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2021-11-05

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2021-10-03

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2021-09-28

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Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资 AAPL 永远不会太晚，尤其是当他们回购股票时</blockquote>

2021-09-27

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A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote>

2021-09-24

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2021-09-23

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2021-09-19

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2021-09-15

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Fastest-Growing IPO Stocks: 10 IPOs Expecting Up To 25,478% Growth In 2021<blockquote>增长最快的 IPO 股票：10 只 IPO 预计 2021 年增长高达 25,478%</blockquote>

2021-09-12

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2021-09-12

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2021-09-10

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2021-09-08

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2021-09-05

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2021-09-03

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2021-09-02

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2021-09-01

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2021-08-31

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This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的 5 年回报率优于亚马逊、微软、美国银行和富国银行</blockquote>

2021-08-30

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2021-08-28

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Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-27

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for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867231175","repostId":"2172624809","repostType":4,"isVote":1,"tweetType":1,"viewCount":3368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862104962,"gmtCreate":1632841268595,"gmtModify":1632841268595,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862104962","repostId":"1152246777","repostType":4,"repost":{"id":"1152246777","kind":"news","pubTimestamp":1632839983,"share":"https://www.laohunote.com/m/news/1152246777?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:39","market":"us","language":"en","title":"Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资 AAPL 永远不会太晚，尤其是当他们回购股票时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152246777","media":"Seeking Alpha","summary":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous mile","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度收益，苹果有望实现井喷式的一年，打破之前从总收入到净利润的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大价值。</li><li>与同行相比，AAPL 看起来很便宜，如果你有长期的时间范围，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资视野，我认为购买苹果（纳斯达克股票代码：AAPL）股票永远不会是一个糟糕的时机。如果你回到过去，无论讨论的是哪个里程碑，从达到 5000 亿美元、1 万亿美元或 2 万亿美元的市值，随着时间的推移，苹果公司已经突破了这一障碍。未来，我们将讨论 AAPL 市值达到 5 万亿美元。不要用过去时态来看待 AAPL，它是一家经历了多次股票分割并成长为一家价值 2.43 万亿美元的公司的公司。AAPL 是美国最受喜爱的公司之一，在过去 12 个月 (TTM) 中产生了 947.7 亿美元的自由现金流 (FCF)，5 年平均自由现金流为 674.9 亿美元。AAPL 是一家毛利率为 41.66% 的公司，利润率为 26.24%，这与 TTM 中 868 亿美元的净利润相关。最重要的是，看看 AAPL 在过去十年中为其股东做了什么，他们回购了 95.9 亿股股票，即公司 36.58%，同时支付了 1,134 亿美元的股息。无论您是否错过了 AAPL 之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买 AAPL 股票永远不会是糟糕的时机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TD</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我一直在写关于AAPL的文章，也阅读了许多关于AAPL的关于Seeking Alpha的文章。总是有人评论说蒂姆·库克（苹果首席执行官）和卢卡·梅斯特里（苹果首席财务官）是无能的，对公司的财务管理不善，回购是没有用的。我从未见过一个管理团队和董事会像 AAPL 团队那样关心股东。自2012财年以来，AAPL通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。我不知道有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这一数额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" 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> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由发行额外股票，否则在我看来，随着当前股东所有权被稀释，这是最大的危险信号之一。这是一个简单的等式，如果ABC公司有10,000股流通股，而你持有100股，你就拥有该公司1%的股份。如果 ABC 发行 2,500 股股票来筹集资金，则现在有 12,500 股流通股，您在该公司的所有权将自动稀释至 0.80%。如果 ABC 利用其自由现金流启动股票回购计划，而不是发行 2,500 股，而是在公开市场上回购 2,500 股，ABC 将剩下 7,500 股流通股。您在 ABC 的股权将会增加，因为您的 100 股现在相当于该公司的 1.33%。这也将导致收入和每股收益增加，因为它将分散在更少的股票上。假设，如果 ABC 产生 1,000,000 美元的收入和 100,000 美元的收益，基于 10,000 股股票，ABC 的每股将产生 100 美元的收入和每股 10 美元的收益。通过发行更多股票并将流通股数量增加到 12,500 股，每股现在将产生 80 美元的收入和 8 美元的每股收益。通过回购 2,500 股而不是发行 2,500 股，ABC 现在将产生 133.33 美元的收入和每股收益 13.33 美元，因为他们只有 7,500 股流通股。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当苹果公司回购股票时，这不是财务操纵；他们通过增加 AAPL 持有这些股份的比例来奖励股东。AAPL 产生了大量的自由现金流，其理念是通过回购和股息产生的部分现金返还股东来回报股东。在过去十年中，AAPL 的 TTM 自由现金流每年从 416.8 亿美元增加到 947.7 亿美元。2021 财年远高于 AAPL 前几年，因此如果使用 5 年平均水平，FCF 同比从 416.8 亿美元增加到 674.9 亿美元。AAPL的回购不是操纵，不应被视为财务管理不善。过去 7 个季度，AAPL 以平均每季度 197.1 亿美元的速度回购了 1380 亿美元的股票。每个季度 AAPL 都会回购股票，增加您的股票所代表的股本头寸，并增加您的股票产生的收入和每股收益。这应该受到庆祝，因为 AAPL 创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Everything Money</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用产生的资本来发展公司，但这是股票稀释的一个完美例子。截至 2011 年底，TSLA 共有 5.227 亿股已发行普通股。截至上一份报告，TSLA 拥有 9.84 亿股已发行普通股。过去十年，特斯拉已将股东稀释了 88.15%。特斯拉在过去五年中发行了 1.762 亿股新股，在此期间将其股东稀释了 21.81%。发行股票并不总是坏事，公平地说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA在TTM的收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增幅为10,585%。尽管特斯拉在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中已被稀释了 88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2021年4月28日，AAPL宣布其董事会授权向其现有的股票回购计划增加900亿美元。根据目前 2.43 万亿美元的估值，AAPL 董事会增加了足够的资本，在公开市场上额外回购了 3.7% 的股票。根据过去十年的数据，随着 FFC 的资本配置力度的增加，AAPL 将继续对股东友好。我很震惊有人会认为这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。每个季度 AAPL 都会回购股票，增加您的股票所代表的 AAPL 股权百分比。AAPL 致力于通过回购增加股东价值，这是股东可以继续期待的，因为 AAPL 在每一个新的历史最高股价中不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值已经成熟，可以进行新的投资，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>AAPL 股价于 2021 年 6 月 28 日交易价格为 134.78 美元，并于 2021 年 9 月 7 日达到 156.68 美元。自那以后，AAPL经历了回调，股价在21年9月20日回落至143.04美元，这是我们自7月中旬以来从未见过的水平。9/24321 交易结束时，AAPL 股价已从近期低点反弹，收于 146.92 美元。在查看了 AAPL 的指标并回顾了 1 年图表后，我相信这次回调是一个机会。在过去的一年里，AAPL 的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次重大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在2021年4月19日攀升至134.79美元，并在2021年5月12日回落至122.77美元。整个夏季，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL 的每一次回调都创造了更高的低点，而在过去的一年里，AAPL 又创造了更高的高点。进入第四季度业绩，AAPL 有望报告其最好的一年运营，我相信这次回调是开始或增加当前头寸的良好切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技公司的同行相比，AAPL 看起来很便宜。市销率是将股票价格与每股收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL 的市盈率为 7.13，而 MSFT 的市盈率为 13.44，GOOGL 的市盈率为 8.71。GOOGL是集团中市盈率最低的，为3.89。市盈率用于根据公司产生的收益来评估公司的股价，并表明投资者愿意为每 1 美元的收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL 的市盈率为 28.53，而 MSFT 的市盈率为 36.87，AMZN 的市盈率为 58.54，GOOGL 的市盈率为 30.48。我看股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL 的市盈率为 135.04%，而 MSFT 为 43.15%，AMZN 为 25.64%，GOOGL 为 26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL 的市盈率为 25.64 倍，MSFT 的市盈率为 40.09 倍，AMZN 的市盈率为 244.80 倍，GOOGL的市盈率为 32.46 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL 是我认为您应该拥有并在可能的情况下添加的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回落时，她买了更多的苹果。我在投资群聊中的一位好朋友每个月都在购买 AAPL 股票，我相信他在回调期间也借此机会增持了 AAPL。我认为 AAPL 仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL 的交易价格仅为 FCF 的 25.64 倍，市盈率为 28.53，而市场平均水平为 34.75。AAPL 在从其股权中产生利润方面做得非常出色，估值诱人，并且每个季度都会回购股票；有什么不喜欢的？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对 10 月底公布的 AAPL 2021 年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度在每年的9月30日结束。当 AAPL 在 10 月底公布收益时，他们将公布第四季度和 2021 财年的数据。AAPL 为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL创造了2825.6亿美元的收入，1176.6亿美元的毛利润和741.3亿美元的净利润。2021年前9个月，AAPL在这三个类别中的表现都超过了2020财年。AAPL 预测 2021 年第四季度将实现两位数的同比增长，这将使其第四季度收入至少达到 711.6 亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果 AAPL 能够将 40% 的收入转化为毛利润，25% 转化为净利润，那么到 2021 年，他们将实现 3537.2 亿美元的收入、1461.2 亿美元的毛利润和 919.2 亿美元的净利润。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我把每一项投资都看作是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常现象。我没有水晶球，我们需要看看蒂姆·库克对第四季度收益看涨期权和 2022 财年预测有何看法。从我下面构建的图表来看，AAPL 在 2016 年和 2017 年的一段时间里，其收入低于 2015 年，然后才加速增长。假设，如果 AAPL 的收入碰巧在一两年内达到顶峰，这不会改变我的投资论点，因为我对 AAPL 有长期投资期限。从2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入 2021 年底，AAPL 将报告一个井喷的一年，我们将对 2022 年做出一些预测。AAPL 董事会已将股票回购计划增加了 900 亿美元，而且没有迹象表明 AAPL 正在放缓。在我看来，这次回调是买入的机会，未来的任何回调都是买入 AAPL 股票的机会。AAPL 是我见过的所有公司中产生最多自由现金流的公司，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，AAPL 值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为 AAPL 第四季度收益和创纪录的 2021 年业绩将于 10 月底公布。根据目前的数据，与2020财年相比，AAPL的收入将同比增长28.85%，净利润将同比增长60.14%。与同行相比，AAPL 看起来很便宜，因为其市盈率和 FCF 价格明显低于 MSFT、AMZN 和GOOGL。AAPL 继续通过将其自由现金流的一定比例分配给回购和股息来为股东创造价值。AAPL 不断创新，发布新产品，继续拓展服务业务部门，最近还向其股票回购计划追加了 900 亿美元。我认为 AAPL 是一项出色的长期投资，目前的回调是一个买入机会。</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: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资 AAPL 永远不会太晚，尤其是当他们回购股票时</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: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资 AAPL 永远不会太晚，尤其是当他们回购股票时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 22:39</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>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度收益，苹果有望实现井喷式的一年，打破之前从总收入到净利润的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大价值。</li><li>与同行相比，AAPL 看起来很便宜，如果你有长期的时间范围，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资视野，我认为购买苹果（纳斯达克股票代码：AAPL）股票永远不会是一个糟糕的时机。如果你回到过去，无论讨论的是哪个里程碑，从达到 5000 亿美元、1 万亿美元或 2 万亿美元的市值，随着时间的推移，苹果公司已经突破了这一障碍。未来，我们将讨论 AAPL 市值达到 5 万亿美元。不要用过去时态来看待 AAPL，它是一家经历了多次股票分割并成长为一家价值 2.43 万亿美元的公司的公司。AAPL 是美国最受喜爱的公司之一，在过去 12 个月 (TTM) 中产生了 947.7 亿美元的自由现金流 (FCF)，5 年平均自由现金流为 674.9 亿美元。AAPL 是一家毛利率为 41.66% 的公司，利润率为 26.24%，这与 TTM 中 868 亿美元的净利润相关。最重要的是，看看 AAPL 在过去十年中为其股东做了什么，他们回购了 95.9 亿股股票，即公司 36.58%，同时支付了 1,134 亿美元的股息。