested in buying (or selling puts) below $120 share.</p><p><blockquote>我希望我能在这里对苹果的股价得出更坚定的买入/卖出结论，但基于一些合理的假设，我认为它的价值相当高。我有兴趣购买（或出售）低于 120 美元每股的看跌期权。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Big Quarter For The World's Greatest Business<blockquote>苹果：全球最大企业的大季度</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: Big Quarter For The World's Greatest Business<blockquote>苹果：全球最大企业的大季度</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-28 23:07</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>Another great quarter shows a high price may be justified.</li>  <li>Growth in the Services business is more valuable than products.</li>  <li>Apple looks like a great company, but a fairly valued one.</li>  <li>No need to buy here, but no reason to sell either.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a6f7d2554112e4dee2a40087e9bf4cc7\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>yalcinsonat1/iStock via Getty Images</span></p><p><blockquote><ul><li>另一个伟大的季度表明高价格可能是合理的。</li><li>服务业务的增长比产品更有价值。</li><li>苹果看起来是一家伟大的公司，但估值相当高。</li><li>这里没有必要买，但也没有理由卖。</li></ul><p class=\"t-img-caption\"><span>yalcinsonat1/iStock 来自盖蒂图片社</span></p></blockquote></p><p> After another great quarter, I'm kind of awed by what Apple (AAPL) has accomplished, the number of customers who love their products and the financial results all that brings together. I'm genuinely surprised by how big these earnings numbers get. My goal here is just to explain how I would put a range of valuations on Apple's stock, and then we can work backwards to figure out what kinds of assumptions are \"baked in\" to different stock price levels.</p><p><blockquote>在又一个出色的季度之后，我对苹果 (AAPL) 所取得的成就、喜爱其产品的客户数量以及所有这些带来的财务业绩感到有点敬畏。我真的对这些盈利数字之大感到惊讶。我在这里的目标只是解释我将如何对苹果股票进行一系列估值，然后我们可以向后计算出不同股价水平“内置”了什么样的假设。</blockquote></p><p> <b>Is this the best business in the world?</b></p><p><blockquote><b>这是世界上最好的生意吗？</b></blockquote></p><p> No less an authority than Warren Buffett has called Apple \"probably the best business in the world\" and it's easy to understand why. Apple's primary products are the iPhone (with popularaccessories) and Mac computers and the iPad.</p><p><blockquote>不亚于沃伦·巴菲特的权威称苹果“可能是世界上最好的企业”，原因很容易理解。苹果的主要产品是iPhone（带流行配件）、Mac电脑和iPad。</blockquote></p><p> For years I made the mistake of analyzing Apple's products by comparing their capabilities and specifications to other products at similar price points. This was a huge mistake. Rather, the right way to look at it in this case is how people feel about the company.Its products not only make people happy, but they have become part of people's identities. I wouldn't normally fawn over a company or its products in this way in an analytical article, but it's important for the next point I want to make.</p><p><blockquote>多年来，我犯了一个错误，那就是通过将苹果产品的功能和规格与类似价位的其他产品进行比较来分析苹果产品。这是一个巨大的错误。相反，在这种情况下，正确的看法是人们对公司的感觉。它的产品不仅让人快乐，而且已经成为人们身份的一部分。我通常不会在分析文章中以这种方式奉承一家公司或其产品，但这对我想说的下一点很重要。</blockquote></p><p> Because Apple's products are so highly valued by its customers, its products have a high consumer surplus (pink area in the graph below):</p><p><blockquote>由于苹果的产品受到客户的高度重视，其产品具有很高的消费者剩余（下图中的粉红色区域）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb0d32106e13dc45cccafb285b3f3826\" tg-width=\"585\" tg-height=\"579\" width=\"100%\" height=\"auto\"><span>Source:Inomics.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Inomics.com</span></p></blockquote></p><p> That is to say that many people would be willing to pay more for what they get from their iPhones. This means two important things for Apple's business. First, they have some room to increase prices over time. Second, it would be very difficult for a competitor to offer something else as satisfying at a similar price. That means that Apple pursues a profit-maximizing strategy by keeping its prices relatively low compared to what it could charge(i.e., how many people do you know who already have iPhones would pick a different phone even if they had to pay an extra $100?).</p><p><blockquote>也就是说，许多人愿意为他们从iPhone中获得的东西支付更多费用。这对苹果的业务来说意味着两件重要的事情。首先，随着时间的推移，他们有一些涨价的空间。其次，竞争对手很难以类似的价格提供其他令人满意的东西。这意味着苹果追求利润最大化策略，将价格保持在相对较低的水平（也就是说，你知道有多少已经拥有iPhone的人会选择不同的手机，即使他们不得不额外支付100美元？）.</blockquote></p><p> And still, the earnings power of the business is enormous.</p><p><blockquote>尽管如此，该业务的盈利能力仍然巨大。</blockquote></p><p> <b>Third Quarter earnings look great</b></p><p><blockquote><b>第三季度盈利看起来不错</b></blockquote></p><p> Apple's third quarter resultswere extremely strong, with almost $82 billion in sales and over $21 billion in net income. News reports have talked about year-over-year growth and I assumed that Apple would be merely overcoming an \"easy comp\" since one year ago was some of the worst of the Covid-19 pandemic and lockdowns. That is to say I expected this quarter to be weak in its own right and subsequent results would not only be coming off an unusually low base, but would also include some delayed purchases as people who would have bought early \"caught up.\"</p><p><blockquote>苹果第三季度业绩非常强劲，销售额接近 820 亿美元，净利润超过 210 亿美元。新闻报道谈到了同比增长，我认为苹果只是在克服“轻松调整”，因为一年前是新冠肺炎疫情和封锁最糟糕的时期。也就是说，我预计本季度本身就会疲软，随后的业绩不仅会出现异常低的基数，而且还会包括一些延迟购买，因为原本会提前购买的人“赶上”。