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2021-08-06

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2021-08-06

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Visa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</blockquote>

2021-07-31

Nice

SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>

2021-07-31

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2021-07-31

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BofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</blockquote>

2021-08-05

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These High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</blockquote>

2021-08-05

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Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>

2021-08-05

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2021-07-31

Lol

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2021-07-31

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2021-07-31

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Jim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</blockquote>

2021-08-01

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2021-07-31

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2021-07-31

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please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899750002","repostId":"1146804263","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899725569,"gmtCreate":1628216478151,"gmtModify":1633752513350,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899725569","repostId":"1186157835","repostType":4,"repost":{"id":"1186157835","kind":"news","pubTimestamp":1628215894,"share":"https://www.laohu8.com/m/news/1186157835?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:11","market":"us","language":"en","title":"Visa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186157835","media":"seekingalpha","summary":"Summary\n\nVisa has been superb at delivering value and growth for investors and customers for the pas","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Visa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.</li>  <li>However, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.</li>  <li>I remain bullish on the company's prospects even as I believe we need to see more.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1398f95e9598dac1a92ba228f0a0cd0c\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>miniseries/E+ via Getty Images</span></p><p><blockquote><ul><li>在过去十年及更长时间里，随着我们越来越多的日常金融交易转向数字化，Visa在为投资者和客户提供价值和增长方面表现出色。</li><li>然而，增长率将不可避免地放缓，我认为该公司应该提高股息，以吸引投资者留在肉汁列车上。</li><li>我仍然看好该公司的前景，尽管我相信我们需要看到更多。</li></ul><p class=\"t-img-caption\"><span>迷你剧/E+来自Getty Images</span></p></blockquote></p><p> Visa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.</p><p><blockquote>Visa(V)一直是财富积累的终极成功故事。尽管它们不支付高股息收益率，但从借方和账户余额融资方式向数字和信贷（或简称债务）融资方式的转变对公司的营收和利润来说是一个重大利好。结果，加上价值数十亿美元的大规模股票回购计划，过去十年的复合年增长率超过27.5%。</blockquote></p><p> Now, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.</p><p><blockquote>现在，正如预期的那样，这种借记到债务的转换率正在放缓，因为大多数发达国家已经转向无纸化、非接触式和无借记的金融状况，分析师预测未来5年的增长率将从27%放缓至15%。尽管我确实相信该公司可能会大幅超出这些预期，但对长期回报前景仍然有点担忧。</blockquote></p><p> Although we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.</p><p><blockquote>虽然我们可以每天整天讨论股息与回购，但我认为应该考虑提高股息，因为他们目前只支付0.5%的年股息收益率，考虑到增长率放缓，这对投资者没有吸引力。更长的运行。</blockquote></p><p> <b>Accumulating Growth &amp; Returning Value</b></p><p><blockquote><b>累积增长&amp;回报价值</b></blockquote></p><p> Visa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.</p><p><blockquote>Visa见证了整个股票市场中最稳定的股价升值环境之一，它这样做代表了我们生活中几乎所有元素从借记卡到贷记卡的转变。我们在日常生活中使用信贷，以及购买汽车、住房、外出就餐和所有那些随着我们作为一个国家的优先事项的转变而出现巨大飞跃的高增长领域。普通美国和全球消费者所承担的债务水平在社会层面上令人担忧，但由于预计不会很快改变，该公司将从这种稳定的收入流中受益，并且由于维护费用几乎微不足道，利润率极高。</blockquote></p><p> Another positive factor is&nbsp;the company's use of share repurchasing&nbsp;to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.</p><p><blockquote>另一个积极因素是公司利用股票回购来增加每股价值。在过去十年中，该公司每年回购价值约80亿美元的自有股票，并获得了新的授权，仅在2021年就有能力回购多达110亿美元的自有股票。到目前为止，他们已经在2021年回购了近40亿美元的股票，预计随着时间的推移，他们将加速回购，因为他们在大流行后的几个月里减少了回购。该公司在2020年前几个月利用疫情抛售购买了价值近50亿美元的股票。</blockquote></p><p> Even so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.</p><p><blockquote>即便如此，流通股每年仅减少约2.2%。肯定有很大一部分投资者可能更希望公司提供更高的股息收益率，这可以创造更好的价值。由于该公司拥有如此高的毛利率，预计毛利率只会随着整合第三方服务和整体信贷支出的增加而增加，因此他们当然可以维持更高的股息收益率并维持一定数量的股票回购。</blockquote></p><p> <b>There's One More Thing</b></p><p><blockquote><b>还有一件事</b></blockquote></p><p> One thing that is slightly concerning to me is&nbsp;the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been&nbsp;paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.</p><p><blockquote>我有点担心的一件事是该公司的债务状况。几十年来，他们一直没有承担任何长期债务，但近年来积累了近200亿美元的长期债务。因此，他们每年支付超过5.3亿美元的利息支出。这里的危险在于，我们正处于利率上升的环境中，尽管他们业务的其他部分将从中受益，但如果他们继续持有部分资产，他们每年有可能从资产负债表上消失多达10亿美元。未来几年的债务。</blockquote></p><p></p><p> The positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.</p><p><blockquote>积极的一面是，该公司目前确实持有有史以来最高的现金头寸，现金及等价物略高于180亿美元，另外还有12亿美元的短期投资。此外，尽管他们投资的资金减少，回报的利息收入也减少，但他们一直在提前偿还高收益债务，因此利息支出一直在下降。目前尚不清楚该公司未来的优先事项是什么，但我确实预计这种情况会继续下去。如果他们找不到更高的ROI（投资回报率）来使用现金，他们确实有潜力偿还大部分非固定利率债务。</blockquote></p><p> <b>Slowing Growth Rate: Why We're All Here</b></p><p><blockquote><b>增长率放缓：为什么我们都在这里</b></blockquote></p><p> The reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.</p><p><blockquote>我之所以谈论对更高收益率以及各种债务和现金头寸的需求，是因为，由于借记到债务的过渡，销售和收入增长率在经历了数十年的加速增长后预计将放缓。</blockquote></p><p> The company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:</p><p><blockquote>该公司在过去10年中的复合年增长率超过27.5%，现在分析师预计该公司的增长率仍然很高，但正在放缓。对于未来5年，他们目前预计每股收益的复合年增长率为13.9%，明显低于过去5年。以下是2020年至2025年的数据：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b41c1540a1a9a1f8b55455396430ced\" tg-width=\"906\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Even as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.</p><p><blockquote><table><tbody><tr></tr></tbody></table>尽管该公司在过去十年的大部分季度报告中都超出了预期，但尚不清楚这种情况是否会持续下去，因为分析师预计该公司的利润率将在未来几年显着提高，销售增长预期就证明了这一点。这对我来说没有多大意义，因为更多的竞争压力和现金返还、广告收入共享服务等第三方服务将在未来几年开始蚕食该公司的天价利润率。</blockquote></p><p> For sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.</p><p><blockquote>对于销售额，分析师目前预计Visa在与我之前提到的每股收益预测相同的时间段内的销售额复合年增长率为10.3%。这意味着该公司将提高利润率，因为他们预计同期每股收益将以更高的增长率增长，接近14%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d2373e15699c5dac4ff966da4235f97\" tg-width=\"905\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> I continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.</p><p><blockquote><table><tbody><tr></tr></tbody></table>我仍然相信，随着我们看到更强劲的转型数据，该公司可能会超出销售预期，但我认为，如果他们继续引导利润率扩张，我们不会看到太多每股收益超出预期。这些行业内从高利率产品向仍然高利率但较低利率产品的转变几乎肯定会对利润率增长产生微小但显着的抑制。</blockquote></p><p> <b>Investment Conclusion</b></p><p><blockquote><b>投资结论</b></blockquote></p><p> Visa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.</p><p><blockquote>Visa前景光明，预计每股收益增长率约为15%，回购率为2.2%，几乎肯定会超过整体市场回报率，而整体市场回报率历史上略高于10%。即便如此，公司的增长率不可避免地放缓，而且随着竞争压力和第三方服务费用的上升，我相信需要更多的措施来吸引长期收益投资者，他们可能对公司的持续经营能力并不那么乐观。无需支付等待费用即可击败市场。</blockquote></p><p> The company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.</p><p><blockquote>该公司有足够的现金将股息收益率提高到2%以上，同时继续保持相同水平的股票回购。投资这些现金对公司有好处，但并没有带来接近提高股息或增加回购所带来的回报水平。</blockquote></p><p> I remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.</p><p><blockquote>我仍然看好该公司的长期前景，但在增持头寸之前，我正在等待看到对股东价值的更多关注。</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>Visa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</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\">\nVisa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-06 10:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Visa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.</li>  <li>However, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.</li>  <li>I remain bullish on the company's prospects even as I believe we need to see more.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1398f95e9598dac1a92ba228f0a0cd0c\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>miniseries/E+ via Getty Images</span></p><p><blockquote><ul><li>在过去十年及更长时间里，随着我们越来越多的日常金融交易转向数字化，Visa在为投资者和客户提供价值和增长方面表现出色。</li><li>然而，增长率将不可避免地放缓，我认为该公司应该提高股息，以吸引投资者留在肉汁列车上。</li><li>我仍然看好该公司的前景，尽管我相信我们需要看到更多。</li></ul><p class=\"t-img-caption\"><span>迷你剧/E+来自Getty Images</span></p></blockquote></p><p> Visa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.</p><p><blockquote>Visa(V)一直是财富积累的终极成功故事。尽管它们不支付高股息收益率，但从借方和账户余额融资方式向数字和信贷（或简称债务）融资方式的转变对公司的营收和利润来说是一个重大利好。结果，加上价值数十亿美元的大规模股票回购计划，过去十年的复合年增长率超过27.5%。</blockquote></p><p> Now, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.</p><p><blockquote>现在，正如预期的那样，这种借记到债务的转换率正在放缓，因为大多数发达国家已经转向无纸化、非接触式和无借记的金融状况，分析师预测未来5年的增长率将从27%放缓至15%。尽管我确实相信该公司可能会大幅超出这些预期，但对长期回报前景仍然有点担忧。</blockquote></p><p> Although we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.</p><p><blockquote>虽然我们可以每天整天讨论股息与回购，但我认为应该考虑提高股息，因为他们目前只支付0.5%的年股息收益率，考虑到增长率放缓，这对投资者没有吸引力。更长的运行。</blockquote></p><p> <b>Accumulating Growth &amp; Returning Value</b></p><p><blockquote><b>累积增长&amp;回报价值</b></blockquote></p><p> Visa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.</p><p><blockquote>Visa见证了整个股票市场中最稳定的股价升值环境之一，它这样做代表了我们生活中几乎所有元素从借记卡到贷记卡的转变。我们在日常生活中使用信贷，以及购买汽车、住房、外出就餐和所有那些随着我们作为一个国家的优先事项的转变而出现巨大飞跃的高增长领域。普通美国和全球消费者所承担的债务水平在社会层面上令人担忧，但由于预计不会很快改变，该公司将从这种稳定的收入流中受益，并且由于维护费用几乎微不足道，利润率极高。</blockquote></p><p> Another positive factor is&nbsp;the company's use of share repurchasing&nbsp;to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.</p><p><blockquote>另一个积极因素是公司利用股票回购来增加每股价值。在过去十年中，该公司每年回购价值约80亿美元的自有股票，并获得了新的授权，仅在2021年就有能力回购多达110亿美元的自有股票。到目前为止，他们已经在2021年回购了近40亿美元的股票，预计随着时间的推移，他们将加速回购，因为他们在大流行后的几个月里减少了回购。该公司在2020年前几个月利用疫情抛售购买了价值近50亿美元的股票。</blockquote></p><p> Even so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.</p><p><blockquote>即便如此，流通股每年仅减少约2.2%。肯定有很大一部分投资者可能更希望公司提供更高的股息收益率，这可以创造更好的价值。由于该公司拥有如此高的毛利率，预计毛利率只会随着整合第三方服务和整体信贷支出的增加而增加，因此他们当然可以维持更高的股息收益率并维持一定数量的股票回购。</blockquote></p><p> <b>There's One More Thing</b></p><p><blockquote><b>还有一件事</b></blockquote></p><p> One thing that is slightly concerning to me is&nbsp;the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been&nbsp;paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.</p><p><blockquote>我有点担心的一件事是该公司的债务状况。几十年来，他们一直没有承担任何长期债务，但近年来积累了近200亿美元的长期债务。因此，他们每年支付超过5.3亿美元的利息支出。这里的危险在于，我们正处于利率上升的环境中，尽管他们业务的其他部分将从中受益，但如果他们继续持有部分资产，他们每年有可能从资产负债表上消失多达10亿美元。未来几年的债务。</blockquote></p><p></p><p> The positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.</p><p><blockquote>积极的一面是，该公司目前确实持有有史以来最高的现金头寸，现金及等价物略高于180亿美元，另外还有12亿美元的短期投资。此外，尽管他们投资的资金减少，回报的利息收入也减少，但他们一直在提前偿还高收益债务，因此利息支出一直在下降。目前尚不清楚该公司未来的优先事项是什么，但我确实预计这种情况会继续下去。如果他们找不到更高的ROI（投资回报率）来使用现金，他们确实有潜力偿还大部分非固定利率债务。</blockquote></p><p> <b>Slowing Growth Rate: Why We're All Here</b></p><p><blockquote><b>增长率放缓：为什么我们都在这里</b></blockquote></p><p> The reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.</p><p><blockquote>我之所以谈论对更高收益率以及各种债务和现金头寸的需求，是因为，由于借记到债务的过渡，销售和收入增长率在经历了数十年的加速增长后预计将放缓。</blockquote></p><p> The company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:</p><p><blockquote>该公司在过去10年中的复合年增长率超过27.5%，现在分析师预计该公司的增长率仍然很高，但正在放缓。对于未来5年，他们目前预计每股收益的复合年增长率为13.9%，明显低于过去5年。以下是2020年至2025年的数据：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b41c1540a1a9a1f8b55455396430ced\" tg-width=\"906\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Even as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.</p><p><blockquote><table><tbody><tr></tr></tbody></table>尽管该公司在过去十年的大部分季度报告中都超出了预期，但尚不清楚这种情况是否会持续下去，因为分析师预计该公司的利润率将在未来几年显着提高，销售增长预期就证明了这一点。这对我来说没有多大意义，因为更多的竞争压力和现金返还、广告收入共享服务等第三方服务将在未来几年开始蚕食该公司的天价利润率。</blockquote></p><p> For sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.</p><p><blockquote>对于销售额，分析师目前预计Visa在与我之前提到的每股收益预测相同的时间段内的销售额复合年增长率为10.3%。这意味着该公司将提高利润率，因为他们预计同期每股收益将以更高的增长率增长，接近14%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d2373e15699c5dac4ff966da4235f97\" tg-width=\"905\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> I continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.</p><p><blockquote><table><tbody><tr></tr></tbody></table>我仍然相信，随着我们看到更强劲的转型数据，该公司可能会超出销售预期，但我认为，如果他们继续引导利润率扩张，我们不会看到太多每股收益超出预期。这些行业内从高利率产品向仍然高利率但较低利率产品的转变几乎肯定会对利润率增长产生微小但显着的抑制。</blockquote></p><p> <b>Investment Conclusion</b></p><p><blockquote><b>投资结论</b></blockquote></p><p> Visa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.</p><p><blockquote>Visa前景光明，预计每股收益增长率约为15%，回购率为2.2%，几乎肯定会超过整体市场回报率，而整体市场回报率历史上略高于10%。即便如此，公司的增长率不可避免地放缓，而且随着竞争压力和第三方服务费用的上升，我相信需要更多的措施来吸引长期收益投资者，他们可能对公司的持续经营能力并不那么乐观。