无论您是否错过了 AAPL 之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买 AAPL 股票永远不会是糟糕的时机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TD</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我一直在写关于AAPL的文章，也阅读了许多关于AAPL的关于Seeking Alpha的文章。总是有人评论说蒂姆·库克（苹果首席执行官）和卢卡·梅斯特里（苹果首席财务官）是无能的，对公司的财务管理不善，回购是没有用的。我从未见过一个管理团队和董事会像 AAPL 团队那样关心股东。自2012财年以来，AAPL通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。我不知道有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这一数额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" 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> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由发行额外股票，否则在我看来，随着当前股东所有权被稀释，这是最大的危险信号之一。这是一个简单的等式，如果ABC公司有10,000股流通股，而你持有100股，你就拥有该公司1%的股份。如果 ABC 发行 2,500 股股票来筹集资金，则现在有 12,500 股流通股，您在该公司的所有权将自动稀释至 0.80%。如果 ABC 利用其自由现金流启动股票回购计划，而不是发行 2,500 股，而是在公开市场上回购 2,500 股，ABC 将剩下 7,500 股流通股。您在 ABC 的股权将会增加，因为您的 100 股现在相当于该公司的 1.33%。这也将导致收入和每股收益增加，因为它将分散在更少的股票上。假设，如果 ABC 产生 1,000,000 美元的收入和 100,000 美元的收益，基于 10,000 股股票，ABC 的每股将产生 100 美元的收入和每股 10 美元的收益。通过发行更多股票并将流通股数量增加到 12,500 股，每股现在将产生 80 美元的收入和 8 美元的每股收益。通过回购 2,500 股而不是发行 2,500 股，ABC 现在将产生 133.33 美元的收入和每股收益 13.33 美元，因为他们只有 7,500 股流通股。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当苹果公司回购股票时，这不是财务操纵；他们通过增加 AAPL 持有这些股份的比例来奖励股东。AAPL 产生了大量的自由现金流，其理念是通过回购和股息产生的部分现金返还股东来回报股东。在过去十年中，AAPL 的 TTM 自由现金流每年从 416.8 亿美元增加到 947.7 亿美元。2021 财年远高于 AAPL 前几年，因此如果使用 5 年平均水平，FCF 同比从 416.8 亿美元增加到 674.9 亿美元。AAPL的回购不是操纵，不应被视为财务管理不善。过去 7 个季度，AAPL 以平均每季度 197.1 亿美元的速度回购了 1380 亿美元的股票。每个季度 AAPL 都会回购股票，增加您的股票所代表的股本头寸，并增加您的股票产生的收入和每股收益。这应该受到庆祝，因为 AAPL 创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Everything Money</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用产生的资本来发展公司，但这是股票稀释的一个完美例子。截至 2011 年底，TSLA 共有 5.227 亿股已发行普通股。截至上一份报告，TSLA 拥有 9.84 亿股已发行普通股。过去十年，特斯拉已将股东稀释了 88.15%。特斯拉在过去五年中发行了 1.762 亿股新股，在此期间将其股东稀释了 21.81%。发行股票并不总是坏事，公平地说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA在TTM的收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增幅为10,585%。尽管特斯拉在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中已被稀释了 88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2021年4月28日，AAPL宣布其董事会授权向其现有的股票回购计划增加900亿美元。根据目前 2.43 万亿美元的估值，AAPL 董事会增加了足够的资本，在公开市场上额外回购了 3.7% 的股票。根据过去十年的数据，随着 FFC 的资本配置力度的增加，AAPL 将继续对股东友好。我很震惊有人会认为这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。每个季度 AAPL 都会回购股票，增加您的股票所代表的 AAPL 股权百分比。AAPL 致力于通过回购增加股东价值，这是股东可以继续期待的，因为 AAPL 在每一个新的历史最高股价中不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值已经成熟，可以进行新的投资，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>AAPL 股价于 2021 年 6 月 28 日交易价格为 134.78 美元，并于 2021 年 9 月 7 日达到 156.68 美元。自那以后，AAPL经历了回调，股价在21年9月20日回落至143.04美元，这是我们自7月中旬以来从未见过的水平。9/24321 交易结束时，AAPL 股价已从近期低点反弹，收于 146.92 美元。在查看了 AAPL 的指标并回顾了 1 年图表后，我相信这次回调是一个机会。在过去的一年里，AAPL 的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次重大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在2021年4月19日攀升至134.79美元，并在2021年5月12日回落至122.77美元。整个夏季，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL 的每一次回调都创造了更高的低点，而在过去的一年里，AAPL 又创造了更高的高点。进入第四季度业绩，AAPL 有望报告其最好的一年运营，我相信这次回调是开始或增加当前头寸的良好切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技公司的同行相比，AAPL 看起来很便宜。市销率是将股票价格与每股收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL 的市盈率为 7.13，而 MSFT 的市盈率为 13.44，GOOGL 的市盈率为 8.71。GOOGL是集团中市盈率最低的，为3.89。市盈率用于根据公司产生的收益来评估公司的股价，并表明投资者愿意为每 1 美元的收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL 的市盈率为 28.53，而 MSFT 的市盈率为 36.87，AMZN 的市盈率为 58.54，GOOGL 的市盈率为 30.48。我看股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL 的市盈率为 135.04%，而 MSFT 为 43.15%，AMZN 为 25.64%，GOOGL 为 26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL 的市盈率为 25.64 倍，MSFT 的市盈率为 40.09 倍，AMZN 的市盈率为 244.80 倍，GOOGL的市盈率为 32.46 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL 是我认为您应该拥有并在可能的情况下添加的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回落时，她买了更多的苹果。我在投资群聊中的一位好朋友每个月都在购买 AAPL 股票，我相信他在回调期间也借此机会增持了 AAPL。我认为 AAPL 仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL 的交易价格仅为 FCF 的 25.64 倍，市盈率为 28.53，而市场平均水平为 34.75。AAPL 在从其股权中产生利润方面做得非常出色，估值诱人，并且每个季度都会回购股票；有什么不喜欢的？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对 10 月底公布的 AAPL 2021 年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度在每年的9月30日结束。当 AAPL 在 10 月底公布收益时，他们将公布第四季度和 2021 财年的数据。AAPL 为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL创造了2825.6亿美元的收入，1176.6亿美元的毛利润和741.3亿美元的净利润。2021年前9个月，AAPL在这三个类别中的表现都超过了2020财年。AAPL 预测 2021 年第四季度将实现两位数的同比增长，这将使其第四季度收入至少达到 711.6 亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果 AAPL 能够将 40% 的收入转化为毛利润，25% 转化为净利润，那么到 2021 年，他们将实现 3537.2 亿美元的收入、1461.2 亿美元的毛利润和 919.2 亿美元的净利润。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我把每一项投资都看作是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常现象。我没有水晶球，我们需要看看蒂姆·库克对第四季度收益看涨期权和 2022 财年预测有何看法。从我下面构建的图表来看，AAPL 在 2016 年和 2017 年的一段时间里，其收入低于 2015 年，然后才加速增长。假设，如果 AAPL 的收入碰巧在一两年内达到顶峰，这不会改变我的投资论点，因为我对 AAPL 有长期投资期限。从2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入 2021 年底，AAPL 将报告一个井喷的一年，我们将对 2022 年做出一些预测。AAPL 董事会已将股票回购计划增加了 900 亿美元，而且没有迹象表明 AAPL 正在放缓。在我看来，这次回调是买入的机会，未来的任何回调都是买入 AAPL 股票的机会。AAPL 是我见过的所有公司中产生最多自由现金流的公司，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，AAPL 值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为 AAPL 第四季度收益和创纪录的 2021 年业绩将于 10 月底公布。根据目前的数据，与2020财年相比，AAPL的收入将同比增长28.85%，净利润将同比增长60.14%。与同行相比，AAPL 看起来很便宜，因为其市盈率和 FCF 价格明显低于 MSFT、AMZN 和GOOGL。AAPL 继续通过将其自由现金流的一定比例分配给回购和股息来为股东创造价值。AAPL 不断创新，发布新产品，继续拓展服务业务部门，最近还向其股票回购计划追加了 900 亿美元。我认为 AAPL 是一项出色的长期投资，目前的回调是一个买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152246777","content_text":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.\nApple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.\nCompared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.\n\nStephen Lam/Getty Images News\nI don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.\nSource: TD\nUnderstanding why Apple's share buybacks are important to shareholders\nI have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always comments about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.\nSource: Apple\nWhy are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.\nWhen AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.\nSource: Everything Money\nI recently wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.\nSource: Seeking Alpha\nOn 4/28/21, AAPL announced that its board of directors authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.\nApple's valuation is ripe for new investments, especially after the recent pullback\nShares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.\nSource: Seeking Alpha\nAAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and Microsoft (MSFT) are the four largest companies in the S&P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the average P/E ratio of the S&P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.\nSource: Steven Fiorillo) (Data Source: Seeking Alpha\nAAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?\nWhat are we looking at going into AAPL's Q4 2021 being reported at the end of October?\nAAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.\nI look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.\n(Source: Steven Fiorillo) (Data Source: Seeking Alpha)\nConclusion\nAAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866866654,"gmtCreate":1632754050378,"gmtModify":1632798067286,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866866654","repostId":"1191995819","repostType":4,"repost":{"id":"1191995819","kind":"news","pubTimestamp":1632753702,"share":"https://www.laohunote.com/m/news/1191995819?lang=zh_CN&edition=full","pubTime":"2021-09-27 22:41","market":"us","language":"en","title":"A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191995819","media":"Barrons","summary":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is","content":"<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更有戏剧性，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于 10 月 7 日在其位于德克萨斯州奥斯汀的新工厂虚拟举行 2021 年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要完成的业务清单。委托书包括将在会议上投票的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司 (ISS) 是一家大型代理顾问，最近因建议特斯拉股东投票反对董事会成员 Kimbal Musk 和 James Murdoch 而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔-马斯克是埃隆-马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席，该公司拥有<i>巴伦</i>. 鉴于金巴尔-马斯克（Kimbal Musk）和默多克（Murdoch）都获得了大量股权授予，ISS 质疑他们提供独立建议的能力。游戏中有太多的财务皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站<i>巴伦</i>对其代理分析： “分析中写道：”多名[非执行官或NEO]获得了大量缺乏预设绩效标准的股权授予。“委托书也没有披露薪酬委员会关于除首席执行官外 toNEOs 总薪酬大幅增加的任何理由”。</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>据 ISS 称，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家 “高风险 ”公司。首席执行官埃隆·马斯克拥有特斯拉约17%的股票，但没有特殊投票权。然而，他确实拥有大量的股票期权，这些期权占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉的董事会主要由独立董事组成，但也有一位非独立董事： 金巴尔-马斯克（Kimbal Musk）。默多克仍被国际空间站列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重要问题，但这是一个长期问题，未来几个月对特斯拉股票的建议应该不会很大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循国际空间站的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易。该建议可能会促使特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标普500下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这并不是一个不寻常的尺寸。苹果（AAPL）董事会有八名成员。通用汽车（GM）有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。该公司周五扩大了最新版本自动驾驶功能的发布范围，称为全自动驾驶（FSD）。年会之前，第三季度交付数据应该会公布。年会之后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约 221,000 辆汽车，特斯拉预计每股收益约为 1.40 美元至 1.50 美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于几个月来的最高水平之际。特斯拉股价周五收于 774.39 美元，过去三个月上涨约 15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 22:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更有戏剧性，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于 10 月 7 日在其位于德克萨斯州奥斯汀的新工厂虚拟举行 2021 年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要完成的业务清单。