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Chenpp

Chenpp

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2021-08-07

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How 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote>

2021-08-06

Ok

Lemonade drops over 12% in morning trading<blockquote>柠檬水早盘交易中下跌超过 12%</blockquote>

2021-08-05

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2021-08-05

Good good luck

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2021-08-05

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2021-08-04

good

American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote>

2021-08-02

Good

Apple Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</blockquote>

2021-08-02

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2021-08-02

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2021-08-02

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2021-07-30

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2021-07-30

Ok

Here's why the 10-year yield is so low, and the summer event that could change it, from Bank of America<blockquote>以下是美国银行 10 年期国债收益率如此之低的原因，以及可能改变这一状况的夏季事件</blockquote>

2021-07-29

Ok

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2021-07-19

Good news thanks

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2021-07-19

Good news

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2021-07-09

Good news up up up up

Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>

2021-07-09

Ok

Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>

2021-07-09

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uthorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891001707","repostId":"1183941926","repostType":4,"repost":{"id":"1183941926","kind":"news","pubTimestamp":1628255252,"share":"https://www.laohunote.com/m/news/1183941926?lang=zh_CN&edition=full","pubTime":"2021-08-06 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investors?</p><p><blockquote><b>听听杰里米·西格尔、查尔斯·埃利斯、杰克·博格尔、罗伯特·席勒等人的声音。</b>投资者有没有完美的投资组合？</blockquote></p><p> We posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.</p><p><blockquote>我们向投资界最受尊敬的10位先驱提出了这个问题。6人获得诺贝尔经济学奖：现代投资组合理论的创始人哈里·马科维茨，现代投资组合的基础；他的门徒威廉·夏普 (William Sharpe)，资本资产定价模型 (CAPM) 和贝塔风险度量的创始人，改变了我们对金融市场风险和回报的看法；尤金·法马，他提出了有效市场假说；布莱克-斯科尔斯/默顿期权定价模型的两位共同创始人迈伦·斯科尔斯和罗伯特·默顿；还有行为经济学家罗伯特·席勒，他的工作挑战了市场效率的概念。</blockquote></p><p> The other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.</p><p><blockquote>另外四位是投资组合经理、投资者和畅销书作家，他们已售出数百万本投资书籍，其中包括先锋集团创始人杰克-博格尔（Jack Bogle）；“邦德大师”马蒂-莱博维茨；“华尔街最聪明的人”、格林威治联合公司创始人查尔斯-埃利斯；还有 “沃顿商学院巫师 ”杰里米-西格尔。</blockquote></p><p> It’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.</p><p><blockquote>鉴于他们的背景和兴趣各不相同，他们的建议没有达成共识也就不足为奇了。这些金融名人的不同观点说明了投资组合管理的复杂性--一个尺寸显然不适合所有人。</blockquote></p><p> Think of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.</p><p><blockquote>将我们专家的完美投资组合视为您自己的完美投资组合的基石，如果结合使用得当，这些投资组合能够满足所有投资者的目标和限制。</blockquote></p><p> Markowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.</p><p><blockquote>马科维茨建议，首先也是最重要的，你应该多元化。只关注证券投资组合，尤其是那些在给定风险水平下具有最高预期回报水平的证券投资组合，即马科维茨著名的有效前沿。同样的概念也适用于债券、房地产和大宗商品等资产类别。对投资者来说，关键是找到彼此相关性较低的证券和资产类别，这样其中一个类别的变动就不一定反映在其他类别中。</blockquote></p><p> Sharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.</p><p><blockquote>夏普的完美投资组合正是他著名的资本资产定价模型所暗示的：投资于整个市场。夏普推荐美国总股票市场基金、非美国总股票市场基金、美国总债券市场基金和非美国总债券市场基金。</blockquote></p><p> Fama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.</p><p><blockquote>Fama 和他的合作者 Ken French 创建了一个模型，该模型从夏普的 CAPM 开始，然后添加了另外两个因素。一个捕捉了价值股和成长型股票之间的回报差异，而另一个捕捉了小市值和大市值公司股票之间的差异。Fama 建议您将多元化投资组合倾向于价值股和小盘股，这两种股票随着时间的推移往往会表现良好。</blockquote></p><p> As the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&amp;P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”</p><p><blockquote>作为第一只指数共同基金的创始人，博格尔的投资组合全部是股票和债券指数基金，例如先锋集团追踪标普500指数 SPX 的 ETF，涨幅为 0.60%。他的口头禅是通过指数基金降低成本，不要采取可能破坏价值的行动： “什么都不做，就站在那里!”</blockquote></p><p> For Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”</p><p><blockquote>对于斯科尔斯来说，完美的投资组合就是风险管理。您的投资成功在很大程度上取决于避免下行的 “尾部风险”，即罕见但严重的股市低迷，如 2007-2009 年的金融危机或 COVID-19 大流行病，同时利用积极的 “尾部收益 ”。</blockquote></p><p> Pay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.</p><p><blockquote>注意衍生品市场，如VIX波动率指数VIX，-1.39%告诉你什么。例如，当 VIX 处于低于历史平均水平的水平时，您可能会更愿意将更大比例的资产投资于风险股票。</blockquote></p><p> For Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.</p><p><blockquote>对于默顿来说，最终，完美的投资组合应该是你自己的无风险资产，就像通胀保值政府债券提示一样。对于你的退休目标，理想情况下，你会在退休时拿出你的储蓄，购买一份年金，提供一生的收入来满足你的预期需求。</blockquote></p><p> Leibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.</p><p><blockquote>莱博维茨的完美投资组合是关于你个人能够承受的风险大小。准备好尝试做出一些艰难的判断评级，并考虑您的所有情况，包括潜在的生活事件、当前税收和遗产税。除了股票，你还应该包括债券，以降低其整体波动性。有应对严重不良事件的应急预案。</blockquote></p><p> For Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.</p><p><blockquote>对于席勒来说，你的完美投资组合应该广泛多元化，不仅是主要资产类别，而且是国际上的。对世界各地的股票给予比通常更重的权重，因为这些地区的席勒开普比率--即周期性调整后的市盈率--相对较低。</blockquote></p><p></p><p> For Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.</p><p><blockquote>对于被动投资的最初倡导者之一埃利斯来说，你的完美投资组合当然应该包括指数基金，特别是如果你想在未来20年内有很好的机会进入前20%的基金。您应该投资债券指数基金和低成本国际指数基金，例如 MSCI EAFE（欧洲、澳大拉西亚和远东）指数。注意你的税收。</blockquote></p><p> And Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.</p><p><blockquote>西格尔鼓励你有符合金融历史的合理预期，这对于畅销书《长期股票》的作者来说并不奇怪。你的投资期限越长，你的完美投资组合中股票的比例就应该越大。考虑发展中国家的股票。对于固定收益投资，请考虑提示。</blockquote></p><p> Finally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.</p><p><blockquote>最后，当你建立你的完美投资组合时，反思你的风险厌恶程度、你的赚钱能力、你当前和未来期望财富的大小，以及你当前和未来财务需求的大小。为了帮助您，我们创建了一个四个问题的调查，以帮助您发现自己在 16 种类型的投资者中的位置。然后，它会给你指明你的完美投资组合和一个可能帮助你实现它的行动。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 21:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.</b>  Is there a Perfect Portfolio for investors?</p><p><blockquote><b>听听杰里米·西格尔、查尔斯·埃利斯、杰克·博格尔、罗伯特·席勒等人的声音。</b>投资者有没有完美的投资组合？</blockquote></p><p> We posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.</p><p><blockquote>我们向投资界最受尊敬的10位先驱提出了这个问题。6人获得诺贝尔经济学奖：现代投资组合理论的创始人哈里·马科维茨，现代投资组合的基础；他的门徒威廉·夏普 (William Sharpe)，资本资产定价模型 (CAPM) 和贝塔风险度量的创始人，改变了我们对金融市场风险和回报的看法；尤金·法马，他提出了有效市场假说；布莱克-斯科尔斯/默顿期权定价模型的两位共同创始人迈伦·斯科尔斯和罗伯特·默顿；还有行为经济学家罗伯特·席勒，他的工作挑战了市场效率的概念。</blockquote></p><p> The other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.</p><p><blockquote>另外四位是投资组合经理、投资者和畅销书作家，他们已售出数百万本投资书籍，其中包括先锋集团创始人杰克-博格尔（Jack Bogle）；“邦德大师”马蒂-莱博维茨；“华尔街最聪明的人”、格林威治联合公司创始人查尔斯-埃利斯；还有 “沃顿商学院巫师 ”杰里米-西格尔。</blockquote></p><p> It’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.</p><p><blockquote>鉴于他们的背景和兴趣各不相同，他们的建议没有达成共识也就不足为奇了。这些金融名人的不同观点说明了投资组合管理的复杂性--一个尺寸显然不适合所有人。</blockquote></p><p> Think of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.</p><p><blockquote>将我们专家的完美投资组合视为您自己的完美投资组合的基石，如果结合使用得当，这些投资组合能够满足所有投资者的目标和限制。</blockquote></p><p> Markowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.</p><p><blockquote>马科维茨建议，首先也是最重要的，你应该多元化。只关注证券投资组合，尤其是那些在给定风险水平下具有最高预期回报水平的证券投资组合，即马科维茨著名的有效前沿。同样的概念也适用于债券、房地产和大宗商品等资产类别。对投资者来说，关键是找到彼此相关性较低的证券和资产类别，这样其中一个类别的变动就不一定反映在其他类别中。</blockquote></p><p> Sharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.</p><p><blockquote>夏普的完美投资组合正是他著名的资本资产定价模型所暗示的：投资于整个市场。夏普推荐美国总股票市场基金、非美国总股票市场基金、美国总债券市场基金和非美国总债券市场基金。</blockquote></p><p> Fama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.</p><p><blockquote>Fama 和他的合作者 Ken French 创建了一个模型，该模型从夏普的 CAPM 开始，然后添加了另外两个因素。一个捕捉了价值股和成长型股票之间的回报差异，而另一个捕捉了小市值和大市值公司股票之间的差异。Fama 建议您将多元化投资组合倾向于价值股和小盘股，这两种股票随着时间的推移往往会表现良好。</blockquote></p><p> As the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&amp;P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”</p><p><blockquote>作为第一只指数共同基金的创始人，博格尔的投资组合全部是股票和债券指数基金，例如先锋集团追踪标普500指数 SPX 的 ETF，涨幅为 0.60%。他的口头禅是通过指数基金降低成本，不要采取可能破坏价值的行动： “什么都不做，就站在那里!”</blockquote></p><p> For Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”</p><p><blockquote>对于斯科尔斯来说，完美的投资组合就是风险管理。您的投资成功在很大程度上取决于避免下行的 “尾部风险”，即罕见但严重的股市低迷，如 2007-2009 年的金融危机或 COVID-19 大流行病，同时利用积极的 “尾部收益 ”。</blockquote></p><p> Pay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.</p><p><blockquote>注意衍生品市场，如VIX波动率指数VIX，-1.39%告诉你什么。例如，当 VIX 处于低于历史平均水平的水平时，您可能会更愿意将更大比例的资产投资于风险股票。</blockquote></p><p> For Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.</p><p><blockquote>对于默顿来说，最终，完美的投资组合应该是你自己的无风险资产，就像通胀保值政府债券提示一样。对于你的退休目标，理想情况下，你会在退休时拿出你的储蓄，购买一份年金，提供一生的收入来满足你的预期需求。</blockquote></p><p> Leibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.</p><p><blockquote>莱博维茨的完美投资组合是关于你个人能够承受的风险大小。准备好尝试做出一些艰难的判断评级，并考虑您的所有情况，包括潜在的生活事件、当前税收和遗产税。除了股票，你还应该包括债券，以降低其整体波动性。有应对严重不良事件的应急预案。</blockquote></p><p> For Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.</p><p><blockquote>对于席勒来说，你的完美投资组合应该广泛多元化，不仅是主要资产类别，而且是国际上的。对世界各地的股票给予比通常更重的权重，因为这些地区的席勒开普比率--即周期性调整后的市盈率--相对较低。</blockquote></p><p></p><p> For Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.</p><p><blockquote>对于被动投资的最初倡导者之一埃利斯来说，你的完美投资组合当然应该包括指数基金，特别是如果你想在未来20年内有很好的机会进入前20%的基金。您应该投资债券指数基金和低成本国际指数基金，例如 MSCI EAFE（欧洲、澳大拉西亚和远东）指数。注意你的税收。</blockquote></p><p> And Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.</p><p><blockquote>西格尔鼓励你有符合金融历史的合理预期，这对于畅销书《长期股票》的作者来说并不奇怪。你的投资期限越长，你的完美投资组合中股票的比例就应该越大。考虑发展中国家的股票。对于固定收益投资，请考虑提示。</blockquote></p><p> Finally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.</p><p><blockquote>最后，当你建立你的完美投资组合时，反思你的风险厌恶程度、你的赚钱能力、你当前和未来期望财富的大小，以及你当前和未来财务需求的大小。为了帮助您，我们创建了一个四个问题的调查，以帮助您发现自己在 16 种类型的投资者中的位置。然后，它会给你指明你的完美投资组合和一个可能帮助你实现它的行动。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/how-10-of-the-worlds-smartest-investors-can-help-you-build-your-perfect-portfolio-11628177690?