无需支付等待费用即可击败市场。</blockquote></p><p> The company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.</p><p><blockquote>该公司有足够的现金将股息收益率提高到2%以上，同时继续保持相同水平的股票回购。投资这些现金对公司有好处，但并没有带来接近提高股息或增加回购所带来的回报水平。</blockquote></p><p> I remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.</p><p><blockquote>我仍然看好该公司的长期前景，但在增持头寸之前，我正在等待看到对股东价值的更多关注。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4445698-visa-slowing-growth-rate-we-may-need-more\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4445698-visa-slowing-growth-rate-we-may-need-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186157835","content_text":"Summary\n\nVisa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.\nHowever, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.\nI remain bullish on the company's prospects even as I believe we need to see more.\n\nminiseries/E+ via Getty Images\nVisa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.\nNow, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.\nAlthough we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.\nAccumulating Growth & Returning Value\nVisa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.\nAnother positive factor is the company's use of share repurchasing to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.\nEven so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.\nThere's One More Thing\nOne thing that is slightly concerning to me is the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.\nThe positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.\nSlowing Growth Rate: Why We're All Here\nThe reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.\nThe company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:\n(Source: Analyst projections,Seeking Alpha)\n\n\n\n\n\nEven as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.\nFor sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.\n(Source: Analyst projections,Seeking Alpha)\n\n\n\n\n\nI continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.\nInvestment Conclusion\nVisa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.\nThe company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.\nI remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.","news_type":1,"symbols_score_info":{"V":0.9}},"isVote":1,"tweetType":1,"viewCount":1838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890439937,"gmtCreate":1628127393029,"gmtModify":1633753336554,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890439937","repostId":"1193138874","repostType":4,"repost":{"id":"1193138874","kind":"news","pubTimestamp":1628124881,"share":"https://www.laohu8.com/m/news/1193138874?lang=zh_CN&edition=full","pubTime":"2021-08-05 08:54","market":"us","language":"en","title":"These High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193138874","media":"The Motley Fool","summary":"Even solid financial reports aren't enough for many investors right now.\nKey Points\n\nMarkets were la","content":"<p><i>Even solid financial reports aren't enough for many investors right now.</i></p><p><blockquote><i>对于许多投资者来说，即使是可靠的财务报告也是不够的。</i></blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Markets were largely lower on Wednesday.</li>  <li>High-growth stocks have led the market higher over the past year.</li>  <li>However, two of those stocks fell sharply after hours on earnings.</li> </ul> </p><p><blockquote><ul><li>周三市场大幅走低。</li><li>过去一年，高增长股票引领市场走高。</li><li>然而，其中两只股票因财报盘后大幅下跌。</li></ul></blockquote></p><p> The stock market had a tough day on Wednesday, although the&nbsp;<a href=\"https://laohu8.com/S/.IXIC\">NASDAQ</a> managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the&nbsp;<a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> and the&nbsp;<a href=\"https://laohu8.com/S/.DJI\">DJIA</a> reflected anxiety about what the future might bring.</p><p><blockquote>周三股市经历了艰难的一天，尽管<a href=\"https://laohu8.com/S/.IXIC\">纳斯达克</a>尽管其他地方有压力，还是设法取得了一些进展。两个抵消因素迫使投资者保持平衡，因为企业盈利总体保持强劲，但经济数据继续显示持续疲软。下降<a href=\"https://laohu8.com/S/.SPX\">标普500</a>和<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>反映了对未来可能带来的焦虑。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏化学</td></tr></tbody></blockquote></p><p></td>    <td>(0.92%)</p><p><blockquote><td>(0.92%)</td></blockquote></p><p></td>    <td>(324)</p><p><blockquote><td>(324)</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>(0.46%)</p><p><blockquote><td>(0.46%)</td></blockquote></p><p></td>    <td>(20)</p><p><blockquote><td>(20)</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.13%</p><p><blockquote><td>+0.13%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎！金融。</blockquote></p><p> <a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a> and&nbsp;<a href=\"https://laohu8.com/S/ETSY\">Etsy</a> have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the&nbsp;growth stocks.</p><p><blockquote><a href=\"https://laohu8.com/S/ROKU\">Roku公司</a>和<a href=\"https://laohu8.com/S/ETSY\">Etsy</a>是过去一年中最令投资者兴奋的几家公司。然而，尽管季度业绩稳健，但两只股票在盘后交易中均大幅下跌。下面，我们将更仔细地研究这些报告，以找出成长型股票出了什么问题。</blockquote></p><p> <h3><b>Roku sees viewers touch their dials</b></h3> Shares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.</p><p><blockquote><h3><b>Roku看到观众触摸他们的表盘</b></h3>周三下午，Roku股价在盘后交易中下跌超过8%。这家流媒体电视专家实现了稳健增长，但一些数字令投资者感到担忧。</blockquote></p><p> Many of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.</p><p><blockquote>Roku的许多数字都令人印象深刻。2021年第二季度收入较去年同期增长81%，平台相关销售额同比增长一倍多。每用户平均收入增长46%，Roku扭转了去年同期的亏损，每股收益为0.52美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b771902b5b2a18c1c38877afc729d2e\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> However, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.</p><p><blockquote>然而，投资者似乎只关注单一的业务指标。Roku 5510万活跃账户中观看流媒体电视的时间为174亿小时。尽管Roku在此期间活跃账户增加了150万个，但这比三个月前减少了10亿小时。股东们似乎认为这是持久担忧的原因，而不是简单地将其视为重新开业的结果。</blockquote></p><p> Roku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.</p><p><blockquote>Roku的长期前景看起来仍然强劲，特别是随着Roku渠道继续获得牵引力。许多人将其股票盘后下跌视为回调时买入的难得机会。</blockquote></p><p> Meanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.</p><p><blockquote>与此同时，Etsy的股价遭受了更严重的打击。craft goods marketplace的股价周三盘后下跌超过13%。</blockquote></p><p> Etsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.</p><p><blockquote>Etsy第二季度业绩继续增长，但增速低于投资者过去的预期。销售额增长23%，综合商品销售总额增长13%。净利润小幅增长2%，每股收益为0.68美元。该公司指出，随着经济重新开放，预计新买家增长将减少，并认为即使Etsy市场上的800万新买家也是一个重大胜利，超过了2019年大流行前的数字。</blockquote></p><p> Etsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.</p><p><blockquote>Etsy还选择不给出全年指引，这引起了投资者的一些关注。该公司预计第三季度营收为5亿至5.25亿美元，这意味着同比增长将继续放缓至13.5%。</blockquote></p><p> Naysayers have seen Etsy&nbsp;as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.</p><p><blockquote>反对者认为Etsy纯粹是疫情早期不得不呆在家里的人们的一次性受益者，他们预计该股会出现像今天这样的回调。然而，Etsy已经采取了一系列举措来促进更持久的增长，看看成长型投资者是否会抓住机会低价买入Etsy股票将会很有趣。</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>These High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</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\">\nThese High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Motley Fool</strong><span class=\"h-time small\">2021-08-05 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Even solid financial reports aren't enough for many investors right now.</i></p><p><blockquote><i>对于许多投资者来说，即使是可靠的财务报告也是不够的。</i></blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Markets were largely lower on Wednesday.</li>  <li>High-growth stocks have led the market higher over the past year.</li>  <li>However, two of those stocks fell sharply after hours on earnings.</li> </ul> </p><p><blockquote><ul><li>周三市场大幅走低。</li><li>过去一年，高增长股票引领市场走高。</li><li>然而，其中两只股票因财报盘后大幅下跌。</li></ul></blockquote></p><p> The stock market had a tough day on Wednesday, although the&nbsp;<a href=\"https://laohu8.com/S/.IXIC\">NASDAQ</a> managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the&nbsp;<a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> and the&nbsp;<a href=\"https://laohu8.com/S/.DJI\">DJIA</a> reflected anxiety about what the future might bring.</p><p><blockquote>周三股市经历了艰难的一天，尽管<a href=\"https://laohu8.com/S/.IXIC\">纳斯达克</a>尽管其他地方有压力，还是设法取得了一些进展。两个抵消因素迫使投资者保持平衡，因为企业盈利总体保持强劲，但经济数据继续显示持续疲软。下降<a href=\"https://laohu8.com/S/.SPX\">标普500</a>和<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>反映了对未来可能带来的焦虑。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏化学</td></tr></tbody></blockquote></p><p></td>    <td>(0.92%)</p><p><blockquote><td>(0.92%)</td></blockquote></p><p></td>    <td>(324)</p><p><blockquote><td>(324)</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>(0.46%)</p><p><blockquote><td>(0.46%)</td></blockquote></p><p></td>    <td>(20)</p><p><blockquote><td>(20)</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.13%</p><p><blockquote><td>+0.13%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎！金融。</blockquote></p><p> <a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a> and&nbsp;<a href=\"https://laohu8.com/S/ETSY\">Etsy</a> have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the&nbsp;growth stocks.</p><p><blockquote><a href=\"https://laohu8.com/S/ROKU\">Roku公司</a>和<a href=\"https://laohu8.com/S/ETSY\">Etsy</a>是过去一年中最令投资者兴奋的几家公司。然而，尽管季度业绩稳健，但两只股票在盘后交易中均大幅下跌。下面，我们将更仔细地研究这些报告，以找出成长型股票出了什么问题。</blockquote></p><p> <h3><b>Roku sees viewers touch their dials</b></h3> Shares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.</p><p><blockquote><h3><b>Roku看到观众触摸他们的表盘</b></h3>周三下午，Roku股价在盘后交易中下跌超过8%。这家流媒体电视专家实现了稳健增长，但一些数字令投资者感到担忧。</blockquote></p><p> Many of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.</p><p><blockquote>Roku的许多数字都令人印象深刻。2021年第二季度收入较去年同期增长81%，平台相关销售额同比增长一倍多。每用户平均收入增长46%，Roku扭转了去年同期的亏损，每股收益为0.52美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b771902b5b2a18c1c38877afc729d2e\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> However, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.</p><p><blockquote>然而，投资者似乎只关注单一的业务指标。Roku 5510万活跃账户中观看流媒体电视的时间为174亿小时。尽管Roku在此期间活跃账户增加了150万个，但这比三个月前减少了10亿小时。股东们似乎认为这是持久担忧的原因，而不是简单地将其视为重新开业的结果。</blockquote></p><p> Roku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.</p><p><blockquote>Roku的长期前景看起来仍然强劲，特别是随着Roku渠道继续获得牵引力。许多人将其股票盘后下跌视为回调时买入的难得机会。</blockquote></p><p> Meanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.</p><p><blockquote>与此同时，Etsy的股价遭受了更严重的打击。craft goods marketplace的股价周三盘后下跌超过13%。</blockquote></p><p> Etsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.</p><p><blockquote>Etsy第二季度业绩继续增长，但增速低于投资者过去的预期。销售额增长23%，综合商品销售总额增长13%。净利润小幅增长2%，每股收益为0.68美元。该公司指出，随着经济重新开放，预计新买家增长将减少，并认为即使Etsy市场上的800万新买家也是一个重大胜利，超过了2019年大流行前的数字。</blockquote></p><p> Etsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.</p><p><blockquote>Etsy还选择不给出全年指引，这引起了投资者的一些关注。该公司预计第三季度营收为5亿至5.25亿美元，这意味着同比增长将继续放缓至13.5%。</blockquote></p><p> Naysayers have seen Etsy&nbsp;as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.</p><p><blockquote>反对者认为Etsy纯粹是疫情早期不得不呆在家里的人们的一次性受益者，他们预计该股会出现像今天这样的回调。然而，Etsy已经采取了一系列举措来促进更持久的增长，看看成长型投资者是否会抓住机会低价买入Etsy股票将会很有趣。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/04/high-growth-stocks-getting-hammered-after-hours/\">The Motley Fool</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","ETSY":"Etsy, Inc.","ROKU":"Roku Inc",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2021/08/04/high-growth-stocks-getting-hammered-after-hours/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193138874","content_text":"Even solid financial reports aren't enough for many investors right now.\nKey Points\n\nMarkets were largely lower on Wednesday.\nHigh-growth stocks have led the market higher over the past year.\nHowever, two of those stocks fell sharply after hours on earnings.\n\n\nThe stock market had a tough day on Wednesday, although the NASDAQ managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the S&P 500 and the DJIA reflected anxiety about what the future might bring.\n\n\n\nIndex\nPercentage Change\nPoint Change\n\n\n\n\nDow\n(0.92%)\n(324)\n\n\nS&P 500\n(0.46%)\n(20)\n\n\nNasdaq Composite\n+0.13%\n+19\n\n\n\nDATA SOURCE: YAHOO! FINANCE.\nRoku Inc and Etsy have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the growth stocks.\nRoku sees viewers touch their dials\nShares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.\nMany of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.\nIMAGE SOURCE: GETTY IMAGES.\nHowever, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.\nRoku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.\nMeanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.\nEtsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.\nEtsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.\nNaysayers have seen Etsy as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"ROKU":0.9,"ETSY":0.9}},"isVote":1,"tweetType":1,"viewCount":1301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890430016,"gmtCreate":1628127357435,"gmtModify":1633753337745,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890430016","repostId":"1188919182","repostType":4,"repost":{"id":"1188919182","kind":"news","pubTimestamp":1628124955,"share":"https://www.laohu8.com/m/news/1188919182?lang=zh_CN&edition=full","pubTime":"2021-08-05 08:55","market":"us","language":"en","title":"Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188919182","media":"TheStreet","summary":"Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit","content":"<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock&nbsp;has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&amp;P 500&nbsp;trades&nbsp;at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&amp;L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&amp;L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed&nbsp;since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p>   “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its&nbsp;research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-05 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock&nbsp;has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&amp;P 500&nbsp;trades&nbsp;at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&amp;L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&amp;L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed&nbsp;since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p>   “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its&nbsp;research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/amazon-stock-the-most-undervalued-in-years\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/amazon-stock-the-most-undervalued-in-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188919182","content_text":"Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?\nAmazon stock has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.\nThe better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.\nA closer look at valuations\nThe table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.\nOn the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&P 500 trades at a P/E of nearly half this much, at around 33 times.\nFigure 1: AMZN current valuation multiples.\nBut relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&L-related valuation metrics, currently sit very much at five-year lows.\nBetter yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.\nFigure 2: AMZN P/E and EV/EBIT.\nOutside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.\nEnterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.\nFigure 3: AMZN P/B and EV/IC.\nThe Amazon Maven’s take\nThe graphs and tables above support the bullish views that the Amazon Maven has proposed since the company’s Q2 earnings release:\n\n “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.”","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890497874,"gmtCreate":1628127332098,"gmtModify":1633753338235,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890497874","repostId":"1193516490","repostType":4,"isVote":1,"tweetType":1,"viewCount":2866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802818222,"gmtCreate":1627748395566,"gmtModify":1633756664986,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"✋......&nbsp;","listText":"✋......&nbsp;","text":"✋......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802818222","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802975096,"gmtCreate":1627712435015,"gmtModify":1633756861890,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802975096","repostId":"1162771150","repostType":4,"isVote":1,"tweetType":1,"viewCount":1163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802970800,"gmtCreate":1627711605200,"gmtModify":1633756867428,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802970800","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohu8.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>","source":"lsy1618986048053","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802965730,"gmtCreate":1627708222020,"gmtModify":1633756896471,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802965730","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802965864,"gmtCreate":1627708179658,"gmtModify":1633756896958,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802965864","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802961609,"gmtCreate":1627707839801,"gmtModify":1633756900175,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"✋","listText":"✋","text":"✋","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802961609","repostId":"1121501806","repostType":4,"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802961072,"gmtCreate":1627707810696,"gmtModify":1633756900539,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802961072","repostId":"1152039134","repostType":4,"repost":{"id":"1152039134","kind":"news","pubTimestamp":1627689014,"share":"https://www.laohu8.com/m/news/1152039134?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:50","market":"us","language":"en","title":"Jim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152039134","media":"The Street","summary":"Take it from a guy who knows, the process is really flawed.\n\nWhat should Robinhood (HOOD) -Get Repor","content":"<p>  Take it from a guy who knows, the process is really flawed.  What should Robinhood&nbsp;(<b>HOOD</b>) -Get Report&nbsp;have done to avoid the IPO debacle?</p><p><blockquote>听一个知道的人说，这个过程真的有缺陷。罗宾汉应该做什么（<b>发动机罩</b>)-获取报告为避免IPO失败做了哪些工作？</blockquote></p><p> I can't speak to what happened on Thursday, who was in charge, who argued for what.</p><p><blockquote>我不能说周四发生了什么，谁是负责人，谁为什么辩护。</blockquote></p><p> I can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.</p><p><blockquote>我只能告诉你22年前TheStreet.com上市时我争论了什么。首先，作为创始人，我决心用股票奖励所有订阅者，以表明我对他们的忠诚。</blockquote></p><p> Second, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?</p><p><blockquote>其次，我坚持认为这笔交易的定价要比承销商想要的低得多。我们已经为初始投资者赚了一大笔钱。为什么不把很多留在桌面上，让新投资者做好呢？</blockquote></p><p> Third, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.</p><p><blockquote>第三，我希望有足够多的股票交给好人，这样就不会有脚蹼，我希望与各种经纪人密切协调，这些经纪人往往会渗透到流程中，通过批量市场订单、开仓过高然后做空股票来劫持开盘。一路下跌。</blockquote></p><p> I lost on every single point.</p><p><blockquote>我在每一点上都输了。</blockquote></p><p> The underwriters said we could not allocate to subscribers.</p><p><blockquote>承销商说我们不能分配给认购者。</blockquote></p><p> Second, the price of the deal would not be controlled to where we could have a small pop so everyone would win.</p><p><blockquote>第二，交易的价格不会被控制在我们可以有一个小的流行，这样每个人都会赢。</blockquote></p><p> Third, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.</p><p><blockquote>第三，场外订单，即那些下市价订单的人，是由一家名为Knight Securities的机构分批的，而不是承销商高盛，开盘价是62美元——甚至不清楚开盘价是多少，太混乱了——交易到66美元，就像Robinhood交易到39美元然后改变，然后再也没有交易更高。</blockquote></p><p> Everyone who bought that day lost money.</p><p><blockquote>那天买的都亏了。</blockquote></p><p> Everyone who sold that day made money.</p><p><blockquote>那天卖出的每个人都赚钱了。</blockquote></p><p> No subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.</p><p><blockquote>据我所知，没有订阅者加入，大多数是在开盘时购买的，我疏远了除了大狗之外的所有人。</blockquote></p><p> It is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.</p><p><blockquote>令人惊讶的是，我们现在是2021年，这个过程虽然让客户进入，但却未能定价，因此Robinhood将钱留在了桌面上。相信我，这是可能的。但承销商和管理层选择不这样做。我们不知道哪一方搞砸了，或者两者都搞砸了，但有一个成功的蓝图；相信我，如果我知道1999年是什么，他们也知道现在是什么。</blockquote></p><p> I always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.</p><p><blockquote>我一直对发生的事感到后悔。大多数人责怪我，因为我是这个过程的代言人。我被它的可怕程度震惊了，没有“从长计议”，因为从长计议很糟糕。</blockquote></p><p> Why do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.</p><p><blockquote>为什么这些事情会出错？我确实责怪承销商，因为他们每天都这样做，而委托人只做一次。他们必须阻止管理层背叛股东，因为股东认为这是管理层的错。没有承销商会说他们搞砸了。那是不可能的。</blockquote></p><p> So, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.</p><p><blockquote>因此，我们坐下来，惊叹于这笔交易进行得有多糟糕，尽管它完全在承销商和委托人的范围内，所以罗宾汉留下了更多。</blockquote></p><p> Greed?</p><p><blockquote>贪婪？</blockquote></p><p> Stupidity?</p><p><blockquote>愚蠢？</blockquote></p><p> How about poor execution and a lack of transparency that shows how badly it was handled.</p><p><blockquote>糟糕的执行和缺乏透明度表明事情处理得有多糟糕怎么样？</blockquote></p><p> Just like the offering ofTheStreet.com.</p><p><blockquote>就像TheStreet.com的产品一样。</blockquote></p><p></p>","source":"lsy1610613172068","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>Jim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</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\">\nJim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-31 07:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Take it from a guy who knows, the process is really flawed.  What should Robinhood&nbsp;(<b>HOOD</b>) -Get Report&nbsp;have done to avoid the IPO debacle?</p><p><blockquote>听一个知道的人说，这个过程真的有缺陷。罗宾汉应该做什么（<b>发动机罩</b>)-获取报告为避免IPO失败做了哪些工作？</blockquote></p><p> I can't speak to what happened on Thursday, who was in charge, who argued for what.</p><p><blockquote>我不能说周四发生了什么，谁是负责人，谁为什么辩护。</blockquote></p><p> I can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.</p><p><blockquote>我只能告诉你22年前TheStreet.com上市时我争论了什么。首先，作为创始人，我决心用股票奖励所有订阅者，以表明我对他们的忠诚。</blockquote></p><p> Second, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?</p><p><blockquote>其次，我坚持认为这笔交易的定价要比承销商想要的低得多。我们已经为初始投资者赚了一大笔钱。为什么不把很多留在桌面上，让新投资者做好呢？</blockquote></p><p> Third, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.</p><p><blockquote>第三，我希望有足够多的股票交给好人，这样就不会有脚蹼，我希望与各种经纪人密切协调，这些经纪人往往会渗透到流程中，通过批量市场订单、开仓过高然后做空股票来劫持开盘。一路下跌。</blockquote></p><p> I lost on every single point.</p><p><blockquote>我在每一点上都输了。</blockquote></p><p> The underwriters said we could not allocate to subscribers.</p><p><blockquote>承销商说我们不能分配给认购者。</blockquote></p><p> Second, the price of the deal would not be controlled to where we could have a small pop so everyone would win.</p><p><blockquote>第二，交易的价格不会被控制在我们可以有一个小的流行，这样每个人都会赢。</blockquote></p><p> Third, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.</p><p><blockquote>第三，场外订单，即那些下市价订单的人，是由一家名为Knight Securities的机构分批的，而不是承销商高盛，开盘价是62美元——甚至不清楚开盘价是多少，太混乱了——交易到66美元，就像Robinhood交易到39美元然后改变，然后再也没有交易更高。</blockquote></p><p> Everyone who bought that day lost money.</p><p><blockquote>那天买的都亏了。</blockquote></p><p> Everyone who sold that day made money.</p><p><blockquote>那天卖出的每个人都赚钱了。</blockquote></p><p> No subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.</p><p><blockquote>据我所知，没有订阅者加入，大多数是在开盘时购买的，我疏远了除了大狗之外的所有人。</blockquote></p><p> It is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.</p><p><blockquote>令人惊讶的是，我们现在是2021年，这个过程虽然让客户进入，但却未能定价，因此Robinhood将钱留在了桌面上。相信我，这是可能的。但承销商和管理层选择不这样做。我们不知道哪一方搞砸了，或者两者都搞砸了，但有一个成功的蓝图；相信我，如果我知道1999年是什么，他们也知道现在是什么。</blockquote></p><p> I always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.</p><p><blockquote>我一直对发生的事感到后悔。大多数人责怪我，因为我是这个过程的代言人。我被它的可怕程度震惊了，没有“从长计议”，因为从长计议很糟糕。</blockquote></p><p> Why do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.</p><p><blockquote>为什么这些事情会出错？我确实责怪承销商，因为他们每天都这样做，而委托人只做一次。他们必须阻止管理层背叛股东，因为股东认为这是管理层的错。没有承销商会说他们搞砸了。那是不可能的。</blockquote></p><p> So, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.</p><p><blockquote>因此，我们坐下来，惊叹于这笔交易进行得有多糟糕，尽管它完全在承销商和委托人的范围内，所以罗宾汉留下了更多。</blockquote></p><p> Greed?</p><p><blockquote>贪婪？</blockquote></p><p> Stupidity?</p><p><blockquote>愚蠢？</blockquote></p><p> How about poor execution and a lack of transparency that shows how badly it was handled.</p><p><blockquote>糟糕的执行和缺乏透明度表明事情处理得有多糟糕怎么样？</blockquote></p><p> Just like the offering ofTheStreet.com.</p><p><blockquote>就像TheStreet.com的产品一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/cramer-robinhood-ipo-debacle-thestreet-7-30-21\">The Street</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":{"HOOD":"Robinhood"},"source_url":"https://www.thestreet.com/investing/cramer-robinhood-ipo-debacle-thestreet-7-30-21","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152039134","content_text":"Take it from a guy who knows, the process is really flawed.\n\nWhat should Robinhood (HOOD) -Get Report have done to avoid the IPO debacle?\nI can't speak to what happened on Thursday, who was in charge, who argued for what.\nI can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.\nSecond, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?