</blockquote></p><p> Instead I was surprised to find that Apple also grew in the third quarter of 2020 (Apple's fiscal year ends at the end of September, so we're in the third quarter)! This spreadsheet shows how revenue and earnings have grown in the last threeyears' worth of third quarters:</p><p><blockquote>相反，我惊讶地发现苹果在2020年第三季度也有增长（苹果的财年在9月底结束，所以我们在第三季度）!该电子表格显示了过去三年第三季度的收入和盈利增长情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45679571c0de1db41e28b83d33d6349\" tg-width=\"640\" tg-height=\"203\" width=\"100%\" height=\"auto\"><span>Source: Author, from company earnings reports</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，来自公司收益报告</span></p></blockquote></p><p> So as we can see, Apple in fact grew earnings through both product sales and services in the depths of the pandemic. So if there's an \"easy comp\" problem, it's still in a business that grew anyhow. Just as likely is that without the option to travel or eat in restaurants, people with disposable income were more likely to spend on Apple products.</p><p><blockquote>因此，正如我们所看到的，苹果实际上通过疫情深处的产品销售和服务增加了收入。因此，如果有一个“容易补偿”的问题，它仍然是一个增长的业务。同样有可能的是，如果没有旅行或在餐馆吃饭的选择，有可支配收入的人更有可能花在苹果产品上。</blockquote></p><p> This was just a great quarter.</p><p><blockquote>这是一个很棒的季度。</blockquote></p><p> <b>A simple model for Apple's earnings</b></p><p><blockquote><b>苹果盈利的简单模型</b></blockquote></p><p> The job now is to put this in context. I made this chart using Apple's trailing twelve month earnings for the last five years to show not only the scale but also the growth of what we're talking about:</p><p><blockquote>现在的工作是把这个放在上下文中。我使用苹果过去五年过去 12 个月的收益制作了这张图表，不仅显示了我们正在谈论的规模，还显示了我们正在谈论的增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38d70528687fa0c27af0e4ef2041585d\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> For the last four quarters, net income is $86 billion. But as we saw above, Apple breaks its sales into two segments, products and services. And services is growing apace.</p><p><blockquote>过去四个季度，净利润为 860 亿美元。但正如我们上面看到的，苹果将其销售分为两个部分，产品和服务。服务正在快速增长。</blockquote></p><p> These two items from Apple's last annual report tell the tale of a growing and increasingly profitable services business:</p><p><blockquote>苹果上一份年度报告中的这两个项目讲述了一个不断增长且利润越来越高的服务业务的故事：</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/639441b9f33b4c8b2f99441d75311cdf\" tg-width=\"640\" tg-height=\"191\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8dd6062dede578f1362242b659308402\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"><span>Source: Apple form 10K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果表格 10K</span></p></blockquote></p><p> As you can see in the first chart, Services revenue grew over three years from almost $40 billion to almost $54 billion, and in the second chart you can see that it became increasingly profitable with gross margins increasing as revenue increased. This is common in software and media endeavors; if your service can pay the bills with 1 million customers and you add another customer for free, each additional one is \"pure profit.\" We can see that these trends have only increased in the first three quarters of this year:</p><p><blockquote>正如您在第一张图表中看到的，服务收入在三年内从近 400 亿美元增长到近 540 亿美元，在第二张图表中您可以看到，随着收入的增加，它的盈利能力越来越强，毛利率也在增加。这在软件和媒体工作中很常见；如果您的服务可以为 100 万客户支付账单，并且您可以免费添加另一个客户，那么每增加一个客户就是“纯利润”。我们可以看到，这些趋势在今年前三季度才有所增加：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19a271923040bd86ee7f9389e7a14cc2\" tg-width=\"640\" tg-height=\"178\" width=\"100%\" height=\"auto\"><span>Source: Apple form 10Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果表格 10Q</span></p></blockquote></p><p> So all this is to say that rather than use the $86 billion number to value Apple going forward, I want to put separate multiples on the \"Products\" and \"Services\" businesses.</p><p><blockquote>因此，所有这些都是为了说，我不想用 860 亿美元的数字来评估苹果的未来，而是想对“产品”和“服务”业务分别进行倍数。</blockquote></p><p> For the last nine months, Apple had a gross margin of almost $118 billion. In the same 10Q they reported $32.5 billion in operating expenses and $11.8 billion in income taxes. If we considered these Products and Services assumptions as separate businesses and allocated those expenses and taxes among them, I would do it in proportion to their share of gross margin. So 29% of that $32.5 billion in operating expenses and $11.8 billion in income taxes goes to Services, and 71% to Products.</p><p><blockquote>过去九个月，苹果的毛利率接近1180亿美元。在同一个 10 季度，他们报告的运营费用为 325 亿美元，所得税为 118 亿美元。如果我们将这些产品和服务假设视为独立的业务，并在它们之间分配这些费用和税收，我会按照它们在毛利率中的份额比例进行分配。因此，325亿美元的运营费用和118亿美元的所得税中，29%用于服务，71%用于产品。</blockquote></p><p> For the last nine months, that means Products would have earned $51 billion and Services would have earned $25 billion. I realize this rough number is 2 billion higher than the amount Apple reported as net income, but that's OK since we're making a lot of assumptions here.</p><p><blockquote>在过去的9个月里，这意味着产品将赚取510亿美元，服务将赚取250亿美元。我意识到这个粗略的数字比苹果报告的净利润高出 20 亿美元，但这没关系，因为我们在这里做了很多假设。</blockquote></p><p> In last year's fourth quarter Apple only earned slightly more than in the third. So to estimate a full year, I'm just multiplying my nine-month numbers by 4/3. I get a full year estimates of the following by segment:</p><p><blockquote>去年第四季度，苹果的收入仅略高于第三季度。