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/how-10-of-the-worlds-smartest-investors-can-help-you-build-your-perfect-portfolio-11628177690?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183941926","content_text":"Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.\n\nIs there a Perfect Portfolio for investors?\nWe posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.\nThe other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.\nIt’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.\nThink of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.\nMarkowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.\nSharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.\nFama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.\nAs the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”\nFor Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”\nPay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.\nFor Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.\nLeibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.\nFor Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.\nFor Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.\nAnd Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.\nFinally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899496196,"gmtCreate":1628209357715,"gmtModify":1633752637530,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899496196","repostId":"1121539393","repostType":4,"repost":{"id":"1121539393","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":1628171164,"share":"https://www.laohunote.com/m/news/1121539393?lang=zh_CN&edition=full","pubTime":"2021-08-05 21:46","market":"us","language":"en","title":"Lemonade drops over 12% in morning trading<blockquote>柠檬水早盘交易中下跌超过 12%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121539393","media":"Tiger Newspress","summary":"(Aug 5)  Lemonade, Inc. stock drops over 12% after online insurers sales decline, losses widen.","content":"<p>(Aug 5)&nbsp; <a href=\"https://laohu8.com/S/LMND\">Lemonade, Inc.</a> stock drops over 12% after online insurers sales decline, losses widen.</p><p><blockquote>（8月5日）<a href=\"https://laohu8.com/S/LMND\">柠檬水公司。</a>在线保险公司销售额下降、损失扩大后，股价下跌超过 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6825a39000754135d042cb3962be5c5b\" tg-width=\"1129\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Lemonade drops over 12% in morning trading<blockquote>柠檬水早盘交易中下跌超过 12%</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; 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21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 5)&nbsp; <a href=\"https://laohu8.com/S/LMND\">Lemonade, Inc.</a> stock drops over 12% after online insurers sales decline, losses widen.</p><p><blockquote>（8月5日）<a href=\"https://laohu8.com/S/LMND\">柠檬水公司。</a>在线保险公司销售额下降、损失扩大后，股价下跌超过 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6825a39000754135d042cb3962be5c5b\" tg-width=\"1129\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LMND":"Lemonade, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121539393","content_text":"(Aug 5)  Lemonade, Inc. stock drops over 12% after online insurers sales decline, losses 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good luck","listText":"Good good luck","text":"Good good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890548313","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":2412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890299066,"gmtCreate":1628118642055,"gmtModify":1633753530186,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890299066","repostId":"2156909108","repostType":4,"isVote":1,"tweetType":1,"viewCount":3338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807843566,"gmtCreate":1628032160755,"gmtModify":1633754325006,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807843566","repostId":"1163742974","repostType":4,"repost":{"id":"1163742974","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":1627998920,"share":"https://www.laohunote.com/m/news/1163742974?lang=zh_CN&edition=full","pubTime":"2021-08-03 21:55","market":"other","language":"en","title":"American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163742974","media":"Tiger Newspress","summary":"(Aug 3) American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall.","content":"<p>(Aug&nbsp;3)&nbsp;<a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> share losses lead Dow's nearly 100-point fall.</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>股价下跌导致道琼斯指数下跌近 100 点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/64d05108ec2cbef2545b18f6047863a4\" tg-width=\"962\" tg-height=\"893\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmerican Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;3)&nbsp;<a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> share losses lead Dow's nearly 100-point fall.</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>股价下跌导致道琼斯指数下跌近 100 点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/64d05108ec2cbef2545b18f6047863a4\" tg-width=\"962\" tg-height=\"893\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc.","GS":"高盛","AXP":"美国运通","AFG":"美国金融集团有限公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163742974","content_text":"(Aug 3) American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall.","news_type":1,"symbols_score_info":{"AXP":0.9,"AMSWA":0.9,"EXPR":0.9,"AFG":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":1943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805214308,"gmtCreate":1627883344304,"gmtModify":1633755613051,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805214308","repostId":"1162506970","repostType":4,"repost":{"id":"1162506970","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":1627882626,"share":"https://www.laohunote.com/m/news/1162506970?lang=zh_CN&edition=full","pubTime":"2021-08-02 13:37","market":"us","language":"en","title":"Apple Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162506970","media":"Benzinga Earnings","summary":"Apple Inc.(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but ri","content":"<p><b>Apple Inc.</b>(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as&nbsp;<b>Amazon.com Inc.</b>(NASDAQ:AMZN) and&nbsp;<b>Samsung</b>&nbsp;are seeing faster growth, according to data from IDC.</p><p><blockquote><b>苹果公司。</b>（纳斯达克股票代码：AAPL）第二季度继续主导全球平板电脑市场，但竞争对手如<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）和<b>三星</b>根据IDC的数据，增长更快。</blockquote></p><p> <b>What Happened</b>: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.</p><p><blockquote><b>发生了什么事</b>: 根据 IDC 的全球季度 PCD 跟踪器，苹果在 2021 年第二季度出货量为 1290 万台 iPad，市场份额为 31.9%。</blockquote></p><p> Apple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.<b>Lenovo Group</b>&nbsp;<b>Limited</b>(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.</p><p><blockquote>苹果最接近的竞争对手三星本季度出货量为 800 万台平板电脑，市场份额为 19.6%。<b>联想集团</b> <b>有限的</b>(OTC:LNVGY)以470万台的出货量位居第三，而亚马逊以430万台的Fire平板电脑出货量和10.7%的市场份额位居第四。</blockquote></p><p> While Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.</p><p><blockquote>苹果的市场份额同比增长率为 3.5%，而三星本季度的市场份额增长了 13.3%。亚马逊的市场份额增长了20.3%。</blockquote></p><p> <b>Why It Matters:</b>Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.</p><p><blockquote><b>为什么重要：</b>IDC 表示，平板电脑周围的消费者需求放缓速度将比 Chromebook 甚至更广泛的 PC 市场快得多。持续的零部件短缺和几个亚洲国家的学校重新开放预计将导致平板电脑销售放缓。</blockquote></p><p> Apple&nbsp;unveiled&nbsp;refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.</p><p><blockquote>由于疫情，人们继续在家工作和学习，苹果在4月份推出了更新的iPad Pro型号，对平板电脑的需求强劲。</blockquote></p><p> The iPad fetched revenues of&nbsp;$7.37 billion&nbsp;in Apple’s recent third quarter, up 11.9% year-over-year<b>.</b>However, component shortages are expected to serve as a drag in the future quarter.</p><p><blockquote>iPad 在苹果最近第三季度的营收为 73.7 亿美元，同比增长 11.9%。<b>.</b>然而，零部件短缺预计将成为下一季度的拖累。</blockquote></p><p> It was&nbsp;reported&nbsp;in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.</p><p><blockquote>5月份有报道称，由于持续的供应链限制，客户可能需要等待更长时间才能获得新的高端iPad Pro平板电脑。</blockquote></p><p> <b>Price Action:</b>Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.</p><p><blockquote><b>价格行为：</b>苹果股价在周五的交易中收盘上涨近 0.2%，报 145.86 美元。</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 Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</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 Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</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\">2021-08-02 13:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Apple Inc.</b>(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as&nbsp;<b>Amazon.com Inc.</b>(NASDAQ:AMZN) and&nbsp;<b>Samsung</b>&nbsp;are seeing faster growth, according to data from IDC.</p><p><blockquote><b>苹果公司。</b>（纳斯达克股票代码：AAPL）第二季度继续主导全球平板电脑市场，但竞争对手如<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）和<b>三星</b>根据IDC的数据，增长更快。</blockquote></p><p> <b>What Happened</b>: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.</p><p><blockquote><b>发生了什么事</b>: 根据 IDC 的全球季度 PCD 跟踪器，苹果在 2021 年第二季度出货量为 1290 万台 iPad，市场份额为 31.9%。</blockquote></p><p> Apple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.<b>Lenovo Group</b>&nbsp;<b>Limited</b>(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.</p><p><blockquote>苹果最接近的竞争对手三星本季度出货量为 800 万台平板电脑，市场份额为 19.6%。<b>联想集团</b> <b>有限的</b>(OTC:LNVGY)以470万台的出货量位居第三，而亚马逊以430万台的Fire平板电脑出货量和10.7%的市场份额位居第四。</blockquote></p><p> While Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.</p><p><blockquote>苹果的市场份额同比增长率为 3.5%，而三星本季度的市场份额增长了 13.3%。