\nThird, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.\nI lost on every single point.\nThe underwriters said we could not allocate to subscribers.\nSecond, the price of the deal would not be controlled to where we could have a small pop so everyone would win.\nThird, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.\nEveryone who bought that day lost money.\nEveryone who sold that day made money.\nNo subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.\nIt is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.\nI always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.\nWhy do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.\nSo, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.\nGreed?\nStupidity?\nHow about poor execution and a lack of transparency that shows how badly it was handled.\nJust like the offering ofTheStreet.com.","news_type":1,"symbols_score_info":{"HOOD":0.9}},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802963420,"gmtCreate":1627707789560,"gmtModify":1633756900781,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802963420","repostId":"1125426477","repostType":4,"repost":{"id":"1125426477","kind":"news","pubTimestamp":1627688762,"share":"https://www.laohu8.com/m/news/1125426477?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:46","market":"us","language":"en","title":"BofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125426477","media":"The Street","summary":"'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that th","content":"<p>  'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.  Bank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.</p><p><blockquote>美国银行说，在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。美国银行表示，利率处于5000年来的低点，并建议在今年剩余时间内持有优质防御性股票。</blockquote></p><p> The interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”</p><p><blockquote>利率计算来自美国银行自己的数据、英格兰银行、全球金融数据和2005年的《利率史》一书。</blockquote></p><p> “Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA&nbsp; Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”</p><p><blockquote>美国银行首席投资策略师Michael Hartnett写道：“各国央行正在将全球利率维持在5000年来的低点。”“在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。”</blockquote></p><p> The message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.</p><p><blockquote>他表示，本周FOMC会议传达的信息是“我们将让[经济]过热，[代表]通胀不会那么短暂”。</blockquote></p><p> “The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”</p><p><blockquote>“市场的反应将是（推动）美元下跌，美国国债收益率上升。大宗商品将保持出价，并将轮动到新兴市场股票和债券。”</blockquote></p><p> Hartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”</p><p><blockquote>Hartnett还认为，“在通胀导致增长和每股收益预期下降的推动下，人们对优质和防御性股票的偏好。美国消费者已经见顶。”</blockquote></p><p> As for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.</p><p><blockquote>至于美国银行的建议，它建议“在下半年持有防御性的优质股票……因为政策转变将以市场调整告终，”哈特尼特表示。</blockquote></p><p> BofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”</p><p><blockquote>美国银行青睐美国和欧盟等已接种疫苗市场的防御性股票。它喜欢具有“疫苗上涨空间的市场，即日本、中国和新兴市场”的周期性重新开放股票。</blockquote></p><p> U.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).</p><p><blockquote>由于投资者权衡对COVID-19德尔塔变异毒株蔓延的担忧以及在线零售巨头亚马逊(AMZN)令人失望的业绩，美国股市周五下跌。</blockquote></p><p></p>","source":"lsy1610613172068","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>BofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</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\">\nBofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-31 07:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.  Bank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.</p><p><blockquote>美国银行说，在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。美国银行表示，利率处于5000年来的低点，并建议在今年剩余时间内持有优质防御性股票。</blockquote></p><p> The interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”</p><p><blockquote>利率计算来自美国银行自己的数据、英格兰银行、全球金融数据和2005年的《利率史》一书。</blockquote></p><p> “Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA&nbsp; Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”</p><p><blockquote>美国银行首席投资策略师Michael Hartnett写道：“各国央行正在将全球利率维持在5000年来的低点。”“在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。”</blockquote></p><p> The message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.</p><p><blockquote>他表示，本周FOMC会议传达的信息是“我们将让[经济]过热，[代表]通胀不会那么短暂”。</blockquote></p><p> “The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”</p><p><blockquote>“市场的反应将是（推动）美元下跌，美国国债收益率上升。大宗商品将保持出价，并将轮动到新兴市场股票和债券。”</blockquote></p><p> Hartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”</p><p><blockquote>Hartnett还认为，“在通胀导致增长和每股收益预期下降的推动下，人们对优质和防御性股票的偏好。美国消费者已经见顶。”</blockquote></p><p> As for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.</p><p><blockquote>至于美国银行的建议，它建议“在下半年持有防御性的优质股票……因为政策转变将以市场调整告终，”哈特尼特表示。</blockquote></p><p> BofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”</p><p><blockquote>美国银行青睐美国和欧盟等已接种疫苗市场的防御性股票。它喜欢具有“疫苗上涨空间的市场，即日本、中国和新兴市场”的周期性重新开放股票。</blockquote></p><p> U.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).</p><p><blockquote>由于投资者权衡对COVID-19德尔塔变异毒株蔓延的担忧以及在线零售巨头亚马逊(AMZN)令人失望的业绩，美国股市周五下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/b-of-a-interest-rates-5000-year-\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/b-of-a-interest-rates-5000-year-","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125426477","content_text":"'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.\n\nBank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.\nThe interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”\n“Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA  Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”\nThe message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.\n“The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”\nHartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”\nAs for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.\nBofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”\nU.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802963335,"gmtCreate":1627707748227,"gmtModify":1633756901147,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090810599054150","idStr":"4090810599054150"},"themes":[],"htmlText":"☺️","listText":"☺️","text":"☺️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802963335","repostId":"1106964638","repostType":4,"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":899750002,"gmtCreate":1628216602606,"gmtModify":1633752511296,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899750002","repostId":"1146804263","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899725569,"gmtCreate":1628216478151,"gmtModify":1633752513350,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899725569","repostId":"1186157835","repostType":4,"repost":{"id":"1186157835","kind":"news","pubTimestamp":1628215894,"share":"https://www.laohu8.com/m/news/1186157835?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:11","market":"us","language":"en","title":"Visa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186157835","media":"seekingalpha","summary":"Summary\n\nVisa has been superb at delivering value and growth for investors and customers for the pas","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Visa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.</li>  <li>However, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.</li>  <li>I remain bullish on the company's prospects even as I believe we need to see more.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1398f95e9598dac1a92ba228f0a0cd0c\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>miniseries/E+ via Getty Images</span></p><p><blockquote><ul><li>在过去十年及更长时间里，随着我们越来越多的日常金融交易转向数字化，Visa在为投资者和客户提供价值和增长方面表现出色。</li><li>然而，增长率将不可避免地放缓，我认为该公司应该提高股息，以吸引投资者留在肉汁列车上。</li><li>我仍然看好该公司的前景，尽管我相信我们需要看到更多。</li></ul><p class=\"t-img-caption\"><span>迷你剧/E+来自Getty Images</span></p></blockquote></p><p> Visa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.</p><p><blockquote>Visa(V)一直是财富积累的终极成功故事。尽管它们不支付高股息收益率，但从借方和账户余额融资方式向数字和信贷（或简称债务）融资方式的转变对公司的营收和利润来说是一个重大利好。结果，加上价值数十亿美元的大规模股票回购计划，过去十年的复合年增长率超过27.5%。</blockquote></p><p> Now, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.</p><p><blockquote>现在，正如预期的那样，这种借记到债务的转换率正在放缓，因为大多数发达国家已经转向无纸化、非接触式和无借记的金融状况，分析师预测未来5年的增长率将从27%放缓至15%。尽管我确实相信该公司可能会大幅超出这些预期，但对长期回报前景仍然有点担忧。</blockquote></p><p> Although we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.</p><p><blockquote>虽然我们可以每天整天讨论股息与回购，但我认为应该考虑提高股息，因为他们目前只支付0.5%的年股息收益率，考虑到增长率放缓，这对投资者没有吸引力。更长的运行。</blockquote></p><p> <b>Accumulating Growth &amp; Returning Value</b></p><p><blockquote><b>累积增长&amp;回报价值</b></blockquote></p><p> Visa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.</p><p><blockquote>Visa见证了整个股票市场中最稳定的股价升值环境之一，它这样做代表了我们生活中几乎所有元素从借记卡到贷记卡的转变。我们在日常生活中使用信贷，以及购买汽车、住房、外出就餐和所有那些随着我们作为一个国家的优先事项的转变而出现巨大飞跃的高增长领域。普通美国和全球消费者所承担的债务水平在社会层面上令人担忧，但由于预计不会很快改变，该公司将从这种稳定的收入流中受益，并且由于维护费用几乎微不足道，利润率极高。</blockquote></p><p> Another positive factor is&nbsp;the company's use of share repurchasing&nbsp;to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.</p><p><blockquote>另一个积极因素是公司利用股票回购来增加每股价值。在过去十年中，该公司每年回购价值约80亿美元的自有股票，并获得了新的授权，仅在2021年就有能力回购多达110亿美元的自有股票。到目前为止，他们已经在2021年回购了近40亿美元的股票，预计随着时间的推移，他们将加速回购，因为他们在大流行后的几个月里减少了回购。该公司在2020年前几个月利用疫情抛售购买了价值近50亿美元的股票。</blockquote></p><p> Even so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.</p><p><blockquote>即便如此，流通股每年仅减少约2.2%。肯定有很大一部分投资者可能更希望公司提供更高的股息收益率，这可以创造更好的价值。由于该公司拥有如此高的毛利率，预计毛利率只会随着整合第三方服务和整体信贷支出的增加而增加，因此他们当然可以维持更高的股息收益率并维持一定数量的股票回购。</blockquote></p><p> <b>There's One More Thing</b></p><p><blockquote><b>还有一件事</b></blockquote></p><p> One thing that is slightly concerning to me is&nbsp;the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been&nbsp;paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.</p><p><blockquote>我有点担心的一件事是该公司的债务状况。几十年来，他们一直没有承担任何长期债务，但近年来积累了近200亿美元的长期债务。因此，他们每年支付超过5.3亿美元的利息支出。这里的危险在于，我们正处于利率上升的环境中，尽管他们业务的其他部分将从中受益，但如果他们继续持有部分资产，他们每年有可能从资产负债表上消失多达10亿美元。未来几年的债务。</blockquote></p><p></p><p> The positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.</p><p><blockquote>积极的一面是，该公司目前确实持有有史以来最高的现金头寸，现金及等价物略高于180亿美元，另外还有12亿美元的短期投资。此外，尽管他们投资的资金减少，回报的利息收入也减少，但他们一直在提前偿还高收益债务，因此利息支出一直在下降。目前尚不清楚该公司未来的优先事项是什么，但我确实预计这种情况会继续下去。如果他们找不到更高的ROI（投资回报率）来使用现金，他们确实有潜力偿还大部分非固定利率债务。</blockquote></p><p> <b>Slowing Growth Rate: Why We're All Here</b></p><p><blockquote><b>增长率放缓：为什么我们都在这里</b></blockquote></p><p> The reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.</p><p><blockquote>我之所以谈论对更高收益率以及各种债务和现金头寸的需求，是因为，由于借记到债务的过渡，销售和收入增长率在经历了数十年的加速增长后预计将放缓。</blockquote></p><p> The company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:</p><p><blockquote>该公司在过去10年中的复合年增长率超过27.5%，现在分析师预计该公司的增长率仍然很高，但正在放缓。对于未来5年，他们目前预计每股收益的复合年增长率为13.9%，明显低于过去5年。以下是2020年至2025年的数据：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b41c1540a1a9a1f8b55455396430ced\" tg-width=\"906\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Even as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.</p><p><blockquote><table><tbody><tr></tr></tbody></table>尽管该公司在过去十年的大部分季度报告中都超出了预期，但尚不清楚这种情况是否会持续下去，因为分析师预计该公司的利润率将在未来几年显着提高，销售增长预期就证明了这一点。这对我来说没有多大意义，因为更多的竞争压力和现金返还、广告收入共享服务等第三方服务将在未来几年开始蚕食该公司的天价利润率。</blockquote></p><p> For sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.</p><p><blockquote>对于销售额，分析师目前预计Visa在与我之前提到的每股收益预测相同的时间段内的销售额复合年增长率为10.3%。这意味着该公司将提高利润率，因为他们预计同期每股收益将以更高的增长率增长，接近14%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d2373e15699c5dac4ff966da4235f97\" tg-width=\"905\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> I continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.</p><p><blockquote><table><tbody><tr></tr></tbody></table>我仍然相信，随着我们看到更强劲的转型数据，该公司可能会超出销售预期，但我认为，如果他们继续引导利润率扩张，我们不会看到太多每股收益超出预期。这些行业内从高利率产品向仍然高利率但较低利率产品的转变几乎肯定会对利润率增长产生微小但显着的抑制。</blockquote></p><p> <b>Investment Conclusion</b></p><p><blockquote><b>投资结论</b></blockquote></p><p> Visa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.</p><p><blockquote>Visa前景光明，预计每股收益增长率约为15%，回购率为2.2%，几乎肯定会超过整体市场回报率，而整体市场回报率历史上略高于10%。即便如此，公司的增长率不可避免地放缓，而且随着竞争压力和第三方服务费用的上升，我相信需要更多的措施来吸引长期收益投资者，他们可能对公司的持续经营能力并不那么乐观。无需支付等待费用即可击败市场。</blockquote></p><p> The company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.</p><p><blockquote>该公司有足够的现金将股息收益率提高到2%以上，同时继续保持相同水平的股票回购。投资这些现金对公司有好处，但并没有带来接近提高股息或增加回购所带来的回报水平。</blockquote></p><p> I remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.</p><p><blockquote>我仍然看好该公司的长期前景，但在增持头寸之前，我正在等待看到对股东价值的更多关注。