所以要估算一整年，我只是把我九个月的数字乘以4/3。我得到了以下部分的全年估计：</blockquote></p><p> Products: $68 billion</p><p><blockquote>产品：680亿美元</blockquote></p><p> Services: $33 billion</p><p><blockquote>服务：330亿美元</blockquote></p><p> To arrive at a valuation, I want to offer a range of multiples and let the reader find the number that seems most reasonable to her:</p><p><blockquote>为了得出估值，我想提供一系列倍数，让读者找到她认为最合理的数字：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dfe1fc61655b211e640159d477cad5\" tg-width=\"640\" tg-height=\"133\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> So using my \"back-of-the-envelope\" numbers, I would feel pretty comfortable buying Apple at a 16x multiple for its products business and a 25x multiple for its services, which yields and an enterprise value of $1,088 + $825 = $1,913. Throw in Apple's $89 billion in additional net cash, and I would be interested in buying shares at a market capitalization of $2,002 billion, or about 16% below recent prices - namely $123 per share.</p><p><blockquote>因此，使用我的“信封背面”数字，我会很乐意以 16 倍的价格购买苹果的产品业务，25 倍的价格购买其服务，其收益率和企业价值为 1,088 美元 + 825 美元 = 1,913 美元。再加上苹果公司 890 亿美元的额外净现金，我有兴趣购买市值为 2002 亿美元的股票，比最近的价格低约 16%，即每股 123 美元。</blockquote></p><p> On the other hand, I would start to be concerned that if we paid more than 25x for the Products business and 33x for the services business that perhaps the valuation is getting ahead of itself. So at a market cap of $1,700 + $1089 + $89 = $2,878 billion or $173 share, I would think that's too high a price to pay today to earn a good return.</p><p><blockquote>另一方面，我开始担心，如果我们为产品业务支付超过 25 倍，为服务业务支付超过 33 倍，那么估值可能会超前。因此，在 1,700 美元 + 1089 美元 + 89 美元 = 28,780 亿美元或每股 173 美元的市值下，我认为今天支付这个价格太高了，无法获得良好的回报。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There are a lot of things that could go keep Apple from being a good investment, but it's hard to imagine them when looking at results like this. I wouldn't be concerned about someone else building a better phone. Rather what would concern me most are the \"unknown unknowns\" such as some kid of change of technology that makes Apple's advantage in customer satisfaction from the iPhone not that relevant.</p><p><blockquote>有很多事情可能会阻止苹果成为一项好的投资，但当看到这样的结果时，很难想象它们。我不会担心别人制造更好的手机。相反，我最担心的是“未知的未知”，比如一些技术变革，这使得苹果在客户满意度方面的优势与iPhone相比变得不那么相关。</blockquote></p><p> I wish I could reach more of a firm buy/sell conclusion about Apple's share price here, but it looks fairly valued to me based on some reasonable assumptions. I would be interested in buying (or selling puts) below $120 share.</p><p><blockquote>我希望我能在这里对苹果的股价得出更坚定的买入/卖出结论，但基于一些合理的假设，我认为它的价值相当高。我有兴趣购买（或出售）低于 120 美元每股的看跌期权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442013-apple-big-quarter-for-the-worlds-greatest-business\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4442013-apple-big-quarter-for-the-worlds-greatest-business","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182616893","content_text":"Summary\n\nAnother great quarter shows a high price may be justified.\nGrowth in the Services business is more valuable than products.\nApple looks like a great company, but a fairly valued one.\nNo need to buy here, but no reason to sell either.\n\nyalcinsonat1/iStock via Getty Images\nAfter another great quarter, I'm kind of awed by what Apple (AAPL) has accomplished, the number of customers who love their products and the financial results all that brings together. I'm genuinely surprised by how big these earnings numbers get. My goal here is just to explain how I would put a range of valuations on Apple's stock, and then we can work backwards to figure out what kinds of assumptions are \"baked in\" to different stock price levels.\nIs this the best business in the world?\nNo less an authority than Warren Buffett has called Apple \"probably the best business in the world\" and it's easy to understand why. Apple's primary products are the iPhone (with popularaccessories) and Mac computers and the iPad.\nFor years I made the mistake of analyzing Apple's products by comparing their capabilities and specifications to other products at similar price points. This was a huge mistake. Rather, the right way to look at it in this case is how people feel about the company.Its products not only make people happy, but they have become part of people's identities. I wouldn't normally fawn over a company or its products in this way in an analytical article, but it's important for the next point I want to make.\nBecause Apple's products are so highly valued by its customers, its products have a high consumer surplus (pink area in the graph below):\nSource:Inomics.com\nThat is to say that many people would be willing to pay more for what they get from their iPhones. This means two important things for Apple's business. First, they have some room to increase prices over time. Second, it would be very difficult for a competitor to offer something else as satisfying at a similar price. That means that Apple pursues a profit-maximizing strategy by keeping its prices relatively low compared to what it could charge(i.e., how many people do you know who already have iPhones would pick a different phone even if they had to pay an extra $100?).