委托书包括将在会议上投票的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司 (ISS) 是一家大型代理顾问，最近因建议特斯拉股东投票反对董事会成员 Kimbal Musk 和 James Murdoch 而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔-马斯克是埃隆-马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席，该公司拥有<i>巴伦</i>. 鉴于金巴尔-马斯克（Kimbal Musk）和默多克（Murdoch）都获得了大量股权授予，ISS 质疑他们提供独立建议的能力。游戏中有太多的财务皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站<i>巴伦</i>对其代理分析： “分析中写道：”多名[非执行官或NEO]获得了大量缺乏预设绩效标准的股权授予。“委托书也没有披露薪酬委员会关于除首席执行官外 toNEOs 总薪酬大幅增加的任何理由”。</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>据 ISS 称，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家 “高风险 ”公司。首席执行官埃隆·马斯克拥有特斯拉约17%的股票，但没有特殊投票权。然而，他确实拥有大量的股票期权，这些期权占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉的董事会主要由独立董事组成，但也有一位非独立董事： 金巴尔-马斯克（Kimbal Musk）。默多克仍被国际空间站列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重要问题，但这是一个长期问题，未来几个月对特斯拉股票的建议应该不会很大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循国际空间站的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易。该建议可能会促使特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标普500下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这并不是一个不寻常的尺寸。苹果（AAPL）董事会有八名成员。通用汽车（GM）有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。该公司周五扩大了最新版本自动驾驶功能的发布范围，称为全自动驾驶（FSD）。年会之前，第三季度交付数据应该会公布。年会之后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约 221,000 辆汽车，特斯拉预计每股收益约为 1.40 美元至 1.50 美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于几个月来的最高水平之际。特斯拉股价周五收于 774.39 美元，过去三个月上涨约 15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191995819","content_text":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.\nTesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.\n\nInstitutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.\nKimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns Barron’s. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.\n\nISS referred Barron’s to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”\nTesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.\nTesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.\nBoard independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.\nFor starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.\n\nTesla stock was up slightly in early trading Monday. The S&P 500 was down about 0.3%. The Dow Jones Industrial Average gained about 0.6%.\nTesla’s board currently has nine board members. That isn’t an unusual size. The Apple (AAPL) board has eight members.General Motors (GM) has 12 board members.\nIt’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.\nWall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.\nAll this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861678193,"gmtCreate":1632494795212,"gmtModify":1632716575892,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861678193","repostId":"2169590615","repostType":4,"isVote":1,"tweetType":1,"viewCount":4645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863574443,"gmtCreate":1632409159782,"gmtModify":1632730775004,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863574443","repostId":"2169664162","repostType":4,"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887580967,"gmtCreate":1632063806659,"gmtModify":1632803062217,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887580967","repostId":"1197410423","repostType":4,"isVote":1,"tweetType":1,"viewCount":2505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882635446,"gmtCreate":1631682557385,"gmtModify":1631892035593,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882635446","repostId":"1184277851","repostType":4,"repost":{"id":"1184277851","kind":"news","pubTimestamp":1631677481,"share":"https://www.laohunote.com/m/news/1184277851?lang=zh_CN&edition=full","pubTime":"2021-09-15 11:44","market":"us","language":"en","title":"Fastest-Growing IPO Stocks: 10 IPOs Expecting Up To 25,478% Growth In 2021<blockquote>增长最快的 IPO 股票：10 只 IPO 预计 2021 年增长高达 25,478%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184277851","media":"investors","summary":"Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by","content":"<p>Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by&nbsp;<b>BioNTech</b>(BNTX),<b>Upstart</b>(UPST) and&nbsp;<b>TaskUs</b>(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.</p><p><blockquote>进入今年最后一个季度，2021年最值得买入和关注的IPO股票有哪些？领导<b>生物技术</b>（BNTX），<b>暴发户</b>（UPST）和<b>口袋</b>（任务），以下是自 2019 年以来首次亮相的 10 家 IPO，预计今年盈利增长将在 30% 至 25,478% 之间。</blockquote></p><p> <b>InMode</b>(INMD),<b>Avantor</b>(AVTR),<b>Doximity</b>(DOCS), and&nbsp;<b>Zoominfo Technologies</b>(ZI) also made the cut.</p><p><blockquote><b>模式</b>（INMD），<b>Avantor</b>（AVTR），<b>粘性</b>（文档），以及<b>Zoominfo技术</b>（子）也入选了。</blockquote></p><p> Built using&nbsp;MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.</p><p><blockquote>该屏幕使用MarketSmith构建，过滤整个IBD数据库，只识别那些符合下列标准的公司。</blockquote></p><p> UPST stock, TASK stock and all theIPO stockson this screen must:</p><p><blockquote>UPST库存、任务库存和此屏幕中的所有PO库存必须：</blockquote></p><p> <ul>  <li>Have gone public since 2019.</li>  <li>Trade 400,000+ shares per day on average</li>  <li>Expect 25% or higher EPS growth in 2021.</li>  <li>Have sales growth above 25% last quarter.</li>  <li>Earn a Composite Rating 95 or higher.</li> </ul> Stock Checkuprequires a&nbsp;Composite Rating&nbsp;of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.</p><p><blockquote><ul><li>自2019年起上市。</li><li>平均每天交易超过 400,000 股</li><li>预计 2021 年每股收益增长 25% 或更高。</li><li>上季度销售额增长超过25%。</li><li>获得95或更高的综合评级。</li></ul>库存检查需要95或更高的综合评级才能获得及格等级。许多 IPO，即使是那些显示出强劲前景的 IPO，在股票市场上交易的时间还不够长，或者在其他指标上落后，无法达到该基准。这里介绍的 IPO 股票的基本面和技术表现都达到了高门槛。</blockquote></p><p> Take UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.</p><p><blockquote>以UPST股票为例。Upstart 由谷歌前员工于 2020 年创立，利用基于云的人工智能 (AI) 简化负担得起的消费信贷，同时降低银行合作伙伴的贷款风险和成本。这家总部位于加利福尼亚州圣马特奥的公司已经发放了超过 90 亿美元的贷款，其中超过三分之二是完全自动化的。</blockquote></p><p> In addition to the<b>Alphabet</b>(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading&nbsp;cloud computing&nbsp;and&nbsp;AI stock&nbsp;has also generated average annual sales growth of 70% over the last three years.</p><p><blockquote>除了<b>Alphabet</b>（GOOGL）pedigree，UPST 股票因分析师预计全年盈利增长 900% 而受到提振。这家领先的云计算和人工智能股票在过去三年中的年均销售额增长了 70%。</blockquote></p><p> Another IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key&nbsp;stock-picking traits, including the highest-possible 99Composite Rating.</p><p><blockquote>另一家值得关注的 IPO 是 TaskUs，它已迅速成为领先的业务流程外包 (BPO) 公司。与 Upstart 一样，TaskUs 也具有关键的选股特征，包括尽可能高的 99Composite 评级。</blockquote></p><p> IPOs On Leading Stock Lists</p><p><blockquote>主要股票上市的首次公开募股</blockquote></p><p> TASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.</p><p><blockquote>TASK stock 和 UPST stock 均跻身 IBD 50，而 TaskUs 也跻身 IBD 行业领导者之列。</blockquote></p><p> Several other top IPOs are also on IBD&nbsp;stock lists. In&nbsp;Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.</p><p><blockquote>其他几家顶级 IPO 也在 IBD 股票名单上。在模式中，Avantor、Doximity 和 ZI stock 加入了 Upstart 和 TaskUs 的 IBD 50 指数。</blockquote></p><p> Upstart, InMode, Avantor, Doximity,<b>Revolve</b>(RVLV) and&nbsp;<b>ZIM Integrated Shipping Services</b>(ZIM) all make the grade for the&nbsp;IPO Leaders&nbsp;screen.</p><p><blockquote>新贵、InMode、Avantor、Doximity、<b>围绕</b>(RVLV)和<b>以星综合航运服务</b>（以星）都是为IPO龙头筛选的成绩。</blockquote></p><p> Top IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021</p><p><blockquote>预计 2021 年每股收益增长 30% 至 25,478% 的顶级 IPO 股票</blockquote></p><p> <table>  <thead>   <tr>    <th>Company</th>    <th>Symbol</th>    <th>EPS Est Cur Yr %</th>    <th>Comp Rating</th>    <th>EPS Rating</th>    <th>RS Rating</th>    <th>SMR Rating</th>   </tr>  </thead>  <tbody>   <tr>    <td>Biontech Se Ads</td>    <td>BNTX</td>    <td>25478</td>    <td>95</td>    <td>65</td>    <td>99</td>    <td>C</td>   </tr>   <tr>    <td>Upstart Holdings Inc</td>    <td>UPST</td>    <td>900</td>    <td>99</td>    <td>65</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>ZIM Integ Shipping Svcs</td>    <td>ZIM</td>    <td>619</td>    <td>99</td>    <td>70</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>Dlocal Limited Cl A</td>    <td>DLO</td>    <td>150</td>    <td>98</td>    <td>65</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>Taskus Inc Class A</td>    <td>TASK</td>    <td>68</td>    <td>99</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>InMode Ltd</td>    <td>INMD</td>    <td>55</td>    <td>99</td>    <td>99</td>    <td>98</td>    <td>A</td>   </tr>   <tr>    <td>Avantor Inc</td>    <td>AVTR</td>    <td>53</td>    <td>99</td>    <td>97</td>    <td>93</td>    <td>A</td>   </tr>   <tr>    <td>Zoominfo Techs Cl A</td>    <td>ZI</td>    <td>46</td>    <td>98</td>    <td>65</td>    <td>94</td>    <td>A</td>   </tr>   <tr>    <td>Doximity Inc Class A</td>    <td>DOCS</td>    <td>38</td>    <td>97</td>    <td>65</td>    <td>96</td>    <td>A</td>   </tr>   <tr>    <td>Revolve Group Inc Cl A</td>    <td>RVLV</td>    <td>30</td>    <td>95</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>  </tbody> </table></p><p><blockquote><table><thead><tr><th>公司</th><th>象征</th><th>每股收益为每年%</th><th>比较评级</th><th>每股收益评级</th><th>RS等级</th><th>SMR等级</th></tr></thead><tbody><tr><td>Biontech Se 广告</td><td>BNTX</td><td>25478</td><td>95</td><td>65</td><td>99</td><td>丙</td></tr><tr><td>新贵控股公司</td><td>乌普斯特</td><td>900</td><td>99</td><td>65</td><td>99</td><td>一个</td></tr><tr><td>以星Integ航运Svcs</td><td>齐姆</td><td>619</td><td>99</td><td>70</td><td>99</td><td>一个</td></tr><tr><td>Dlocal有限公司Cl A</td><td>德洛</td><td>150</td><td>98</td><td>65</td><td>97</td><td>一个</td></tr><tr><td>Taskus Inc A 级</td><td>任务</td><td>68</td><td>99</td><td>98</td><td>97</td><td>一个</td></tr><tr><td>英莫德有限公司</td><td>INMD</td><td>55</td><td>99</td><td>99</td><td>98</td><td>一个</td></tr><tr><td>Avantor公司</td><td>AVTR</td><td>53</td><td>99</td><td>97</td><td>93</td><td>一个</td></tr><tr><td>Zoominfo技术有限公司</td><td>子</td><td>46</td><td>98</td><td>65</td><td>94</td><td>一个</td></tr><tr><td>Doximity Inc A 级</td><td>文档</td><td>38</td><td>97</td><td>65</td><td>96</td><td>一个</td></tr><tr><td>旋转集团公司 Cl A</td><td>RVLV</td><td>30</td><td>95</td><td>98</td><td>97</td><td>一个</td></tr></tbody></table></blockquote></p><p></p>","source":"lsy1610449120050","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Led by&nbsp;<b>BioNTech</b>(BNTX),<b>Upstart</b>(UPST) and&nbsp;<b>TaskUs</b>(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.