</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>Visa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</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\">\nVisa: Slowing Growth Rate, We May Need More<blockquote>Visa：增速放缓，我们可能需要更多</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-06 10:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Visa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.</li>  <li>However, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.</li>  <li>I remain bullish on the company's prospects even as I believe we need to see more.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1398f95e9598dac1a92ba228f0a0cd0c\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>miniseries/E+ via Getty Images</span></p><p><blockquote><ul><li>在过去十年及更长时间里，随着我们越来越多的日常金融交易转向数字化，Visa在为投资者和客户提供价值和增长方面表现出色。</li><li>然而，增长率将不可避免地放缓，我认为该公司应该提高股息，以吸引投资者留在肉汁列车上。</li><li>我仍然看好该公司的前景，尽管我相信我们需要看到更多。</li></ul><p class=\"t-img-caption\"><span>迷你剧/E+来自Getty Images</span></p></blockquote></p><p> Visa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.</p><p><blockquote>Visa(V)一直是财富积累的终极成功故事。尽管它们不支付高股息收益率，但从借方和账户余额融资方式向数字和信贷（或简称债务）融资方式的转变对公司的营收和利润来说是一个重大利好。结果，加上价值数十亿美元的大规模股票回购计划，过去十年的复合年增长率超过27.5%。</blockquote></p><p> Now, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.</p><p><blockquote>现在，正如预期的那样，这种借记到债务的转换率正在放缓，因为大多数发达国家已经转向无纸化、非接触式和无借记的金融状况，分析师预测未来5年的增长率将从27%放缓至15%。尽管我确实相信该公司可能会大幅超出这些预期，但对长期回报前景仍然有点担忧。</blockquote></p><p> Although we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.</p><p><blockquote>虽然我们可以每天整天讨论股息与回购，但我认为应该考虑提高股息，因为他们目前只支付0.5%的年股息收益率，考虑到增长率放缓，这对投资者没有吸引力。更长的运行。</blockquote></p><p> <b>Accumulating Growth &amp; Returning Value</b></p><p><blockquote><b>累积增长&amp;回报价值</b></blockquote></p><p> Visa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.</p><p><blockquote>Visa见证了整个股票市场中最稳定的股价升值环境之一，它这样做代表了我们生活中几乎所有元素从借记卡到贷记卡的转变。我们在日常生活中使用信贷，以及购买汽车、住房、外出就餐和所有那些随着我们作为一个国家的优先事项的转变而出现巨大飞跃的高增长领域。普通美国和全球消费者所承担的债务水平在社会层面上令人担忧，但由于预计不会很快改变，该公司将从这种稳定的收入流中受益，并且由于维护费用几乎微不足道，利润率极高。</blockquote></p><p> Another positive factor is&nbsp;the company's use of share repurchasing&nbsp;to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.</p><p><blockquote>另一个积极因素是公司利用股票回购来增加每股价值。在过去十年中，该公司每年回购价值约80亿美元的自有股票，并获得了新的授权，仅在2021年就有能力回购多达110亿美元的自有股票。到目前为止，他们已经在2021年回购了近40亿美元的股票，预计随着时间的推移，他们将加速回购，因为他们在大流行后的几个月里减少了回购。该公司在2020年前几个月利用疫情抛售购买了价值近50亿美元的股票。</blockquote></p><p> Even so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.</p><p><blockquote>即便如此，流通股每年仅减少约2.2%。肯定有很大一部分投资者可能更希望公司提供更高的股息收益率，这可以创造更好的价值。由于该公司拥有如此高的毛利率，预计毛利率只会随着整合第三方服务和整体信贷支出的增加而增加，因此他们当然可以维持更高的股息收益率并维持一定数量的股票回购。</blockquote></p><p> <b>There's One More Thing</b></p><p><blockquote><b>还有一件事</b></blockquote></p><p> One thing that is slightly concerning to me is&nbsp;the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been&nbsp;paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.</p><p><blockquote>我有点担心的一件事是该公司的债务状况。几十年来，他们一直没有承担任何长期债务，但近年来积累了近200亿美元的长期债务。因此，他们每年支付超过5.3亿美元的利息支出。这里的危险在于，我们正处于利率上升的环境中，尽管他们业务的其他部分将从中受益，但如果他们继续持有部分资产，他们每年有可能从资产负债表上消失多达10亿美元。未来几年的债务。</blockquote></p><p></p><p> The positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.</p><p><blockquote>积极的一面是，该公司目前确实持有有史以来最高的现金头寸，现金及等价物略高于180亿美元，另外还有12亿美元的短期投资。此外，尽管他们投资的资金减少，回报的利息收入也减少，但他们一直在提前偿还高收益债务，因此利息支出一直在下降。目前尚不清楚该公司未来的优先事项是什么，但我确实预计这种情况会继续下去。如果他们找不到更高的ROI（投资回报率）来使用现金，他们确实有潜力偿还大部分非固定利率债务。</blockquote></p><p> <b>Slowing Growth Rate: Why We're All Here</b></p><p><blockquote><b>增长率放缓：为什么我们都在这里</b></blockquote></p><p> The reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.</p><p><blockquote>我之所以谈论对更高收益率以及各种债务和现金头寸的需求，是因为，由于借记到债务的过渡，销售和收入增长率在经历了数十年的加速增长后预计将放缓。</blockquote></p><p> The company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:</p><p><blockquote>该公司在过去10年中的复合年增长率超过27.5%，现在分析师预计该公司的增长率仍然很高，但正在放缓。对于未来5年，他们目前预计每股收益的复合年增长率为13.9%，明显低于过去5年。以下是2020年至2025年的数据：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b41c1540a1a9a1f8b55455396430ced\" tg-width=\"906\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Even as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.</p><p><blockquote><table><tbody><tr></tr></tbody></table>尽管该公司在过去十年的大部分季度报告中都超出了预期，但尚不清楚这种情况是否会持续下去，因为分析师预计该公司的利润率将在未来几年显着提高，销售增长预期就证明了这一点。这对我来说没有多大意义，因为更多的竞争压力和现金返还、广告收入共享服务等第三方服务将在未来几年开始蚕食该公司的天价利润率。</blockquote></p><p> For sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.</p><p><blockquote>对于销售额，分析师目前预计Visa在与我之前提到的每股收益预测相同的时间段内的销售额复合年增长率为10.3%。这意味着该公司将提高利润率，因为他们预计同期每股收益将以更高的增长率增长，接近14%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d2373e15699c5dac4ff966da4235f97\" tg-width=\"905\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: Analyst projections,Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：分析师预测，Seeking Alpha）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> I continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.</p><p><blockquote><table><tbody><tr></tr></tbody></table>我仍然相信，随着我们看到更强劲的转型数据，该公司可能会超出销售预期，但我认为，如果他们继续引导利润率扩张，我们不会看到太多每股收益超出预期。这些行业内从高利率产品向仍然高利率但较低利率产品的转变几乎肯定会对利润率增长产生微小但显着的抑制。</blockquote></p><p> <b>Investment Conclusion</b></p><p><blockquote><b>投资结论</b></blockquote></p><p> Visa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.</p><p><blockquote>Visa前景光明，预计每股收益增长率约为15%，回购率为2.2%，几乎肯定会超过整体市场回报率，而整体市场回报率历史上略高于10%。即便如此，公司的增长率不可避免地放缓，而且随着竞争压力和第三方服务费用的上升，我相信需要更多的措施来吸引长期收益投资者，他们可能对公司的持续经营能力并不那么乐观。无需支付等待费用即可击败市场。</blockquote></p><p> The company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.</p><p><blockquote>该公司有足够的现金将股息收益率提高到2%以上，同时继续保持相同水平的股票回购。投资这些现金对公司有好处，但并没有带来接近提高股息或增加回购所带来的回报水平。</blockquote></p><p> I remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.</p><p><blockquote>我仍然看好该公司的长期前景，但在增持头寸之前，我正在等待看到对股东价值的更多关注。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4445698-visa-slowing-growth-rate-we-may-need-more\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4445698-visa-slowing-growth-rate-we-may-need-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186157835","content_text":"Summary\n\nVisa has been superb at delivering value and growth for investors and customers for the past decade and more, with more and more of our everyday financial transactions moving digital.\nHowever, growth rate is inevitably going to slow down and I believe the company should be hiking their dividend to entice investors to stay on the gravy train.\nI remain bullish on the company's prospects even as I believe we need to see more.\n\nminiseries/E+ via Getty Images\nVisa (V) has been the ultimate success story of wealth accumulation. Even as they don't pay a high dividend yield, the transition from debit and account balance style of financing over to digital and credit (or simply debt) has been a major boon for the company's top and bottom lines. As a result, and together with a sizable multi-billion dollar share repurchasing program, delivered a CAGR return of over 27.5% over the past decade.\nNow, as expected, this debit-to-debt transition rate is slowing as most of the developed world has already shifted to paperless, contactless and debit-less financial situations and this is seen by analyst forecasts slowing growth rates from 27% to 15% over the next 5 years. Although I do believe that the company is likely to beat these expectations by a handsome margin, it's still slightly concerning for the longer-run return prospects.\nAlthough we can have the dividend vs buyback debate all day every day, I think that there should be some consideration to a dividend hike as they currently only pay a 0.5% annual dividend yield which does not entice investors given the slowing growth rate for the longer run.\nAccumulating Growth & Returning Value\nVisa has seen one of the steadiest share price appreciation environments in the entire stocks market and it has done so on behalf of the transition from debit to credit in almost all of the elements in our lives. We use credit for our day-to-day lives as well as buying vehicles, housing, eating out and all of those high-growth segments which are seeing huge jumps as our priorities shift as a nation. The levels of debt that the average American and global consumer is taking on is concerning on a societal level, but as it's not expected to change any time soon, the company is set to benefit from this steady stream of income with sky-high margins due to almost insignificant upkeep expenses.\nAnother positive factor is the company's use of share repurchasing to increase their value per share. Over the past decade, the company has bought back roughly $8 billion worth of its own stock every year and has a new authorization which gives it the ability to buy back as much as $11 billion of its own stock in 2021 alone. So far, they've repurchased almost $4 billion of their stock in 2021 and are expected to accelerate this repurchasing as the year progresses as they've stepped it down during the post-pandemic months. The company used the pandemic sell-off to purchase almost $5 billion worth of stock in the first several months of 2020.\nEven so, this is only a roughly 2.2% reduction in shares outstanding annually. There surely is a large percentage of investors who would likely prefer the company provide a higher dividend yield, which could create better value. Since the company has such a sky-high gross margin, which is only expected to increase as they integrate third-party services and see higher overall credit spending, they can certainly sustain a higher dividend yield and maintain some amount of share repurchases.\nThere's One More Thing\nOne thing that is slightly concerning to me is the company's debt position. They've held off from taking on any long-term debt for decades but in recent years has accumulated just under $20 billion in long-term debt. As a result, they've been paying over $530 million annually in interest expense. The danger here is that we're in a rising rate environment and although other parts of their business will gain from this, there's the potential for them to see as much as $1 billion annually disappear from their balance sheets if they continue to hold some of this debt for the next few years.\nThe positive spin on this is that the company does currently hold their highest ever cash position with just over $18 billion in cash and equivalents as well as another $1.2 billion in short-term investments. Moreover, although they've been investing less money and returning less interest income, they have been retiring the high-yield debt ahead of schedule and as a result, interest expense has been on the decline. It's unclear what the company's priorities will be moving forward but I do expect more of this to continue. They do have the potential to pay back most of the non-fixed-rate debt if they can't find a higher ROI (return on investment) to use the cash.\nSlowing Growth Rate: Why We're All Here\nThe reason I talk about the demand for a higher yield as well as various debt and cash positions is because, naturally, sales and income growth rates are expected to slow after decades of accelerating growth due to the debit-to-debt transition.\nThe company has shown a CAGR of over 27.5% over the past 10 years and now analysts expect the company to report a, still high, but slowing rate. For the next 5 years,they currently expect a CAGR of 13.9% to EPS, significantly less than the past 5 years. Here are the figures for 2020 through 2025:\n(Source: Analyst projections,Seeking Alpha)\n\n\n\n\n\nEven as the company has beaten expectations for most of the past decade quarterly reporting, it's unclear if this will continue as analysts project that the company's margins will improve significantly over the next few years, as evident by sales growth expectations. This doesn't make much sense to me as more competitive pressures and third-party services like cashback, advertising revenue sharing services and more will start eating at the company's sky-high margins over the next several years.\nFor sales, analysts currently expect Visa to report a sales CAGR of 10.3% throughout the same timeframe as I mentioned earlier for EPS projections. This means that the company will increase margins as they expect EPS to grow at a higher, near 14% growth rate over the same period.\n(Source: Analyst projections,Seeking Alpha)\n\n\n\n\n\nI continue to believe that the company may beat sales expectations as we see stronger transition figures but I do not believe we'll be seeing much EPS beats if they continue to guide for margin expansion. The transitions within these industries away from high-interest products to still-high-but-lower interest products are almost certain to put a small but significant damper on margin growth.