\nAnd still, the earnings power of the business is enormous.\nThird Quarter earnings look great\nApple's third quarter resultswere extremely strong, with almost $82 billion in sales and over $21 billion in net income. News reports have talked about year-over-year growth and I assumed that Apple would be merely overcoming an \"easy comp\" since one year ago was some of the worst of the Covid-19 pandemic and lockdowns. That is to say I expected this quarter to be weak in its own right and subsequent results would not only be coming off an unusually low base, but would also include some delayed purchases as people who would have bought early \"caught up.\"\nInstead I was surprised to find that Apple also grew in the third quarter of 2020 (Apple's fiscal year ends at the end of September, so we're in the third quarter)! This spreadsheet shows how revenue and earnings have grown in the last threeyears' worth of third quarters:\nSource: Author, from company earnings reports\nSo as we can see, Apple in fact grew earnings through both product sales and services in the depths of the pandemic. So if there's an \"easy comp\" problem, it's still in a business that grew anyhow. Just as likely is that without the option to travel or eat in restaurants, people with disposable income were more likely to spend on Apple products.\nThis was just a great quarter.\nA simple model for Apple's earnings\nThe job now is to put this in context. I made this chart using Apple's trailing twelve month earnings for the last five years to show not only the scale but also the growth of what we're talking about:\nSource: Koyfin\nFor the last four quarters, net income is $86 billion. But as we saw above, Apple breaks its sales into two segments, products and services. And services is growing apace.\nThese two items from Apple's last annual report tell the tale of a growing and increasingly profitable services business:\nSource: Apple\nSource: Apple form 10K\nAs you can see in the first chart, Services revenue grew over three years from almost $40 billion to almost $54 billion, and in the second chart you can see that it became increasingly profitable with gross margins increasing as revenue increased. This is common in software and media endeavors; if your service can pay the bills with 1 million customers and you add another customer for free, each additional one is \"pure profit.\" We can see that these trends have only increased in the first three quarters of this year:\nSource: Apple form 10Q\nSo all this is to say that rather than use the $86 billion number to value Apple going forward, I want to put separate multiples on the \"Products\" and \"Services\" businesses.\nFor the last nine months, Apple had a gross margin of almost $118 billion. In the same 10Q they reported $32.5 billion in operating expenses and $11.8 billion in income taxes. If we considered these Products and Services assumptions as separate businesses and allocated those expenses and taxes among them, I would do it in proportion to their share of gross margin. So 29% of that $32.5 billion in operating expenses and $11.8 billion in income taxes goes to Services, and 71% to Products.\nFor the last nine months, that means Products would have earned $51 billion and Services would have earned $25 billion. I realize this rough number is 2 billion higher than the amount Apple reported as net income, but that's OK since we're making a lot of assumptions here.\nIn last year's fourth quarter Apple only earned slightly more than in the third. So to estimate a full year, I'm just multiplying my nine-month numbers by 4/3. I get a full year estimates of the following by segment:\nProducts: $68 billion\nServices: $33 billion\nTo arrive at a valuation, I want to offer a range of multiples and let the reader find the number that seems most reasonable to her:\nSource: Author\nSo using my \"back-of-the-envelope\" numbers, I would feel pretty comfortable buying Apple at a 16x multiple for its products business and a 25x multiple for its services, which yields and an enterprise value of $1,088 + $825 = $1,913. Throw in Apple's $89 billion in additional net cash, and I would be interested in buying shares at a market capitalization of $2,002 billion, or about 16% below recent prices - namely $123 per share.\nOn the other hand, I would start to be concerned that if we paid more than 25x for the Products business and 33x for the services business that perhaps the valuation is getting ahead of itself. So at a market cap of $1,700 + $1089 + $89 = $2,878 billion or $173 share, I would think that's too high a price to pay today to earn a good return.\nConclusion\nThere are a lot of things that could go keep Apple from being a good investment, but it's hard to imagine them when looking at results like this. I wouldn't be concerned about someone else building a better phone. Rather what would concern me most are the \"unknown unknowns\" such as some kid of change of technology that makes Apple's advantage in customer satisfaction from the iPhone not that relevant.\nI wish I could reach more of a firm buy/sell conclusion about Apple's share price here, but it looks fairly valued to me based on some reasonable assumptions. I would be interested in buying (or selling puts) below $120 share.