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Kslee3943

Kslee3943

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2021-10-11

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Nobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</blockquote>

2021-10-11

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2021-10-11

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2021-10-08

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Morgan Stanley Doubles Down On Doom: Calls For "Fire And Ice" Correction<blockquote>摩根士丹利加倍押注《毁灭战士：评级》进行“火与冰”修正</blockquote>

2021-10-07

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Skillz Stock: Is It A Buy, Or Is It A Value Trap?<blockquote>Skillz 股票：是买入，还是价值陷阱？</blockquote>

2021-10-07

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2021-10-07

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What to Expect From Tesla's Annual Shareholder Meeting Thursday<blockquote>特斯拉周四年度股东大会有何期待</blockquote>

2021-10-07

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2021-10-07

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2021-10-06

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2021-10-06

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2021-10-05

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2021-10-05

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Chief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote>

2021-09-26

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2021-09-26

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2021-09-26

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2021-09-25

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2021-09-25

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2021-09-25

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IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics 开盘交易价格为 23.8 美元，较 IPO 价格上涨约 32%</blockquote>

2021-09-25

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Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151047848","media":"Tiger Newspress","summary":"Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in ec","content":"<p>Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.</p><p><blockquote>经济学家戴维·卡德、Joshua D. Angrist和Guido W. Imbens被授予诺贝尔经济学奖。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d9f722d87655d2ece2dcf896b6bd647\" tg-width=\"544\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.</p><p><blockquote>卡德因其对劳动经济学的贡献而受到认可，而安格里斯特和伊本斯则因其对因果关系分析的贡献而获奖。</blockquote></p><p> Last year, Stanford University economists&nbsp;Paul R. Milgrom and Robert B. Wilson were awarded the prize&nbsp;for their \"improvements to auction theory and invention of new auction formats.\"</p><p><blockquote>去年，斯坦福大学经济学家保罗·R·米尔格罗姆和罗伯特·B·威尔逊因其“对拍卖理论的改进和新拍卖形式的发明”而获奖。</blockquote></p><p> The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.</p><p><blockquote>纪念阿尔弗雷德·诺贝尔的瑞典国家银行经济科学奖包括1000万瑞典克朗（110万美元）的现金奖励和一枚金牌。</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>Nobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. 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Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-11 18:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.</p><p><blockquote>经济学家戴维·卡德、Joshua D. Angrist和Guido W. Imbens被授予诺贝尔经济学奖。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d9f722d87655d2ece2dcf896b6bd647\" tg-width=\"544\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.</p><p><blockquote>卡德因其对劳动经济学的贡献而受到认可，而安格里斯特和伊本斯则因其对因果关系分析的贡献而获奖。</blockquote></p><p> Last year, Stanford University economists&nbsp;Paul R. Milgrom and Robert B. Wilson were awarded the prize&nbsp;for their \"improvements to auction theory and invention of new auction formats.\"</p><p><blockquote>去年，斯坦福大学经济学家保罗·R·米尔格罗姆和罗伯特·B·威尔逊因其“对拍卖理论的改进和新拍卖形式的发明”而获奖。</blockquote></p><p> The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.</p><p><blockquote>纪念阿尔弗雷德·诺贝尔的瑞典国家银行经济科学奖包括1000万瑞典克朗（110万美元）的现金奖励和一枚金牌。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151047848","content_text":"Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.\n\nCard was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.\nLast year, Stanford University economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for their \"improvements to auction theory and invention of new auction formats.\"\nThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828874852,"gmtCreate":1633907148405,"gmtModify":1633914697006,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828874852","repostId":"2174892254","repostType":4,"isVote":1,"tweetType":1,"viewCount":3593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828874942,"gmtCreate":1633907096939,"gmtModify":1633907097037,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828874942","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":3595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821123500,"gmtCreate":1633706930644,"gmtModify":1633706943531,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821123500","repostId":"1195699682","repostType":4,"repost":{"id":"1195699682","kind":"news","pubTimestamp":1633706084,"share":"https://www.laohunote.com/m/news/1195699682?lang=zh_CN&edition=full","pubTime":"2021-10-08 23:14","market":"us","language":"en","title":"Morgan Stanley Doubles Down On Doom: Calls For \"Fire And Ice\" Correction<blockquote>摩根士丹利加倍押注《毁灭战士：评级》进行“火与冰”修正</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195699682","media":"zerohedge","summary":"Three weeks ago, when the markets were gripped by a brief but sharp selloff over fears of Evergrande","content":"<p>Three weeks ago, when the markets were gripped by a brief but sharp selloff over fears of Evergrande default contagtion (which certainly remains on the table), Morgan Stanley's Mike Wilsontook the opportunityto pour some fuel on the fire, or rather \"ice\", and warned that odds of a \"destructive\" 20% correction are rising.</p><p><blockquote>三周前，由于对恒大违约蔓延的担忧（这当然仍然存在），市场陷入了短暂但急剧的抛售，摩根士丹利的迈克·威尔逊借此机会火上浇油，或者更确切地说是“冰”，并警告说，“破坏性”20% 修正的可能性正在上升。</blockquote></p><p> As a reminder, for much of the summer, Wilson had been predicting that the current market meltup would end either in \"fire\", i.e. a sharp market correction...</p><p><blockquote>提醒一下，在今年夏天的大部分时间里，威尔逊一直预测当前的市场融化要么会以“火”告终，即市场大幅调整……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7ed4becb4b4add1c291379068668ca7\" tg-width=\"1123\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> or or \"Ice\", with consumer spending grinding to a halt...</p><p><blockquote>或者“冰”，消费者支出陷入停滞……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83d20b93fac562ec12c5371ce0cec674\" tg-width=\"1130\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Pointing to his two gloomy predictions during the \"Evergrande Monday\" plunge, Wilson wrote that \"the ice scenario would be worse for markets<b>and we are leaning in that direction</b>given the fall in consumer confidence and reset lower in PMIs we expect.\" This is what he said, in the context of his longer running thesis that the \"mid-cycle\" is about to have a painful correction as we gradually transition into late cycle:</p><p><blockquote>威尔逊指出了他在“恒大星期一”暴跌期间的两个悲观预测，他写道，“ice的情况对市场来说会更糟<b>我们正朝着那个方向发展</b>鉴于消费者信心下降以及我们预计采购经理人指数将再次走低。”这是他在长期论点的背景下所说的话，即随着我们逐渐过渡到周期后期，“周期中期”即将进行痛苦的修正：</blockquote></p><p>   The typical mid-cycle \"fire\" outcome would lead to a modest and healthy 10% correction in the S&amp;P 500. However, the \"ice\" scenario is starting to look more likely, and could result in a more destructive outcome – i.e. a 20%+ correction. As a result,   <b>we continue to recommend a barbell of more defensively oriented quality (Healthcare and Staples) to protect from the \"ice\" scenario while keeping a leg in Financials to participate in the \"fire\" outcome as higher rates materialize.</b>  And just so it was clear that Wilson stubbornly refused to join the bullish bandwagon, he said that \"with our year end target 10% below current levels, our view is clear: the mid-cycle transition will end with the rolling correction finally hitting the S&amp;P 500.\"</p><p><blockquote>典型的周期中期“火灾”结果将导致标普500出现适度而健康的 10% 修正。然而，“冰”情景开始看起来更有可能，并可能导致更具破坏性的结果——即20%以上的修正。结果，<b>我们继续推荐更具防御性的杠铃（医疗保健和主食），以防范“冰”情景，同时在金融领域保持优势，以在利率上升时参与“火”结果。</b>就在威尔逊显然顽固地拒绝加入看涨行列之际，他表示，“由于我们的年终目标比当前水平低 10%，我们的观点很明确：周期中期转型将随着滚动调整最终触及标普500而结束。”</blockquote></p><p> Fast forward to today when with stocks once again barreling higher, Wilson doubled down on his bearish view and in the latest Morgan Stanley strategy data pack, writes that \"<b>we are now calling for Fire AND Ice.\"</b>Here, he again recaps the two possible mid-cycle correction outcomes he had been envisioning:</p><p><blockquote>快进到今天，随着股市再次飙升，威尔逊加倍强调了他的看跌观点，并在最新的摩根士丹利策略数据包中写道，“<b>我们现在呼唤火与冰。”</b>在这里，他再次概述了他一直设想的两种可能的周期中期修正结果：</blockquote></p><p> <ul>  <li><b>Fire:</b>tightening financial conditions as the Fed signals tapering is coming</li>  <li><b>Ice:</b>growth disappointment particularly on the earnings side</li> </ul> And so, in a reversal from what he said last month, Wilson now thinks<b>\"it’s increasingly likely these scenarios happen together and we get a &gt;10% correction.</b>The Fed will likely announce its taper plans at its next FOMC meeting just as we expect a disappointment in earnings to materialize.\"</p><p><blockquote><ul><li><b>火：</b>随着美联储发出缩减规模的信号，金融状况收紧</li><li><b>冰：</b>增长令人失望，尤其是在盈利方面</li></ul>因此，与他上个月所说的相反，威尔逊现在认为<b>“这些情况同时发生的可能性越来越大，我们会得到超过 10% 的修正。</b>美联储可能会在下一次联邦公开市场委员会会议上宣布缩减规模计划，而我们预计盈利将令人失望。”</blockquote></p><p> And since much digital ink has been spilled discussing the impact of the coming taper, we will focus on his second warning, namely the coming trouble for corporate earnings, which echoes what we said more than a month ago...</p><p><blockquote>由于在讨论即将到来的缩减的影响时已经有很多数字墨水泄露，我们将重点关注他的第二个警告，即即将到来的企业盈利麻烦，这与我们一个多月前所说的相呼应……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35ca94354b7552e106b3d35a4245e356\" tg-width=\"507\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... and which Wilson distills simply as \"Earnings Trouble Ahead.\"</p><p><blockquote>...威尔逊将其简单地概括为“未来的盈利问题”。</blockquote></p><p> Here, the strategist points to the large number of companies flagging serious supply chain issues in off-cycle earnings reports over the past month and notes that \"<b>both forward earnings estimates and price de-rated after many of these reports.\"</b></p><p><blockquote>在这里，这位策略师指出，大量公司在过去一个月的非周期收益报告中标记了严重的供应链问题，并指出“<b>在许多此类报告发布后，远期盈利预期和价格均被下调。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/be884d8276f2170f18ee79f621c647a1\" tg-width=\"1085\" tg-height=\"729\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jumping to the punchline, Wilson thinks this will be a pervasive dynamic during 3Q reporting season and it will \"<b>trigger downside in earnings revisions at the index level - a headwind for price.\"</b></p><p><blockquote>跳到笑点，威尔逊认为这将是第三季度报告季节普遍存在的动态，并且将“<b>在指数水平上引发盈利修正的下行空间——对价格构成阻力。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/8c39e1bbced9475fd293f9d4ed624a7e\" tg-width=\"1104\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Finally, looking beyond 3Q, he sees the earnings risk coming more from<b>(1) the inability of companies to pass on pricing (2) margin risk related more to higher wages and (3) a reversion (lower) in goods consumption.