亚马逊的市场份额增长了20.3%。</blockquote></p><p> <b>Why It Matters:</b>Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.</p><p><blockquote><b>为什么重要：</b>IDC 表示，平板电脑周围的消费者需求放缓速度将比 Chromebook 甚至更广泛的 PC 市场快得多。持续的零部件短缺和几个亚洲国家的学校重新开放预计将导致平板电脑销售放缓。</blockquote></p><p> Apple&nbsp;unveiled&nbsp;refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.</p><p><blockquote>由于疫情，人们继续在家工作和学习，苹果在4月份推出了更新的iPad Pro型号，对平板电脑的需求强劲。</blockquote></p><p> The iPad fetched revenues of&nbsp;$7.37 billion&nbsp;in Apple’s recent third quarter, up 11.9% year-over-year<b>.</b>However, component shortages are expected to serve as a drag in the future quarter.</p><p><blockquote>iPad 在苹果最近第三季度的营收为 73.7 亿美元，同比增长 11.9%。<b>.</b>然而，零部件短缺预计将成为下一季度的拖累。</blockquote></p><p> It was&nbsp;reported&nbsp;in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.</p><p><blockquote>5月份有报道称，由于持续的供应链限制，客户可能需要等待更长时间才能获得新的高端iPad Pro平板电脑。</blockquote></p><p> <b>Price Action:</b>Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.</p><p><blockquote><b>价格行为：</b>苹果股价在周五的交易中收盘上涨近 0.2%，报 145.86 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","00992":"联想集团","SSNLF":"三星电子","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162506970","content_text":"Apple Inc.(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as Amazon.com Inc.(NASDAQ:AMZN) and Samsung are seeing faster growth, according to data from IDC.\nWhat Happened: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.\nApple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.Lenovo Group Limited(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.\nWhile Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.\nWhy It Matters:Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.\nApple unveiled refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.\nThe iPad fetched revenues of $7.37 billion in Apple’s recent third quarter, up 11.9% year-over-year.However, component shortages are expected to serve as a drag in the future quarter.\nIt was reported in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.\nPrice Action:Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.","news_type":1,"symbols_score_info":{"AAPL":0.9,"AMZN":0.9,"00992":0.9,"SSNLF":0.9}},"isVote":1,"tweetType":1,"viewCount":3278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805215681,"gmtCreate":1627883314943,"gmtModify":1633755613786,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805215681","repostId":"1146168856","repostType":4,"isVote":1,"tweetType":1,"viewCount":3027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805215850,"gmtCreate":1627883309470,"gmtModify":1633755613909,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805215850","repostId":"1146168856","repostType":4,"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805212263,"gmtCreate":1627883268652,"gmtModify":1633755614727,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805212263","repostId":"1146168856","repostType":4,"isVote":1,"tweetType":1,"viewCount":2559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808449630,"gmtCreate":1627607769720,"gmtModify":1633757847401,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808449630","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808509472,"gmtCreate":1627599789496,"gmtModify":1633758012000,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808509472","repostId":"2155090430","repostType":4,"repost":{"id":"2155090430","kind":"highlight","pubTimestamp":1627559095,"share":"https://www.laohunote.com/m/news/2155090430?lang=zh_CN&edition=full","pubTime":"2021-07-29 19:44","market":"fut","language":"en","title":"Here's why the 10-year yield is so low, and the summer event that could change it, from Bank of America<blockquote>以下是美国银行 10 年期国债收益率如此之低的原因，以及可能改变这一状况的夏季事件</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2155090430","media":"MarketWatch","summary":"Stock futures are a mixed bag headed into Thursday's session, with Amazon.com's results in the spotl","content":"<p>Stock futures are a mixed bag headed into Thursday's session, with Amazon.com's results in the spotlight for later. There also also has been some damage-control moves by Chinese officials after a series of regulatory blows sent investors in technology and other shares from the country running for cover.</p><p><blockquote>周四交易时段，股票期货喜忧参半，亚马逊的业绩将成为晚些时候的焦点。在一系列监管打击导致科技股和其他股票投资者逃离中国寻求庇护之后，中国官员也采取了一些损害控制措施。</blockquote></p><p> Investors are also considering over the outcome of the Federal Reserve meeting, which left the status quo in place for interest rates and asset buys. That's as some, like Deutsche Bank strategist Jim Reid and his team, \"see the beginning of an initial nod toward a tapering of asset purchases at some point.\"</p><p><blockquote>投资者还在考虑美联储会议的结果，该会议维持了利率和资产购买的现状。德意志银行策略师吉姆·里德和他的团队等一些人“看到了在某个时候缩减资产购买规模的初步点头的开始”。</blockquote></p><p> Another burning question for investors right now, why are 10-year rates so low? Our call of the day comes from Bank of America strategists who think they've cracked it.</p><p><blockquote>投资者现在面临的另一个紧迫问题是，为什么 10 年期利率如此之低？我们今天的看涨期权来自美国银行策略师，他们认为自己已经破解了这个问题。</blockquote></p><p> \"Clients point to strong growth -- currently tracking 4.1% for 3Q -- and CPI inflation running above 5%. But we think the rates market is focused on 2023 and beyond, and are increasingly questioning the ability of the Fed to deliver a substantial hiking cycle,\" wrote lead strategist Ralph Axel and the team.</p><p><blockquote>“客户指出增长强劲——目前第三季度为 4.1%——CPI 通胀率高于 5%。但我们认为利率市场关注 2023 年及以后，并越来越质疑美联储实现大幅加息的能力。”首席策略师拉尔夫·阿克塞尔和团队写道。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f4dde25f0e3848e31e9420ff3ff2277\" tg-width=\"700\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Traders don't see the Fed repeating the 2015-2018 hiking cycle, which brought the policy rate band to 2.25%-2.50% in December 2018, and a peak 10 year rate of 3.2% in November 2018, said the strategists.</p><p><blockquote>策略师表示，交易员并不认为美联储会重复 2015-2018 年加息周期，该周期在 2018 年 12 月将政策利率区间提升至 2.25%-2.50%，并在 2018 年 11 月达到 3.2% 的 10 年期峰值。</blockquote></p><p> For equity investors, the yield is important as lower levels help to boost tech stocks in particular as they make borrowing easier for those types of companies. If rates start going up, some could fear it will draw money out of the stock market as investors seek better returns.</p><p><blockquote>对于股票投资者来说，收益率很重要，因为较低的收益率有助于提振科技股，特别是使这类公司更容易借贷。如果利率开始上升，一些人可能会担心，随着投资者寻求更好的回报，这会将资金撤出股市。</blockquote></p><p> Bank of America doesn't see a sharp rise in rates such as was seen in the first quarter -- driven by positive vaccine surprises and fiscal stimulus -- but they see scope for modestly higher rates in the next six to 12 months. \"We have not changed our forecast for 10y rates at 1.9% by year-end, but downside risks to our forecast have increased,\" he said.</p><p><blockquote>美国银行认为，在积极的疫苗意外和财政刺激的推动下，利率不会像第一季度那样大幅上升，但他们认为未来 6 到 12 个月利率有小幅上升的空间。他表示：“我们没有改变年底前 10 年期利率 1.9% 的预测，但我们预测的下行风险有所增加。”</blockquote></p><p> Axel said they are keeping a keen eye on next week's payroll reports that is said will help \"set the tone for the rest of the summer.\"</p><p><blockquote>阿克塞尔表示，他们正在密切关注下周的工资报告，据说这将有助于“为夏季剩余时间定下基调”。</blockquote></p><p> \"If jobs are strong and inflation becomes more widespread across the CPI basket, and the Fed does not react hawkishly to strong data, we think there is scope for higher rates as long as disruptions due to COVID-19 remain well contained. These are the fundamental ingredients we will need to regain confidence in our 1.9% call for 10y rates,\" they said.</p><p><blockquote>“如果就业强劲，通胀在整个 CPI 篮子中变得更加普遍，并且美联储没有对强劲的数据做出强硬反应，我们认为只要 COVID-19 造成的干扰得到很好的控制，就有加息的空间。这些是我们需要的基本要素，”他们说。</blockquote></p><p> A weak jobs report next week, though would fuel worries of \"moving past peak growth, peak inflation, peak stimulus and perhaps even peak interest rates.\"</p><p><blockquote>不过，下周疲软的就业报告将加剧人们对“增长峰值、通胀峰值、刺激峰值，甚至利率峰值”的担忧。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's why the 10-year yield is so low, and the summer event that could change it, from Bank of America<blockquote>以下是美国银行 10 年期国债收益率如此之低的原因，以及可能改变这一状况的夏季事件</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\">\nHere's why the 10-year yield is so low, and the summer event that could change it, from Bank of America<blockquote>以下是美国银行 10 年期国债收益率如此之低的原因，以及可能改变这一状况的夏季事件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-29 19:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock futures are a mixed bag headed into Thursday's session, with Amazon.com's results in the spotlight for later. There also also has been some damage-control moves by Chinese officials after a series of regulatory blows sent investors in technology and other shares from the country running for cover.</p><p><blockquote>周四交易时段，股票期货喜忧参半，亚马逊的业绩将成为晚些时候的焦点。在一系列监管打击导致科技股和其他股票投资者逃离中国寻求庇护之后，中国官员也采取了一些损害控制措施。</blockquote></p><p> Investors are also considering over the outcome of the Federal Reserve meeting, which left the status quo in place for interest rates and asset buys. That's as some, like Deutsche Bank strategist Jim Reid and his team, \"see the beginning of an initial nod toward a tapering of asset purchases at some point.\"</p><p><blockquote>投资者还在考虑美联储会议的结果，该会议维持了利率和资产购买的现状。德意志银行策略师吉姆·里德和他的团队等一些人“看到了在某个时候缩减资产购买规模的初步点头的开始”。</blockquote></p><p> Another burning question for investors right now, why are 10-year rates so low? Our call of the day comes from Bank of America strategists who think they've cracked it.