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":174290251,"gmtCreate":1627099212973,"gmtModify":1633767963561,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/174290251","repostId":"2153980423","repostType":4,"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805330114,"gmtCreate":1627859851538,"gmtModify":1631893390110,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/805330114","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohunote.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>","source":"lsy1610680873436","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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</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",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152163961,"gmtCreate":1625276270553,"gmtModify":1633941878276,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Good newsLike and comment&nbsp;","listText":"Good newsLike and comment&nbsp;","text":"Good newsLike and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/152163961","repostId":"1165340887","repostType":4,"isVote":1,"tweetType":1,"viewCount":1069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172981196,"gmtCreate":1626927221315,"gmtModify":1633769645392,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/172981196","repostId":"2153293876","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812064654,"gmtCreate":1630542090878,"gmtModify":1631893390030,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/812064654","repostId":"2164481941","repostType":4,"isVote":1,"tweetType":1,"viewCount":3393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177438597,"gmtCreate":1627256920419,"gmtModify":1633766899388,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/177438597","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802223124,"gmtCreate":1627783543868,"gmtModify":1633756450597,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802223124","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":1243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802163637,"gmtCreate":1627735109429,"gmtModify":1633756735894,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802163637","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohunote.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</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.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145490587,"gmtCreate":1626234718349,"gmtModify":1633928752545,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145490587","repostId":"2151983495","repostType":4,"repost":{"id":"2151983495","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626230224,"share":"https://www.laohunote.com/m/news/2151983495?lang=zh_CN&edition=full","pubTime":"2021-07-14 10:37","market":"hk","language":"en","title":"PayPal's Epic Success Continues With Crypto<blockquote>PayPal 在加密货币领域继续取得巨大成功</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2151983495","media":"Benzinga Earnings","summary":"When we say long-term investments, we think of transactions with lower risk in the long run and earnings higher than savings or rent, but with no extraordinary profits. Still, we keep hoping to run into some stock that will make us spectacular returns.","content":"<p>When we say long-term investments, we think of transactions with lower risk in the long run and earnings higher than savings or rent, but with no extraordinary profits. Still, we keep hoping to run into some stock that will make us spectacular returns. Sometimes, this happens with already established highest quality companies, like <b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings, Inc</b>.&nbsp;(NASDAQ:PYPL) whose share price has increased incredible 569% over the last five years.</p><p><blockquote>当我们说长期投资时，我们想到的是长期风险较低、收益高于储蓄或租金但没有超额利润的交易。尽管如此，我们仍然希望遇到一些能给我们带来丰厚回报的股票。有时，这种情况发生在已经建立的最高质量的公司中，例如<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股公司</b>.（纳斯达克股票代码：PYPL），其股价在过去五年中上涨了令人难以置信的 569%。</blockquote></p><p> To additionally spice this ride, the stock started this year at around USD $232, and the current trading price is USD $289, which represents a gain of almost 25%. Over the past decade, there have been several great opportunities with high gains like this. Some of the examples are <b>Netflix </b>(NASDAQ:NFLX), <b>Amazon </b>(NASDAQ:AMZN), <b>Apple </b>(NASDAQ:AAPL), along with many more.</p><p><blockquote>为了进一步增加这一行情，该股今年的开盘价约为 232 美元，目前交易价格为 289 美元，上涨了近 25%。在过去的十年里，出现了几次像这样的高回报的绝佳机会。一些例子是<b>网飞</b>（纳斯达克股票代码：NFLX），<b>亚马逊</b>（纳斯达克股票代码：AMZN）<b>苹果</b>（纳斯达克股票代码：AAPL），以及更多。</blockquote></p><p> <b>Is This Gain A&nbsp;True Increase In Value Of The Company?</b></p><p><blockquote><b>这一收益是公司价值的真正增长吗？</b></blockquote></p><p> It is common knowledge that the share price does not necessarily reflect the value of the company. Warren Buffett explained this in his essay \"The Superinvestors of Graham-and-Doddsville\". PayPal, the largest platform for money transfer services, is a good example. The company's annual average increase in the share price was 46%, while the achieved average growth of the company's earnings per share was 29%. Therefore, we must conclude that the investors valued the company higher than the achieved results.