</b></p><p><blockquote>最后，展望第三季度之后，他认为盈利风险更多地来自<b>（1）公司无法转嫁定价（2）利润风险更多地与更高的工资和（3）商品消费的回归（降低）有关。</b></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>Morgan Stanley Doubles Down On Doom: Calls For \"Fire And Ice\" Correction<blockquote>摩根士丹利加倍押注《毁灭战士：评级》进行“火与冰”修正</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Doubles Down On Doom: Calls For \"Fire And Ice\" Correction<blockquote>摩根士丹利加倍押注《毁灭战士：评级》进行“火与冰”修正</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-10-08 23:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Three weeks ago, when the markets were gripped by a brief but sharp selloff over fears of Evergrande default contagtion (which certainly remains on the table), Morgan Stanley's Mike Wilsontook the opportunityto pour some fuel on the fire, or rather \"ice\", and warned that odds of a \"destructive\" 20% correction are rising.</p><p><blockquote>三周前，由于对恒大违约蔓延的担忧（这当然仍然存在），市场陷入了短暂但急剧的抛售，摩根士丹利的迈克·威尔逊借此机会火上浇油，或者更确切地说是“冰”，并警告说，“破坏性”20% 修正的可能性正在上升。</blockquote></p><p> As a reminder, for much of the summer, Wilson had been predicting that the current market meltup would end either in \"fire\", i.e. a sharp market correction...</p><p><blockquote>提醒一下，在今年夏天的大部分时间里，威尔逊一直预测当前的市场融化要么会以“火”告终，即市场大幅调整……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7ed4becb4b4add1c291379068668ca7\" tg-width=\"1123\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> or or \"Ice\", with consumer spending grinding to a halt...</p><p><blockquote>或者“冰”，消费者支出陷入停滞……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83d20b93fac562ec12c5371ce0cec674\" tg-width=\"1130\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Pointing to his two gloomy predictions during the \"Evergrande Monday\" plunge, Wilson wrote that \"the ice scenario would be worse for markets<b>and we are leaning in that direction</b>given the fall in consumer confidence and reset lower in PMIs we expect.\" This is what he said, in the context of his longer running thesis that the \"mid-cycle\" is about to have a painful correction as we gradually transition into late cycle:</p><p><blockquote>威尔逊指出了他在“恒大星期一”暴跌期间的两个悲观预测，他写道，“ice的情况对市场来说会更糟<b>我们正朝着那个方向发展</b>鉴于消费者信心下降以及我们预计采购经理人指数将再次走低。”这是他在长期论点的背景下所说的话，即随着我们逐渐过渡到周期后期，“周期中期”即将进行痛苦的修正：</blockquote></p><p>   The typical mid-cycle \"fire\" outcome would lead to a modest and healthy 10% correction in the S&amp;P 500. However, the \"ice\" scenario is starting to look more likely, and could result in a more destructive outcome – i.e. a 20%+ correction. As a result,   <b>we continue to recommend a barbell of more defensively oriented quality (Healthcare and Staples) to protect from the \"ice\" scenario while keeping a leg in Financials to participate in the \"fire\" outcome as higher rates materialize.</b>  And just so it was clear that Wilson stubbornly refused to join the bullish bandwagon, he said that \"with our year end target 10% below current levels, our view is clear: the mid-cycle transition will end with the rolling correction finally hitting the S&amp;P 500.\"</p><p><blockquote>典型的周期中期“火灾”结果将导致标普500出现适度而健康的 10% 修正。然而，“冰”情景开始看起来更有可能，并可能导致更具破坏性的结果——即20%以上的修正。结果，<b>我们继续推荐更具防御性的杠铃（医疗保健和主食），以防范“冰”情景，同时在金融领域保持优势，以在利率上升时参与“火”结果。</b>就在威尔逊显然顽固地拒绝加入看涨行列之际，他表示，“由于我们的年终目标比当前水平低 10%，我们的观点很明确：周期中期转型将随着滚动调整最终触及标普500而结束。”</blockquote></p><p> Fast forward to today when with stocks once again barreling higher, Wilson doubled down on his bearish view and in the latest Morgan Stanley strategy data pack, writes that \"<b>we are now calling for Fire AND Ice.\"</b>Here, he again recaps the two possible mid-cycle correction outcomes he had been envisioning:</p><p><blockquote>快进到今天，随着股市再次飙升，威尔逊加倍强调了他的看跌观点，并在最新的摩根士丹利策略数据包中写道，“<b>我们现在呼唤火与冰。”</b>在这里，他再次概述了他一直设想的两种可能的周期中期修正结果：</blockquote></p><p> <ul>  <li><b>Fire:</b>tightening financial conditions as the Fed signals tapering is coming</li>  <li><b>Ice:</b>growth disappointment particularly on the earnings side</li> </ul> And so, in a reversal from what he said last month, Wilson now thinks<b>\"it’s increasingly likely these scenarios happen together and we get a &gt;10% correction.</b>The Fed will likely announce its taper plans at its next FOMC meeting just as we expect a disappointment in earnings to materialize.\"</p><p><blockquote><ul><li><b>火：</b>随着美联储发出缩减规模的信号，金融状况收紧</li><li><b>冰：</b>增长令人失望，尤其是在盈利方面</li></ul>因此，与他上个月所说的相反，威尔逊现在认为<b>“这些情况同时发生的可能性越来越大，我们会得到超过 10% 的修正。</b>美联储可能会在下一次联邦公开市场委员会会议上宣布缩减规模计划，而我们预计盈利将令人失望。”</blockquote></p><p> And since much digital ink has been spilled discussing the impact of the coming taper, we will focus on his second warning, namely the coming trouble for corporate earnings, which echoes what we said more than a month ago...</p><p><blockquote>由于在讨论即将到来的缩减的影响时已经有很多数字墨水泄露，我们将重点关注他的第二个警告，即即将到来的企业盈利麻烦，这与我们一个多月前所说的相呼应……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35ca94354b7552e106b3d35a4245e356\" tg-width=\"507\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... and which Wilson distills simply as \"Earnings Trouble Ahead.\"</p><p><blockquote>...威尔逊将其简单地概括为“未来的盈利问题”。</blockquote></p><p> Here, the strategist points to the large number of companies flagging serious supply chain issues in off-cycle earnings reports over the past month and notes that \"<b>both forward earnings estimates and price de-rated after many of these reports.\"</b></p><p><blockquote>在这里，这位策略师指出，大量公司在过去一个月的非周期收益报告中标记了严重的供应链问题，并指出“<b>在许多此类报告发布后，远期盈利预期和价格均被下调。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/be884d8276f2170f18ee79f621c647a1\" tg-width=\"1085\" tg-height=\"729\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jumping to the punchline, Wilson thinks this will be a pervasive dynamic during 3Q reporting season and it will \"<b>trigger downside in earnings revisions at the index level - a headwind for price.\"</b></p><p><blockquote>跳到笑点，威尔逊认为这将是第三季度报告季节普遍存在的动态，并且将“<b>在指数水平上引发盈利修正的下行空间——对价格构成阻力。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/8c39e1bbced9475fd293f9d4ed624a7e\" tg-width=\"1104\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Finally, looking beyond 3Q, he sees the earnings risk coming more from<b>(1) the inability of companies to pass on pricing (2) margin risk related more to higher wages and (3) a reversion (lower) in goods consumption.</b></p><p><blockquote>最后，展望第三季度之后，他认为盈利风险更多地来自<b>（1）公司无法转嫁定价（2）利润风险更多地与更高的工资和（3）商品消费的回归（降低）有关。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/morgan-stanley-doubles-down-doom-calls-fire-and-ice-correction?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-doubles-down-doom-calls-fire-and-ice-correction?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195699682","content_text":"Three weeks ago, when the markets were gripped by a brief but sharp selloff over fears of Evergrande default contagtion (which certainly remains on the table), Morgan Stanley's Mike Wilsontook the opportunityto pour some fuel on the fire, or rather \"ice\", and warned that odds of a \"destructive\" 20% correction are rising.\nAs a reminder, for much of the summer, Wilson had been predicting that the current market meltup would end either in \"fire\", i.e. a sharp market correction...\n\nor or \"Ice\", with consumer spending grinding to a halt...\n\nPointing to his two gloomy predictions during the \"Evergrande Monday\" plunge, Wilson wrote that \"the ice scenario would be worse for marketsand we are leaning in that directiongiven the fall in consumer confidence and reset lower in PMIs we expect.\" This is what he said, in the context of his longer running thesis that the \"mid-cycle\" is about to have a painful correction as we gradually transition into late cycle:\n\n The typical mid-cycle \"fire\" outcome would lead to a modest and healthy 10% correction in the S&P 500. However, the \"ice\" scenario is starting to look more likely, and could result in a more destructive outcome – i.e. a 20%+ correction. As a result, \n we continue to recommend a barbell of more defensively oriented quality (Healthcare and Staples) to protect from the \"ice\" scenario while keeping a leg in Financials to participate in the \"fire\" outcome as higher rates materialize.\n\nAnd just so it was clear that Wilson stubbornly refused to join the bullish bandwagon, he said that \"with our year end target 10% below current levels, our view is clear: the mid-cycle transition will end with the rolling correction finally hitting the S&P 500.\"\nFast forward to today when with stocks once again barreling higher, Wilson doubled down on his bearish view and in the latest Morgan Stanley strategy data pack, writes that \"we are now calling for Fire AND Ice.\"Here, he again recaps the two possible mid-cycle correction outcomes he had been envisioning:\n\nFire:tightening financial conditions as the Fed signals tapering is coming\nIce:growth disappointment particularly on the earnings side\n\nAnd so, in a reversal from what he said last month, Wilson now thinks\"it’s increasingly likely these scenarios happen together and we get a >10% correction.The Fed will likely announce its taper plans at its next FOMC meeting just as we expect a disappointment in earnings to materialize.\"\nAnd since much digital ink has been spilled discussing the impact of the coming taper, we will focus on his second warning, namely the coming trouble for corporate earnings, which echoes what we said more than a month ago...\n\n... and which Wilson distills simply as \"Earnings Trouble Ahead.\"\nHere, the strategist points to the large number of companies flagging serious supply chain issues in off-cycle earnings reports over the past month and notes that \"both forward earnings estimates and price de-rated after many of these reports.\"\n\nJumping to the punchline, Wilson thinks this will be a pervasive dynamic during 3Q reporting season and it will \"trigger downside in earnings revisions at the index level - a headwind for price.\"\n\nFinally, looking beyond 3Q, he sees the earnings risk coming more from(1) the inability of companies to pass on pricing (2) margin risk related more to higher wages and (3) a reversion (lower) in goods consumption.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":3178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823325121,"gmtCreate":1633587203030,"gmtModify":1633587203167,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823325121","repostId":"1118519462","repostType":4,"repost":{"id":"1118519462","kind":"news","pubTimestamp":1633584645,"share":"https://www.laohunote.com/m/news/1118519462?lang=zh_CN&edition=full","pubTime":"2021-10-07 13:30","market":"us","language":"en","title":"Skillz Stock: Is It A Buy, Or Is It A Value Trap?<blockquote>Skillz 股票：是买入，还是价值陷阱？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118519462","media":"Seeking Alpha","summary":"Summary\n\nSkillz is a mobile gaming technology platform. The company focuses on enabling monetization","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Skillz is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition.</li>  <li>It has been spending heavily on user acquisition. It has managed to improve its paying MAU ratio. However, its falling total MAU base could be a concern.