</p><p><blockquote>投资者现在面临的另一个紧迫问题是，为什么 10 年期利率如此之低？我们今天的看涨期权来自美国银行策略师，他们认为自己已经破解了这个问题。</blockquote></p><p> \"Clients point to strong growth -- currently tracking 4.1% for 3Q -- and CPI inflation running above 5%. But we think the rates market is focused on 2023 and beyond, and are increasingly questioning the ability of the Fed to deliver a substantial hiking cycle,\" wrote lead strategist Ralph Axel and the team.</p><p><blockquote>“客户指出增长强劲——目前第三季度为 4.1%——CPI 通胀率高于 5%。但我们认为利率市场关注 2023 年及以后，并越来越质疑美联储实现大幅加息的能力。”首席策略师拉尔夫·阿克塞尔和团队写道。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f4dde25f0e3848e31e9420ff3ff2277\" tg-width=\"700\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Traders don't see the Fed repeating the 2015-2018 hiking cycle, which brought the policy rate band to 2.25%-2.50% in December 2018, and a peak 10 year rate of 3.2% in November 2018, said the strategists.</p><p><blockquote>策略师表示，交易员并不认为美联储会重复 2015-2018 年加息周期，该周期在 2018 年 12 月将政策利率区间提升至 2.25%-2.50%，并在 2018 年 11 月达到 3.2% 的 10 年期峰值。</blockquote></p><p> For equity investors, the yield is important as lower levels help to boost tech stocks in particular as they make borrowing easier for those types of companies. If rates start going up, some could fear it will draw money out of the stock market as investors seek better returns.</p><p><blockquote>对于股票投资者来说，收益率很重要，因为较低的收益率有助于提振科技股，特别是使这类公司更容易借贷。如果利率开始上升，一些人可能会担心，随着投资者寻求更好的回报，这会将资金撤出股市。</blockquote></p><p> Bank of America doesn't see a sharp rise in rates such as was seen in the first quarter -- driven by positive vaccine surprises and fiscal stimulus -- but they see scope for modestly higher rates in the next six to 12 months. \"We have not changed our forecast for 10y rates at 1.9% by year-end, but downside risks to our forecast have increased,\" he said.</p><p><blockquote>美国银行认为，在积极的疫苗意外和财政刺激的推动下，利率不会像第一季度那样大幅上升，但他们认为未来 6 到 12 个月利率有小幅上升的空间。他表示：“我们没有改变年底前 10 年期利率 1.9% 的预测，但我们预测的下行风险有所增加。”</blockquote></p><p> Axel said they are keeping a keen eye on next week's payroll reports that is said will help \"set the tone for the rest of the summer.\"</p><p><blockquote>阿克塞尔表示，他们正在密切关注下周的工资报告，据说这将有助于“为夏季剩余时间定下基调”。</blockquote></p><p> \"If jobs are strong and inflation becomes more widespread across the CPI basket, and the Fed does not react hawkishly to strong data, we think there is scope for higher rates as long as disruptions due to COVID-19 remain well contained. These are the fundamental ingredients we will need to regain confidence in our 1.9% call for 10y rates,\" they said.</p><p><blockquote>“如果就业强劲，通胀在整个 CPI 篮子中变得更加普遍，并且美联储没有对强劲的数据做出强硬反应，我们认为只要 COVID-19 造成的干扰得到很好的控制，就有加息的空间。这些是我们需要的基本要素，”他们说。</blockquote></p><p> A weak jobs report next week, though would fuel worries of \"moving past peak growth, peak inflation, peak stimulus and perhaps even peak interest rates.\"</p><p><blockquote>不过，下周疲软的就业报告将加剧人们对“增长峰值、通胀峰值、刺激峰值，甚至利率峰值”的担忧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-why-the-10-year-yield-is-so-low-and-the-summer-event-that-could-change-it-from-bank-of-america-11627556870?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/heres-why-the-10-year-yield-is-so-low-and-the-summer-event-that-could-change-it-from-bank-of-america-11627556870?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155090430","content_text":"Stock futures are a mixed bag headed into Thursday's session, with Amazon.com's results in the spotlight for later. There also also has been some damage-control moves by Chinese officials after a series of regulatory blows sent investors in technology and other shares from the country running for cover.\nInvestors are also considering over the outcome of the Federal Reserve meeting, which left the status quo in place for interest rates and asset buys. That's as some, like Deutsche Bank strategist Jim Reid and his team, \"see the beginning of an initial nod toward a tapering of asset purchases at some point.\"\nAnother burning question for investors right now, why are 10-year rates so low? Our call of the day comes from Bank of America strategists who think they've cracked it.\n\"Clients point to strong growth -- currently tracking 4.1% for 3Q -- and CPI inflation running above 5%. But we think the rates market is focused on 2023 and beyond, and are increasingly questioning the ability of the Fed to deliver a substantial hiking cycle,\" wrote lead strategist Ralph Axel and the team.\n\nTraders don't see the Fed repeating the 2015-2018 hiking cycle, which brought the policy rate band to 2.25%-2.50% in December 2018, and a peak 10 year rate of 3.2% in November 2018, said the strategists.\nFor equity investors, the yield is important as lower levels help to boost tech stocks in particular as they make borrowing easier for those types of companies. If rates start going up, some could fear it will draw money out of the stock market as investors seek better returns.\nBank of America doesn't see a sharp rise in rates such as was seen in the first quarter -- driven by positive vaccine surprises and fiscal stimulus -- but they see scope for modestly higher rates in the next six to 12 months. \"We have not changed our forecast for 10y rates at 1.9% by year-end, but downside risks to our forecast have increased,\" he said.\nAxel said they are keeping a keen eye on next week's payroll reports that is said will help \"set the tone for the rest of the summer.\"\n\"If jobs are strong and inflation becomes more widespread across the CPI basket, and the Fed does not react hawkishly to strong data, we think there is scope for higher rates as long as disruptions due to COVID-19 remain well contained. These are the fundamental ingredients we will need to regain confidence in our 1.9% call for 10y rates,\" they said.\nA weak jobs report next week, though would fuel worries of \"moving past peak growth, peak inflation, peak stimulus and perhaps even peak interest rates.\"","news_type":1,"symbols_score_info":{"ZNmain":0.9,".DJI":0.9,"ZBmain":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801605705,"gmtCreate":1627513475007,"gmtModify":1633764368564,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801605705","repostId":"1155605072","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173287316,"gmtCreate":1626662731635,"gmtModify":1633925125689,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news thanks","listText":"Good news thanks","text":"Good news thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173287316","repostId":"1141135734","repostType":4,"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173891622,"gmtCreate":1626651568866,"gmtModify":1633925328263,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173891622","repostId":"1160548856","repostType":4,"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143510662,"gmtCreate":1625800766056,"gmtModify":1633937175246,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news up up up up","listText":"Good news up up up up","text":"Good news up up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143510662","repostId":"1135632463","repostType":4,"repost":{"id":"1135632463","kind":"news","pubTimestamp":1625800249,"share":"https://www.laohunote.com/m/news/1135632463?lang=zh_CN&edition=full","pubTime":"2021-07-09 11:10","market":"us","language":"en","title":"Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135632463","media":"Market Wacth","summary":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nS","content":"<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>","source":"lsy1604288433698","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>Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</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\">\nOpinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-07-09 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page\">Market Wacth</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/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135632463","content_text":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nShare buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.  By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.\nShare buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. Two: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.\nSome critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.  But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).\nThere are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule Two: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.\nFaithful managerial stewards who adhere to buyback Rules One and Two, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay Graham of The Washington Post Co., Larry Tisch of Loews Corporation, and Henry Singleton of Teledyne. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.\nThese managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.\nAdobeADBE,+0.03%\nAssurantAIZ,-1.67%\nBank of New York MellonBK,-2.30%\nCDWCDW,-1.12%\nDeckers OutdoorDECK,-1.76%\nHome DepotHD,-1.53%\nO’Reilly AutomotiveORLY,-0.61%\nNVRNVR,-2.87%\n$Sherwin-Williams(SHW)$SHW,-1.56%\nWalmartWMT,-0.09%\nO’Reilly is an auto parts retailer serving both professional and amateur mechanics.  Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg Johnson, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.\nCompany strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.  The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and T. Rowe Price.