\nInvestment Conclusion\nVisa has a bright future ahead and with the roughly 15% expected EPS growth rate and the additional 2.2% buyback rate, it is nearly certain to beat the overall market return rate, which has historically been just over 10%. Even so, the company growth rate is inevitably slowing, and with rising competitive pressure and third party services expenses, I believe there needs to be more to entice long term yield investors who may not be all that optimistic about the company's ability to continue and beat the market without being paid to wait.\nThe company has more than enough cash to increase its dividend yield to over 2% while continuing the same level of share repurchasing. Investing that cash has been good for the company but has not brought even close to the same level of return that hiking dividend or increasing buyback will do.\nI remain bullish on the company's long-term prospects but am waiting to see some more of a focus on shareholder value before adding to a position.","news_type":1,"symbols_score_info":{"V":0.9}},"isVote":1,"tweetType":1,"viewCount":1838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802970800,"gmtCreate":1627711605200,"gmtModify":1633756867428,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802970800","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohu8.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>","source":"lsy1618986048053","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在COVID-19困境中，新加坡元将跌至1.35美元/美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案的数据，预计2021年新加坡元兑美元汇率将跌至1.35美元，2022年将进一步跌至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的2021年兑美元1.33美元和2022年兑美元1.32美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>惠誉表示：“在美联储6月16日的鹰派意外之后，新加坡元与大多数其他亚洲货币一致走弱，2021年剩余时间以及2022年可能会在1.35美元兑1.38美元之间的弱势区间内交易。”说。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲（包括印度尼西亚、马来西亚和泰国等主要经济体）新冠肺炎感染死灰复燃引发的避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值美中贸易战的初始阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>它补充说：“然而，由于人口疫苗接种取得了快速进展，新加坡元的任何疲软都应该受到经济比其他亚洲市场更具弹性的限制。”“与大多数其他亚洲经济体相比，这使新加坡处于更具弹性的地位，随着时间的推移，新加坡元可能会受益于来自该地区其他地方的某种程度的避险资金，从而限制了进一步贬值超出我们确定的交易范围的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长期来看，惠誉预计2022年出口强劲复苏将支撑人民币，但如果目标通胀率持续高于2%，美联储可能会采取更加鹰派的风险将抵消这一风险。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案（Fitch Solutions）认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步的封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802961609,"gmtCreate":1627707839801,"gmtModify":1633756900175,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"✋","listText":"✋","text":"✋","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802961609","repostId":"1121501806","repostType":4,"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802963420,"gmtCreate":1627707789560,"gmtModify":1633756900781,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802963420","repostId":"1125426477","repostType":4,"repost":{"id":"1125426477","kind":"news","pubTimestamp":1627688762,"share":"https://www.laohu8.com/m/news/1125426477?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:46","market":"us","language":"en","title":"BofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125426477","media":"The Street","summary":"'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that th","content":"<p>  'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.  Bank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.</p><p><blockquote>美国银行说，在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。美国银行表示，利率处于5000年来的低点，并建议在今年剩余时间内持有优质防御性股票。</blockquote></p><p> The interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”</p><p><blockquote>利率计算来自美国银行自己的数据、英格兰银行、全球金融数据和2005年的《利率史》一书。</blockquote></p><p> “Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA&nbsp; Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”</p><p><blockquote>美国银行首席投资策略师Michael Hartnett写道：“各国央行正在将全球利率维持在5000年来的低点。”“在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。”</blockquote></p><p> The message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.</p><p><blockquote>他表示，本周FOMC会议传达的信息是“我们将让[经济]过热，[代表]通胀不会那么短暂”。</blockquote></p><p> “The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”</p><p><blockquote>“市场的反应将是（推动）美元下跌，美国国债收益率上升。大宗商品将保持出价，并将轮动到新兴市场股票和债券。”</blockquote></p><p> Hartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”</p><p><blockquote>Hartnett还认为，“在通胀导致增长和每股收益预期下降的推动下，人们对优质和防御性股票的偏好。美国消费者已经见顶。”</blockquote></p><p> As for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.</p><p><blockquote>至于美国银行的建议，它建议“在下半年持有防御性的优质股票……因为政策转变将以市场调整告终，”哈特尼特表示。</blockquote></p><p> BofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”</p><p><blockquote>美国银行青睐美国和欧盟等已接种疫苗市场的防御性股票。它喜欢具有“疫苗上涨空间的市场，即日本、中国和新兴市场”的周期性重新开放股票。</blockquote></p><p> U.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).</p><p><blockquote>由于投资者权衡对COVID-19德尔塔变异毒株蔓延的担忧以及在线零售巨头亚马逊(AMZN)令人失望的业绩，美国股市周五下跌。</blockquote></p><p></p>","source":"lsy1610613172068","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>BofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</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\">\nBofA Says Interest Rates Are at 5,000-Year Low<blockquote>美国银行称利率处于5000年来的低点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-31 07:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.  Bank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.</p><p><blockquote>美国银行说，在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。美国银行表示，利率处于5000年来的低点，并建议在今年剩余时间内持有优质防御性股票。</blockquote></p><p> The interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”</p><p><blockquote>利率计算来自美国银行自己的数据、英格兰银行、全球金融数据和2005年的《利率史》一书。</blockquote></p><p> “Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA&nbsp; Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”</p><p><blockquote>美国银行首席投资策略师Michael Hartnett写道：“各国央行正在将全球利率维持在5000年来的低点。”“在未来5000年的某个时候，利率将会上升，但华尔街并不担心这种情况会很快发生。”</blockquote></p><p> The message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.</p><p><blockquote>他表示，本周FOMC会议传达的信息是“我们将让[经济]过热，[代表]通胀不会那么短暂”。</blockquote></p><p> “The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”</p><p><blockquote>“市场的反应将是（推动）美元下跌，美国国债收益率上升。大宗商品将保持出价，并将轮动到新兴市场股票和债券。”</blockquote></p><p> Hartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”</p><p><blockquote>Hartnett还认为，“在通胀导致增长和每股收益预期下降的推动下，人们对优质和防御性股票的偏好。美国消费者已经见顶。”</blockquote></p><p> As for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.</p><p><blockquote>至于美国银行的建议，它建议“在下半年持有防御性的优质股票……因为政策转变将以市场调整告终，”哈特尼特表示。</blockquote></p><p> BofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”</p><p><blockquote>美国银行青睐美国和欧盟等已接种疫苗市场的防御性股票。它喜欢具有“疫苗上涨空间的市场，即日本、中国和新兴市场”的周期性重新开放股票。</blockquote></p><p> U.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).</p><p><blockquote>由于投资者权衡对COVID-19德尔塔变异毒株蔓延的担忧以及在线零售巨头亚马逊(AMZN)令人失望的业绩，美国股市周五下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/b-of-a-interest-rates-5000-year-\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/b-of-a-interest-rates-5000-year-","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125426477","content_text":"'At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon,' BofA says.\n\nBank of America says interest rates are at a 5,000-year low and recommends holding quality, defensive stocks for the rest of the year.\nThe interest-rate calculation comes from BofA’s own data, the Bank of England, Global Financial Data and the 2005 book “A History of Interest Rates.”\n“Central banks are keeping global interest rates at 5,000 year lows,” wrote BofA  Chief Investment Strategist Michael Hartnett. “At some point in the next 5,000 years, rates will rise, but there is no fear on Wall Street that this happens anytime soon.”\nThe message of this week’s FOMC meeting was \"we will let it [the economy] run hot, [represents an] ok for inflation to be not-so-transitory,” he said.\n“The market reaction will be [to push] the U.S. dollar down and U.S. Treasury yields up. Commodities will remain bid, and there will be a rotation to emerging market stocks and bonds.”\nHartnett also sees a “preference for quality and defensive stocks, driven by inflation causing growth and EPS estimates to fall. The U.S. consumer has peaked.”\nAs for BofA’s advice, it recommends owning “defensive, quality stocks in the second half, … as policy flip-flops will end in a market correction,” Hartnett says.\nBofA favors defensive stocks in vaccinated markets, such as the U.S. and European Union. And it likes cyclical reopening stocks in markets with “vaccine-upside, i.e. Japan, China and emerging markets.”\nU.S. stocks are falling Friday, as investors weigh concerns about the spread of the COVID-19 Delta variant and disappointing results from online retail giant Amazon (AMZN).","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890439937,"gmtCreate":1628127393029,"gmtModify":1633753336554,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890439937","repostId":"1193138874","repostType":4,"repost":{"id":"1193138874","kind":"news","pubTimestamp":1628124881,"share":"https://www.laohu8.com/m/news/1193138874?lang=zh_CN&edition=full","pubTime":"2021-08-05 08:54","market":"us","language":"en","title":"These High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193138874","media":"The Motley Fool","summary":"Even solid financial reports aren't enough for many investors right now.\nKey Points\n\nMarkets were la","content":"<p><i>Even solid financial reports aren't enough for many investors right now.</i></p><p><blockquote><i>对于许多投资者来说，即使是可靠的财务报告也是不够的。</i></blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Markets were largely lower on Wednesday.</li>  <li>High-growth stocks have led the market higher over the past year.</li>  <li>However, two of those stocks fell sharply after hours on earnings.</li> </ul> </p><p><blockquote><ul><li>周三市场大幅走低。</li><li>过去一年，高增长股票引领市场走高。</li><li>然而，其中两只股票因财报盘后大幅下跌。</li></ul></blockquote></p><p> The stock market had a tough day on Wednesday, although the&nbsp;<a href=\"https://laohu8.com/S/.IXIC\">NASDAQ</a> managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the&nbsp;<a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> and the&nbsp;<a href=\"https://laohu8.com/S/.DJI\">DJIA</a> reflected anxiety about what the future might bring.</p><p><blockquote>周三股市经历了艰难的一天，尽管<a href=\"https://laohu8.com/S/.IXIC\">纳斯达克</a>尽管其他地方有压力，还是设法取得了一些进展。两个抵消因素迫使投资者保持平衡，因为企业盈利总体保持强劲，但经济数据继续显示持续疲软。下降<a href=\"https://laohu8.com/S/.SPX\">标普500</a>和<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>反映了对未来可能带来的焦虑。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏化学</td></tr></tbody></blockquote></p><p></td>    <td>(0.92%)</p><p><blockquote><td>(0.92%)</td></blockquote></p><p></td>    <td>(324)</p><p><blockquote><td>(324)</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>(0.46%)</p><p><blockquote><td>(0.46%)</td></blockquote></p><p></td>    <td>(20)</p><p><blockquote><td>(20)</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.13%</p><p><blockquote><td>+0.13%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎！金融。</blockquote></p><p> <a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a> and&nbsp;<a href=\"https://laohu8.com/S/ETSY\">Etsy</a> have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the&nbsp;growth stocks.</p><p><blockquote><a href=\"https://laohu8.com/S/ROKU\">Roku公司</a>和<a href=\"https://laohu8.com/S/ETSY\">Etsy</a>是过去一年中最令投资者兴奋的几家公司。然而，尽管季度业绩稳健，但两只股票在盘后交易中均大幅下跌。下面，我们将更仔细地研究这些报告，以找出成长型股票出了什么问题。</blockquote></p><p> <h3><b>Roku sees viewers touch their dials</b></h3> Shares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.</p><p><blockquote><h3><b>Roku看到观众触摸他们的表盘</b></h3>周三下午，Roku股价在盘后交易中下跌超过8%。这家流媒体电视专家实现了稳健增长，但一些数字令投资者感到担忧。</blockquote></p><p> Many of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.</p><p><blockquote>Roku的许多数字都令人印象深刻。2021年第二季度收入较去年同期增长81%，平台相关销售额同比增长一倍多。每用户平均收入增长46%，Roku扭转了去年同期的亏损，每股收益为0.52美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b771902b5b2a18c1c38877afc729d2e\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> However, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.</p><p><blockquote>然而，投资者似乎只关注单一的业务指标。Roku 5510万活跃账户中观看流媒体电视的时间为174亿小时。尽管Roku在此期间活跃账户增加了150万个，但这比三个月前减少了10亿小时。股东们似乎认为这是持久担忧的原因，而不是简单地将其视为重新开业的结果。</blockquote></p><p> Roku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.</p><p><blockquote>Roku的长期前景看起来仍然强劲，特别是随着Roku渠道继续获得牵引力。许多人将其股票盘后下跌视为回调时买入的难得机会。