</li>  <li>The stock still trades at a premium despite a -61.8% YTD performance. We address in this article whether the stock is worth adding for investors now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/419db089ba5af30b574a8474cfb9050a\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>cokada/E+ via Getty Images</span></p><p><blockquote><ul><li>Skillz是一个移动游戏技术平台。该公司专注于通过竞争创造货币化机会。</li><li>它一直在用户获取上投入巨资。它已经设法提高了其支付MAU比率。然而，其总 MAU 基数下降可能令人担忧。</li><li>尽管年初至今的表现为 -61.8%，但该股的交易价格仍然溢价。我们在本文中讨论了该股票现在是否值得投资者增持。</li></ul><p class=\"t-img-caption\"><span>cokada/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Skillz(NYSE:SKLZ)is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition. In contrast to other gaming platforms that monetize through in-app purchases [IAP] or in-app advertising [IAA]. The company believes that the business model of such platforms is \"broken.\" Furthermore, the company believes that the future of gaming is moving towards eSports. Hence, Skillz Inc. is on a mission to \"democratize gaming&nbsp;by leveling the playing field for access [to developers] to build esports.\"</p><p><blockquote>Skillz（纽约证券交易所股票代码：SKLZ）是一个移动游戏技术平台。该公司专注于通过竞争创造货币化机会。与其他通过应用内购买[IAP]或应用内广告[IAA]获利的游戏平台形成鲜明对比。该公司认为，此类平台的商业模式已经“破裂”。此外，该公司认为游戏的未来正在走向电子竞技。因此，Skillz Inc. 的使命是“通过为[开发者]开发电子竞技创造公平的竞争环境来实现游戏民主化”。</blockquote></p><p> However,in our previous article, we explained that IAP and IAA are unlikely to be irrelevant anytime soon. Major game publishers continue to rely on these proven monetization models. We also showed that the majority of gamers are supportive of such models. Moreover, eSports is also not unique to SKLZ. Major game developers such as Garena(NYSE:SE)have also been leveraging on eSports. eSports allow game developers to build a highly engaged community of gamers.</p><p><blockquote>然而，在我们之前的文章中，我们解释了IAP和IAA不太可能很快变得无关紧要。主要游戏发行商继续依赖这些经过验证的货币化模式。我们还表明，大多数游戏玩家支持这种模式。而且，电子竞技也不是SKLZ独有的。Garena（纽约证券交易所股票代码：SE）等主要游戏开发商也一直在利用电子竞技。电子竞技允许游戏开发者建立一个高度参与的游戏玩家社区。</blockquote></p><p> We continue to remain shareholders of SKLZ stock. However, the stock is down more than 20% from our initial buy price. In addition, we highlighted before that it's a speculative stock for our portfolio. Hence, the exposure is much smaller than our core holdings. Nevertheless, we have no qualms in continuing to hold it for the longer term.</p><p><blockquote>我们仍然是 SKLZ 股票的股东。然而，该股较我们最初的买入价下跌了 20% 以上。此外，我们之前强调过，对于我们的投资组合来说，这是一只投机性股票。因此，风险敞口远小于我们的核心持股。尽管如此，我们毫不犹豫地继续长期持有它。</blockquote></p><p> We will present our thesis on whether the stock's current weakness represents an opportunity for investors to add exposure.</p><p><blockquote>我们将提出我们的论点，即该股目前的疲软是否代表着投资者增加敞口的机会。</blockquote></p><p> <b>SKLZ Stock YTD Performance</b></p><p><blockquote><b>SKLZ 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1845c53df3559cbde4c5840c38e760c\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>SKLZ Stock YTD performance (as of 5 Oct 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SKLZ 股票年初至今表现（截至 21 年 10 月 5 日）。</span></p></blockquote></p><p> Gaming stocks had a terrible year so far. SKLZ stock's YTD performance was the worst here. The stock returned -61.8% YTD. It had started so brightly as it raced close to a 100% YTD lead in February. Unfortunately, that momentum has turned bearish and wiped out all its gains within a month. Except for SE, gaming stocks have significantly underperformed the SPDR S&amp;P 500 ETF(NYSEARCA:SPY)in 2021.</p><p><blockquote>到目前为止，游戏股今年表现糟糕。SKLZ 股票年初至今的表现是这里最差的。该股年初至今回报率为-61.8%。它的开局非常光明，因为它在2月份接近100%的年初至今领先优势。不幸的是，这种势头已经转向看跌，并在一个月内抹去了所有涨幅。除 SE 外，2021 年游戏股的表现明显逊于 SPDR 标普500 ETF (NYSEARCA:SPY)。</blockquote></p><p> <b>Skillz is Investing Aggressively for Growth</b></p><p><blockquote><b>Skillz 正在积极投资以实现增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0638505559f43d708cf16af67fdc5ce4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Skillz gross margins and SG&amp;A margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Skillz 毛利率和 SG&amp;A 利润率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/845092c517937e2475c2dc9e3e993c9e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Skillz take rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>技能评估。数据来源：公司文件</span></p></blockquote></p><p> Skillz operates with an \"asset-light,\" low direct costs business model. It doesn't need to hire and retain expensively assembled developer teams. Instead, it's a platform for developers to build their games for monetization on Skillz's competition platform. Therefore, Skillz takes a commission from its net gross marketplace volume (GMV). The commission is defined as its take rate.</p><p><blockquote>Skillz采用“轻资产”、低直接成本的商业模式运营。它不需要雇佣和保留昂贵的组装开发团队。相反，它是一个开发者在Skillz的竞赛平台上构建游戏以实现盈利的平台。因此，Skillz 从其净市场总交易量 (GMV) 中收取佣金。佣金被定义为其接受率。</blockquote></p><p> Skillz has maintained a consistent take rate over time. The company posted a take rate of 14.7% in FQ2'21. However, Skillz also highlighted that it could increase its take rate in the future to boost monetization. Such opportunities could arise if it could attract more paying users to its platform.</p><p><blockquote>随着时间的推移，Skillz保持稳定的采用率。该公司在 2021 年第二季度公布的采用率为 14.7%。不过，Skillz也强调，未来可能会提高提现率，以促进货币化。如果它能够吸引更多付费用户到其平台，这样的机会就会出现。</blockquote></p><p> The company's gross profit is then derived from its take rate. So under its \"asset-light\" platform, it's not surprising that it has been reporting solid gross margins. The company has consistently reported gross margins of around 95%.</p><p><blockquote>然后，公司的毛利润来自其接受率。因此，在其“轻资产”平台下，它一直报告稳健的毛利率也就不足为奇了。该公司一直报告毛利率在 95% 左右。</blockquote></p><p> However, the main \"eyesore\" is its SG&amp;A margins. Its very high SG&amp;A margins are the main reason for its negative EBIT margins. Skillz CEO Andrew Paradise recently discussed the purpose of the company's aggressiveness in its SG&amp;A spending. He emphasized:</p><p><blockquote>然而，主要的“碍眼”是其 SG&amp;A 利润率。其非常高的 SG&amp;A 利润率是其息税前利润率为负的主要原因。Skillz 首席执行官 Andrew Paradise 最近讨论了该公司在 SG&amp;A 支出方面积极进取的目的。他强调：</blockquote></p><p></p><p>   Part of that is, as a reminder, our gross margin is 95% as a business. So we can be profitable today if we want to slow down our penetration of the massive market ahead of us. But when you think about our business, just like kind of thinking about Q2 of this year, our adjusted EBITDA margin before user acquisition was actually 17%.  <i>We just -- we believe that capturing the now $2.8 billion gamer opportunity in front of us by investing in growth with this discipline of understanding these paybacks, carefully monitoring cohort performance.</i>(from Citi 2021 Global Technology Virtual Conference)  Therefore, Paradise believes that SKLZ still has a massive opportunity to capture the growth in mobile gaming. Coupled with its eSports appeal, the company is definitely operating in a fast-growing market.</p><p><blockquote>部分原因是，提醒一下，作为一项业务，我们的毛利率是 95%。因此，如果我们想减缓对面前巨大市场的渗透，我们今天就可以盈利。但当你考虑我们的业务时，就像考虑今年第二季度一样，我们在用户获取之前调整后的 EBITDA 利润率实际上是 17%。<i>我们只是——我们相信，通过投资增长，了解这些回报，仔细监控队列表现，来抓住我们面前现在 28 亿美元的游戏玩家机会。</i>（摘自花旗 2021 年全球技术虚拟大会）因此，Paradise 认为 SKLZ 仍然有巨大的机会来抓住移动游戏的增长。加上其电子竞技的吸引力，该公司无疑是在一个快速增长的市场中运营的。</blockquote></p><p> The important question facing investors is whether its aggressiveness makes sense. SG&amp;A margins above 140% are very costly to sustain. Importantly, SKLZ has a relatively healthy cash hoard of $693M, with no debt. Hence, the company is in a good financial position to conduct its aggressive user acquisition (UA) strategy.</p><p><blockquote>投资者面临的重要问题是其进取心是否有意义。SG&amp;A 利润率超过 140% 的维持成本非常高。重要的是，SKLZ 拥有相对健康的 6.93 亿美元现金储备，没有债务。因此，该公司处于良好的财务状况，可以实施其积极的用户获取（UA）战略。</blockquote></p><p> Moreover, the Aarki acquisition is also expected to help Skillz optimize its UA costs. The company highlighted that it expects to migrate about $200M in UA spending to Aarki this year. It's a sizeable amount as the company expended about $250M in SG&amp;A expenses in H1'21. The migrated spending would allow Aarki to optimize about $40M to $60M in UA costs. However, Skillz has also telegraphed that cost optimization would take time. The optimization process might take up to 24 months to complete. Therefore, the operational efficiencies from the migration to Aarki would take some time to show up.</p><p><blockquote>此外，收购 Aarki 还有望帮助 Skillz 优化其 UA 成本。该公司强调，预计今年将约 2 亿美元的 UA 支出转移到 Aarki。这是一个相当可观的数额，因为该公司在 2021 年上半年在 SG&amp;A 费用上花费了约 2.5 亿美元。迁移后的支出将使Aarki优化约4000万至6000万美元的UA成本。然而，Skillz 也表示，成本优化需要时间。优化过程可能需要长达24个月的时间来完成。因此，迁移到Aarki的运营效率需要一些时间才能显现出来。</blockquote></p><p> <b>But, Monthly Active Users are Falling</b></p><p><blockquote><b>但是，月活跃用户正在下降</b></blockquote></p><p> The company reported monthly active users (MAU) of 2.4M in FQ2'21. It followed a recent declining trend. In FQ1'21, the MAU was 2.7M. Hence, there was a marked 11.1% quarter-over-quarter ((QoQ)) drop. Moreover, YoY figures hardly changed. The company reported MAU of 2.6M in FQ1'20. It also reported MAU of 2.5M in Q2'20. Therefore, readers can easily glean that Skillz has difficulty attracting more MAU to its platform. As a result, the company might need to continue spending aggressively to maintain its MAU.</p><p><blockquote>该公司报告 2021 年第二季度的月活跃用户 (MAU) 为 240 万。它遵循了最近的下降趋势。2021 年第一季度，MAU 为 270 万。因此，季度环比大幅下降 11.1%。此外，同比数据几乎没有变化。该公司报告 2020 年第一季度的 MAU 为 260 万。该公司还报告称，2020 年第二季度的 MAU 为 250 万。因此，读者可以很容易地了解到，Skillz很难吸引更多的MAU到其平台。因此，该公司可能需要继续积极支出以维持其 MAU。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a05cb47d9038c2fb7d912874c03a442\" tg-width=\"610\" tg-height=\"482\" width=\"100%\" height=\"auto\"><span>Skillz Paying MAU. Source: Skillz</span></p><p><blockquote><p class=\"t-img-caption\"><span>技能支付快。资料来源：Skillz</span></p></blockquote></p><p> Of course, the focus of the company has always been on its Paying MAU. Paying MAU accounted for 19.3% of its total MAU base in FQ2'21. It was an improvement over FQ1'21's 17.3%. It shows that the company has been able to improve its user monetization ratio. It's also a significant improvement over FQ2'20's 12% ratio. From this perspective, it shows that the company's aggressive UA efforts seem to be making progress. Notwithstanding, we think it's still necessary for Skillz to address its declining trend of MAU. The company could certainly address the short-term gaps with improved monetization metrics. At the moment, we don't see anything amiss. But, it would likely get increasingly harder to monetize a falling MAU base.</p><p><blockquote>当然，该公司的重点一直是其付费MAU。2021 年第二季度，付费 MAU 占其总 MAU 基础的 19.3%。这比 2021 年第一季度的 17.3% 有所改善。这表明该公司已经能够提高其用户货币化率。这也比 2020 年第二季度 12% 的比率有了显着提高。从这个角度来看，这表明该公司积极的UA努力似乎正在取得进展。尽管如此，我们认为 Skillz 仍然有必要解决其 MAU 下降趋势。该公司当然可以通过改善货币化指标来解决短期缺口。目前，我们看不出有什么问题。但是，将不断下降的 MAU 基数货币化可能会变得越来越困难。</blockquote></p><p> <b>Would Venturing into Synchronous Gaming Be The Solution?</b></p><p><blockquote><b>冒险进入同步游戏会是解决方案吗？</b></blockquote></p><p> Skillz upped the ante by investing in Exit Games to accelerate its synchronous gaming ambitions. The most prominent genre is battle royale games. Such games include Fortnite, Garena Free Fire (SE), and PUBG Mobile(OTCPK:TCEHY). These are the most dominant mobile games in the battle royale genre today.SensorTower's Q3'21 revenue data&nbsp;shows PUBG Mobile and Garena Free Fire are the #1 and #8 games worldwide. However, it's important to note that game development has a long lead time.