</p><p><blockquote>进入今年最后一个季度，2021年最值得买入和关注的IPO股票有哪些？领导<b>生物技术</b>（BNTX），<b>暴发户</b>（UPST）和<b>口袋</b>（任务），以下是自 2019 年以来首次亮相的 10 家 IPO，预计今年盈利增长将在 30% 至 25,478% 之间。</blockquote></p><p> <b>InMode</b>(INMD),<b>Avantor</b>(AVTR),<b>Doximity</b>(DOCS), and&nbsp;<b>Zoominfo Technologies</b>(ZI) also made the cut.</p><p><blockquote><b>模式</b>（INMD），<b>Avantor</b>（AVTR），<b>粘性</b>（文档），以及<b>Zoominfo技术</b>（子）也入选了。</blockquote></p><p> Built using&nbsp;MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.</p><p><blockquote>该屏幕使用MarketSmith构建，过滤整个IBD数据库，只识别那些符合下列标准的公司。</blockquote></p><p> UPST stock, TASK stock and all theIPO stockson this screen must:</p><p><blockquote>UPST库存、任务库存和此屏幕中的所有PO库存必须：</blockquote></p><p> <ul>  <li>Have gone public since 2019.</li>  <li>Trade 400,000+ shares per day on average</li>  <li>Expect 25% or higher EPS growth in 2021.</li>  <li>Have sales growth above 25% last quarter.</li>  <li>Earn a Composite Rating 95 or higher.</li> </ul> Stock Checkuprequires a&nbsp;Composite Rating&nbsp;of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.</p><p><blockquote><ul><li>自2019年起上市。</li><li>平均每天交易超过 400,000 股</li><li>预计 2021 年每股收益增长 25% 或更高。</li><li>上季度销售额增长超过25%。</li><li>获得95或更高的综合评级。</li></ul>库存检查需要95或更高的综合评级才能获得及格等级。许多 IPO，即使是那些显示出强劲前景的 IPO，在股票市场上交易的时间还不够长，或者在其他指标上落后，无法达到该基准。这里介绍的 IPO 股票的基本面和技术表现都达到了高门槛。</blockquote></p><p> Take UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.</p><p><blockquote>以UPST股票为例。Upstart 由谷歌前员工于 2020 年创立，利用基于云的人工智能 (AI) 简化负担得起的消费信贷，同时降低银行合作伙伴的贷款风险和成本。这家总部位于加利福尼亚州圣马特奥的公司已经发放了超过 90 亿美元的贷款，其中超过三分之二是完全自动化的。</blockquote></p><p> In addition to the<b>Alphabet</b>(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading&nbsp;cloud computing&nbsp;and&nbsp;AI stock&nbsp;has also generated average annual sales growth of 70% over the last three years.</p><p><blockquote>除了<b>Alphabet</b>（GOOGL）pedigree，UPST 股票因分析师预计全年盈利增长 900% 而受到提振。这家领先的云计算和人工智能股票在过去三年中的年均销售额增长了 70%。</blockquote></p><p> Another IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key&nbsp;stock-picking traits, including the highest-possible 99Composite Rating.</p><p><blockquote>另一家值得关注的 IPO 是 TaskUs，它已迅速成为领先的业务流程外包 (BPO) 公司。与 Upstart 一样，TaskUs 也具有关键的选股特征，包括尽可能高的 99Composite 评级。</blockquote></p><p> IPOs On Leading Stock Lists</p><p><blockquote>主要股票上市的首次公开募股</blockquote></p><p> TASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.</p><p><blockquote>TASK stock 和 UPST stock 均跻身 IBD 50，而 TaskUs 也跻身 IBD 行业领导者之列。</blockquote></p><p> Several other top IPOs are also on IBD&nbsp;stock lists. In&nbsp;Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.</p><p><blockquote>其他几家顶级 IPO 也在 IBD 股票名单上。在模式中，Avantor、Doximity 和 ZI stock 加入了 Upstart 和 TaskUs 的 IBD 50 指数。</blockquote></p><p> Upstart, InMode, Avantor, Doximity,<b>Revolve</b>(RVLV) and&nbsp;<b>ZIM Integrated Shipping Services</b>(ZIM) all make the grade for the&nbsp;IPO Leaders&nbsp;screen.</p><p><blockquote>新贵、InMode、Avantor、Doximity、<b>围绕</b>(RVLV)和<b>以星综合航运服务</b>（以星）都是为IPO龙头筛选的成绩。</blockquote></p><p> Top IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021</p><p><blockquote>预计 2021 年每股收益增长 30% 至 25,478% 的顶级 IPO 股票</blockquote></p><p> <table>  <thead>   <tr>    <th>Company</th>    <th>Symbol</th>    <th>EPS Est Cur Yr %</th>    <th>Comp Rating</th>    <th>EPS Rating</th>    <th>RS Rating</th>    <th>SMR Rating</th>   </tr>  </thead>  <tbody>   <tr>    <td>Biontech Se Ads</td>    <td>BNTX</td>    <td>25478</td>    <td>95</td>    <td>65</td>    <td>99</td>    <td>C</td>   </tr>   <tr>    <td>Upstart Holdings Inc</td>    <td>UPST</td>    <td>900</td>    <td>99</td>    <td>65</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>ZIM Integ Shipping Svcs</td>    <td>ZIM</td>    <td>619</td>    <td>99</td>    <td>70</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>Dlocal Limited Cl A</td>    <td>DLO</td>    <td>150</td>    <td>98</td>    <td>65</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>Taskus Inc Class A</td>    <td>TASK</td>    <td>68</td>    <td>99</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>InMode Ltd</td>    <td>INMD</td>    <td>55</td>    <td>99</td>    <td>99</td>    <td>98</td>    <td>A</td>   </tr>   <tr>    <td>Avantor Inc</td>    <td>AVTR</td>    <td>53</td>    <td>99</td>    <td>97</td>    <td>93</td>    <td>A</td>   </tr>   <tr>    <td>Zoominfo Techs Cl A</td>    <td>ZI</td>    <td>46</td>    <td>98</td>    <td>65</td>    <td>94</td>    <td>A</td>   </tr>   <tr>    <td>Doximity Inc Class A</td>    <td>DOCS</td>    <td>38</td>    <td>97</td>    <td>65</td>    <td>96</td>    <td>A</td>   </tr>   <tr>    <td>Revolve Group Inc Cl A</td>    <td>RVLV</td>    <td>30</td>    <td>95</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>  </tbody> </table></p><p><blockquote><table><thead><tr><th>公司</th><th>象征</th><th>每股收益为每年%</th><th>比较评级</th><th>每股收益评级</th><th>RS等级</th><th>SMR等级</th></tr></thead><tbody><tr><td>Biontech Se 广告</td><td>BNTX</td><td>25478</td><td>95</td><td>65</td><td>99</td><td>丙</td></tr><tr><td>新贵控股公司</td><td>乌普斯特</td><td>900</td><td>99</td><td>65</td><td>99</td><td>一个</td></tr><tr><td>以星Integ航运Svcs</td><td>齐姆</td><td>619</td><td>99</td><td>70</td><td>99</td><td>一个</td></tr><tr><td>Dlocal有限公司Cl A</td><td>德洛</td><td>150</td><td>98</td><td>65</td><td>97</td><td>一个</td></tr><tr><td>Taskus Inc A 级</td><td>任务</td><td>68</td><td>99</td><td>98</td><td>97</td><td>一个</td></tr><tr><td>英莫德有限公司</td><td>INMD</td><td>55</td><td>99</td><td>99</td><td>98</td><td>一个</td></tr><tr><td>Avantor公司</td><td>AVTR</td><td>53</td><td>99</td><td>97</td><td>93</td><td>一个</td></tr><tr><td>Zoominfo技术有限公司</td><td>子</td><td>46</td><td>98</td><td>65</td><td>94</td><td>一个</td></tr><tr><td>Doximity Inc A 级</td><td>文档</td><td>38</td><td>97</td><td>65</td><td>96</td><td>一个</td></tr><tr><td>旋转集团公司 Cl A</td><td>RVLV</td><td>30</td><td>95</td><td>98</td><td>97</td><td>一个</td></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/research/best-ipo-stocks-to-buy-watch-2021/?src=A00220\">investors</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":{"DOCS":"Doximity, Inc.","AVTR":"Avantor, Inc.","INMD":"InMode Ltd.","BNTX":"BioNTech SE","UPST":"Upstart Holdings, Inc.","TASK":"TaskUs Inc."},"source_url":"https://www.investors.com/research/best-ipo-stocks-to-buy-watch-2021/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184277851","content_text":"Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by BioNTech(BNTX),Upstart(UPST) and TaskUs(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.\nInMode(INMD),Avantor(AVTR),Doximity(DOCS), and Zoominfo Technologies(ZI) also made the cut.\nBuilt using MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.\nUPST stock, TASK stock and all theIPO stockson this screen must:\n\nHave gone public since 2019.\nTrade 400,000+ shares per day on average\nExpect 25% or higher EPS growth in 2021.\nHave sales growth above 25% last quarter.\nEarn a Composite Rating 95 or higher.\n\nStock Checkuprequires a Composite Rating of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.\nTake UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.\nIn addition to theAlphabet(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading cloud computing and AI stock has also generated average annual sales growth of 70% over the last three years.\nAnother IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key stock-picking traits, including the highest-possible 99Composite Rating.\nIPOs On Leading Stock Lists\nTASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.\nSeveral other top IPOs are also on IBD stock lists. In Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.\nUpstart, InMode, Avantor, Doximity,Revolve(RVLV) and ZIM Integrated Shipping Services(ZIM) all make the grade for the IPO Leaders screen.\nTop IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021\n\n\n\nCompany\nSymbol\nEPS Est Cur Yr %\nComp Rating\nEPS Rating\nRS Rating\nSMR Rating\n\n\n\n\nBiontech Se Ads\nBNTX\n25478\n95\n65\n99\nC\n\n\nUpstart Holdings Inc\nUPST\n900\n99\n65\n99\nA\n\n\nZIM Integ Shipping Svcs\nZIM\n619\n99\n70\n99\nA\n\n\nDlocal Limited Cl A\nDLO\n150\n98\n65\n97\nA\n\n\nTaskus Inc Class A\nTASK\n68\n99\n98\n97\nA\n\n\nInMode Ltd\nINMD\n55\n99\n99\n98\nA\n\n\nAvantor Inc\nAVTR\n53\n99\n97\n93\nA\n\n\nZoominfo Techs Cl A\nZI\n46\n98\n65\n94\nA\n\n\nDoximity Inc Class A\nDOCS\n38\n97\n65\n96\nA\n\n\nRevolve Group Inc Cl 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for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812059950","repostId":"1122913166","repostType":4,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816080732,"gmtCreate":1630455209026,"gmtModify":1631892035699,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816080732","repostId":"1113176719","repostType":4,"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818993758,"gmtCreate":1630369248774,"gmtModify":1704959157838,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818993758","repostId":"1178340425","repostType":4,"repost":{"id":"1178340425","kind":"news","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":1630368606,"share":"https://www.laohunote.com/m/news/1178340425?lang=zh_CN&edition=full","pubTime":"2021-08-31 08:10","market":"us","language":"en","title":"This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的 5 年回报率优于亚马逊、微软、美国银行和富国银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178340425","media":"Benzinga Earnings","summary":"Advanced Micro Devices, Inc.’sAMD 0.07%high-performance computing and visualization products help ga","content":"<p><b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices, Inc.’s</b><a href=\"https://laohu8.com/S/AMD\">AMD</a> 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five&nbsp;years, the most out of investors'&nbsp;portfolios.