\nCDW, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is Christine A. Leahy, who has been with CDW since 2002.\nThe company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, Lazard, Mawer Investment Management, Neuberger Berman, T. Rowe Price, Wedgewood Partners, and Wellington.\nNVR is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and Heartland Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it  serves.\nThe current CEO is Paul Seville, in the role since 2005, making him one of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than Berkshire Hathaway. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond Hill Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and T. Rowe Price.\nShare buybacks are only controversial because they can be misused. Done right, they are wins all around.  Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143510920,"gmtCreate":1625800719460,"gmtModify":1633937175716,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143510920","repostId":"1135632463","repostType":4,"repost":{"id":"1135632463","kind":"news","pubTimestamp":1625800249,"share":"https://www.laohunote.com/m/news/1135632463?lang=zh_CN&edition=full","pubTime":"2021-07-09 11:10","market":"us","language":"en","title":"Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135632463","media":"Market Wacth","summary":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nS","content":"<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>","source":"lsy1604288433698","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>Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</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\">\nOpinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-07-09 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page\">Market Wacth</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/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135632463","content_text":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nShare buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.  By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.\nShare buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. Two: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.\nSome critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.  But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).\nThere are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule Two: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.\nFaithful managerial stewards who adhere to buyback Rules One and Two, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay Graham of The Washington Post Co., Larry Tisch of Loews Corporation, and Henry Singleton of Teledyne. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.\nThese managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.\nAdobeADBE,+0.03%\nAssurantAIZ,-1.67%\nBank of New York MellonBK,-2.30%\nCDWCDW,-1.12%\nDeckers OutdoorDECK,-1.76%\nHome DepotHD,-1.53%\nO’Reilly AutomotiveORLY,-0.61%\nNVRNVR,-2.87%\n$Sherwin-Williams(SHW)$SHW,-1.56%\nWalmartWMT,-0.09%\nO’Reilly is an auto parts retailer serving both professional and amateur mechanics.  Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg Johnson, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.\nCompany strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.  The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and T. Rowe Price.\nCDW, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is Christine A. Leahy, who has been with CDW since 2002.\nThe company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, Lazard, Mawer Investment Management, Neuberger Berman, T. Rowe Price, Wedgewood Partners, and Wellington.\nNVR is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and Heartland Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it  serves.\nThe current CEO is Paul Seville, in the role since 2005, making him one of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than Berkshire Hathaway. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond Hill Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and T. Rowe Price.\nShare buybacks are only controversial because they can be misused. Done right, they are wins all around.  Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143534516,"gmtCreate":1625800620835,"gmtModify":1633937176164,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087519307250220","idStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143534516","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":890548313,"gmtCreate":1628125692932,"gmtModify":1633753366717,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good good luck","listText":"Good good luck","text":"Good good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890548313","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":2412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173287316,"gmtCreate":1626662731635,"gmtModify":1633925125689,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news thanks","listText":"Good news thanks","text":"Good news thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173287316","repostId":"1141135734","repostType":4,"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143510662,"gmtCreate":1625800766056,"gmtModify":1633937175246,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news up up up up","listText":"Good news up up up up","text":"Good news up up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143510662","repostId":"1135632463","repostType":4,"repost":{"id":"1135632463","kind":"news","pubTimestamp":1625800249,"share":"https://www.laohunote.com/m/news/1135632463?lang=zh_CN&edition=full","pubTime":"2021-07-09 11:10","market":"us","language":"en","title":"Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135632463","media":"Market Wacth","summary":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nS","content":"<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>","source":"lsy1604288433698","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>Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</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\">\nOpinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-07-09 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page\">Market Wacth</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/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135632463","content_text":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nShare buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.  By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.\nShare buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. Two: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.\nSome critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.  But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).\nThere are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule Two: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.\nFaithful managerial stewards who adhere to buyback Rules One and Two, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay Graham of The Washington Post Co., Larry Tisch of Loews Corporation, and Henry Singleton of Teledyne. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.\nThese managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.\nAdobeADBE,+0.03%\nAssurantAIZ,-1.67%\nBank of New York MellonBK,-2.30%\nCDWCDW,-1.12%\nDeckers OutdoorDECK,-1.76%\nHome DepotHD,-1.53%\nO’Reilly AutomotiveORLY,-0.61%\nNVRNVR,-2.87%\n$Sherwin-Williams(SHW)$SHW,-1.56%\nWalmartWMT,-0.09%\nO’Reilly is an auto parts retailer serving both professional and amateur mechanics.  Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg Johnson, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.\nCompany strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.  The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and T. Rowe Price.\nCDW, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is Christine A. Leahy, who has been with CDW since 2002.\nThe company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, Lazard, Mawer Investment Management, Neuberger Berman, T. Rowe Price, Wedgewood Partners, and Wellington.\nNVR is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and Heartland Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it  serves.\nThe current CEO is Paul Seville, in the role since 2005, making him one of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than Berkshire Hathaway. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond Hill Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and T. Rowe Price.\nShare buybacks are only controversial because they can be misused. Done right, they are wins all around.  Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143510920,"gmtCreate":1625800719460,"gmtModify":1633937175716,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143510920","repostId":"1135632463","repostType":4,"repost":{"id":"1135632463","kind":"news","pubTimestamp":1625800249,"share":"https://www.laohunote.com/m/news/1135632463?lang=zh_CN&edition=full","pubTime":"2021-07-09 11:10","market":"us","language":"en","title":"Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135632463","media":"Market Wacth","summary":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nS","content":"<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>","source":"lsy1604288433698","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>Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</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\">\nOpinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10 家知道如何花钱的公司，这样你就有机会赚钱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-07-09 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.