</p><p><blockquote>Skillz通过投资退出游戏来加大赌注，以加速其同步游戏的雄心。最突出的类型是大逃杀游戏。此类游戏包括堡垒之夜、Garena Free Fire (SE) 和 PUBG Mobile (OTCPK:TCEHY)。这些是当今大逃杀类型中最具统治力的手机游戏。SensorTower的Q3’21收入数据显示，PUBG Mobile和Garena Free Fire是全球排名第一和第八的游戏。然而，需要注意的是，游戏开发有一个很长的准备时间。</blockquote></p><p> Worldwide gaming leader Tencent clearly emphasized the challenge in developing \"original IPs.\" Tencent emphasized:</p><p><blockquote>全球游戏领导者腾讯控股明确强调了开发“原创知识产权”的挑战。腾讯控股强调：</blockquote></p><p>   Just one point to add, right. On the gaming side, I think you emphasized [the] point [of] new creation of IPs and true,  <i>is many years before you can see final product.</i>I think if you look at our recent pipeline of games, which we have announced of more than 40 of them, I think it's a combination, right?  <i>Some are original IPs, which would take a very long time to develop.</i>Some are actually existing IPs that we're going to take existing assets, a pretty proven game play, and we will add our innovation for mobile, and then we developed it for launch. (from Tencent FQ1'21 earnings call)  It explains why game developers \"milk\" their top titles for a significant amount of time. Hence, we are not so sure how competitive would SKLZ's new gaming titles be? Top battle royale developers derive huge profits from their top titles. They also have no problems attracting new users. These are massive cash cows for them.</p><p><blockquote>只想补充一点，对吧。在游戏方面，我认为您强调了知识产权的新创造，<i>要过很多年才能看到最终产品。</i>我认为如果你看看我们最近的游戏管道，我们已经宣布了40多款，我认为这是一个组合，对吗？<i>有些是原创IP，需要很长时间来开发。</i>有些实际上是现有的IP，我们将利用现有的资产，一个非常成熟的游戏玩法，我们将为移动设备添加我们的创新，然后我们为发布开发它。（摘自腾讯控股Q1’21收益看涨期权）它解释了为什么游戏开发商在相当长的时间里“挤奶”他们的顶级游戏。因此，我们不太确定SKLZ的新游戏会有多有竞争力？顶级皇家战役开发商从他们的顶级游戏中获得巨额利润。他们在吸引新用户方面也没有问题。对他们来说，这些是巨大的摇钱树。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cb7c95181f23ec88b008de9cf325f09\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Garena quarterly active users (QAU). Data source: SE company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena季度活跃用户（QAU）。数据来源：SE公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a0e48af16ee92effa7f115ca9a30870\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Garena Adjusted EBITDA margins. Data source: SE company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena 调整了 EBITDA 利润率。数据来源：SE公司备案</span></p></blockquote></p><p> Garena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&amp;A spends for Free Fire. Yet, users kept on joining the Free Fire platform.</p><p><blockquote>Garena 的 QAU 增长与 SKLZ 的指标形成鲜明对比。Garena 的 QAU 环比增长 11.8%。其QAU也同比增长45.1%。Garena 是 Sea Limited 利润丰厚的部门。该公司公布 2021 年第二季度调整后 EBITDA 利润率为 72.3%。他们不需要为自由射击分配如此巨额的SG&amp;A支出。然而，用户继续加入Free Fire平台。</blockquote></p><p> We applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.</p><p><blockquote>我们赞扬Skillz雄心勃勃地进军新的游戏类型。然而，我们只是不确定该公司在这些高利润的细分市场竞争是否可行。这些通常是由最好的游戏发行商或开发商主导的细分市场。这些根本不像泰达币或Big Run一直在推动SKLZ的收入。</blockquote></p><p> We think it's up to SKLZ to prove us wrong here.</p><p><blockquote>我们认为由SKLZ来证明我们错了。</blockquote></p><p> Garena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&amp;A spends for Free Fire. Yet, users kept on joining the Free Fire platform.</p><p><blockquote>Garena 的 QAU 增长与 SKLZ 的指标形成鲜明对比。Garena 的 QAU 环比增长 11.8%。其QAU也同比增长45.1%。Garena 是 Sea Limited 利润丰厚的部门。该公司公布 2021 年第二季度调整后 EBITDA 利润率为 72.3%。他们不需要为自由射击分配如此巨额的SG&amp;A支出。然而，用户继续加入Free Fire平台。</blockquote></p><p> We applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.</p><p><blockquote>我们赞扬Skillz雄心勃勃地进军新的游戏类型。然而，我们只是不确定该公司在这些高利润的细分市场竞争是否可行。这些通常是由最好的游戏发行商或开发商主导的细分市场。这些都不像泰达币或Big Run一直在推动SKLZ的收入。</blockquote></p><p> We think it's up to SKLZ to prove us wrong here.</p><p><blockquote>我们认为由SKLZ来证明我们错了。</blockquote></p><p> <b>So, is SKLZ Stock a Buy, or is It a Value Trap?</b></p><p><blockquote><b>那么，SKLZ 股票是值得买入，还是价值陷阱？</b></blockquote></p><p> Skillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.</p><p><blockquote>预计到 2025 财年，Skillz 的收入复合年增长率将达到 25.1%。然而，预计 GAAP EBITDA 要到 2024 财年才能实现盈利。我们认为，以大多数“投机性股票”衡量，收入复合年增长率并不突出。事实上，它看起来很一般。</blockquote></p><p> Skillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.</p><p><blockquote>预计到 2025 财年，Skillz 的收入复合年增长率将达到 25.1%。然而，预计 GAAP EBITDA 要到 2024 财年才能实现盈利。我们认为，以大多数“投机性股票”衡量，收入复合年增长率并不突出。事实上，它看起来很一般。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ccaf8a9d02c3b657af6e2422970e0c1\" tg-width=\"640\" tg-height=\"265\" width=\"100%\" height=\"auto\"><span>SKLZ stock EV/Fwd Revenue trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SKLZ 股票 EV/Fwd 收入趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> As mentioned, SKLZ stock falls within the speculative category of our portfolio. However, we are willing to give the company the benefit of the doubt to prove us wrong here. After all, it has shown that it could monetize its users well. The monetization strategies are clearly working.</p><p><blockquote>如前所述，SKLZ 股票属于我们投资组合的投机类别。然而，我们愿意给予公司无罪证明我们在这里是错误的。毕竟，它已经表明它可以很好地将用户货币化。货币化策略显然正在发挥作用。</blockquote></p><p> However, it is still not a cheap stock despite the -61.8% YTD performance. It's still valued at a premium against the slower-growth Electronic Arts(NASDAQ:EA). But, EA is much more profitable. Moreover, it's still expected to grow its revenue by 10.4% by FY25. Hence, it's not that slow either for its size. For some investors, SKLZ stock might still be too expensive for what it's worth. It is definitely not a stock for conservative investors or even value investors.</p><p><blockquote>然而，尽管年初至今的表现为-61.8%，但它仍然不是一只便宜的股票。与增长较慢的艺电（纳斯达克股票代码：EA）相比，它的估值仍然较高。但是，EA的利润要高得多。此外，预计到 2025 财年，其收入仍将增长 10.4%。因此，就它的尺寸而言，它也没有那么慢。对于一些投资者来说，SKLZ 股票可能仍然过于昂贵。它绝对不是一只适合保守投资者甚至价值投资者的股票。</blockquote></p><p> Notwithstanding, we are retaining our Buy rating on SKLZ stock for now. However, we would like to remind you that this stock might only be appropriate as a speculative stock in your portfolio.</p><p><blockquote>尽管如此，我们目前仍维持对 SKLZ 股票的买入评级。但是，我们想提醒您，这只股票可能只适合作为您投资组合中的投机股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Skillz Stock: Is It A Buy, Or Is It A Value Trap?<blockquote>Skillz 股票：是买入，还是价值陷阱？</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\">\nSkillz Stock: Is It A Buy, Or Is It A Value Trap?<blockquote>Skillz 股票：是买入，还是价值陷阱？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-07 13:30</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>Skillz is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition.</li>  <li>It has been spending heavily on user acquisition. It has managed to improve its paying MAU ratio. However, its falling total MAU base could be a concern.</li>  <li>The stock still trades at a premium despite a -61.8% YTD performance. We address in this article whether the stock is worth adding for investors now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/419db089ba5af30b574a8474cfb9050a\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>cokada/E+ via Getty Images</span></p><p><blockquote><ul><li>Skillz是一个移动游戏技术平台。该公司专注于通过竞争创造货币化机会。</li><li>它一直在用户获取上投入巨资。它已经设法提高了其支付MAU比率。然而，其总 MAU 基数下降可能令人担忧。</li><li>尽管年初至今的表现为 -61.8%，但该股的交易价格仍然溢价。我们在本文中讨论了该股票现在是否值得投资者增持。</li></ul><p class=\"t-img-caption\"><span>cokada/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Skillz(NYSE:SKLZ)is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition. In contrast to other gaming platforms that monetize through in-app purchases [IAP] or in-app advertising [IAA]. The company believes that the business model of such platforms is \"broken.\" Furthermore, the company believes that the future of gaming is moving towards eSports. Hence, Skillz Inc. is on a mission to \"democratize gaming&nbsp;by leveling the playing field for access [to developers] to build esports.\"</p><p><blockquote>Skillz（纽约证券交易所股票代码：SKLZ）是一个移动游戏技术平台。该公司专注于通过竞争创造货币化机会。与其他通过应用内购买[IAP]或应用内广告[IAA]获利的游戏平台形成鲜明对比。该公司认为，此类平台的商业模式已经“破裂”。此外，该公司认为游戏的未来正在走向电子竞技。因此，Skillz Inc. 的使命是“通过为[开发者]开发电子竞技创造公平的竞争环境来实现游戏民主化”。</blockquote></p><p> However,in our previous article, we explained that IAP and IAA are unlikely to be irrelevant anytime soon. Major game publishers continue to rely on these proven monetization models. We also showed that the majority of gamers are supportive of such models. Moreover, eSports is also not unique to SKLZ. Major game developers such as Garena(NYSE:SE)have also been leveraging on eSports. eSports allow game developers to build a highly engaged community of gamers.</p><p><blockquote>然而，在我们之前的文章中，我们解释了IAP和IAA不太可能很快变得无关紧要。主要游戏发行商继续依赖这些经过验证的货币化模式。我们还表明，大多数游戏玩家支持这种模式。而且，电子竞技也不是SKLZ独有的。Garena（纽约证券交易所股票代码：SE）等主要游戏开发商也一直在利用电子竞技。电子竞技允许游戏开发者建立一个高度参与的游戏玩家社区。</blockquote></p><p> We continue to remain shareholders of SKLZ stock. However, the stock is down more than 20% from our initial buy price. In addition, we highlighted before that it's a speculative stock for our portfolio. Hence, the exposure is much smaller than our core holdings. Nevertheless, we have no qualms in continuing to hold it for the longer term.</p><p><blockquote>我们仍然是 SKLZ 股票的股东。然而，该股较我们最初的买入价下跌了 20% 以上。此外，我们之前强调过，对于我们的投资组合来说，这是一只投机性股票。因此，风险敞口远小于我们的核心持股。尽管如此，我们毫不犹豫地继续长期持有它。</blockquote></p><p> We will present our thesis on whether the stock's current weakness represents an opportunity for investors to add exposure.</p><p><blockquote>我们将提出我们的论点，即该股目前的疲软是否代表着投资者增加敞口的机会。</blockquote></p><p> <b>SKLZ Stock YTD Performance</b></p><p><blockquote><b>SKLZ 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1845c53df3559cbde4c5840c38e760c\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>SKLZ Stock YTD performance (as of 5 Oct 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SKLZ 股票年初至今表现（截至 21 年 10 月 5 日）。</span></p></blockquote></p><p> Gaming stocks had a terrible year so far. SKLZ stock's YTD performance was the worst here. The stock returned -61.8% YTD. It had started so brightly as it raced close to a 100% YTD lead in February. Unfortunately, that momentum has turned bearish and wiped out all its gains within a month. Except for SE, gaming stocks have significantly underperformed the SPDR S&amp;P 500 ETF(NYSEARCA:SPY)in 2021.</p><p><blockquote>到目前为止，游戏股今年表现糟糕。SKLZ 股票年初至今的表现是这里最差的。该股年初至今回报率为-61.8%。它的开局非常光明，因为它在2月份接近100%的年初至今领先优势。不幸的是，这种势头已经转向看跌，并在一个月内抹去了所有涨幅。除 SE 外，2021 年游戏股的表现明显逊于 SPDR 标普500 ETF (NYSEARCA:SPY)。</blockquote></p><p> <b>Skillz is Investing Aggressively for Growth</b></p><p><blockquote><b>Skillz 正在积极投资以实现增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0638505559f43d708cf16af67fdc5ce4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Skillz gross margins and SG&amp;A margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Skillz 毛利率和 SG&amp;A 利润率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/845092c517937e2475c2dc9e3e993c9e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Skillz take rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>技能评估。数据来源：公司文件</span></p></blockquote></p><p> Skillz operates with an \"asset-light,\" low direct costs business model. It doesn't need to hire and retain expensively assembled developer teams. Instead, it's a platform for developers to build their games for monetization on Skillz's competition platform. Therefore, Skillz takes a commission from its net gross marketplace volume (GMV). The commission is defined as its take rate.