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微设备公司</b><a href=\"https://laohu8.com/S/AMD\">AMD</a>0.07%高性能计算和可视化产品帮助游戏玩家从他们最喜欢的游戏中获得最大收益，并且在过去五年中从投资者的投资组合中获得最大收益。</blockquote></p><p> Since August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>,&nbsp;Inc.</b>AMZN 2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>MSFT 1.29%,<b>$Bank of America Corp(BAC-N)$</b>BAC 1.95%and<b><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> &amp; Co</b>WFC 2.83%.</p><p><blockquote>自 2016 年 8 月以来，AMD 股票的五年回报率已经超过了一些全球最受欢迎的科技和跨国投资银行公司：<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，公司。</b>亚马逊2.15%，<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>MSFT 1.29%，<b>$美国银行公司(BAC-N)$</b>BAC 1.95%和<b><a href=\"https://laohu8.com/S/WFC\">富国银行</a>公司</b>WFC 2.83%。</blockquote></p><p> Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.</p><p><blockquote>Advanced Micro Devices为计算机和消费电子行业设计微处理器。该公司的大部分销售是通过 CPU 和 GPU 在个人电脑和数据中心市场进行的。</blockquote></p><p> AMD also supplies the chips found in prominent game consoles such as the<b><a href=\"https://laohu8.com/S/SNE\">Sony</a> PlayStation</b>and<b>Microsoft Xbox.</b>The firm was founded in 1969 and is headquartered in Santa Clara, California.</p><p><blockquote>AMD 还提供知名游戏机中的芯片，例如<b><a href=\"https://laohu8.com/S/SNE\">索尼</a>游戏机</b>和<b>微软Xbox。</b>该公司成立于1969年，总部位于加利福尼亚州圣克拉拉。</blockquote></p><p> <b>Here's how the returns break down from August 2016 to present:</b></p><p><blockquote><b>以下是 2016 年 8 月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Wells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%</li>  <li><a href=\"https://laohu8.com/S/BAC\">Bank of America</a> is up from $16.00 a share to $41.66&nbsp;for a return of 165.56%</li>  <li>Amazon is up from $772.44 a share to $3,349.63 for a return of 333.64%</li>  <li>Microsoft is up from $57.25 a share to $299.72 for a return of 419.72%</li>  <li><b>And finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%</b></li> </ul></p><p><blockquote><ul><li>富国银行从每股 50.55 美元跌至 49.81 美元，回报率为 -1.46%</li><li><a href=\"https://laohu8.com/S/BAC\">美国银行</a>从每股16.00美元上涨至41.66美元，回报率为165.56%</li><li>亚马逊股价从每股 772.44 美元上涨至 3,349.63 美元，回报率为 333.64%</li><li>微软从每股 57.25 美元上涨至 299.72 美元，回报率为 419.72%</li><li><b>最后，AMD 从每股 7.51 美元上涨至 111.40 美元，回报率为 1,383.36%</b></li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的 5 年回报率优于亚马逊、微软、美国银行和富国银行</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的 5 年回报率优于亚马逊、微软、美国银行和富国银行</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\">2021-08-31 08:10</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices, Inc.’s</b><a href=\"https://laohu8.com/S/AMD\">AMD</a> 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five&nbsp;years, the most out of investors'&nbsp;portfolios.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微设备公司</b><a href=\"https://laohu8.com/S/AMD\">AMD</a>0.07%高性能计算和可视化产品帮助游戏玩家从他们最喜欢的游戏中获得最大收益，并且在过去五年中从投资者的投资组合中获得最大收益。</blockquote></p><p> Since August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>,&nbsp;Inc.</b>AMZN 2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>MSFT 1.29%,<b>$Bank of America Corp(BAC-N)$</b>BAC 1.95%and<b><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> &amp; Co</b>WFC 2.83%.</p><p><blockquote>自 2016 年 8 月以来，AMD 股票的五年回报率已经超过了一些全球最受欢迎的科技和跨国投资银行公司：<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，公司。</b>亚马逊2.15%，<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>MSFT 1.29%，<b>$美国银行公司(BAC-N)$</b>BAC 1.95%和<b><a href=\"https://laohu8.com/S/WFC\">富国银行</a>公司</b>WFC 2.83%。</blockquote></p><p> Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.</p><p><blockquote>Advanced Micro Devices为计算机和消费电子行业设计微处理器。该公司的大部分销售是通过 CPU 和 GPU 在个人电脑和数据中心市场进行的。</blockquote></p><p> AMD also supplies the chips found in prominent game consoles such as the<b><a href=\"https://laohu8.com/S/SNE\">Sony</a> PlayStation</b>and<b>Microsoft Xbox.</b>The firm was founded in 1969 and is headquartered in Santa Clara, California.</p><p><blockquote>AMD 还提供知名游戏机中的芯片，例如<b><a href=\"https://laohu8.com/S/SNE\">索尼</a>游戏机</b>和<b>微软Xbox。</b>该公司成立于1969年，总部位于加利福尼亚州圣克拉拉。</blockquote></p><p> <b>Here's how the returns break down from August 2016 to present:</b></p><p><blockquote><b>以下是 2016 年 8 月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Wells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%</li>  <li><a href=\"https://laohu8.com/S/BAC\">Bank of America</a> is up from $16.00 a share to $41.66&nbsp;for a return of 165.56%</li>  <li>Amazon is up from $772.44 a share to $3,349.63 for a return of 333.64%</li>  <li>Microsoft is up from $57.25 a share to $299.72 for a return of 419.72%</li>  <li><b>And finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%</b></li> </ul></p><p><blockquote><ul><li>富国银行从每股 50.55 美元跌至 49.81 美元，回报率为 -1.46%</li><li><a href=\"https://laohu8.com/S/BAC\">美国银行</a>从每股16.00美元上涨至41.66美元，回报率为165.56%</li><li>亚马逊股价从每股 772.44 美元上涨至 3,349.63 美元，回报率为 333.64%</li><li>微软从每股 57.25 美元上涨至 299.72 美元，回报率为 419.72%</li><li><b>最后，AMD 从每股 7.51 美元上涨至 111.40 美元，回报率为 1,383.36%</b></li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","WFC":"富国银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178340425","content_text":"Advanced Micro Devices, Inc.’sAMD 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five years, the most out of investors' portfolios.\nSince August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:Amazon.com, Inc.AMZN 2.15%,Microsoft CorporationMSFT 1.29%,$Bank of America Corp(BAC-N)$BAC 1.95%andWells Fargo & CoWFC 2.83%.\nAdvanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.\nAMD also supplies the chips found in prominent game consoles such as theSony PlayStationandMicrosoft Xbox.The firm was founded in 1969 and is headquartered in Santa Clara, California.\nHere's how the returns break down from August 2016 to present:\n\nWells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%\nBank of America is up from $16.00 a share to $41.66 for a return of 165.56%\nAmazon is up from $772.44 a share to $3,349.63 for a return of 333.64%\nMicrosoft is up from $57.25 a share to $299.72 for a return of 419.72%\nAnd finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%","news_type":1,"symbols_score_info":{"WFC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811939754,"gmtCreate":1630282706778,"gmtModify":1704957698868,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811939754","repostId":"1139610019","repostType":4,"isVote":1,"tweetType":1,"viewCount":922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813134686,"gmtCreate":1630147965945,"gmtModify":1704956547420,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813134686","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohunote.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</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 Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819070592,"gmtCreate":1630024533416,"gmtModify":1704954719938,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819070592","repostId":"2162019035","repostType":4,"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":834532364,"gmtCreate":1629812722358,"gmtModify":1631893997269,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834532364","repostId":"1129205176","repostType":4,"repost":{"id":"1129205176","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":1629812035,"share":"https://www.laohunote.com/m/news/1129205176?lang=zh_CN&edition=full","pubTime":"2021-08-24 21:33","market":"us","language":"en","title":"Stocks open slightly higher with the Nasdaq jumping to a record<blockquote>股市开盘小幅走高，纳斯达克跃升至历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129205176","media":"Tiger Newspress","summary":"Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators grant","content":"<p>Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.</p><p><blockquote>美国监管机构全面批准辉瑞-BioNTech公司的Covid疫苗的消息传出后，股市周二上午小幅走高。</blockquote></p><p> The Dow Jones Industrial Average rose 69 points. The S&amp;P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.</p><p><blockquote>道琼斯工业平均指数上涨69点。标普500和纳斯达克综合指数分别上涨0.7%和0.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83b79f69ce17bc1186a0c018fb756703\" tg-width=\"1040\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that&nbsp;the vaccine approval&nbsp;would clear path for more mandates in the face of the spread of the delta variant.</p><p><blockquote>本周市场开局走高，对经济复苏敏感的股票因乐观情绪而上涨，即面对德尔塔变异毒株的蔓延，疫苗批准将为更多授权扫清道路。</blockquote></p><p> \"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.</p><p><blockquote>首席市场策略师瑞安·德特里克 (Ryan Detrick) 表示：“考虑到最近病例激增和一些令人失望的经济数据，这是朝着正确方向迈出的又一步，有助于给那些可能仍在坚持接种疫苗的人带来信心。” LPL Financial。</blockquote></p><p> Chinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.</p><p><blockquote>随着投资者对中国监管前景越来越清晰，并购买了近期遭受重创的股票，中国股市正在引领纳斯达克。拼多多上涨 16%，京东上涨 10%，滴滴上涨 8.5%。</blockquote></p><p> Best Buy shares rose 6% after the electronics retailer&nbsp;beat estimates on the top and bottom lines&nbsp;for the second quarter. Nordstrom is set to report after the close.</p><p><blockquote>电子产品零售商百思买第二季度营收和利润超出预期，股价上涨 6%。诺德斯特龙将在收盘后报告。</blockquote></p><p> The S&amp;P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.</p><p><blockquote>标普500在触及盘中历史新高后，周一收盘上涨0.8%。以科技股为主的纳斯达克综合指数上涨约 1.5%，创下收盘历史新高。