&nbsp; By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本分配遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.&nbsp; But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long,&nbsp;on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b>&nbsp;is an auto parts retailer serving both professional and amateur mechanics.&nbsp; Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001.&nbsp;The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.&nbsp; The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b>&nbsp;is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it&nbsp; serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the&nbsp;more seasoned of today’s top executives.&nbsp;NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around.&nbsp; Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page\">Market Wacth</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/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135632463","content_text":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nShare buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding.  By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.\nShare buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. Two: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.\nSome critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut.  But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).\nThere are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule Two: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.\nFaithful managerial stewards who adhere to buyback Rules One and Two, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay Graham of The Washington Post Co., Larry Tisch of Loews Corporation, and Henry Singleton of Teledyne. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.\nThese managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.\nAdobeADBE,+0.03%\nAssurantAIZ,-1.67%\nBank of New York MellonBK,-2.30%\nCDWCDW,-1.12%\nDeckers OutdoorDECK,-1.76%\nHome DepotHD,-1.53%\nO’Reilly AutomotiveORLY,-0.61%\nNVRNVR,-2.87%\n$Sherwin-Williams(SHW)$SHW,-1.56%\nWalmartWMT,-0.09%\nO’Reilly is an auto parts retailer serving both professional and amateur mechanics.  Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg Johnson, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.\nCompany strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value.  The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and T. Rowe Price.\nCDW, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is Christine A. Leahy, who has been with CDW since 2002.\nThe company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, Lazard, Mawer Investment Management, Neuberger Berman, T. Rowe Price, Wedgewood Partners, and Wellington.\nNVR is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and Heartland Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it  serves.\nThe current CEO is Paul Seville, in the role since 2005, making him one of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than Berkshire Hathaway. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond Hill Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and T. Rowe Price.\nShare buybacks are only controversial because they can be misused. Done right, they are wins all around.  Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807843566,"gmtCreate":1628032160755,"gmtModify":1633754325006,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807843566","repostId":"1163742974","repostType":4,"repost":{"id":"1163742974","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":1627998920,"share":"https://www.laohunote.com/m/news/1163742974?lang=zh_CN&edition=full","pubTime":"2021-08-03 21:55","market":"other","language":"en","title":"American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163742974","media":"Tiger Newspress","summary":"(Aug 3) American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall.","content":"<p>(Aug&nbsp;3)&nbsp;<a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> share losses lead Dow's nearly 100-point fall.</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>股价下跌导致道琼斯指数下跌近 100 点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/64d05108ec2cbef2545b18f6047863a4\" tg-width=\"962\" tg-height=\"893\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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#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\">\nAmerican Express, Goldman Sachs share losses lead Dow's nearly 100-point fall<blockquote>美国运通、高盛股价下跌导致道琼斯指数下跌近100点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;3)&nbsp;<a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> share losses lead Dow's nearly 100-point fall.</p><p><blockquote>（8月3日）<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>股价下跌导致道琼斯指数下跌近 100 点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/64d05108ec2cbef2545b18f6047863a4\" tg-width=\"962\" tg-height=\"893\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc.","GS":"高盛","AXP":"美国运通","AFG":"美国金融集团有限公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163742974","content_text":"(Aug 3) American Express, Goldman Sachs share losses lead Dow's nearly 100-point fall.","news_type":1,"symbols_score_info":{"AXP":0.9,"AMSWA":0.9,"EXPR":0.9,"AFG":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":1943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173891622,"gmtCreate":1626651568866,"gmtModify":1633925328263,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173891622","repostId":"1160548856","repostType":4,"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890542556,"gmtCreate":1628125743875,"gmtModify":1633753364586,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890542556","repostId":"2157488863","repostType":4,"isVote":1,"tweetType":1,"viewCount":3010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805214308,"gmtCreate":1627883344304,"gmtModify":1633755613051,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805214308","repostId":"1162506970","repostType":4,"repost":{"id":"1162506970","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":1627882626,"share":"https://www.laohunote.com/m/news/1162506970?lang=zh_CN&edition=full","pubTime":"2021-08-02 13:37","market":"us","language":"en","title":"Apple Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162506970","media":"Benzinga Earnings","summary":"Apple Inc.(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but ri","content":"<p><b>Apple Inc.</b>(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as&nbsp;<b>Amazon.com Inc.</b>(NASDAQ:AMZN) and&nbsp;<b>Samsung</b>&nbsp;are seeing faster growth, according to data from IDC.</p><p><blockquote><b>苹果公司。</b>（纳斯达克股票代码：AAPL）第二季度继续主导全球平板电脑市场，但竞争对手如<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）和<b>三星</b>根据IDC的数据，增长更快。</blockquote></p><p> <b>What Happened</b>: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.</p><p><blockquote><b>发生了什么事</b>: 根据 IDC 的全球季度 PCD 跟踪器，苹果在 2021 年第二季度出货量为 1290 万台 iPad，市场份额为 31.9%。</blockquote></p><p> Apple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.<b>Lenovo Group</b>&nbsp;<b>Limited</b>(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.</p><p><blockquote>苹果最接近的竞争对手三星本季度出货量为 800 万台平板电脑，市场份额为 19.6%。<b>联想集团</b> <b>有限的</b>(OTC:LNVGY)以470万台的出货量位居第三，而亚马逊以430万台的Fire平板电脑出货量和10.7%的市场份额位居第四。</blockquote></p><p> While Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.</p><p><blockquote>苹果的市场份额同比增长率为 3.5%，而三星本季度的市场份额增长了 13.3%。亚马逊的市场份额增长了20.3%。</blockquote></p><p> <b>Why It Matters:</b>Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.</p><p><blockquote><b>为什么重要：</b>IDC 表示，平板电脑周围的消费者需求放缓速度将比 Chromebook 甚至更广泛的 PC 市场快得多。持续的零部件短缺和几个亚洲国家的学校重新开放预计将导致平板电脑销售放缓。</blockquote></p><p> Apple&nbsp;unveiled&nbsp;refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.</p><p><blockquote>由于疫情，人们继续在家工作和学习，苹果在4月份推出了更新的iPad Pro型号，对平板电脑的需求强劲。</blockquote></p><p> The iPad fetched revenues of&nbsp;$7.37 billion&nbsp;in Apple’s recent third quarter, up 11.9% year-over-year<b>.</b>However, component shortages are expected to serve as a drag in the future quarter.</p><p><blockquote>iPad 在苹果最近第三季度的营收为 73.7 亿美元，同比增长 11.9%。<b>.</b>然而，零部件短缺预计将成为下一季度的拖累。</blockquote></p><p> It was&nbsp;reported&nbsp;in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.</p><p><blockquote>5月份有报道称，由于持续的供应链限制，客户可能需要等待更长时间才能获得新的高端iPad Pro平板电脑。</blockquote></p><p> <b>Price Action:</b>Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.</p><p><blockquote><b>价格行为：</b>苹果股价在周五的交易中收盘上涨近 0.2%，报 145.86 美元。</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 Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</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 Maintains Its Dominance Of Global Tablet Market But Amazon, Samsung Are Seeing Faster Growth<blockquote>苹果保持其在全球平板电脑市场的主导地位，但亚马逊和三星的增长更快</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\">2021-08-02 13:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Apple Inc.</b>(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as&nbsp;<b>Amazon.com Inc.</b>(NASDAQ:AMZN) and&nbsp;<b>Samsung</b>&nbsp;are seeing faster growth, according to data from IDC.</p><p><blockquote><b>苹果公司。