</p><p><blockquote>Skillz采用“轻资产”、低直接成本的商业模式运营。它不需要雇佣和保留昂贵的组装开发团队。相反，它是一个开发者在Skillz的竞赛平台上构建游戏以实现盈利的平台。因此，Skillz 从其净市场总交易量 (GMV) 中收取佣金。佣金被定义为其接受率。</blockquote></p><p> Skillz has maintained a consistent take rate over time. The company posted a take rate of 14.7% in FQ2'21. However, Skillz also highlighted that it could increase its take rate in the future to boost monetization. Such opportunities could arise if it could attract more paying users to its platform.</p><p><blockquote>随着时间的推移，Skillz保持稳定的采用率。该公司在 2021 年第二季度公布的采用率为 14.7%。不过，Skillz也强调，未来可能会提高提现率，以促进货币化。如果它能够吸引更多付费用户到其平台，这样的机会就会出现。</blockquote></p><p> The company's gross profit is then derived from its take rate. So under its \"asset-light\" platform, it's not surprising that it has been reporting solid gross margins. The company has consistently reported gross margins of around 95%.</p><p><blockquote>然后，公司的毛利润来自其接受率。因此，在其“轻资产”平台下，它一直报告稳健的毛利率也就不足为奇了。该公司一直报告毛利率在 95% 左右。</blockquote></p><p> However, the main \"eyesore\" is its SG&amp;A margins. Its very high SG&amp;A margins are the main reason for its negative EBIT margins. Skillz CEO Andrew Paradise recently discussed the purpose of the company's aggressiveness in its SG&amp;A spending. He emphasized:</p><p><blockquote>然而，主要的“碍眼”是其 SG&amp;A 利润率。其非常高的 SG&amp;A 利润率是其息税前利润率为负的主要原因。Skillz 首席执行官 Andrew Paradise 最近讨论了该公司在 SG&amp;A 支出方面积极进取的目的。他强调：</blockquote></p><p></p><p>   Part of that is, as a reminder, our gross margin is 95% as a business. So we can be profitable today if we want to slow down our penetration of the massive market ahead of us. But when you think about our business, just like kind of thinking about Q2 of this year, our adjusted EBITDA margin before user acquisition was actually 17%.  <i>We just -- we believe that capturing the now $2.8 billion gamer opportunity in front of us by investing in growth with this discipline of understanding these paybacks, carefully monitoring cohort performance.</i>(from Citi 2021 Global Technology Virtual Conference)  Therefore, Paradise believes that SKLZ still has a massive opportunity to capture the growth in mobile gaming. Coupled with its eSports appeal, the company is definitely operating in a fast-growing market.</p><p><blockquote>部分原因是，提醒一下，作为一项业务，我们的毛利率是 95%。因此，如果我们想减缓对面前巨大市场的渗透，我们今天就可以盈利。但当你考虑我们的业务时，就像考虑今年第二季度一样，我们在用户获取之前调整后的 EBITDA 利润率实际上是 17%。<i>我们只是——我们相信，通过投资增长，了解这些回报，仔细监控队列表现，来抓住我们面前现在 28 亿美元的游戏玩家机会。</i>（摘自花旗 2021 年全球技术虚拟大会）因此，Paradise 认为 SKLZ 仍然有巨大的机会来抓住移动游戏的增长。加上其电子竞技的吸引力，该公司无疑是在一个快速增长的市场中运营的。</blockquote></p><p> The important question facing investors is whether its aggressiveness makes sense. SG&amp;A margins above 140% are very costly to sustain. Importantly, SKLZ has a relatively healthy cash hoard of $693M, with no debt. Hence, the company is in a good financial position to conduct its aggressive user acquisition (UA) strategy.</p><p><blockquote>投资者面临的重要问题是其进取心是否有意义。SG&amp;A 利润率超过 140% 的维持成本非常高。重要的是，SKLZ 拥有相对健康的 6.93 亿美元现金储备，没有债务。因此，该公司处于良好的财务状况，可以实施其积极的用户获取（UA）战略。</blockquote></p><p> Moreover, the Aarki acquisition is also expected to help Skillz optimize its UA costs. The company highlighted that it expects to migrate about $200M in UA spending to Aarki this year. It's a sizeable amount as the company expended about $250M in SG&amp;A expenses in H1'21. The migrated spending would allow Aarki to optimize about $40M to $60M in UA costs. However, Skillz has also telegraphed that cost optimization would take time. The optimization process might take up to 24 months to complete. Therefore, the operational efficiencies from the migration to Aarki would take some time to show up.</p><p><blockquote>此外，收购 Aarki 还有望帮助 Skillz 优化其 UA 成本。该公司强调，预计今年将约 2 亿美元的 UA 支出转移到 Aarki。这是一个相当可观的数额，因为该公司在 2021 年上半年在 SG&amp;A 费用上花费了约 2.5 亿美元。迁移后的支出将使Aarki优化约4000万至6000万美元的UA成本。然而，Skillz 也表示，成本优化需要时间。优化过程可能需要长达24个月的时间来完成。因此，迁移到Aarki的运营效率需要一些时间才能显现出来。</blockquote></p><p> <b>But, Monthly Active Users are Falling</b></p><p><blockquote><b>但是，月活跃用户正在下降</b></blockquote></p><p> The company reported monthly active users (MAU) of 2.4M in FQ2'21. It followed a recent declining trend. In FQ1'21, the MAU was 2.7M. Hence, there was a marked 11.1% quarter-over-quarter ((QoQ)) drop. Moreover, YoY figures hardly changed. The company reported MAU of 2.6M in FQ1'20. It also reported MAU of 2.5M in Q2'20. Therefore, readers can easily glean that Skillz has difficulty attracting more MAU to its platform. As a result, the company might need to continue spending aggressively to maintain its MAU.</p><p><blockquote>该公司报告 2021 年第二季度的月活跃用户 (MAU) 为 240 万。它遵循了最近的下降趋势。2021 年第一季度，MAU 为 270 万。因此，季度环比大幅下降 11.1%。此外，同比数据几乎没有变化。该公司报告 2020 年第一季度的 MAU 为 260 万。该公司还报告称，2020 年第二季度的 MAU 为 250 万。因此，读者可以很容易地了解到，Skillz很难吸引更多的MAU到其平台。因此，该公司可能需要继续积极支出以维持其 MAU。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a05cb47d9038c2fb7d912874c03a442\" tg-width=\"610\" tg-height=\"482\" width=\"100%\" height=\"auto\"><span>Skillz Paying MAU. Source: Skillz</span></p><p><blockquote><p class=\"t-img-caption\"><span>技能支付快。资料来源：Skillz</span></p></blockquote></p><p> Of course, the focus of the company has always been on its Paying MAU. Paying MAU accounted for 19.3% of its total MAU base in FQ2'21. It was an improvement over FQ1'21's 17.3%. It shows that the company has been able to improve its user monetization ratio. It's also a significant improvement over FQ2'20's 12% ratio. From this perspective, it shows that the company's aggressive UA efforts seem to be making progress. Notwithstanding, we think it's still necessary for Skillz to address its declining trend of MAU. The company could certainly address the short-term gaps with improved monetization metrics. At the moment, we don't see anything amiss. But, it would likely get increasingly harder to monetize a falling MAU base.</p><p><blockquote>当然，该公司的重点一直是其付费MAU。2021 年第二季度，付费 MAU 占其总 MAU 基础的 19.3%。这比 2021 年第一季度的 17.3% 有所改善。这表明该公司已经能够提高其用户货币化率。这也比 2020 年第二季度 12% 的比率有了显着提高。从这个角度来看，这表明该公司积极的UA努力似乎正在取得进展。尽管如此，我们认为 Skillz 仍然有必要解决其 MAU 下降趋势。该公司当然可以通过改善货币化指标来解决短期缺口。目前，我们看不出有什么问题。但是，将不断下降的 MAU 基数货币化可能会变得越来越困难。</blockquote></p><p> <b>Would Venturing into Synchronous Gaming Be The Solution?</b></p><p><blockquote><b>冒险进入同步游戏会是解决方案吗？</b></blockquote></p><p> Skillz upped the ante by investing in Exit Games to accelerate its synchronous gaming ambitions. The most prominent genre is battle royale games. Such games include Fortnite, Garena Free Fire (SE), and PUBG Mobile(OTCPK:TCEHY). These are the most dominant mobile games in the battle royale genre today.SensorTower's Q3'21 revenue data&nbsp;shows PUBG Mobile and Garena Free Fire are the #1 and #8 games worldwide. However, it's important to note that game development has a long lead time.</p><p><blockquote>Skillz通过投资退出游戏来加大赌注，以加速其同步游戏的雄心。最突出的类型是大逃杀游戏。此类游戏包括堡垒之夜、Garena Free Fire (SE) 和 PUBG Mobile (OTCPK:TCEHY)。这些是当今大逃杀类型中最具统治力的手机游戏。SensorTower的Q3’21收入数据显示，PUBG Mobile和Garena Free Fire是全球排名第一和第八的游戏。然而，需要注意的是，游戏开发有一个很长的准备时间。</blockquote></p><p> Worldwide gaming leader Tencent clearly emphasized the challenge in developing \"original IPs.\" Tencent emphasized:</p><p><blockquote>全球游戏领导者腾讯控股明确强调了开发“原创知识产权”的挑战。腾讯控股强调：</blockquote></p><p>   Just one point to add, right. On the gaming side, I think you emphasized [the] point [of] new creation of IPs and true,  <i>is many years before you can see final product.</i>I think if you look at our recent pipeline of games, which we have announced of more than 40 of them, I think it's a combination, right?  <i>Some are original IPs, which would take a very long time to develop.</i>Some are actually existing IPs that we're going to take existing assets, a pretty proven game play, and we will add our innovation for mobile, and then we developed it for launch. (from Tencent FQ1'21 earnings call)  It explains why game developers \"milk\" their top titles for a significant amount of time. Hence, we are not so sure how competitive would SKLZ's new gaming titles be? Top battle royale developers derive huge profits from their top titles. They also have no problems attracting new users. These are massive cash cows for them.</p><p><blockquote>只想补充一点，对吧。在游戏方面，我认为您强调了知识产权的新创造，<i>要过很多年才能看到最终产品。</i>我认为如果你看看我们最近的游戏管道，我们已经宣布了40多款，我认为这是一个组合，对吗？<i>有些是原创IP，需要很长时间来开发。</i>有些实际上是现有的IP，我们将利用现有的资产，一个非常成熟的游戏玩法，我们将为移动设备添加我们的创新，然后我们为发布开发它。（摘自腾讯控股Q1’21收益看涨期权）它解释了为什么游戏开发商在相当长的时间里“挤奶”他们的顶级游戏。因此，我们不太确定SKLZ的新游戏会有多有竞争力？顶级皇家战役开发商从他们的顶级游戏中获得巨额利润。他们在吸引新用户方面也没有问题。对他们来说，这些是巨大的摇钱树。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cb7c95181f23ec88b008de9cf325f09\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Garena quarterly active users (QAU). Data source: SE company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena季度活跃用户（QAU）。数据来源：SE公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a0e48af16ee92effa7f115ca9a30870\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Garena Adjusted EBITDA margins. Data source: SE company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena 调整了 EBITDA 利润率。数据来源：SE公司备案</span></p></blockquote></p><p> Garena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&amp;A spends for Free Fire. Yet, users kept on joining the Free Fire platform.</p><p><blockquote>Garena 的 QAU 增长与 SKLZ 的指标形成鲜明对比。Garena 的 QAU 环比增长 11.8%。其QAU也同比增长45.1%。Garena 是 Sea Limited 利润丰厚的部门。该公司公布 2021 年第二季度调整后 EBITDA 利润率为 72.3%。他们不需要为自由射击分配如此巨额的SG&amp;A支出。然而，用户继续加入Free Fire平台。</blockquote></p><p> We applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.</p><p><blockquote>我们赞扬Skillz雄心勃勃地进军新的游戏类型。然而，我们只是不确定该公司在这些高利润的细分市场竞争是否可行。这些通常是由最好的游戏发行商或开发商主导的细分市场。这些根本不像泰达币或Big Run一直在推动SKLZ的收入。</blockquote></p><p> We think it's up to SKLZ to prove us wrong here.</p><p><blockquote>我们认为由SKLZ来证明我们错了。</blockquote></p><p> Garena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&amp;A spends for Free Fire. Yet, users kept on joining the Free Fire platform.</p><p><blockquote>Garena 的 QAU 增长与 SKLZ 的指标形成鲜明对比。Garena 的 QAU 环比增长 11.8%。其QAU也同比增长45.1%。Garena 是 Sea Limited 利润丰厚的部门。该公司公布 2021 年第二季度调整后 EBITDA 利润率为 72.3%。他们不需要为自由射击分配如此巨额的SG&amp;A支出。然而，用户继续加入Free Fire平台。</blockquote></p><p> We applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.</p><p><blockquote>我们赞扬Skillz雄心勃勃地进军新的游戏类型。然而，我们只是不确定该公司在这些高利润的细分市场竞争是否可行。这些通常是由最好的游戏发行商或开发商主导的细分市场。这些都不像泰达币或Big Run一直在推动SKLZ的收入。</blockquote></p><p> We think it's up to SKLZ to prove us wrong here.</p><p><blockquote>我们认为由SKLZ来证明我们错了。</blockquote></p><p> <b>So, is SKLZ Stock a Buy, or is It a Value Trap?</b></p><p><blockquote><b>那么，SKLZ 股票是值得买入，还是价值陷阱？</b></blockquote></p><p> Skillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.</p><p><blockquote>预计到 2025 财年，Skillz 的收入复合年增长率将达到 25.1%。然而，预计 GAAP EBITDA 要到 2024 财年才能实现盈利。我们认为，以大多数“投机性股票”衡量，收入复合年增长率并不突出。事实上，它看起来很一般。</blockquote></p><p> Skillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.</p><p><blockquote>预计到 2025 财年，Skillz 的收入复合年增长率将达到 25.1%。然而，预计 GAAP EBITDA 要到 2024 财年才能实现盈利。我们认为，以大多数“投机性股票”衡量，收入复合年增长率并不突出。事实上，它看起来很一般。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ccaf8a9d02c3b657af6e2422970e0c1\" tg-width=\"640\" tg-height=\"265\" width=\"100%\" height=\"auto\"><span>SKLZ stock EV/Fwd Revenue trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SKLZ 股票 EV/Fwd 收入趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> As mentioned, SKLZ stock falls within the speculative category of our portfolio. However, we are willing to give the company the benefit of the doubt to prove us wrong here. After all, it has shown that it could monetize its users well. The monetization strategies are clearly working.