</blockquote></p><p> Meanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.</p><p><blockquote>与此同时，Etsy的股价遭受了更严重的打击。craft goods marketplace的股价周三盘后下跌超过13%。</blockquote></p><p> Etsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.</p><p><blockquote>Etsy第二季度业绩继续增长，但增速低于投资者过去的预期。销售额增长23%，综合商品销售总额增长13%。净利润小幅增长2%，每股收益为0.68美元。该公司指出，随着经济重新开放，预计新买家增长将减少，并认为即使Etsy市场上的800万新买家也是一个重大胜利，超过了2019年大流行前的数字。</blockquote></p><p> Etsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.</p><p><blockquote>Etsy还选择不给出全年指引，这引起了投资者的一些关注。该公司预计第三季度营收为5亿至5.25亿美元，这意味着同比增长将继续放缓至13.5%。</blockquote></p><p> Naysayers have seen Etsy&nbsp;as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.</p><p><blockquote>反对者认为Etsy纯粹是疫情早期不得不呆在家里的人们的一次性受益者，他们预计该股会出现像今天这样的回调。然而，Etsy已经采取了一系列举措来促进更持久的增长，看看成长型投资者是否会抓住机会低价买入Etsy股票将会很有趣。</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>These High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</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\">\nThese High-Growth Stocks Are Getting Hammered After Hours<blockquote>这些高增长股票在盘后受到重创</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Motley Fool</strong><span class=\"h-time small\">2021-08-05 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Even solid financial reports aren't enough for many investors right now.</i></p><p><blockquote><i>对于许多投资者来说，即使是可靠的财务报告也是不够的。</i></blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Markets were largely lower on Wednesday.</li>  <li>High-growth stocks have led the market higher over the past year.</li>  <li>However, two of those stocks fell sharply after hours on earnings.</li> </ul> </p><p><blockquote><ul><li>周三市场大幅走低。</li><li>过去一年，高增长股票引领市场走高。</li><li>然而，其中两只股票因财报盘后大幅下跌。</li></ul></blockquote></p><p> The stock market had a tough day on Wednesday, although the&nbsp;<a href=\"https://laohu8.com/S/.IXIC\">NASDAQ</a> managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the&nbsp;<a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> and the&nbsp;<a href=\"https://laohu8.com/S/.DJI\">DJIA</a> reflected anxiety about what the future might bring.</p><p><blockquote>周三股市经历了艰难的一天，尽管<a href=\"https://laohu8.com/S/.IXIC\">纳斯达克</a>尽管其他地方有压力，还是设法取得了一些进展。两个抵消因素迫使投资者保持平衡，因为企业盈利总体保持强劲，但经济数据继续显示持续疲软。下降<a href=\"https://laohu8.com/S/.SPX\">标普500</a>和<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>反映了对未来可能带来的焦虑。</blockquote></p><p> <table>  <thead>   <tr>    <th><b>Index</b></p><p><blockquote><table><thead><tr><th><b>指数</b></th></tr></thead></table></blockquote></p><p></th>    <th><b>Percentage Change</b></p><p><blockquote><th><b>百分比变化</b></th></blockquote></p><p></th>    <th><b>Point Change</b></p><p><blockquote><th><b>点变化</b></th></blockquote></p><p></th>   </tr>  </thead>  <tbody>   <tr>    <td>Dow</p><p><blockquote><tbody><tr><td>陶氏化学</td></tr></tbody></blockquote></p><p></td>    <td>(0.92%)</p><p><blockquote><td>(0.92%)</td></blockquote></p><p></td>    <td>(324)</p><p><blockquote><td>(324)</td></blockquote></p><p></td>   </tr>   <tr>    <td>S&amp;P 500</p><p><blockquote><tr><td>标普500</td></tr></blockquote></p><p></td>    <td>(0.46%)</p><p><blockquote><td>(0.46%)</td></blockquote></p><p></td>    <td>(20)</p><p><blockquote><td>(20)</td></blockquote></p><p></td>   </tr>   <tr>    <td>Nasdaq Composite</p><p><blockquote><tr><td>纳斯达克复合材料</td></tr></blockquote></p><p></td>    <td>+0.13%</p><p><blockquote><td>+0.13%</td></blockquote></p><p></td>    <td>+19</p><p><blockquote><td>+19</td></blockquote></p><p></td>   </tr>  </tbody> </table> DATA SOURCE: YAHOO! FINANCE.</p><p><blockquote>数据来源：雅虎！金融。</blockquote></p><p> <a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a> and&nbsp;<a href=\"https://laohu8.com/S/ETSY\">Etsy</a> have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the&nbsp;growth stocks.</p><p><blockquote><a href=\"https://laohu8.com/S/ROKU\">Roku公司</a>和<a href=\"https://laohu8.com/S/ETSY\">Etsy</a>是过去一年中最令投资者兴奋的几家公司。然而，尽管季度业绩稳健，但两只股票在盘后交易中均大幅下跌。下面，我们将更仔细地研究这些报告，以找出成长型股票出了什么问题。</blockquote></p><p> <h3><b>Roku sees viewers touch their dials</b></h3> Shares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.</p><p><blockquote><h3><b>Roku看到观众触摸他们的表盘</b></h3>周三下午，Roku股价在盘后交易中下跌超过8%。这家流媒体电视专家实现了稳健增长，但一些数字令投资者感到担忧。</blockquote></p><p> Many of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.</p><p><blockquote>Roku的许多数字都令人印象深刻。2021年第二季度收入较去年同期增长81%，平台相关销售额同比增长一倍多。每用户平均收入增长46%，Roku扭转了去年同期的亏损，每股收益为0.52美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b771902b5b2a18c1c38877afc729d2e\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> However, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.</p><p><blockquote>然而，投资者似乎只关注单一的业务指标。Roku 5510万活跃账户中观看流媒体电视的时间为174亿小时。尽管Roku在此期间活跃账户增加了150万个，但这比三个月前减少了10亿小时。股东们似乎认为这是持久担忧的原因，而不是简单地将其视为重新开业的结果。</blockquote></p><p> Roku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.</p><p><blockquote>Roku的长期前景看起来仍然强劲，特别是随着Roku渠道继续获得牵引力。许多人将其股票盘后下跌视为回调时买入的难得机会。</blockquote></p><p> Meanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.</p><p><blockquote>与此同时，Etsy的股价遭受了更严重的打击。craft goods marketplace的股价周三盘后下跌超过13%。</blockquote></p><p> Etsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.</p><p><blockquote>Etsy第二季度业绩继续增长，但增速低于投资者过去的预期。销售额增长23%，综合商品销售总额增长13%。净利润小幅增长2%，每股收益为0.68美元。该公司指出，随着经济重新开放，预计新买家增长将减少，并认为即使Etsy市场上的800万新买家也是一个重大胜利，超过了2019年大流行前的数字。</blockquote></p><p> Etsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.</p><p><blockquote>Etsy还选择不给出全年指引，这引起了投资者的一些关注。该公司预计第三季度营收为5亿至5.25亿美元，这意味着同比增长将继续放缓至13.5%。</blockquote></p><p> Naysayers have seen Etsy&nbsp;as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.</p><p><blockquote>反对者认为Etsy纯粹是疫情早期不得不呆在家里的人们的一次性受益者，他们预计该股会出现像今天这样的回调。然而，Etsy已经采取了一系列举措来促进更持久的增长，看看成长型投资者是否会抓住机会低价买入Etsy股票将会很有趣。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/04/high-growth-stocks-getting-hammered-after-hours/\">The Motley Fool</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","ETSY":"Etsy, Inc.","ROKU":"Roku Inc",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2021/08/04/high-growth-stocks-getting-hammered-after-hours/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193138874","content_text":"Even solid financial reports aren't enough for many investors right now.\nKey Points\n\nMarkets were largely lower on Wednesday.\nHigh-growth stocks have led the market higher over the past year.\nHowever, two of those stocks fell sharply after hours on earnings.\n\n\nThe stock market had a tough day on Wednesday, although the NASDAQ managed to gain a bit of ground despite pressure elsewhere. Two countervailing factors are forcing investors to maintain a balancing act, as corporate earnings have remained generally strong but economic data continues to show ongoing weakness. Declines for the S&P 500 and the DJIA reflected anxiety about what the future might bring.\n\n\n\nIndex\nPercentage Change\nPoint Change\n\n\n\n\nDow\n(0.92%)\n(324)\n\n\nS&P 500\n(0.46%)\n(20)\n\n\nNasdaq Composite\n+0.13%\n+19\n\n\n\nDATA SOURCE: YAHOO! FINANCE.\nRoku Inc and Etsy have been a couple of the most exciting companies for investors over the past year. However, despite solid quarterly results, both stocks fell sharply in after-hours trading. Below, we'll look more closely at the reports to identify what went wrong for the growth stocks.\nRoku sees viewers touch their dials\nShares of Roku were down more than 8% in after-hours trading on Wednesday afternoon. The streaming TV specialist saw solid growth, but a couple of numbers troubled investors.\nMany of Roku's numbers were highly impressive. Revenue jumped 81% in the second quarter of 2021 from year-ago levels, with platform-related sales more than doubling year over year. Average revenue per user was up 46%, and Roku reversed a year-ago loss with earnings of $0.52 per share.\nIMAGE SOURCE: GETTY IMAGES.\nHowever, investors seemed to focus on a single business metric. Hours spent watching streaming TV among Roku's 55.1 million active accounts came in at 17.4 billion. That was down 1 billion hours from where it was three months ago, despite the fact that Roku had 1.5 million more active accounts during that timeframe. Shareholders seemed to take that as cause for lasting concern, rather than simply seeing it as a consequence of the reopening.\nRoku's long-term prospects still look strong, especially as The Roku Channel continued to gain traction. Many will see the after-hours drop in its stock as a rare opportunity to buy on a pullback.\nMeanwhile, shares of Etsy took an even harder hit. The craft goods marketplace's stock was down more than 13% after hours on Wednesday.\nEtsy's second-quarter results saw growth continue, but at a slower pace than investors have seen in the past. Sales climbed 23% on a 13% rise in consolidated gross merchandise sales. Net income inched higher by 2%, with earnings coming in at $0.68 per share. The company cited an anticipated reduction in new buyer growth as the economy reopened, arguing that even the 8 million new buyers on Etsy's marketplace was a substantial victory and more than pre-pandemic numbers from 2019.\nEtsy also chose not to give full-year guidance, raising some eyebrows among investors. The company expects revenue of $500 million to $525 million for the third quarter, which would mean a continued slowing of growth to just 13.5% year over year.\nNaysayers have seen Etsy as purely a one-time beneficiary of people having had to remain home during the early part of the pandemic, and they've expected a pullback like the one the stock is seeing today. However, Etsy has put a number of initiatives in place to foster longer-lasting growth, and it'll be interesting to see if growth investors jump at the chance to pick up shares of Etsy at a bargain.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"ROKU":0.9,"ETSY":0.9}},"isVote":1,"tweetType":1,"viewCount":1301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890430016,"gmtCreate":1628127357435,"gmtModify":1633753337745,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890430016","repostId":"1188919182","repostType":4,"repost":{"id":"1188919182","kind":"news","pubTimestamp":1628124955,"share":"https://www.laohu8.com/m/news/1188919182?lang=zh_CN&edition=full","pubTime":"2021-08-05 08:55","market":"us","language":"en","title":"Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188919182","media":"TheStreet","summary":"Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit","content":"<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock&nbsp;has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&amp;P 500&nbsp;trades&nbsp;at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&amp;L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&amp;L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed&nbsp;since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p>   “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its&nbsp;research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-05 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock&nbsp;has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&amp;P 500&nbsp;trades&nbsp;at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&amp;L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&amp;L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed&nbsp;since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p>   “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its&nbsp;research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/amazon-stock-the-most-undervalued-in-years\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/amazon-stock-the-most-undervalued-in-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188919182","content_text":"Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?\nAmazon stock has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.\nThe better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.\nA closer look at valuations\nThe table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.\nOn the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&P 500 trades at a P/E of nearly half this much, at around 33 times.\nFigure 1: AMZN current valuation multiples.\nBut relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&L-related valuation metrics, currently sit very much at five-year lows.\nBetter yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.\nFigure 2: AMZN P/E and EV/EBIT.\nOutside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.\nEnterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.