</b>（纳斯达克股票代码：AAPL）第二季度继续主导全球平板电脑市场，但竞争对手如<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）和<b>三星</b>根据IDC的数据，增长更快。</blockquote></p><p> <b>What Happened</b>: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.</p><p><blockquote><b>发生了什么事</b>: 根据 IDC 的全球季度 PCD 跟踪器，苹果在 2021 年第二季度出货量为 1290 万台 iPad，市场份额为 31.9%。</blockquote></p><p> Apple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.<b>Lenovo Group</b>&nbsp;<b>Limited</b>(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.</p><p><blockquote>苹果最接近的竞争对手三星本季度出货量为 800 万台平板电脑，市场份额为 19.6%。<b>联想集团</b> <b>有限的</b>(OTC:LNVGY)以470万台的出货量位居第三，而亚马逊以430万台的Fire平板电脑出货量和10.7%的市场份额位居第四。</blockquote></p><p> While Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.</p><p><blockquote>苹果的市场份额同比增长率为 3.5%，而三星本季度的市场份额增长了 13.3%。亚马逊的市场份额增长了20.3%。</blockquote></p><p> <b>Why It Matters:</b>Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.</p><p><blockquote><b>为什么重要：</b>IDC 表示，平板电脑周围的消费者需求放缓速度将比 Chromebook 甚至更广泛的 PC 市场快得多。持续的零部件短缺和几个亚洲国家的学校重新开放预计将导致平板电脑销售放缓。</blockquote></p><p> Apple&nbsp;unveiled&nbsp;refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.</p><p><blockquote>由于疫情，人们继续在家工作和学习，苹果在4月份推出了更新的iPad Pro型号，对平板电脑的需求强劲。</blockquote></p><p> The iPad fetched revenues of&nbsp;$7.37 billion&nbsp;in Apple’s recent third quarter, up 11.9% year-over-year<b>.</b>However, component shortages are expected to serve as a drag in the future quarter.</p><p><blockquote>iPad 在苹果最近第三季度的营收为 73.7 亿美元，同比增长 11.9%。<b>.</b>然而，零部件短缺预计将成为下一季度的拖累。</blockquote></p><p> It was&nbsp;reported&nbsp;in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.</p><p><blockquote>5月份有报道称，由于持续的供应链限制，客户可能需要等待更长时间才能获得新的高端iPad Pro平板电脑。</blockquote></p><p> <b>Price Action:</b>Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.</p><p><blockquote><b>价格行为：</b>苹果股价在周五的交易中收盘上涨近 0.2%，报 145.86 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","00992":"联想集团","SSNLF":"三星电子","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162506970","content_text":"Apple Inc.(NASDAQ:AAPL) continued to dominate the global tablet market in the second quarter, but rivals such as Amazon.com Inc.(NASDAQ:AMZN) and Samsung are seeing faster growth, according to data from IDC.\nWhat Happened: Apple shipped 12.9 million iPads in the second quarter of 2021 and accounted for 31.9% of the market share, according to IDC’s Worldwide Quarterly PCD Tracker.\nApple’s nearest rival, Samsung, shipped 8 million tablets in the quarter and held a 19.6% market share.Lenovo Group Limited(OTC:LNVGY) followed in the third position with 4.7 million units shipped, while Amazon.com was fourth with Fire tablet shipments of 4.3 million and a market share of 10.7%.\nWhile Apple’s year-over-year growth in market share was 3.5%, Samsung’s market share in the quarter grew 13.3%. Amazon recorded 20.3% growth in its market share.\nWhy It Matters:Consumer demand around tablets will slow much faster than Chromebooks or even the broader PC market, as per IDC. The ongoing component shortages and the reopening of schools in a few Asian countries are expected to contribute to the slowdown in tablet sales.\nApple unveiled refreshed iPad Pro models in April amid strong demand for the tablets as people continued to work and study from home due to the pandemic.\nThe iPad fetched revenues of $7.37 billion in Apple’s recent third quarter, up 11.9% year-over-year.However, component shortages are expected to serve as a drag in the future quarter.\nIt was reported in May that customers may have to wait longer to get the new high-end iPad Pro tablets due to continued supply chain constraints.\nPrice Action:Apple’s shares closed almost 0.2% higher in Friday’s trading at $145.86.","news_type":1,"symbols_score_info":{"AAPL":0.9,"AMZN":0.9,"00992":0.9,"SSNLF":0.9}},"isVote":1,"tweetType":1,"viewCount":3278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891001707,"gmtCreate":1628304331809,"gmtModify":1633751799562,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891001707","repostId":"1183941926","repostType":4,"repost":{"id":"1183941926","kind":"news","pubTimestamp":1628255252,"share":"https://www.laohunote.com/m/news/1183941926?lang=zh_CN&edition=full","pubTime":"2021-08-06 21:07","market":"us","language":"en","title":"How 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183941926","media":"MarketWatch","summary":"Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.The other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.As the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond ind","content":"<p>  <b>Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.</b>  Is there a Perfect Portfolio for investors?</p><p><blockquote><b>听听杰里米·西格尔、查尔斯·埃利斯、杰克·博格尔、罗伯特·席勒等人的声音。</b>投资者有没有完美的投资组合？</blockquote></p><p> We posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.</p><p><blockquote>我们向投资界最受尊敬的10位先驱提出了这个问题。6人获得诺贝尔经济学奖：现代投资组合理论的创始人哈里·马科维茨，现代投资组合的基础；他的门徒威廉·夏普 (William Sharpe)，资本资产定价模型 (CAPM) 和贝塔风险度量的创始人，改变了我们对金融市场风险和回报的看法；尤金·法马，他提出了有效市场假说；布莱克-斯科尔斯/默顿期权定价模型的两位共同创始人迈伦·斯科尔斯和罗伯特·默顿；还有行为经济学家罗伯特·席勒，他的工作挑战了市场效率的概念。</blockquote></p><p> The other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.</p><p><blockquote>另外四位是投资组合经理、投资者和畅销书作家，他们已售出数百万本投资书籍，其中包括先锋集团创始人杰克-博格尔（Jack Bogle）；“邦德大师”马蒂-莱博维茨；“华尔街最聪明的人”、格林威治联合公司创始人查尔斯-埃利斯；还有 “沃顿商学院巫师 ”杰里米-西格尔。</blockquote></p><p> It’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.</p><p><blockquote>鉴于他们的背景和兴趣各不相同，他们的建议没有达成共识也就不足为奇了。这些金融名人的不同观点说明了投资组合管理的复杂性--一个尺寸显然不适合所有人。</blockquote></p><p> Think of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.</p><p><blockquote>将我们专家的完美投资组合视为您自己的完美投资组合的基石，如果结合使用得当，这些投资组合能够满足所有投资者的目标和限制。</blockquote></p><p> Markowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.</p><p><blockquote>马科维茨建议，首先也是最重要的，你应该多元化。只关注证券投资组合，尤其是那些在给定风险水平下具有最高预期回报水平的证券投资组合，即马科维茨著名的有效前沿。同样的概念也适用于债券、房地产和大宗商品等资产类别。对投资者来说，关键是找到彼此相关性较低的证券和资产类别，这样其中一个类别的变动就不一定反映在其他类别中。</blockquote></p><p> Sharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.</p><p><blockquote>夏普的完美投资组合正是他著名的资本资产定价模型所暗示的：投资于整个市场。夏普推荐美国总股票市场基金、非美国总股票市场基金、美国总债券市场基金和非美国总债券市场基金。</blockquote></p><p> Fama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.</p><p><blockquote>Fama 和他的合作者 Ken French 创建了一个模型，该模型从夏普的 CAPM 开始，然后添加了另外两个因素。一个捕捉了价值股和成长型股票之间的回报差异，而另一个捕捉了小市值和大市值公司股票之间的差异。Fama 建议您将多元化投资组合倾向于价值股和小盘股，这两种股票随着时间的推移往往会表现良好。</blockquote></p><p> As the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&amp;P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”</p><p><blockquote>作为第一只指数共同基金的创始人，博格尔的投资组合全部是股票和债券指数基金，例如先锋集团追踪标普500指数 SPX 的 ETF，涨幅为 0.60%。他的口头禅是通过指数基金降低成本，不要采取可能破坏价值的行动： “什么都不做，就站在那里!”</blockquote></p><p> For Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”</p><p><blockquote>对于斯科尔斯来说，完美的投资组合就是风险管理。您的投资成功在很大程度上取决于避免下行的 “尾部风险”，即罕见但严重的股市低迷，如 2007-2009 年的金融危机或 COVID-19 大流行病，同时利用积极的 “尾部收益 ”。</blockquote></p><p> Pay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.</p><p><blockquote>注意衍生品市场，如VIX波动率指数VIX，-1.39%告诉你什么。例如，当 VIX 处于低于历史平均水平的水平时，您可能会更愿意将更大比例的资产投资于风险股票。</blockquote></p><p> For Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.</p><p><blockquote>对于默顿来说，最终，完美的投资组合应该是你自己的无风险资产，就像通胀保值政府债券提示一样。对于你的退休目标，理想情况下，你会在退休时拿出你的储蓄，购买一份年金，提供一生的收入来满足你的预期需求。</blockquote></p><p> Leibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.</p><p><blockquote>莱博维茨的完美投资组合是关于你个人能够承受的风险大小。准备好尝试做出一些艰难的判断评级，并考虑您的所有情况，包括潜在的生活事件、当前税收和遗产税。除了股票，你还应该包括债券，以降低其整体波动性。有应对严重不良事件的应急预案。</blockquote></p><p> For Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.</p><p><blockquote>对于席勒来说，你的完美投资组合应该广泛多元化，不仅是主要资产类别，而且是国际上的。对世界各地的股票给予比通常更重的权重，因为这些地区的席勒开普比率--即周期性调整后的市盈率--相对较低。</blockquote></p><p></p><p> For Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.</p><p><blockquote>对于被动投资的最初倡导者之一埃利斯来说，你的完美投资组合当然应该包括指数基金，特别是如果你想在未来20年内有很好的机会进入前20%的基金。您应该投资债券指数基金和低成本国际指数基金，例如 MSCI EAFE（欧洲、澳大拉西亚和远东）指数。注意你的税收。</blockquote></p><p> And Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.</p><p><blockquote>西格尔鼓励你有符合金融历史的合理预期，这对于畅销书《长期股票》的作者来说并不奇怪。你的投资期限越长，你的完美投资组合中股票的比例就应该越大。考虑发展中国家的股票。对于固定收益投资，请考虑提示。</blockquote></p><p> Finally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.</p><p><blockquote>最后，当你建立你的完美投资组合时，反思你的风险厌恶程度、你的赚钱能力、你当前和未来期望财富的大小，以及你当前和未来财务需求的大小。为了帮助您，我们创建了一个四个问题的调查，以帮助您发现自己在 16 种类型的投资者中的位置。然后，它会给你指明你的完美投资组合和一个可能帮助你实现它的行动。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow 10 of the world’s smartest investors can help you build your perfect portfolio<blockquote>全球 10 位最聪明的投资者如何帮助您建立完美的投资组合</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 21:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.</b>  Is there a Perfect Portfolio for investors?</p><p><blockquote><b>听听杰里米·西格尔、查尔斯·埃利斯、杰克·博格尔、罗伯特·席勒等人的声音。</b>投资者有没有完美的投资组合？</blockquote></p><p> We posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.</p><p><blockquote>我们向投资界最受尊敬的10位先驱提出了这个问题。6人获得诺贝尔经济学奖：现代投资组合理论的创始人哈里·马科维茨，现代投资组合的基础；他的门徒威廉·夏普 (William Sharpe)，资本资产定价模型 (CAPM) 和贝塔风险度量的创始人，改变了我们对金融市场风险和回报的看法；尤金·法马，他提出了有效市场假说；布莱克-斯科尔斯/默顿期权定价模型的两位共同创始人迈伦·斯科尔斯和罗伯特·默顿；还有行为经济学家罗伯特·席勒，他的工作挑战了市场效率的概念。</blockquote></p><p> The other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.</p><p><blockquote>另外四位是投资组合经理、投资者和畅销书作家，他们已售出数百万本投资书籍，其中包括先锋集团创始人杰克-博格尔（Jack Bogle）；“邦德大师”马蒂-莱博维茨；“华尔街最聪明的人”、格林威治联合公司创始人查尔斯-埃利斯；还有 “沃顿商学院巫师 ”杰里米-西格尔。</blockquote></p><p> It’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.</p><p><blockquote>鉴于他们的背景和兴趣各不相同，他们的建议没有达成共识也就不足为奇了。这些金融名人的不同观点说明了投资组合管理的复杂性--一个尺寸显然不适合所有人。</blockquote></p><p> Think of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.</p><p><blockquote>将我们专家的完美投资组合视为您自己的完美投资组合的基石，如果结合使用得当，这些投资组合能够满足所有投资者的目标和限制。