</p><p><blockquote>如前所述，SKLZ 股票属于我们投资组合的投机类别。然而，我们愿意给予公司无罪证明我们在这里是错误的。毕竟，它已经表明它可以很好地将用户货币化。货币化策略显然正在发挥作用。</blockquote></p><p> However, it is still not a cheap stock despite the -61.8% YTD performance. It's still valued at a premium against the slower-growth Electronic Arts(NASDAQ:EA). But, EA is much more profitable. Moreover, it's still expected to grow its revenue by 10.4% by FY25. Hence, it's not that slow either for its size. For some investors, SKLZ stock might still be too expensive for what it's worth. It is definitely not a stock for conservative investors or even value investors.</p><p><blockquote>然而，尽管年初至今的表现为-61.8%，但它仍然不是一只便宜的股票。与增长较慢的艺电（纳斯达克股票代码：EA）相比，它的估值仍然较高。但是，EA的利润要高得多。此外，预计到 2025 财年，其收入仍将增长 10.4%。因此，就它的尺寸而言，它也没有那么慢。对于一些投资者来说，SKLZ 股票可能仍然过于昂贵。它绝对不是一只适合保守投资者甚至价值投资者的股票。</blockquote></p><p> Notwithstanding, we are retaining our Buy rating on SKLZ stock for now. However, we would like to remind you that this stock might only be appropriate as a speculative stock in your portfolio.</p><p><blockquote>尽管如此，我们目前仍维持对 SKLZ 股票的买入评级。但是，我们想提醒您，这只股票可能只适合作为您投资组合中的投机股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4458690-skillz-stock-is-it-a-buy-or-is-it-a-value-trap\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4458690-skillz-stock-is-it-a-buy-or-is-it-a-value-trap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118519462","content_text":"Summary\n\nSkillz is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition.\nIt has been spending heavily on user acquisition. It has managed to improve its paying MAU ratio. However, its falling total MAU base could be a concern.\nThe stock still trades at a premium despite a -61.8% YTD performance. We address in this article whether the stock is worth adding for investors now.\n\ncokada/E+ via Getty Images\nInvestment Thesis\nSkillz(NYSE:SKLZ)is a mobile gaming technology platform. The company focuses on enabling monetization opportunities through competition. In contrast to other gaming platforms that monetize through in-app purchases [IAP] or in-app advertising [IAA]. The company believes that the business model of such platforms is \"broken.\" Furthermore, the company believes that the future of gaming is moving towards eSports. Hence, Skillz Inc. is on a mission to \"democratize gaming by leveling the playing field for access [to developers] to build esports.\"\nHowever,in our previous article, we explained that IAP and IAA are unlikely to be irrelevant anytime soon. Major game publishers continue to rely on these proven monetization models. We also showed that the majority of gamers are supportive of such models. Moreover, eSports is also not unique to SKLZ. Major game developers such as Garena(NYSE:SE)have also been leveraging on eSports. eSports allow game developers to build a highly engaged community of gamers.\nWe continue to remain shareholders of SKLZ stock. However, the stock is down more than 20% from our initial buy price. In addition, we highlighted before that it's a speculative stock for our portfolio. Hence, the exposure is much smaller than our core holdings. Nevertheless, we have no qualms in continuing to hold it for the longer term.\nWe will present our thesis on whether the stock's current weakness represents an opportunity for investors to add exposure.\nSKLZ Stock YTD Performance\nSKLZ Stock YTD performance (as of 5 Oct 21).\nGaming stocks had a terrible year so far. SKLZ stock's YTD performance was the worst here. The stock returned -61.8% YTD. It had started so brightly as it raced close to a 100% YTD lead in February. Unfortunately, that momentum has turned bearish and wiped out all its gains within a month. Except for SE, gaming stocks have significantly underperformed the SPDR S&P 500 ETF(NYSEARCA:SPY)in 2021.\nSkillz is Investing Aggressively for Growth\nSkillz gross margins and SG&A margins. Data source: S&P Capital IQ\nSkillz take rate. Data source: Company filings\nSkillz operates with an \"asset-light,\" low direct costs business model. It doesn't need to hire and retain expensively assembled developer teams. Instead, it's a platform for developers to build their games for monetization on Skillz's competition platform. Therefore, Skillz takes a commission from its net gross marketplace volume (GMV). The commission is defined as its take rate.\nSkillz has maintained a consistent take rate over time. The company posted a take rate of 14.7% in FQ2'21. However, Skillz also highlighted that it could increase its take rate in the future to boost monetization. Such opportunities could arise if it could attract more paying users to its platform.\nThe company's gross profit is then derived from its take rate. So under its \"asset-light\" platform, it's not surprising that it has been reporting solid gross margins. The company has consistently reported gross margins of around 95%.\nHowever, the main \"eyesore\" is its SG&A margins. Its very high SG&A margins are the main reason for its negative EBIT margins. Skillz CEO Andrew Paradise recently discussed the purpose of the company's aggressiveness in its SG&A spending. He emphasized:\n\n Part of that is, as a reminder, our gross margin is 95% as a business. So we can be profitable today if we want to slow down our penetration of the massive market ahead of us. But when you think about our business, just like kind of thinking about Q2 of this year, our adjusted EBITDA margin before user acquisition was actually 17%.\n We just -- we believe that capturing the now $2.8 billion gamer opportunity in front of us by investing in growth with this discipline of understanding these paybacks, carefully monitoring cohort performance.(from Citi 2021 Global Technology Virtual Conference)\n\nTherefore, Paradise believes that SKLZ still has a massive opportunity to capture the growth in mobile gaming. Coupled with its eSports appeal, the company is definitely operating in a fast-growing market.\nThe important question facing investors is whether its aggressiveness makes sense. SG&A margins above 140% are very costly to sustain. Importantly, SKLZ has a relatively healthy cash hoard of $693M, with no debt. Hence, the company is in a good financial position to conduct its aggressive user acquisition (UA) strategy.\nMoreover, the Aarki acquisition is also expected to help Skillz optimize its UA costs. The company highlighted that it expects to migrate about $200M in UA spending to Aarki this year. It's a sizeable amount as the company expended about $250M in SG&A expenses in H1'21. The migrated spending would allow Aarki to optimize about $40M to $60M in UA costs. However, Skillz has also telegraphed that cost optimization would take time. The optimization process might take up to 24 months to complete. Therefore, the operational efficiencies from the migration to Aarki would take some time to show up.\nBut, Monthly Active Users are Falling\nThe company reported monthly active users (MAU) of 2.4M in FQ2'21. It followed a recent declining trend. In FQ1'21, the MAU was 2.7M. Hence, there was a marked 11.1% quarter-over-quarter ((QoQ)) drop. Moreover, YoY figures hardly changed. The company reported MAU of 2.6M in FQ1'20. It also reported MAU of 2.5M in Q2'20. Therefore, readers can easily glean that Skillz has difficulty attracting more MAU to its platform. As a result, the company might need to continue spending aggressively to maintain its MAU.\nSkillz Paying MAU. Source: Skillz\nOf course, the focus of the company has always been on its Paying MAU. Paying MAU accounted for 19.3% of its total MAU base in FQ2'21. It was an improvement over FQ1'21's 17.3%. It shows that the company has been able to improve its user monetization ratio. It's also a significant improvement over FQ2'20's 12% ratio. From this perspective, it shows that the company's aggressive UA efforts seem to be making progress. Notwithstanding, we think it's still necessary for Skillz to address its declining trend of MAU. The company could certainly address the short-term gaps with improved monetization metrics. At the moment, we don't see anything amiss. But, it would likely get increasingly harder to monetize a falling MAU base.\nWould Venturing into Synchronous Gaming Be The Solution?\nSkillz upped the ante by investing in Exit Games to accelerate its synchronous gaming ambitions. The most prominent genre is battle royale games. Such games include Fortnite, Garena Free Fire (SE), and PUBG Mobile(OTCPK:TCEHY). These are the most dominant mobile games in the battle royale genre today.SensorTower's Q3'21 revenue data shows PUBG Mobile and Garena Free Fire are the #1 and #8 games worldwide. However, it's important to note that game development has a long lead time.\nWorldwide gaming leader Tencent clearly emphasized the challenge in developing \"original IPs.\" Tencent emphasized:\n\n Just one point to add, right. On the gaming side, I think you emphasized [the] point [of] new creation of IPs and true,\n is many years before you can see final product.I think if you look at our recent pipeline of games, which we have announced of more than 40 of them, I think it's a combination, right?\n Some are original IPs, which would take a very long time to develop.Some are actually existing IPs that we're going to take existing assets, a pretty proven game play, and we will add our innovation for mobile, and then we developed it for launch. (from Tencent FQ1'21 earnings call)\n\nIt explains why game developers \"milk\" their top titles for a significant amount of time. Hence, we are not so sure how competitive would SKLZ's new gaming titles be? Top battle royale developers derive huge profits from their top titles. They also have no problems attracting new users. These are massive cash cows for them.\nGarena quarterly active users (QAU). Data source: SE company filings\nGarena Adjusted EBITDA margins. Data source: SE company filings\nGarena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&A spends for Free Fire. Yet, users kept on joining the Free Fire platform.\nWe applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.\nWe think it's up to SKLZ to prove us wrong here.\nGarena's QAU growth is in huge contrast to SKLZ's metrics. Garena grew its QAU by 11.8% QoQ. Its QAU also grew by 45.1% YoY. Garena is a hugely profitable segment for Sea Limited. The company reported a 72.3% Adjusted EBITDA margin for FQ2'21. They don't need to allocate that kind of massive SG&A spends for Free Fire. Yet, users kept on joining the Free Fire platform.\nWe applaud Skillz for its ambitious push into new gaming genres. However, we are just unsure whether it could be viable for the company to compete in these highly lucrative segments. These are typically segments dominated by the best gaming publishers or developers. These are nothing like Tether or Big Run that have been driving SKLZ's revenue.\nWe think it's up to SKLZ to prove us wrong here.\nSo, is SKLZ Stock a Buy, or is It a Value Trap?\nSkillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.\nSkillz is estimated to grow its revenue by a CAGR of 25.1% by FY25. However, it's only expected to turn GAAP EBITDA profitable by FY24. We don't think the revenue CAGR is outstanding by most \"speculative stocks\" measures. It looks average, in fact.\nSKLZ stock EV/Fwd Revenue trend. Data source: S&P Capital IQ\nAs mentioned, SKLZ stock falls within the speculative category of our portfolio. However, we are willing to give the company the benefit of the doubt to prove us wrong here. After all, it has shown that it could monetize its users well. The monetization strategies are clearly working.\nHowever, it is still not a cheap stock despite the -61.8% YTD performance. It's still valued at a premium against the slower-growth Electronic Arts(NASDAQ:EA). But, EA is much more profitable. Moreover, it's still expected to grow its revenue by 10.4% by FY25. Hence, it's not that slow either for its size. For some investors, SKLZ stock might still be too expensive for what it's worth. It is definitely not a stock for conservative investors or even value investors.\nNotwithstanding, we are retaining our Buy rating on SKLZ stock for now. However, we would like to remind you that this stock might only be appropriate as a speculative stock in your portfolio.","news_type":1,"symbols_score_info":{"SKLZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823325369,"gmtCreate":1633587189685,"gmtModify":1633587189862,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823325369","repostId":"1107744666","repostType":4,"isVote":1,"tweetType":1,"viewCount":4173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823325903,"gmtCreate":1633587175673,"gmtModify":1633587175806,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823325903","repostId":"1106545903","repostType":4,"repost":{"id":"1106545903","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1633563192,"share":"https://www.laohunote.com/m/news/1106545903?lang=zh_CN&edition=full","pubTime":"2021-10-07 07:33","market":"us","language":"en","title":"What to Expect From Tesla's Annual Shareholder Meeting Thursday<blockquote>特斯拉周四年度股东大会有何期待</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106545903","media":"Benzinga Earnings","summary":"Tesla, Inc. is scheduled to hold its annual shareholder meeting Thursday.The Venue:This time around, the annual affair will be presented from the company's Giga Austin at 5:30 p.m. ET in a virtual-only format.A change in venue was communicated by the company on Sept. 27 along with other updates to the original announcement made on Aug. 26. The company had earlier planned to present the meeting from its flagship Fremont Giga.The Agenda:Tesla has four proposals to be discussed at the meeting. Thes","content":"<p><b>Tesla, Inc.</b>&nbsp;is scheduled to hold its annual shareholder meeting Thursday.</p><p><blockquote><b>特斯拉公司。</b>定于周四举行年度股东大会。</blockquote></p><p> <b>The Venue:</b>This time around, the annual affair will be presented from the company's Giga Austin at 5:30 p.m. ET&nbsp;in a virtual-only format.</p><p><blockquote><b>地点：</b>这一次，一年一度的盛会将于下午 5:30 在该公司的 Giga Austin 举行。美国东部时间以虚拟形式举行。</blockquote></p><p> A change in venue was communicated by the company on Sept. 27 along with other updates to the original announcement made on Aug. 26. The company had earlier planned to present the meeting from its flagship Fremont Giga.</p><p><blockquote>该公司于 9 月 27 日宣布了地点的变更，并对 8 月 26 日发布的原始公告进行了其他更新。该公司早些时候计划在其旗舰店 Fremont Giga 举办会议。</blockquote></p><p> <b>The Agenda:</b>Tesla has&nbsp;four proposals to be discussed at the meeting. These include:</p><p><blockquote><b>议程：</b>特斯拉有四项提案要在会上讨论。其中包括：</blockquote></p><p> - Election of two Class II directors to serve for a term of three years</p><p><blockquote>- 选举两名二级董事，任期三年</blockquote></p><p> - amendments to certificate of incorporation to reduce director terms to two years</p><p><blockquote>- 修订公司注册证明书，将董事任期减至两年</blockquote></p><p> - amendments to certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements</p><p><blockquote>- 修订公司注册证明书及章程细则，以取消适用的绝对多数投票规定</blockquote></p><p> - ratification of the appointment of PricewaterhouseCoopers LLP as Tesla's independent registered public accounting firm for the fiscal year ending December&nbsp;2021</p><p><blockquote>-批准委任普华永道会计师事务所为特斯拉截至2021年12月的财政年度的独立注册会计师事务所</blockquote></p><p> A supermajority voting provision requires certain categories of bylaws to be approved by the affirmative vote of at least 66%, or two-thirds of the total voting power of all outstanding shares of Tesla common stock. The company is proposing to eliminate this.</p><p><blockquote>超级多数投票条款要求某些类别的章程必须获得至少66%的赞成票，即特斯拉普通股所有已发行股票总投票权的三分之二。该公司提议消除这一点。</blockquote></p><p> Tesla has also put up for re-election board members&nbsp;<b>James Murdoch,</b>son of medial mogul&nbsp;<b>Rupert Murdoch,</b>and&nbsp;<b>Kimbal Musk,</b>the brother of CEO&nbsp;<b>Elon Musk</b>.</p><p><blockquote>特斯拉还支持连任董事会成员<b>詹姆斯·默多克，</b>医疗大亨之子<b>鲁珀特·默多克，</b>和<b>金巴尔·马斯克，</b>CEO的兄弟<b>埃隆·马斯克</b>.</blockquote></p><p> Proxy advisory firm Institutional Shareholder Services has recommended rejecting the two directors, citing its view that they have been excessively compensated.</p><p><blockquote>代理咨询公司 Institutional Shareholder Services 建议解雇这两名董事，理由是他们获得了过高的薪酬。</blockquote></p><p> <b>The Shareholder Proposals:</b>Shareholders have put forward five proposals, including the reduction of a director's term to one year, additional reporting on diversity and inclusion efforts, reporting on employee arbitration, assigning responsibility for strategic oversight of human capital management to an independent board-level committee and additional reporting on human rights.</p><p><blockquote><b>股东建议：</b>股东提出了五项建议，包括将董事任期缩短至一年、增加关于多元化和包容性工作的报告、关于员工仲裁的报告、将人力资本管理战略监督的责任分配给一个独立的董事会级委员会以及增加关于人权的报告。</blockquote></p><p> Tesla has accepted only the first proposal for discussion and rejected the other four,which pertain&nbsp;primarily to diversity and inclusion. The company's rejection assumes importance because of the $137 million in&nbsp;damages&nbsp;a jury ordered Tesla to pay for alleged racism in workplace.</p><p><blockquote>特斯拉只接受了第一个讨论提案，拒绝了其他四个主要涉及多样性和包容性的提案。该公司的拒绝很重要，因为陪审团命令特斯拉为涉嫌工作场所种族主义支付 1.37 亿美元的赔偿金。</blockquote></p><p> \"The virtual meeting will feature live audio webcasts, plus the option for stockholders to submit votes and written comments and questions on meeting agenda items,\" Tesla said in definitive proxy statement filed in late September.</p><p><blockquote>特斯拉在 9 月底提交的最终委托书中表示：“虚拟会议将提供现场音频网络广播，以及股东可以选择就会议议程项目提交投票、书面评论和问题。”</blockquote></p><p> <b>Investor&nbsp;Questions That Could Be Addressed:</b>Tesla has invited investors to ask and upvote questions that they would like addressed.</p><p><blockquote><b>可以解答的投资者问题：</b>特斯拉邀请投资者提出并投票支持他们希望得到解答的问题。</blockquote></p><p> About 3,265 questions have been posted on the page so far. Some of the questions with the highest upvotes are the&nbsp;Cybertruck&nbsp;production start timeline and the rate of ramp; a&nbsp;potential stock split; the&nbsp;possibility of the company's proprietary 4680 battery cell launching this year;&nbsp;dividend plans; and a quarterly update on the energy business.</p><p><blockquote>到目前为止，页面上已经发布了大约3265个问题。支持率最高的一些问题是 Cybertruck 生产启动时间表和 ramp 速度；潜在的股票分割；公司专有的4680电芯今年推出的可能性；股息计划；以及能源业务的季度更新。</blockquote></p><p> <b>New Headquarters On The Horizon?</b>Given that the venue was shifted to Giga Austin, tongues have begun wagging about the company potentially shifting its headquarters to Austin.</p><p><blockquote><b>新总部即将到来？</b>鉴于地点已转移到 Giga Austin，人们开始谈论该公司可能将总部迁至奥斯汀。</blockquote></p><p> Citing Musk spending more time at Giga Austin, CFO<b>Zachary Kirkhorn</b>buying a house in Austin and the company datelining its last two press releases as from Austin, Texas, Bloomberg said a shift in corporate headquarters to Texas could be a possibility.</p><p><blockquote>首席财务官称马斯克在 Giga Austin 度过了更多时间<b>扎卡里·柯克霍恩</b>彭博社在奥斯汀买了一栋房子，该公司在德克萨斯州奥斯汀发布了最后两份新闻稿，并表示公司总部有可能迁至德克萨斯州。</blockquote></p><p> <b>TSLA Price Action:</b>Tesla shares gained 0.28% Wednesday, closing at $782.75.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周三上涨0.28%，收于782.75美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/140145d2ab6288e5002f3c3b931a0805\" tg-width=\"750\" tg-height=\"1334\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The company had earlier planned to present the meeting from its flagship Fremont Giga.</p><p><blockquote>该公司于 9 月 27 日宣布了地点的变更，并对 8 月 26 日发布的原始公告进行了其他更新。该公司早些时候计划在其旗舰店 Fremont Giga 举办会议。</blockquote></p><p> <b>The Agenda:</b>Tesla has&nbsp;four proposals to be discussed at the meeting. These include:</p><p><blockquote><b>议程：</b>特斯拉有四项提案要在会上讨论。其中包括：</blockquote></p><p> - Election of two Class II directors to serve for a term of three years</p><p><blockquote>- 选举两名二级董事，任期三年</blockquote></p><p> - amendments to certificate of incorporation to reduce director terms to two years</p><p><blockquote>- 修订公司注册证明书，将董事任期减至两年</blockquote></p><p> - amendments to certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements</p><p><blockquote>- 修订公司注册证明书及章程细则，以取消适用的绝对多数投票规定</blockquote></p><p> - ratification of the appointment of PricewaterhouseCoopers LLP as Tesla's independent registered public accounting firm for the fiscal year ending December&nbsp;2021</p><p><blockquote>-批准委任普华永道会计师事务所为特斯拉截至2021年12月的财政年度的独立注册会计师事务所</blockquote></p><p> A supermajority voting provision requires certain categories of bylaws to be approved by the affirmative vote of at least 66%, or two-thirds of the total voting power of all outstanding shares of Tesla common stock. The company is proposing to eliminate this.</p><p><blockquote>超级多数投票条款要求某些类别的章程必须获得至少66%的赞成票，即特斯拉普通股所有已发行股票总投票权的三分之二。该公司提议消除这一点。</blockquote></p><p> Tesla has also put up for re-election board members&nbsp;<b>James Murdoch,</b>son of medial mogul&nbsp;<b>Rupert Murdoch,</b>and&nbsp;<b>Kimbal Musk,</b>the brother of CEO&nbsp;<b>Elon Musk</b>.</p><p><blockquote>特斯拉还支持连任董事会成员<b>詹姆斯·默多克，</b>医疗大亨之子<b>鲁珀特·默多克，</b>和<b>金巴尔·马斯克，</b>CEO的兄弟<b>埃隆·马斯克</b>.</blockquote></p><p> Proxy advisory firm Institutional Shareholder Services has recommended rejecting the two directors, citing its view that they have been excessively compensated.</p><p><blockquote>代理咨询公司 Institutional Shareholder Services 建议解雇这两名董事，理由是他们获得了过高的薪酬。</blockquote></p><p> <b>The Shareholder Proposals:</b>Shareholders have put forward five proposals, including the reduction of a director's term to one year, additional reporting on diversity and inclusion efforts, reporting on employee arbitration, assigning responsibility for strategic oversight of human capital management to an independent board-level committee and additional reporting on human rights.</p><p><blockquote><b>股东建议：</b>股东提出了五项建议，包括将董事任期缩短至一年、增加关于多元化和包容性工作的报告、关于员工仲裁的报告、将人力资本管理战略监督的责任分配给一个独立的董事会级委员会以及增加关于人权的报告。</blockquote></p><p> Tesla has accepted only the first proposal for discussion and rejected the other four,which pertain&nbsp;primarily to diversity and inclusion. The company's rejection assumes importance because of the $137 million in&nbsp;damages&nbsp;a jury ordered Tesla to pay for alleged racism in workplace.</p><p><blockquote>特斯拉只接受了第一个讨论提案，拒绝了其他四个主要涉及多样性和包容性的提案。