</p><p><blockquote>众所周知，股价不一定反映公司的价值。沃伦·巴菲特在他的文章《格雷厄姆和多兹维尔的超级投资者》中对此进行了解释。最大的汇款服务平台PayPal就是一个很好的例子。本公司股价年均增幅为46%，而本公司每股盈利实现平均增幅为29%。因此，我们必须得出结论，投资者对公司的重视高于所取得的成果。</blockquote></p><p> <b>Last Quarter's Earnings</b></p><p><blockquote><b>上季度收益</b></blockquote></p><p> In Q1 2021, PayPal exceeded the expected revenues of $5.90 billion and achieved $ 6.03 billion. Also, the expected total payment volume of $265 billion was beaten by 7.5%. That reflected the company's adjusted earnings, so the expected $1.01 per share was topped with $1.22. The new earnings report is expected by the end of July, with the expected earnings per share of $0.83.</p><p><blockquote>2021年第一季度，PayPal的收入超过了预期的59亿美元，达到了60.3亿美元。此外，预期支付总额为 2,650 亿美元，超出了 7.5%。这反映了该公司调整后的收益，因此预期的每股 1.01 美元被 1.22 美元超出。新的财报预计将于7月底发布，预计每股收益为0.83美元。</blockquote></p><p> <b>PayPal's Entry Into The Cryptocurrency Arena</b></p><p><blockquote><b>PayPal 进入加密货币领域</b></blockquote></p><p> As other big names in the financial world, like <b><a href=\"https://laohu8.com/S/V\">Visa</a> </b>(NYSE:V) and <b>Mastercard Incorporated</b> (NYSE:MA), initiated their participation in the crypto world, at least through \"crypto reward\" program credit cards, PayPal could not afford to stay behind. It was the right choice as PayPal's value more than doubled in 2020, and its stock gained 23% during the first half of the year.</p><p><blockquote>和金融界的其他大牌一样，比如<b><a href=\"https://laohu8.com/S/V\">签证</a></b>（纽约证券交易所代码：V）及<b>万事达卡公司</b>（纽约证券交易所股票代码：MA），至少通过“加密奖励”计划信用卡开始参与加密货币世界，PayPal不能落后。这是正确的选择，因为 PayPal 的价值在 2020 年增长了一倍多，其股价在上半年上涨了 23%。</blockquote></p><p> Through its peer-to-peer service Venmo, which is used by more than 70 million users, PayPal offered its customers to operate their cryptocurrencies through its digital wallets, and that pleased both the consumers and millions of merchants. Venmo is on track to bring $900 million to this year's revenue table. Although that's less than 4% of PayPal's business, the ability to pay using cryptocurrency should act as a huge catalyst for growth in 2022. The company's CEO recognized cryptocurrencies as the key growth instruments. PayPal's main competition in this area is <b><a href=\"https://laohu8.com/S/SQ\">Square, Inc</a>.</b> (NYSE:SQ) and its Cash App, which also evolved into a true financial app that supports transactions in bitcoin, without any fees. The digital payment processor sees a major opportunity ahead regarding the adoption of an app that posted $51 billion in payments last quarter, marking a YoY increase of 63%.</p><p><blockquote>通过超过 7000 万用户使用的点对点服务 Venmo，PayPal为客户提供了通过其数字钱包操作加密货币的机会，这让消费者和数百万商家都感到满意。Venmo 今年的收入有望达到 9 亿美元。尽管这还不到 PayPal 业务的 4%，但使用加密货币支付的能力应该会成为 2022 年增长的巨大催化剂。该公司首席执行官认为加密货币是关键的增长工具。PayPal在这方面的主要竞争是<b><a href=\"https://laohu8.com/S/SQ\">广场公司</a>.</b>（纽约证券交易所股票代码：SQ）及其现金应用程序，该应用程序也发展成为一款真正的金融应用程序，支持在比特币进行交易，无需任何费用。这家数字支付处理器看到了一款应用程序的采用带来的重大机遇，该应用程序上季度的支付额为 510 亿美元，同比增长 63%。</blockquote></p><p> <h4>New Features Done Right</h4> PayPal has been investing heavily in technology, more precisely $2.6 billion in 2020 alone, to develop new features for its growing base of active users. It plans&nbsp;to roll out our next-generation digital wallet in Q3, an&nbsp;\"all-in-<a href=\"https://laohu8.com/S/AONE\">one</a> personalized app\" that will offer customized and unique shopping features, financial services, and new payment experiences.</p><p><blockquote><h4>新功能做得好</h4>PayPal一直在技术方面投入巨资，更准确地说，仅在2020年就投入了26亿美元，为其不断增长的活跃用户群开发新功能。它计划在第三季度推出我们的下一代数字钱包，这是一款“一体化<a href=\"https://laohu8.com/S/AONE\">一</a>个性化应用程序”，将提供定制和独特的购物功能、金融服务和新的支付体验。</blockquote></p><p> What's most impressive about PayPal's recent business performance is the improvement in its operating margin. What is truly remarkable is that PayPal managed to roll out so many new features, with more on the way, without compromising its profitability. Moreover, it has been posting healthy increases its margins and profit. This is the definition of ‘a job well done' so no wonder that investors are pleased.</p><p><blockquote>PayPal近期经营业绩最令人印象深刻的是营业利润率的改善。真正引人注目的是，PayPal设法推出了如此多的新功能，更多的功能正在进行中，而不影响其盈利能力。此外，它的利润率和利润一直在健康增长。这就是“做得好”的定义，所以难怪投资者会高兴。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal's Epic Success Continues With Crypto<blockquote>PayPal 在加密货币领域继续取得巨大成功</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\">\nPayPal's Epic Success Continues With Crypto<blockquote>PayPal 在加密货币领域继续取得巨大成功</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-07-14 10:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>When we say long-term investments, we think of transactions with lower risk in the long run and earnings higher than savings or rent, but with no extraordinary profits. Still, we keep hoping to run into some stock that will make us spectacular returns. Sometimes, this happens with already established highest quality companies, like <b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings, Inc</b>.&nbsp;(NASDAQ:PYPL) whose share price has increased incredible 569% over the last five years.</p><p><blockquote>当我们说长期投资时，我们想到的是长期风险较低、收益高于储蓄或租金但没有超额利润的交易。