道琼斯工业平均指数周一上涨超过200点。</blockquote></p><p> Investor are eyeing the Jackson Hole&nbsp;symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.</p><p><blockquote>投资者正在密切关注本周晚些时候举行的杰克逊霍尔研讨会，预计这将是一个影响市场的事件，各国央行行长可能会在会上详细说明缩减货币刺激计划。美联储已开始讨论在今年年底前撤回每月1200亿美元的债券购买计划。</blockquote></p><p> The summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.</p><p><blockquote>峰会将于周四举行，美联储主席杰罗姆·鲍威尔将于周五发表讲话。</blockquote></p><p> “The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>“美联储可能会在 9 月或 11 月宣布缩减规模，但很可能是缓慢缩减规模，不会承诺加息。”Oanda 高级市场分析师 Edward Moya 表示。</blockquote></p><p> The second-quarter earnings season is winding down with more than 90% S&amp;P 500 companies having reported results. S&amp;P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.</p><p><blockquote>随着超过 90% 的标普500公司公布业绩，第二季度财报季即将结束。路孚特表示，标普500的盈利有望同比增长 94.7%。</blockquote></p><p> There is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.</p><p><blockquote>盘前经济数据不多，但投资者将在美国东部时间上午 10 点看到住宅销售数据以及里士满联储的商业活动调查。</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>Stocks open slightly higher with the Nasdaq jumping to a record<blockquote>股市开盘小幅走高，纳斯达克跃升至历史新高</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\">\nStocks open slightly higher with the Nasdaq jumping to a record<blockquote>股市开盘小幅走高，纳斯达克跃升至历史新高</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\">2021-08-24 21:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.</p><p><blockquote>美国监管机构全面批准辉瑞-BioNTech公司的Covid疫苗的消息传出后，股市周二上午小幅走高。</blockquote></p><p> The Dow Jones Industrial Average rose 69 points. The S&amp;P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.</p><p><blockquote>道琼斯工业平均指数上涨69点。标普500和纳斯达克综合指数分别上涨0.7%和0.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83b79f69ce17bc1186a0c018fb756703\" tg-width=\"1040\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that&nbsp;the vaccine approval&nbsp;would clear path for more mandates in the face of the spread of the delta variant.</p><p><blockquote>本周市场开局走高，对经济复苏敏感的股票因乐观情绪而上涨，即面对德尔塔变异毒株的蔓延，疫苗批准将为更多授权扫清道路。</blockquote></p><p> \"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.</p><p><blockquote>首席市场策略师瑞安·德特里克 (Ryan Detrick) 表示：“考虑到最近病例激增和一些令人失望的经济数据，这是朝着正确方向迈出的又一步，有助于给那些可能仍在坚持接种疫苗的人带来信心。” LPL Financial。</blockquote></p><p> Chinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.</p><p><blockquote>随着投资者对中国监管前景越来越清晰，并购买了近期遭受重创的股票，中国股市正在引领纳斯达克。拼多多上涨 16%，京东上涨 10%，滴滴上涨 8.5%。</blockquote></p><p> Best Buy shares rose 6% after the electronics retailer&nbsp;beat estimates on the top and bottom lines&nbsp;for the second quarter. Nordstrom is set to report after the close.</p><p><blockquote>电子产品零售商百思买第二季度营收和利润超出预期，股价上涨 6%。诺德斯特龙将在收盘后报告。</blockquote></p><p> The S&amp;P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.</p><p><blockquote>标普500在触及盘中历史新高后，周一收盘上涨0.8%。以科技股为主的纳斯达克综合指数上涨约 1.5%，创下收盘历史新高。道琼斯工业平均指数周一上涨超过200点。</blockquote></p><p> Investor are eyeing the Jackson Hole&nbsp;symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.</p><p><blockquote>投资者正在密切关注本周晚些时候举行的杰克逊霍尔研讨会，预计这将是一个影响市场的事件，各国央行行长可能会在会上详细说明缩减货币刺激计划。美联储已开始讨论在今年年底前撤回每月1200亿美元的债券购买计划。</blockquote></p><p> The summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.</p><p><blockquote>峰会将于周四举行，美联储主席杰罗姆·鲍威尔将于周五发表讲话。</blockquote></p><p> “The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>“美联储可能会在 9 月或 11 月宣布缩减规模，但很可能是缓慢缩减规模，不会承诺加息。”Oanda 高级市场分析师 Edward Moya 表示。</blockquote></p><p> The second-quarter earnings season is winding down with more than 90% S&amp;P 500 companies having reported results. S&amp;P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.</p><p><blockquote>随着超过 90% 的标普500公司公布业绩，第二季度财报季即将结束。路孚特表示，标普500的盈利有望同比增长 94.7%。</blockquote></p><p> There is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.</p><p><blockquote>盘前经济数据不多，但投资者将在美国东部时间上午 10 点看到住宅销售数据以及里士满联储的商业活动调查。</blockquote></p><p></p>\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"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129205176","content_text":"Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.\nThe Dow Jones Industrial Average rose 69 points. The S&P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.\n\nThe market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that the vaccine approval would clear path for more mandates in the face of the spread of the delta variant.\n\"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.\nChinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.\nBest Buy shares rose 6% after the electronics retailer beat estimates on the top and bottom lines for the second quarter. Nordstrom is set to report after the close.\nThe S&P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.\nInvestor are eyeing the Jackson Hole symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.\nThe summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.\n“The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.\nThe second-quarter earnings season is winding down with more than 90% S&P 500 companies having reported results. S&P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.\nThere is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832533293,"gmtCreate":1629650776612,"gmtModify":1631893997281,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832533293","repostId":"2161374148","repostType":4,"isVote":1,"tweetType":1,"viewCount":841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":867231175,"gmtCreate":1633269083254,"gmtModify":1633269083412,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867231175","repostId":"2172624809","repostType":4,"isVote":1,"tweetType":1,"viewCount":3368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866866654,"gmtCreate":1632754050378,"gmtModify":1632798067286,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866866654","repostId":"1191995819","repostType":4,"repost":{"id":"1191995819","kind":"news","pubTimestamp":1632753702,"share":"https://www.laohunote.com/m/news/1191995819?lang=zh_CN&edition=full","pubTime":"2021-09-27 22:41","market":"us","language":"en","title":"A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191995819","media":"Barrons","summary":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is","content":"<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更有戏剧性，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于 10 月 7 日在其位于德克萨斯州奥斯汀的新工厂虚拟举行 2021 年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要完成的业务清单。委托书包括将在会议上投票的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司 (ISS) 是一家大型代理顾问，最近因建议特斯拉股东投票反对董事会成员 Kimbal Musk 和 James Murdoch 而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔-马斯克是埃隆-马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席，该公司拥有<i>巴伦</i>. 鉴于金巴尔-马斯克（Kimbal Musk）和默多克（Murdoch）都获得了大量股权授予，ISS 质疑他们提供独立建议的能力。游戏中有太多的财务皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站<i>巴伦</i>对其代理分析： “分析中写道：”多名[非执行官或NEO]获得了大量缺乏预设绩效标准的股权授予。“委托书也没有披露薪酬委员会关于除首席执行官外 toNEOs 总薪酬大幅增加的任何理由”。</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>据 ISS 称，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家 “高风险 ”公司。首席执行官埃隆·马斯克拥有特斯拉约17%的股票，但没有特殊投票权。然而，他确实拥有大量的股票期权，这些期权占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉的董事会主要由独立董事组成，但也有一位非独立董事： 金巴尔-马斯克（Kimbal Musk）。默多克仍被国际空间站列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重要问题，但这是一个长期问题，未来几个月对特斯拉股票的建议应该不会很大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循国际空间站的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易。该建议可能会促使特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标普500下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这并不是一个不寻常的尺寸。苹果（AAPL）董事会有八名成员。通用汽车（GM）有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。该公司周五扩大了最新版本自动驾驶功能的发布范围，称为全自动驾驶（FSD）。年会之前，第三季度交付数据应该会公布。年会之后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约 221,000 辆汽车，特斯拉预计每股收益约为 1.40 美元至 1.50 美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于几个月来的最高水平之际。特斯拉股价周五收于 774.39 美元，过去三个月上涨约 15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉的董事会可能会发生改组。要知道什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 22:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更有戏剧性，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于 10 月 7 日在其位于德克萨斯州奥斯汀的新工厂虚拟举行 2021 年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要完成的业务清单。委托书包括将在会议上投票的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司 (ISS) 是一家大型代理顾问，最近因建议特斯拉股东投票反对董事会成员 Kimbal Musk 和 James Murdoch 而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔-马斯克是埃隆-马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席，该公司拥有<i>巴伦</i>. 鉴于金巴尔-马斯克（Kimbal Musk）和默多克（Murdoch）都获得了大量股权授予，ISS 质疑他们提供独立建议的能力。游戏中有太多的财务皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站<i>巴伦</i>对其代理分析： “分析中写道：”多名[非执行官或NEO]获得了大量缺乏预设绩效标准的股权授予。“委托书也没有披露薪酬委员会关于除首席执行官外 toNEOs 总薪酬大幅增加的任何理由”。</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>据 ISS 称，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家 “高风险 ”公司。首席执行官埃隆·马斯克拥有特斯拉约17%的股票，但没有特殊投票权。然而，他确实拥有大量的股票期权，这些期权占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉的董事会主要由独立董事组成，但也有一位非独立董事： 金巴尔-马斯克（Kimbal Musk）。默多克仍被国际空间站列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重要问题，但这是一个长期问题，未来几个月对特斯拉股票的建议应该不会很大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循国际空间站的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易。该建议可能会促使特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标普500下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这并不是一个不寻常的尺寸。苹果（AAPL）董事会有八名成员。通用汽车（GM）有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。该公司周五扩大了最新版本自动驾驶功能的发布范围，称为全自动驾驶（FSD）。年会之前，第三季度交付数据应该会公布。年会之后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约 221,000 辆汽车，特斯拉预计每股收益约为 1.40 美元至 1.50 美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于几个月来的最高水平之际。特斯拉股价周五收于 774.39 美元，过去三个月上涨约 15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191995819","content_text":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.\nTesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.\n\nInstitutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.\nKimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns Barron’s. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.\n\nISS referred Barron’s to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”\nTesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.\nTesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.\nBoard independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.\nFor starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.\n\nTesla stock was up slightly in early trading Monday. The S&P 500 was down about 0.3%. The Dow Jones Industrial Average gained about 0.6%.\nTesla’s board currently has nine board members. That isn’t an unusual size. The Apple (AAPL) board has eight members.General Motors (GM) has 12 board members.\nIt’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.\nWall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.\nAll this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802019363,"gmtCreate":1627698527752,"gmtModify":1633757004861,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802019363","repostId":"1138566016","repostType":4,"repost":{"id":"1138566016","kind":"news","pubTimestamp":1627689251,"share":"https://www.laohunote.com/m/news/1138566016?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:54","market":"us","language":"en","title":"It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138566016","media":"Barron's","summary":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasensta","content":"<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布 (Michael Hasenstab) 掌舵，但该封闭式基金在过去十年中的平均年回报率为 0.3%，而全球同行的平均年回报率为 7%。同样令人沮丧的是，该基金的股票交易很少接近基金的标的资产净值（NAV）。过去三年平均折扣为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，多亏了激进投资者博阿兹·韦恩斯坦 (Boaz Weinstein) 经营的对冲基金公司 Saba Capital Management，投资者才得以突破。萨巴持有邓普顿基金 20% 的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提高股价。其举措取得了成效：随着股价上涨，该基金今年的总回报率为 4.5%，资产净值折扣已缩小至 4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金发动政变。现在，由于众议院最近提出的一项法案，在国会的帮助下，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>众议员安东尼·冈萨雷斯（俄亥俄州共和党）和众议员格雷戈里·米克斯（纽约州民主党）于6月提出的《增加投资者机会法案》包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的改变将取消目前对风险投资和私募股权基金等非流动性私募基金的封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金 10% 以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，让他们背负纳税义务、更高的费用和强制基金清算。投资公司协会（ICI）在最近的一份声明中说，该法案将消除 “激进投资者以散户投资者为代价获取短期利润的漏洞”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资于封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是试图保护资产池和费用免受股东干预。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由地追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>“激进主义发挥着重要作用，如果这项法案获得通过，激进分子将更难威胁或创造变革，”激进主义对冲基金德莱顿资本（Dryden Capital）的投资组合经理马特-巴芬顿（Matt Buffington）说。</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司 Relative Value Partners 的投资组合经理 Gregory Neer 对此表示同意。“他说：”投资者向资金施压的能力对所有股东都有好处。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金因其收益率高、分布稳定等特点，长期以来备受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据晨星直接的数据，费用率很高，平均为 2.1%。由于这些基金拥有固定数量的流通股，价格反映了市场对基金及其标的资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分是有吸引力的，但投资者可能永远不会看到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。策略很简单：积累股份，赢得董事会席位，然后迫使基金公司提出要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理、安排基金清算，或者将其转换为开放式基金--这些举措也可能在股价上涨至与资产净值持平的情况下获得回报。像Saba这样的公司也完全接管了基金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会给该战略带来麻烦。只有当基金能够以市场价格清算其大部分持有的股份时，要约收购才有效。由于风险投资和私募股权通常不公开交易，因此它们的定价并不透明。“一位激进主义经理说：”当封闭式基金投资于非流动性资产时，就能保护它们免受激进主义的影响。<i>巴伦</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯-德卡波（Thomas DeCapo）说，取消私募基金所有权上限 “符合让散户投资者有更多机会获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将激进分子的份额限制在基金的 10% 并不能阻止他们发起代理人运动。“他说：”这一切都不反民主。“这并不能阻止大多数不满意或希望改变的投资者。它阻止了一个投资者利用自己的经济权力，用别人的钱，基本上迫使其他人做出改变”。</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。“投资者保护组织 Healthy Markets 的负责人泰勒-格拉施（Tyler Gellasch）说：”这只是另一个基金中的基金结构，而且这些基金的费用是出了名的高。</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据 1940 年《投资公司法》（Investment Company Act）的所有权限制，从技术上讲，单个对冲基金持有的封闭式基金不得超过 3%。但他们通过附属实体建立股份来规避规则，创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI--共同基金行业的游说团体--试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI 认为对冲基金活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票，而其资产基础缩水，那么基金的费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI 表示，激进社区对行业的 “攻击 ”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金数量少于 2007 年。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改 1940 年法案将相当于共同基金的权力攫取。“斗牛犬投资者公司（Bulldog Investors）的联合创始人菲尔-戈尔茨坦（Phil Goldstein）说：”这一切都来自共同基金行业，这保护了他们绝非巧合。“有些基金业绩糟糕，折扣幅度很大。ICI 从未说过我们需要一种机制，让股东追究这些经理的责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>施加所有权上限也会降低代理人竞选活动的经济性。如果被限制在 10%，对冲基金就不会拥有足够的股份，也不会有足够的经济利益来证明代理权争夺的费用是合理的，而代理权争夺可能会花费数百万美元。“戈尔茨坦说：”如果你被限制在 10%，却不得不将 2.5% 的资产用于代理竞选活动，你会说这太冒险了。“与此同时，管理层什么都不花--只是股东的钱。他们想让代理权竞争在经济上变得没有吸引力”。</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些辩护措施表示怀疑。而且，美国证券交易委员会可能不会站在基金业一边。自2010年以来，美国证券交易委员会一直警告基金公司不要利用州证券法阻挠对冲基金收购。去年，在共和党主席杰伊-克莱顿（Jay Clayton）的领导下，美国证券交易委员会放弃了对这些州 “控制份额 ”法律的反对。但民主党新任主席加里-根斯勒（Gary Gensler）可能会恢复美国证券交易委员会的反对意见--这也是该行业争取国会修改法律的理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>机构股东服务公司（Institutional Shareholder Services）是一家就代理投票提出建议的公司，该公司表示，投资者应拒绝基金公司利用限制股东投票权的州控股法。ISS 表示，由于美国证券交易委员会（SEC）置身事外，“CEF 股东被剥夺了重要的投票权，并受到管理层的巩固”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是能赢，但投资者可能希望在激进分子入股时顺风顺水。“南卡罗来纳大学金融学副教授马特-索瑟（Matt Souther）说：”当激进分子进来时，你通常会看到股价上涨，折扣减少。</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果 Saba 收购更多股份或试图接管该基金 7.43 亿美元的资产，邓普顿全球收入公司（股票代码：GIM）对资产净值的折扣可能会进一步缩小。Saba 最近接管了另一只基金 Voya Prime Rate Trust 的管理权，并将其更名为 Saba Capital Income &amp; Opportunities (BRW)。富兰克林邓普顿和 Saba 拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>Miller/Howard High Income Equity（HIE）也是 Saba 的目标。该基金是一个 “定期信托”，规定清算日期为 2024 年。其交易价格较资产净值折扣 5.9%。“拥有 HIE 的封闭式基金 FriverNorth Opportunities（RIV）的联席经理帕特里克-加利（Patrick Galley）说：”在最坏的情况下，你会以折扣价买入，从现在到 2024 年，你将获得超额回报，因为折扣价会缩小。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba 持有股份的其他封闭式基金包括 Source Capital (SOR) 和 Vesco Dynamic Credit Opportunities (VTA)。Bulldog 已经在 inTortoise Energy Independence (NDP) 建立了自己的地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。 Adams Diversified Equity (ADX) 提供大型科技股的投资，交易价格较资产净值折扣 14%，并承诺年化分配至少为 6%。“旧金山封闭式投资者、泰珀资本管理公司（Tepper Capital Management）负责人大卫-泰珀（David Tepper）说：”对于期望科技股表现良好的投资者来说，ADX 是一个不错的持股选择。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治 (Whitney George) 经营该公司，他的家族拥有 45% 的股份。它的交易折扣为 10%，收益率为 5.7%。泰珀还青睐罗伊斯全球价值信托 (RGT)，其交易折扣为 9%，收益率为 7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券文件，这些基金都没有吸引太多活动人士的参与。但是，如果激进分子看到了机会，他们可能会蜂拥而至，向基金管理部门施压--前提是国会不改写交战规则。</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>It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</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\">\nIt’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</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 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布 (Michael Hasenstab) 掌舵，但该封闭式基金在过去十年中的平均年回报率为 0.3%，而全球同行的平均年回报率为 7%。同样令人沮丧的是，该基金的股票交易很少接近基金的标的资产净值（NAV）。过去三年平均折扣为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，多亏了激进投资者博阿兹·韦恩斯坦 (Boaz Weinstein) 经营的对冲基金公司 Saba Capital Management，投资者才得以突破。萨巴持有邓普顿基金 20% 的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提高股价。其举措取得了成效：随着股价上涨，该基金今年的总回报率为 4.5%，资产净值折扣已缩小至 4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金发动政变。现在，由于众议院最近提出的一项法案，在国会的帮助下，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>众议员安东尼·冈萨雷斯（俄亥俄州共和党）和众议员格雷戈里·米克斯（纽约州民主党）于6月提出的《增加投资者机会法案》包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的改变将取消目前对风险投资和私募股权基金等非流动性私募基金的封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金 10% 以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，让他们背负纳税义务、更高的费用和强制基金清算。投资公司协会（ICI）在最近的一份声明中说，该法案将消除 “激进投资者以散户投资者为代价获取短期利润的漏洞”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资于封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是试图保护资产池和费用免受股东干预。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由地追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>“激进主义发挥着重要作用，如果这项法案获得通过，激进分子将更难威胁或创造变革，”激进主义对冲基金德莱顿资本（Dryden Capital）的投资组合经理马特-巴芬顿（Matt Buffington）说。</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司 Relative Value Partners 的投资组合经理 Gregory Neer 对此表示同意。“他说：”投资者向资金施压的能力对所有股东都有好处。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金因其收益率高、分布稳定等特点，长期以来备受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据晨星直接的数据，费用率很高，平均为 2.1%。由于这些基金拥有固定数量的流通股，价格反映了市场对基金及其标的资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分是有吸引力的，但投资者可能永远不会看到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。策略很简单：积累股份，赢得董事会席位，然后迫使基金公司提出要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理、安排基金清算，或者将其转换为开放式基金--这些举措也可能在股价上涨至与资产净值持平的情况下获得回报。像Saba这样的公司也完全接管了基金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会给该战略带来麻烦。只有当基金能够以市场价格清算其大部分持有的股份时，要约收购才有效。由于风险投资和私募股权通常不公开交易，因此它们的定价并不透明。“一位激进主义经理说：”当封闭式基金投资于非流动性资产时，就能保护它们免受激进主义的影响。<i>巴伦</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯-德卡波（Thomas DeCapo）说，取消私募基金所有权上限 “符合让散户投资者有更多机会获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将激进分子的份额限制在基金的 10% 并不能阻止他们发起代理人运动。“他说：”这一切都不反民主。“这并不能阻止大多数不满意或希望改变的投资者。它阻止了一个投资者利用自己的经济权力，用别人的钱，基本上迫使其他人做出改变”。</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。“投资者保护组织 Healthy Markets 的负责人泰勒-格拉施（Tyler Gellasch）说：”这只是另一个基金中的基金结构，而且这些基金的费用是出了名的高。</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据 1940 年《投资公司法》（Investment Company Act）的所有权限制，从技术上讲，单个对冲基金持有的封闭式基金不得超过 3%。