</blockquote></p><p> Markowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.</p><p><blockquote>马科维茨建议，首先也是最重要的，你应该多元化。只关注证券投资组合，尤其是那些在给定风险水平下具有最高预期回报水平的证券投资组合，即马科维茨著名的有效前沿。同样的概念也适用于债券、房地产和大宗商品等资产类别。对投资者来说，关键是找到彼此相关性较低的证券和资产类别，这样其中一个类别的变动就不一定反映在其他类别中。</blockquote></p><p> Sharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.</p><p><blockquote>夏普的完美投资组合正是他著名的资本资产定价模型所暗示的：投资于整个市场。夏普推荐美国总股票市场基金、非美国总股票市场基金、美国总债券市场基金和非美国总债券市场基金。</blockquote></p><p> Fama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.</p><p><blockquote>Fama 和他的合作者 Ken French 创建了一个模型，该模型从夏普的 CAPM 开始，然后添加了另外两个因素。一个捕捉了价值股和成长型股票之间的回报差异，而另一个捕捉了小市值和大市值公司股票之间的差异。Fama 建议您将多元化投资组合倾向于价值股和小盘股，这两种股票随着时间的推移往往会表现良好。</blockquote></p><p> As the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&amp;P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”</p><p><blockquote>作为第一只指数共同基金的创始人，博格尔的投资组合全部是股票和债券指数基金，例如先锋集团追踪标普500指数 SPX 的 ETF，涨幅为 0.60%。他的口头禅是通过指数基金降低成本，不要采取可能破坏价值的行动： “什么都不做，就站在那里!”</blockquote></p><p> For Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”</p><p><blockquote>对于斯科尔斯来说，完美的投资组合就是风险管理。您的投资成功在很大程度上取决于避免下行的 “尾部风险”，即罕见但严重的股市低迷，如 2007-2009 年的金融危机或 COVID-19 大流行病，同时利用积极的 “尾部收益 ”。</blockquote></p><p> Pay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.</p><p><blockquote>注意衍生品市场，如VIX波动率指数VIX，-1.39%告诉你什么。例如，当 VIX 处于低于历史平均水平的水平时，您可能会更愿意将更大比例的资产投资于风险股票。</blockquote></p><p> For Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.</p><p><blockquote>对于默顿来说，最终，完美的投资组合应该是你自己的无风险资产，就像通胀保值政府债券提示一样。对于你的退休目标，理想情况下，你会在退休时拿出你的储蓄，购买一份年金，提供一生的收入来满足你的预期需求。</blockquote></p><p> Leibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.</p><p><blockquote>莱博维茨的完美投资组合是关于你个人能够承受的风险大小。准备好尝试做出一些艰难的判断评级，并考虑您的所有情况，包括潜在的生活事件、当前税收和遗产税。除了股票，你还应该包括债券，以降低其整体波动性。有应对严重不良事件的应急预案。</blockquote></p><p> For Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.</p><p><blockquote>对于席勒来说，你的完美投资组合应该广泛多元化，不仅是主要资产类别，而且是国际上的。对世界各地的股票给予比通常更重的权重，因为这些地区的席勒开普比率--即周期性调整后的市盈率--相对较低。</blockquote></p><p></p><p> For Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.</p><p><blockquote>对于被动投资的最初倡导者之一埃利斯来说，你的完美投资组合当然应该包括指数基金，特别是如果你想在未来20年内有很好的机会进入前20%的基金。您应该投资债券指数基金和低成本国际指数基金，例如 MSCI EAFE（欧洲、澳大拉西亚和远东）指数。注意你的税收。</blockquote></p><p> And Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.</p><p><blockquote>西格尔鼓励你有符合金融历史的合理预期，这对于畅销书《长期股票》的作者来说并不奇怪。你的投资期限越长，你的完美投资组合中股票的比例就应该越大。考虑发展中国家的股票。对于固定收益投资，请考虑提示。</blockquote></p><p> Finally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.</p><p><blockquote>最后，当你建立你的完美投资组合时，反思你的风险厌恶程度、你的赚钱能力、你当前和未来期望财富的大小，以及你当前和未来财务需求的大小。为了帮助您，我们创建了一个四个问题的调查，以帮助您发现自己在 16 种类型的投资者中的位置。然后，它会给你指明你的完美投资组合和一个可能帮助你实现它的行动。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/how-10-of-the-worlds-smartest-investors-can-help-you-build-your-perfect-portfolio-11628177690?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/how-10-of-the-worlds-smartest-investors-can-help-you-build-your-perfect-portfolio-11628177690?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183941926","content_text":"Listen to Jeremy Siegel, Charles Ellis, Jack Bogle, Robert Shiller and others.\n\nIs there a Perfect Portfolio for investors?\nWe posed this question to 10 of the most respected pioneers in the investment community. Six have Nobel Prizes in Economics: Harry Markowitz, the founder of Modern Portfolio Theory, the basis of the modern investment portfolio; his protégé William Sharpe, creator of the Capital Asset Pricing Model (CAPM) and the beta risk measure that changed how we think about risk and reward in the financial markets; Eugene Fama, who developed the Efficient Market Hypothesis; Myron Scholes and Robert Merton, two of the co-creators of the Black-Scholes/Merton option pricing model; and Robert Shiller, the behavioral economist whose work challenged the notion of market efficiency.\nThe other four are portfolio managers, investors and bestselling authors who have sold millions of investment books, including The Vanguard Group’s founder Jack Bogle; the “Bond Guru,” Marty Leibowitz; the “Wisest Man on Wall Street” and Greenwich Associates founder Charles Ellis; and the “Wizard of Wharton,” Jeremy Siegel.\nIt’s no surprise that there isn’t consensus among their suggestions, given their varied backgrounds and interests. The different viewpoints of these financial luminaries illustrate the complexity of portfolio management—one size clearly doesn’t fit all.\nThink of the Perfect Portfolios of our experts as building blocks for your own Perfect Portfolio, collectively capable of accommodating the goals and constraints of all investors, if used in the right combination.\nMarkowitz suggests that first and foremost, you should diversify. Focus only on portfolios of securities, and in particular, those that have the highest level of expected returns for a given level of risk, Markowitz’s famous efficient frontier. The same concept applies across asset classes like bonds, real estate and commodities. The key for the investor is to find securities and asset classes with low correlations to each other, so that movements in one are not necessarily reflected in the others.\nSharpe’s Perfect Portfolio is just what his famous Capital Asset Pricing Model suggests: investing in the market as a whole. Sharpe recommends a U.S. total stock market fund, a non-U.S. total stock market fund, a U.S. total bond market fund, and a non-U.S. total bond market fund.\nFama and his collaborator Ken French created a model that starts with Sharpe’s CAPM and augments it with two other factors. One captures the difference in returns between value and growth stocks, while the other captures the difference between stocks in companies with small and large market capitalizations. Fama suggests tilting your diversified portfolio toward value stocks and small-cap stocks, both of which tend to do well over time.\nAs the creator of the first index mutual fund, Bogle’s portfolio was all about stock and bond index funds, such as Vanguard’s ETF that tracks the S&P 500 index SPX, +0.60%. His mantra was to lower your costs through index funds and not take actions that might destroy value: “Don’t do something, just stand there!”\nFor Scholes, the Perfect Portfolio is about risk management. Your investment success will depend most on avoiding the downside “tail risks,” rare but severe stock market downturns such as the financial crisis of 2007–2009 or the COVID-19 pandemic, while capitalizing on the positive “tail gains.”\nPay attention to what the derivatives markets such as the VIX volatility index VIX, -1.39% are telling you. For example, when the VIX is at a level below its historical average, you may feel more comfortable investing a greater proportion of your assets in risky stocks.\nFor Merton, ultimately, the Perfect Portfolio should be your very own risk-free asset, like the inflation-protected government bond TIPS. For your retirement goal, ideally you would take your savings at retirement, and buy an annuity that would provide a lifetime income to meet your anticipated needs.\nLeibowitz’s Perfect Portfolio is about the amount of risk you can personally bear. Be prepared to try to make some tough judgment calls, and consider all of your circumstances, including potential life events, current taxes and estate taxes. In addition to equities, you should include bonds to reduce its overall volatility. Have a contingency plan to deal with serious adverse events.\nFor Shiller, your Perfect Portfolio should be widely diversified, not only across major asset classes, but internationally as well. Place a heavier than typical weight in stocks around the world, where Shiller’s CAPE ratios—that is, cyclically adjusted price-to-earnings ratios—are relatively low.\nFor Ellis, one of the original advocates of passive investing, your Perfect Portfolio should of course include index funds, especially if you want to have a good chance of being in the top 20% of funds over the next 20 years. You should invest in bond index funds and low-cost international index funds, such as the MSCI EAFE (Europe, Australasia, and Far East) index. Pay attention to your taxes.\nAnd Siegel encourages you to have reasonable expectations in line with financial history, no surprise for the author of the bestselling “Stocks for the Long Run”. The longer your investment horizon, the greater proportion of your Perfect Portfolio should be in stocks. Consider developing-country stocks. For fixed-income investments, consider TIPS.\nFinally, as you build your Perfect Portfolio, reflect on your degree of risk aversion, your earning power, the magnitude of your current and future desired wealth, and the magnitude of your current and future financial needs. To assist you, we have created a four-question survey to help you discover where you fit in among 16 types of investors. It then points you toward your Perfect Portfolio and an action that may help you achieve it.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805215681,"gmtCreate":1627883314943,"gmtModify":1633755613786,"author":{"id":"4087519307250220","authorId":"4087519307250220","name":"Chenpp","avatar":"https://static.tigerbbs.com/94fb187f18d6de52feec7de331d37c1a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087519307250220","authorIdStr":"4087519307250220"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805215681","repostId":"1146168856","repostType":4,"isVote":1,"tweetType":1,"viewCount":3027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}