尽管如此，我们仍然希望遇到一些能给我们带来丰厚回报的股票。有时，这种情况发生在已经建立的最高质量的公司中，例如<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股公司</b>.（纳斯达克股票代码：PYPL），其股价在过去五年中上涨了令人难以置信的 569%。</blockquote></p><p> To additionally spice this ride, the stock started this year at around USD $232, and the current trading price is USD $289, which represents a gain of almost 25%. Over the past decade, there have been several great opportunities with high gains like this. Some of the examples are <b>Netflix </b>(NASDAQ:NFLX), <b>Amazon </b>(NASDAQ:AMZN), <b>Apple </b>(NASDAQ:AAPL), along with many more.</p><p><blockquote>为了进一步增加这一行情，该股今年的开盘价约为 232 美元，目前交易价格为 289 美元，上涨了近 25%。在过去的十年里，出现了几次像这样的高回报的绝佳机会。一些例子是<b>网飞</b>（纳斯达克股票代码：NFLX），<b>亚马逊</b>（纳斯达克股票代码：AMZN）<b>苹果</b>（纳斯达克股票代码：AAPL），以及更多。</blockquote></p><p> <b>Is This Gain A&nbsp;True Increase In Value Of The Company?</b></p><p><blockquote><b>这一收益是公司价值的真正增长吗？</b></blockquote></p><p> It is common knowledge that the share price does not necessarily reflect the value of the company. Warren Buffett explained this in his essay \"The Superinvestors of Graham-and-Doddsville\". PayPal, the largest platform for money transfer services, is a good example. The company's annual average increase in the share price was 46%, while the achieved average growth of the company's earnings per share was 29%. Therefore, we must conclude that the investors valued the company higher than the achieved results.</p><p><blockquote>众所周知，股价不一定反映公司的价值。沃伦·巴菲特在他的文章《格雷厄姆和多兹维尔的超级投资者》中对此进行了解释。最大的汇款服务平台PayPal就是一个很好的例子。本公司股价年均增幅为46%，而本公司每股盈利实现平均增幅为29%。因此，我们必须得出结论，投资者对公司的重视高于所取得的成果。</blockquote></p><p> <b>Last Quarter's Earnings</b></p><p><blockquote><b>上季度收益</b></blockquote></p><p> In Q1 2021, PayPal exceeded the expected revenues of $5.90 billion and achieved $ 6.03 billion. Also, the expected total payment volume of $265 billion was beaten by 7.5%. That reflected the company's adjusted earnings, so the expected $1.01 per share was topped with $1.22. The new earnings report is expected by the end of July, with the expected earnings per share of $0.83.</p><p><blockquote>2021年第一季度，PayPal的收入超过了预期的59亿美元，达到了60.3亿美元。此外，预期支付总额为 2,650 亿美元，超出了 7.5%。这反映了该公司调整后的收益，因此预期的每股 1.01 美元被 1.22 美元超出。新的财报预计将于7月底发布，预计每股收益为0.83美元。</blockquote></p><p> <b>PayPal's Entry Into The Cryptocurrency Arena</b></p><p><blockquote><b>PayPal 进入加密货币领域</b></blockquote></p><p> As other big names in the financial world, like <b><a href=\"https://laohu8.com/S/V\">Visa</a> </b>(NYSE:V) and <b>Mastercard Incorporated</b> (NYSE:MA), initiated their participation in the crypto world, at least through \"crypto reward\" program credit cards, PayPal could not afford to stay behind. It was the right choice as PayPal's value more than doubled in 2020, and its stock gained 23% during the first half of the year.</p><p><blockquote>和金融界的其他大牌一样，比如<b><a href=\"https://laohu8.com/S/V\">签证</a></b>（纽约证券交易所代码：V）及<b>万事达卡公司</b>（纽约证券交易所股票代码：MA），至少通过“加密奖励”计划信用卡开始参与加密货币世界，PayPal不能落后。这是正确的选择，因为 PayPal 的价值在 2020 年增长了一倍多，其股价在上半年上涨了 23%。</blockquote></p><p> Through its peer-to-peer service Venmo, which is used by more than 70 million users, PayPal offered its customers to operate their cryptocurrencies through its digital wallets, and that pleased both the consumers and millions of merchants. Venmo is on track to bring $900 million to this year's revenue table. Although that's less than 4% of PayPal's business, the ability to pay using cryptocurrency should act as a huge catalyst for growth in 2022. The company's CEO recognized cryptocurrencies as the key growth instruments. PayPal's main competition in this area is <b><a href=\"https://laohu8.com/S/SQ\">Square, Inc</a>.</b> (NYSE:SQ) and its Cash App, which also evolved into a true financial app that supports transactions in bitcoin, without any fees. The digital payment processor sees a major opportunity ahead regarding the adoption of an app that posted $51 billion in payments last quarter, marking a YoY increase of 63%.</p><p><blockquote>通过超过 7000 万用户使用的点对点服务 Venmo，PayPal为客户提供了通过其数字钱包操作加密货币的机会，这让消费者和数百万商家都感到满意。Venmo 今年的收入有望达到 9 亿美元。尽管这还不到 PayPal 业务的 4%，但使用加密货币支付的能力应该会成为 2022 年增长的巨大催化剂。该公司首席执行官认为加密货币是关键的增长工具。PayPal在这方面的主要竞争是<b><a href=\"https://laohu8.com/S/SQ\">广场公司</a>.</b>（纽约证券交易所股票代码：SQ）及其现金应用程序，该应用程序也发展成为一款真正的金融应用程序，支持在比特币进行交易，无需任何费用。这家数字支付处理器看到了一款应用程序的采用带来的重大机遇，该应用程序上季度的支付额为 510 亿美元，同比增长 63%。</blockquote></p><p> <h4>New Features Done Right</h4> PayPal has been investing heavily in technology, more precisely $2.6 billion in 2020 alone, to develop new features for its growing base of active users. It plans&nbsp;to roll out our next-generation digital wallet in Q3, an&nbsp;\"all-in-<a href=\"https://laohu8.com/S/AONE\">one</a> personalized app\" that will offer customized and unique shopping features, financial services, and new payment experiences.</p><p><blockquote><h4>新功能做得好</h4>PayPal一直在技术方面投入巨资，更准确地说，仅在2020年就投入了26亿美元，为其不断增长的活跃用户群开发新功能。它计划在第三季度推出我们的下一代数字钱包，这是一款“一体化<a href=\"https://laohu8.com/S/AONE\">一</a>个性化应用程序”，将提供定制和独特的购物功能、金融服务和新的支付体验。