\nFigure 3: AMZN P/B and EV/IC.\nThe Amazon Maven’s take\nThe graphs and tables above support the bullish views that the Amazon Maven has proposed since the company’s Q2 earnings release:\n\n “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.”","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890497874,"gmtCreate":1628127332098,"gmtModify":1633753338235,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890497874","repostId":"1193516490","repostType":4,"isVote":1,"tweetType":1,"viewCount":2866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802975096,"gmtCreate":1627712435015,"gmtModify":1633756861890,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802975096","repostId":"1162771150","repostType":4,"isVote":1,"tweetType":1,"viewCount":1163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802965730,"gmtCreate":1627708222020,"gmtModify":1633756896471,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like please thanks&nbsp;","listText":"Like please thanks&nbsp;","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802965730","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802961072,"gmtCreate":1627707810696,"gmtModify":1633756900539,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802961072","repostId":"1152039134","repostType":4,"repost":{"id":"1152039134","kind":"news","pubTimestamp":1627689014,"share":"https://www.laohu8.com/m/news/1152039134?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:50","market":"us","language":"en","title":"Jim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152039134","media":"The Street","summary":"Take it from a guy who knows, the process is really flawed.\n\nWhat should Robinhood (HOOD) -Get Repor","content":"<p>  Take it from a guy who knows, the process is really flawed.  What should Robinhood&nbsp;(<b>HOOD</b>) -Get Report&nbsp;have done to avoid the IPO debacle?</p><p><blockquote>听一个知道的人说，这个过程真的有缺陷。罗宾汉应该做什么（<b>发动机罩</b>)-获取报告为避免IPO失败做了哪些工作？</blockquote></p><p> I can't speak to what happened on Thursday, who was in charge, who argued for what.</p><p><blockquote>我不能说周四发生了什么，谁是负责人，谁为什么辩护。</blockquote></p><p> I can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.</p><p><blockquote>我只能告诉你22年前TheStreet.com上市时我争论了什么。首先，作为创始人，我决心用股票奖励所有订阅者，以表明我对他们的忠诚。</blockquote></p><p> Second, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?</p><p><blockquote>其次，我坚持认为这笔交易的定价要比承销商想要的低得多。我们已经为初始投资者赚了一大笔钱。为什么不把很多留在桌面上，让新投资者做好呢？</blockquote></p><p> Third, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.</p><p><blockquote>第三，我希望有足够多的股票交给好人，这样就不会有脚蹼，我希望与各种经纪人密切协调，这些经纪人往往会渗透到流程中，通过批量市场订单、开仓过高然后做空股票来劫持开盘。一路下跌。</blockquote></p><p> I lost on every single point.</p><p><blockquote>我在每一点上都输了。</blockquote></p><p> The underwriters said we could not allocate to subscribers.</p><p><blockquote>承销商说我们不能分配给认购者。</blockquote></p><p> Second, the price of the deal would not be controlled to where we could have a small pop so everyone would win.</p><p><blockquote>第二，交易的价格不会被控制在我们可以有一个小的流行，这样每个人都会赢。</blockquote></p><p> Third, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.</p><p><blockquote>第三，场外订单，即那些下市价订单的人，是由一家名为Knight Securities的机构分批的，而不是承销商高盛，开盘价是62美元——甚至不清楚开盘价是多少，太混乱了——交易到66美元，就像Robinhood交易到39美元然后改变，然后再也没有交易更高。</blockquote></p><p> Everyone who bought that day lost money.</p><p><blockquote>那天买的都亏了。</blockquote></p><p> Everyone who sold that day made money.</p><p><blockquote>那天卖出的每个人都赚钱了。</blockquote></p><p> No subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.</p><p><blockquote>据我所知，没有订阅者加入，大多数是在开盘时购买的，我疏远了除了大狗之外的所有人。</blockquote></p><p> It is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.</p><p><blockquote>令人惊讶的是，我们现在是2021年，这个过程虽然让客户进入，但却未能定价，因此Robinhood将钱留在了桌面上。相信我，这是可能的。但承销商和管理层选择不这样做。我们不知道哪一方搞砸了，或者两者都搞砸了，但有一个成功的蓝图；相信我，如果我知道1999年是什么，他们也知道现在是什么。</blockquote></p><p> I always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.</p><p><blockquote>我一直对发生的事感到后悔。大多数人责怪我，因为我是这个过程的代言人。我被它的可怕程度震惊了，没有“从长计议”，因为从长计议很糟糕。</blockquote></p><p> Why do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.</p><p><blockquote>为什么这些事情会出错？我确实责怪承销商，因为他们每天都这样做，而委托人只做一次。他们必须阻止管理层背叛股东，因为股东认为这是管理层的错。没有承销商会说他们搞砸了。那是不可能的。</blockquote></p><p> So, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.</p><p><blockquote>因此，我们坐下来，惊叹于这笔交易进行得有多糟糕，尽管它完全在承销商和委托人的范围内，所以罗宾汉留下了更多。</blockquote></p><p> Greed?</p><p><blockquote>贪婪？</blockquote></p><p> Stupidity?</p><p><blockquote>愚蠢？</blockquote></p><p> How about poor execution and a lack of transparency that shows how badly it was handled.</p><p><blockquote>糟糕的执行和缺乏透明度表明事情处理得有多糟糕怎么样？</blockquote></p><p> Just like the offering ofTheStreet.com.</p><p><blockquote>就像TheStreet.com的产品一样。</blockquote></p><p></p>","source":"lsy1610613172068","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>Jim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</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\">\nJim Cramer: Robinhood's IPO Debacle Shows How Little Has Changed Over the Decades<blockquote>吉姆·克莱默：Robinhood的IPO惨败表明几十年来变化很小</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-31 07:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Take it from a guy who knows, the process is really flawed.  What should Robinhood&nbsp;(<b>HOOD</b>) -Get Report&nbsp;have done to avoid the IPO debacle?</p><p><blockquote>听一个知道的人说，这个过程真的有缺陷。罗宾汉应该做什么（<b>发动机罩</b>)-获取报告为避免IPO失败做了哪些工作？</blockquote></p><p> I can't speak to what happened on Thursday, who was in charge, who argued for what.</p><p><blockquote>我不能说周四发生了什么，谁是负责人，谁为什么辩护。</blockquote></p><p> I can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.</p><p><blockquote>我只能告诉你22年前TheStreet.com上市时我争论了什么。首先，作为创始人，我决心用股票奖励所有订阅者，以表明我对他们的忠诚。</blockquote></p><p> Second, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?</p><p><blockquote>其次，我坚持认为这笔交易的定价要比承销商想要的低得多。我们已经为初始投资者赚了一大笔钱。为什么不把很多留在桌面上，让新投资者做好呢？</blockquote></p><p> Third, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.</p><p><blockquote>第三，我希望有足够多的股票交给好人，这样就不会有脚蹼，我希望与各种经纪人密切协调，这些经纪人往往会渗透到流程中，通过批量市场订单、开仓过高然后做空股票来劫持开盘。一路下跌。</blockquote></p><p> I lost on every single point.</p><p><blockquote>我在每一点上都输了。</blockquote></p><p> The underwriters said we could not allocate to subscribers.</p><p><blockquote>承销商说我们不能分配给认购者。</blockquote></p><p> Second, the price of the deal would not be controlled to where we could have a small pop so everyone would win.</p><p><blockquote>第二，交易的价格不会被控制在我们可以有一个小的流行，这样每个人都会赢。</blockquote></p><p> Third, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.</p><p><blockquote>第三，场外订单，即那些下市价订单的人，是由一家名为Knight Securities的机构分批的，而不是承销商高盛，开盘价是62美元——甚至不清楚开盘价是多少，太混乱了——交易到66美元，就像Robinhood交易到39美元然后改变，然后再也没有交易更高。</blockquote></p><p> Everyone who bought that day lost money.</p><p><blockquote>那天买的都亏了。</blockquote></p><p> Everyone who sold that day made money.</p><p><blockquote>那天卖出的每个人都赚钱了。</blockquote></p><p> No subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.</p><p><blockquote>据我所知，没有订阅者加入，大多数是在开盘时购买的，我疏远了除了大狗之外的所有人。</blockquote></p><p> It is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.</p><p><blockquote>令人惊讶的是，我们现在是2021年，这个过程虽然让客户进入，但却未能定价，因此Robinhood将钱留在了桌面上。相信我，这是可能的。但承销商和管理层选择不这样做。我们不知道哪一方搞砸了，或者两者都搞砸了，但有一个成功的蓝图；相信我，如果我知道1999年是什么，他们也知道现在是什么。</blockquote></p><p> I always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.</p><p><blockquote>我一直对发生的事感到后悔。大多数人责怪我，因为我是这个过程的代言人。我被它的可怕程度震惊了，没有“从长计议”，因为从长计议很糟糕。</blockquote></p><p> Why do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.</p><p><blockquote>为什么这些事情会出错？我确实责怪承销商，因为他们每天都这样做，而委托人只做一次。他们必须阻止管理层背叛股东，因为股东认为这是管理层的错。没有承销商会说他们搞砸了。那是不可能的。</blockquote></p><p> So, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.</p><p><blockquote>因此，我们坐下来，惊叹于这笔交易进行得有多糟糕，尽管它完全在承销商和委托人的范围内，所以罗宾汉留下了更多。</blockquote></p><p> Greed?</p><p><blockquote>贪婪？</blockquote></p><p> Stupidity?</p><p><blockquote>愚蠢？</blockquote></p><p> How about poor execution and a lack of transparency that shows how badly it was handled.</p><p><blockquote>糟糕的执行和缺乏透明度表明事情处理得有多糟糕怎么样？</blockquote></p><p> Just like the offering ofTheStreet.com.</p><p><blockquote>就像TheStreet.com的产品一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/cramer-robinhood-ipo-debacle-thestreet-7-30-21\">The Street</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":{"HOOD":"Robinhood"},"source_url":"https://www.thestreet.com/investing/cramer-robinhood-ipo-debacle-thestreet-7-30-21","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152039134","content_text":"Take it from a guy who knows, the process is really flawed.\n\nWhat should Robinhood (HOOD) -Get Report have done to avoid the IPO debacle?\nI can't speak to what happened on Thursday, who was in charge, who argued for what.\nI can only tell you what I argued for 22 years ago whenTheStreet.comwas coming public. First, as the founder, I was determined to award all the subscribers with stock to demonstrate my loyalty to them.\nSecond, I was insistent that the deal be priced much lower than the underwriters wanted. We had already made a ton of money for initial investors. Why not leave a lot on the table and let the new investors do well?\nThird, I wanted enough stock placed with good hands that there would be no flippers and I wanted close coordination with the various brokers who tended to infiltrate the process and hijack the openings by batching market orders and opening the stocks way too high and then shorting them all the way down.\nI lost on every single point.\nThe underwriters said we could not allocate to subscribers.\nSecond, the price of the deal would not be controlled to where we could have a small pop so everyone would win.\nThird, the over-the-transom orders, those who placed market orders, were batched by an outfit called Knight Securities, not the underwriter, Goldman Sachs, and it opened at $62 -- it wasn't even clear what the opening price was it was so chaotic -- traded to $66, like how Robinhood traded to $39 and change, and then never traded higher.\nEveryone who bought that day lost money.\nEveryone who sold that day made money.\nNo subscribers got in, most bought at the opening, from what I can tell, and I alienated everyone except the big dogs.\nIt is amazing that here we are in 2021 and the process, while letting clients in, failed to price it so that Robinhood left money on the table. Believe me, it was possible to do so. But the underwriters and the management chose not to do so. We don't know which side screwed up, or both, but there was a successful blueprint; believe me, if I knew what it was in 1999, they knew what it is now.\nI always regretted what happened. Most people blamed me as I was the face of the process. I was astounded by how horrendous it was and did not \"take the long view\" because the long view sucked.\nWhy do these things go wrong? I do blame the underwriter because they do this every day and the principals only do it once. They have to keep the management from betraying the shareholders because the shareholders think that it is management's fault. No underwriter is EVER going to say that they screwed up. That's not in the cards.\nSo, we sit back and we marvel about how badly the deal went even as it was well within the province of the underwriter and the principals to make it so Robinhood left more on the table.\nGreed?\nStupidity?\nHow about poor execution and a lack of transparency that shows how badly it was handled.\nJust like the offering ofTheStreet.com.","news_type":1,"symbols_score_info":{"HOOD":0.9}},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802818222,"gmtCreate":1627748395566,"gmtModify":1633756664986,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"✋......&nbsp;","listText":"✋......&nbsp;","text":"✋......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802818222","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802965864,"gmtCreate":1627708179658,"gmtModify":1633756896958,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802965864","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802963335,"gmtCreate":1627707748227,"gmtModify":1633756901147,"author":{"id":"4090810599054150","authorId":"4090810599054150","name":"Qinfeng","avatar":"https://static.tigerbbs.com/2758f3b64df8d974fd47a9b4fb08ef67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090810599054150","authorIdStr":"4090810599054150"},"themes":[],"htmlText":"☺️","listText":"☺️","text":"☺️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802963335","repostId":"1106964638","repostType":4,"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}