但他们通过附属实体建立股份来规避规则，创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI--共同基金行业的游说团体--试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI 认为对冲基金活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票，而其资产基础缩水，那么基金的费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI 表示，激进社区对行业的 “攻击 ”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金数量少于 2007 年。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改 1940 年法案将相当于共同基金的权力攫取。“斗牛犬投资者公司（Bulldog Investors）的联合创始人菲尔-戈尔茨坦（Phil Goldstein）说：”这一切都来自共同基金行业，这保护了他们绝非巧合。“有些基金业绩糟糕，折扣幅度很大。ICI 从未说过我们需要一种机制，让股东追究这些经理的责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>施加所有权上限也会降低代理人竞选活动的经济性。如果被限制在 10%，对冲基金就不会拥有足够的股份，也不会有足够的经济利益来证明代理权争夺的费用是合理的，而代理权争夺可能会花费数百万美元。“戈尔茨坦说：”如果你被限制在 10%，却不得不将 2.5% 的资产用于代理竞选活动，你会说这太冒险了。“与此同时，管理层什么都不花--只是股东的钱。他们想让代理权竞争在经济上变得没有吸引力”。</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些辩护措施表示怀疑。而且，美国证券交易委员会可能不会站在基金业一边。自2010年以来，美国证券交易委员会一直警告基金公司不要利用州证券法阻挠对冲基金收购。去年，在共和党主席杰伊-克莱顿（Jay Clayton）的领导下，美国证券交易委员会放弃了对这些州 “控制份额 ”法律的反对。但民主党新任主席加里-根斯勒（Gary Gensler）可能会恢复美国证券交易委员会的反对意见--这也是该行业争取国会修改法律的理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>机构股东服务公司（Institutional Shareholder Services）是一家就代理投票提出建议的公司，该公司表示，投资者应拒绝基金公司利用限制股东投票权的州控股法。ISS 表示，由于美国证券交易委员会（SEC）置身事外，“CEF 股东被剥夺了重要的投票权，并受到管理层的巩固”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是能赢，但投资者可能希望在激进分子入股时顺风顺水。“南卡罗来纳大学金融学副教授马特-索瑟（Matt Souther）说：”当激进分子进来时，你通常会看到股价上涨，折扣减少。</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果 Saba 收购更多股份或试图接管该基金 7.43 亿美元的资产，邓普顿全球收入公司（股票代码：GIM）对资产净值的折扣可能会进一步缩小。Saba 最近接管了另一只基金 Voya Prime Rate Trust 的管理权，并将其更名为 Saba Capital Income &amp; Opportunities (BRW)。富兰克林邓普顿和 Saba 拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>Miller/Howard High Income Equity（HIE）也是 Saba 的目标。该基金是一个 “定期信托”，规定清算日期为 2024 年。其交易价格较资产净值折扣 5.9%。“拥有 HIE 的封闭式基金 FriverNorth Opportunities（RIV）的联席经理帕特里克-加利（Patrick Galley）说：”在最坏的情况下，你会以折扣价买入，从现在到 2024 年，你将获得超额回报，因为折扣价会缩小。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba 持有股份的其他封闭式基金包括 Source Capital (SOR) 和 Vesco Dynamic Credit Opportunities (VTA)。Bulldog 已经在 inTortoise Energy Independence (NDP) 建立了自己的地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。 Adams Diversified Equity (ADX) 提供大型科技股的投资，交易价格较资产净值折扣 14%，并承诺年化分配至少为 6%。“旧金山封闭式投资者、泰珀资本管理公司（Tepper Capital Management）负责人大卫-泰珀（David Tepper）说：”对于期望科技股表现良好的投资者来说，ADX 是一个不错的持股选择。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治 (Whitney George) 经营该公司，他的家族拥有 45% 的股份。它的交易折扣为 10%，收益率为 5.7%。泰珀还青睐罗伊斯全球价值信托 (RGT)，其交易折扣为 9%，收益率为 7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券文件，这些基金都没有吸引太多活动人士的参与。但是，如果激进分子看到了机会，他们可能会蜂拥而至，向基金管理部门施压--前提是国会不改写交战规则。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click\">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.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138566016","content_text":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.\nInvestors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.\nTactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.\nThe Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.\nA spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.\nProponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.\nHedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.\n“Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.\nGregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.\nClosed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.\nBut the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.\nHedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.\nIf that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.\nGiving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tellsBarron’s.\nRemoving the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.\nAnd capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”\nInvestor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.\nIndividual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.\nThe ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.\nThe activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.\nBut hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”\nImposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”\nRegulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.\nInstitutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”\nHedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.\nTempleton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income & Opportunities(BRW).Franklin Templetonand Saba declined to comment.\nMiller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.\nOther closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).\nSome closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.\nSprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.\nNone of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800961723,"gmtCreate":1627272606662,"gmtModify":1633766632869,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/800961723","repostId":"1187496256","repostType":4,"isVote":1,"tweetType":1,"viewCount":755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144074659,"gmtCreate":1626257590271,"gmtModify":1633928578611,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thank you.","listText":"Thank you.","text":"Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144074659","repostId":"1165083410","repostType":4,"repost":{"id":"1165083410","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":1626256074,"share":"https://www.laohunote.com/m/news/1165083410?lang=zh_CN&edition=full","pubTime":"2021-07-14 17:47","market":"us","language":"en","title":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划， 大麻股票在盘前交易中上涨。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165083410","media":"Tiger Newspress","summary":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of ","content":"<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划， 大麻股票在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL 股价盘前上涨 4%，TLRY 和 ACB 股价上涨 2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党人），参议员罗恩·怀登（俄勒冈州民主党人）。）和参议员科里·布克（新泽西州民主党人）正在公布他们的立法讨论草案，以结束联邦对大麻的禁令。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦管制物质清单中删除，允许各州对大麻做出自己的决定。许多州已经采取行动将娱乐或医用大麻合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人--尤其是美国黑人和棕色人种--不再需要担心在大麻合法的州使用大麻而被逮捕或被禁止获得公共住房或联邦高等教育财政援助，”讨论草案写道。“符合国家规定的大麻企业最终将受到与其他企业相同的待遇，并被允许获得基本金融服务，例如银行账户和贷款。医学研究将不再受到扼杀。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将零售大麻限制在不超过10盎司。联邦机构研究大麻使用、合法化和大麻损伤驾驶的影响是评级，包括研究建立大麻影响下驾驶的损伤标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求取消联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利——如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的赠款计划，为帮助“受到禁毒战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选活动中支持大麻合法化，但白宫没有支持大麻合法化的努力。12月，众议院通过了MORE法案，该法案将把大麻从管制物质清单中删除，并创建恢复性司法项目。今年早些时候，纽约州民主党众议员杰里·纳德勒重新引入了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前就该提案征求意见，以便他们可以在起草最终法案之前考虑反馈。该提案在势均力敌的参议院面临艰难的投票。</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>Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划， 大麻股票在盘前交易中上涨。</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\">\nCannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划， 大麻股票在盘前交易中上涨。</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\">2021-07-14 17:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划， 大麻股票在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL 股价盘前上涨 4%，TLRY 和 ACB 股价上涨 2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党人），参议员罗恩·怀登（俄勒冈州民主党人）。）和参议员科里·布克（新泽西州民主党人）正在公布他们的立法讨论草案，以结束联邦对大麻的禁令。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦管制物质清单中删除，允许各州对大麻做出自己的决定。许多州已经采取行动将娱乐或医用大麻合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人--尤其是美国黑人和棕色人种--不再需要担心在大麻合法的州使用大麻而被逮捕或被禁止获得公共住房或联邦高等教育财政援助，”讨论草案写道。“符合国家规定的大麻企业最终将受到与其他企业相同的待遇，并被允许获得基本金融服务，例如银行账户和贷款。医学研究将不再受到扼杀。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将零售大麻限制在不超过10盎司。联邦机构研究大麻使用、合法化和大麻损伤驾驶的影响是评级，包括研究建立大麻影响下驾驶的损伤标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求取消联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利——如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的赠款计划，为帮助“受到禁毒战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选活动中支持大麻合法化，但白宫没有支持大麻合法化的努力。12月，众议院通过了MORE法案，该法案将把大麻从管制物质清单中删除，并创建恢复性司法项目。今年早些时候，纽约州民主党众议员杰里·纳德勒重新引入了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前就该提案征求意见，以便他们可以在起草最终法案之前考虑反馈。该提案在势均力敌的参议院面临艰难的投票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc.","TLRY":"Tilray Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165083410","content_text":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.\nSNDL shares rises 4% in premarket, TLRY and ACB shares are up 2%.\n\nSenate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.\nThe proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.\n\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"\nThe proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.\nThe Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"\nThe plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.\nThe plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.\nPresident Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.\nThe senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.","news_type":1,"symbols_score_info":{"SNDL":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863574443,"gmtCreate":1632409159782,"gmtModify":1632730775004,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863574443","repostId":"2169664162","repostType":4,"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815039952,"gmtCreate":1630628878476,"gmtModify":1631892035671,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815039952","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124935841,"gmtCreate":1624717503383,"gmtModify":1633949329139,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124935841","repostId":"1134306371","repostType":4,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}