</blockquote></p><p> What's most impressive about PayPal's recent business performance is the improvement in its operating margin. What is truly remarkable is that PayPal managed to roll out so many new features, with more on the way, without compromising its profitability. Moreover, it has been posting healthy increases its margins and profit. This is the definition of ‘a job well done' so no wonder that investors are pleased.</p><p><blockquote>PayPal近期经营业绩最令人印象深刻的是营业利润率的改善。真正引人注目的是，PayPal设法推出了如此多的新功能，更多的功能正在进行中，而不影响其盈利能力。此外，它的利润率和利润一直在健康增长。这就是“做得好”的定义，所以难怪投资者会高兴。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达","V":"Visa","NFLX":"奈飞","PYPL":"PayPal","03086":"华夏纳指","AMZN":"亚马逊","AAPL":"苹果","QNETCN":"纳斯达克中美互联网老虎指数","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151983495","content_text":"When we say long-term investments, we think of transactions with lower risk in the long run and earnings higher than savings or rent, but with no extraordinary profits. Still, we keep hoping to run into some stock that will make us spectacular returns. Sometimes, this happens with already established highest quality companies, like PayPal Holdings, Inc. (NASDAQ:PYPL) whose share price has increased incredible 569% over the last five years.\nTo additionally spice this ride, the stock started this year at around USD $232, and the current trading price is USD $289, which represents a gain of almost 25%. Over the past decade, there have been several great opportunities with high gains like this. Some of the examples are Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), along with many more.\nIs This Gain A True Increase In Value Of The Company?\nIt is common knowledge that the share price does not necessarily reflect the value of the company. Warren Buffett explained this in his essay \"The Superinvestors of Graham-and-Doddsville\". PayPal, the largest platform for money transfer services, is a good example. The company's annual average increase in the share price was 46%, while the achieved average growth of the company's earnings per share was 29%. Therefore, we must conclude that the investors valued the company higher than the achieved results.\nLast Quarter's Earnings\nIn Q1 2021, PayPal exceeded the expected revenues of $5.90 billion and achieved $ 6.03 billion. Also, the expected total payment volume of $265 billion was beaten by 7.5%. That reflected the company's adjusted earnings, so the expected $1.01 per share was topped with $1.22. The new earnings report is expected by the end of July, with the expected earnings per share of $0.83.\nPayPal's Entry Into The Cryptocurrency Arena\nAs other big names in the financial world, like Visa (NYSE:V) and Mastercard Incorporated (NYSE:MA), initiated their participation in the crypto world, at least through \"crypto reward\" program credit cards, PayPal could not afford to stay behind. It was the right choice as PayPal's value more than doubled in 2020, and its stock gained 23% during the first half of the year.\nThrough its peer-to-peer service Venmo, which is used by more than 70 million users, PayPal offered its customers to operate their cryptocurrencies through its digital wallets, and that pleased both the consumers and millions of merchants. Venmo is on track to bring $900 million to this year's revenue table. Although that's less than 4% of PayPal's business, the ability to pay using cryptocurrency should act as a huge catalyst for growth in 2022. The company's CEO recognized cryptocurrencies as the key growth instruments. PayPal's main competition in this area is Square, Inc. (NYSE:SQ) and its Cash App, which also evolved into a true financial app that supports transactions in bitcoin, without any fees. The digital payment processor sees a major opportunity ahead regarding the adoption of an app that posted $51 billion in payments last quarter, marking a YoY increase of 63%.\nNew Features Done Right\nPayPal has been investing heavily in technology, more precisely $2.6 billion in 2020 alone, to develop new features for its growing base of active users. It plans to roll out our next-generation digital wallet in Q3, an \"all-in-one personalized app\" that will offer customized and unique shopping features, financial services, and new payment experiences.\nWhat's most impressive about PayPal's recent business performance is the improvement in its operating margin. What is truly remarkable is that PayPal managed to roll out so many new features, with more on the way, without compromising its profitability. Moreover, it has been posting healthy increases its margins and profit. This is the definition of ‘a job well done' so no wonder that investors are pleased.","news_type":1,"symbols_score_info":{"09086":0.9,"AMZN":0.9,"NFLX":0.9,"03086":0.9,"SQ":0.9,"V":0.9,"AAPL":0.9,"QNETCN":0.9,"MA":0.9,"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152163796,"gmtCreate":1625276325515,"gmtModify":1633941877307,"author":{"id":"3586570953514754","authorId":"3586570953514754","name":"诗迷","avatar":"https://static.tigerbbs.com/ede7919964a05a6754d4489382883c39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586570953514754","idStr":"3586570953514754"},"themes":[],"title":"","htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152163796","repostId":"2148015288","repostType":4,"isVote":1,"tweetType":1,"viewCount":1127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}