该公司的拒绝很重要，因为陪审团命令特斯拉为涉嫌工作场所种族主义支付 1.37 亿美元的赔偿金。</blockquote></p><p> \"The virtual meeting will feature live audio webcasts, plus the option for stockholders to submit votes and written comments and questions on meeting agenda items,\" Tesla said in definitive proxy statement filed in late September.</p><p><blockquote>特斯拉在 9 月底提交的最终委托书中表示：“虚拟会议将提供现场音频网络广播，以及股东可以选择就会议议程项目提交投票、书面评论和问题。”</blockquote></p><p> <b>Investor&nbsp;Questions That Could Be Addressed:</b>Tesla has invited investors to ask and upvote questions that they would like addressed.</p><p><blockquote><b>可以解答的投资者问题：</b>特斯拉邀请投资者提出并投票支持他们希望得到解答的问题。</blockquote></p><p> About 3,265 questions have been posted on the page so far. Some of the questions with the highest upvotes are the&nbsp;Cybertruck&nbsp;production start timeline and the rate of ramp; a&nbsp;potential stock split; the&nbsp;possibility of the company's proprietary 4680 battery cell launching this year;&nbsp;dividend plans; and a quarterly update on the energy business.</p><p><blockquote>到目前为止，页面上已经发布了大约3265个问题。支持率最高的一些问题是 Cybertruck 生产启动时间表和 ramp 速度；潜在的股票分割；公司专有的4680电芯今年推出的可能性；股息计划；以及能源业务的季度更新。</blockquote></p><p> <b>New Headquarters On The Horizon?</b>Given that the venue was shifted to Giga Austin, tongues have begun wagging about the company potentially shifting its headquarters to Austin.</p><p><blockquote><b>新总部即将到来？</b>鉴于地点已转移到 Giga Austin，人们开始谈论该公司可能将总部迁至奥斯汀。</blockquote></p><p> Citing Musk spending more time at Giga Austin, CFO<b>Zachary Kirkhorn</b>buying a house in Austin and the company datelining its last two press releases as from Austin, Texas, Bloomberg said a shift in corporate headquarters to Texas could be a possibility.</p><p><blockquote>首席财务官称马斯克在 Giga Austin 度过了更多时间<b>扎卡里·柯克霍恩</b>彭博社在奥斯汀买了一栋房子，该公司在德克萨斯州奥斯汀发布了最后两份新闻稿，并表示公司总部有可能迁至德克萨斯州。</blockquote></p><p> <b>TSLA Price Action:</b>Tesla shares gained 0.28% Wednesday, closing at $782.75.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周三上涨0.28%，收于782.75美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/140145d2ab6288e5002f3c3b931a0805\" tg-width=\"750\" tg-height=\"1334\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106545903","content_text":"Tesla, Inc. is scheduled to hold its annual shareholder meeting Thursday.\nThe Venue:This time around, the annual affair will be presented from the company's Giga Austin at 5:30 p.m. ET in a virtual-only format.\nA change in venue was communicated by the company on Sept. 27 along with other updates to the original announcement made on Aug. 26. The company had earlier planned to present the meeting from its flagship Fremont Giga.\nThe Agenda:Tesla has four proposals to be discussed at the meeting. These include:\n- Election of two Class II directors to serve for a term of three years\n- amendments to certificate of incorporation to reduce director terms to two years\n- amendments to certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements\n- ratification of the appointment of PricewaterhouseCoopers LLP as Tesla's independent registered public accounting firm for the fiscal year ending December 2021\nA supermajority voting provision requires certain categories of bylaws to be approved by the affirmative vote of at least 66%, or two-thirds of the total voting power of all outstanding shares of Tesla common stock. The company is proposing to eliminate this.\nTesla has also put up for re-election board members James Murdoch,son of medial mogul Rupert Murdoch,and Kimbal Musk,the brother of CEO Elon Musk.\nProxy advisory firm Institutional Shareholder Services has recommended rejecting the two directors, citing its view that they have been excessively compensated.\nThe Shareholder Proposals:Shareholders have put forward five proposals, including the reduction of a director's term to one year, additional reporting on diversity and inclusion efforts, reporting on employee arbitration, assigning responsibility for strategic oversight of human capital management to an independent board-level committee and additional reporting on human rights.\nTesla has accepted only the first proposal for discussion and rejected the other four,which pertain primarily to diversity and inclusion. The company's rejection assumes importance because of the $137 million in damages a jury ordered Tesla to pay for alleged racism in workplace.\n\"The virtual meeting will feature live audio webcasts, plus the option for stockholders to submit votes and written comments and questions on meeting agenda items,\" Tesla said in definitive proxy statement filed in late September.\nInvestor Questions That Could Be Addressed:Tesla has invited investors to ask and upvote questions that they would like addressed.\nAbout 3,265 questions have been posted on the page so far. Some of the questions with the highest upvotes are the Cybertruck production start timeline and the rate of ramp; a potential stock split; the possibility of the company's proprietary 4680 battery cell launching this year; dividend plans; and a quarterly update on the energy business.\nNew Headquarters On The Horizon?Given that the venue was shifted to Giga Austin, tongues have begun wagging about the company potentially shifting its headquarters to Austin.\nCiting Musk spending more time at Giga Austin, CFOZachary Kirkhornbuying a house in Austin and the company datelining its last two press releases as from Austin, Texas, Bloomberg said a shift in corporate headquarters to Texas could be a possibility.\nTSLA Price Action:Tesla shares gained 0.28% Wednesday, closing at $782.75.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823322781,"gmtCreate":1633587162446,"gmtModify":1633587162633,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823322781","repostId":"2173105049","repostType":4,"isVote":1,"tweetType":1,"viewCount":3689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823322232,"gmtCreate":1633587148570,"gmtModify":1633587148743,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823322232","repostId":"2173450549","repostType":4,"isVote":1,"tweetType":1,"viewCount":2879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829492787,"gmtCreate":1633531550795,"gmtModify":1633531550936,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829492787","repostId":"2173838910","repostType":4,"isVote":1,"tweetType":1,"viewCount":3164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829496940,"gmtCreate":1633531411008,"gmtModify":1633531411151,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829496940","repostId":"1132226534","repostType":4,"isVote":1,"tweetType":1,"viewCount":1076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829910827,"gmtCreate":1633449464180,"gmtModify":1633449464378,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"GOOD","listText":"GOOD","text":"GOOD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829910827","repostId":"1152296301","repostType":4,"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829934272,"gmtCreate":1633449301013,"gmtModify":1633449301197,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829934272","repostId":"1187887420","repostType":4,"repost":{"id":"1187887420","kind":"news","pubTimestamp":1633444673,"share":"https://www.laohunote.com/m/news/1187887420?lang=zh_CN&edition=full","pubTime":"2021-10-05 22:37","market":"us","language":"en","title":"Chief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187887420","media":"Benzinga","summary":"Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on Octob","content":"<p><div> Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing. What Happened:A Form 4 filing from theU.S. Securities and ...</p><p><blockquote><div>根据美国证券交易委员会提交的一份新文件，艺电（纳斯达克股票代码：EA）首席工作室官劳拉·米勒 (Laura Miele) 于 10 月 1 日进行了一笔大规模内幕交易。发生了什么：来自美国的 4 号表格文件。证券和……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-10-05 22:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing. What Happened:A Form 4 filing from theU.S. Securities and ...</p><p><blockquote><div>根据美国证券交易委员会提交的一份新文件，艺电（纳斯达克股票代码：EA）首席工作室官劳拉·米勒 (Laura Miele) 于 10 月 1 日进行了一笔大规模内幕交易。发生了什么：来自美国的 4 号表格文件。证券和……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187887420","content_text":"Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing.\nWhat Happened:A Form 4 filing from theU.S. Securities and Exchange Commission on Friday showed that Miele sold 3,100 shares of Electronic Arts at prices ranging from $140.72 to $143.81. The total transaction amounted to $441,584.\nFollowing the transaction, Miele still owns 23,632 shares of the company, worth $3,411,633.\nElectronic Arts shares are trading up 0.84% at $144.37 at the time of this writing on Tuesday morning.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":1281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868883006,"gmtCreate":1632628945605,"gmtModify":1632649430212,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868883006","repostId":"2170614164","repostType":4,"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868889246,"gmtCreate":1632628917185,"gmtModify":1632649442222,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868889246","repostId":"2170865614","repostType":4,"isVote":1,"tweetType":1,"viewCount":1178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868889119,"gmtCreate":1632628897031,"gmtModify":1632649451220,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868889119","repostId":"2170146216","repostType":4,"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861547233,"gmtCreate":1632527921422,"gmtModify":1632712508410,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good deal","listText":"Good deal","text":"Good deal","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861547233","repostId":"2169615548","repostType":4,"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861544162,"gmtCreate":1632527836056,"gmtModify":1632712538424,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Deal","listText":"Deal","text":"Deal","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861544162","repostId":"2169590615","repostType":4,"isVote":1,"tweetType":1,"viewCount":1060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861545465,"gmtCreate":1632527818157,"gmtModify":1632712547426,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Deal","listText":"Deal","text":"Deal","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861545465","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632496493,"share":"https://www.laohunote.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics 开盘交易价格为 23.8 美元，较 IPO 价格上涨约 32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为 23.8 美元，较 IPO 价格上涨约 32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官 Sandeep Sahai 领导，他自 2016 年 9 月起加入该公司，此前曾担任投资合伙企业 Solmark 的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>性能测量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规性监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater 已从 Welsh Carson、Permira、Warburg Pincus 和 Dragoneer 等投资者处收到至少 4.21 亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销团队，寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN 还拥有国际客户，并将在 IPO 后寻求扩大其国际业务。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater 处理 1,000 多个客户超过 5.6 万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及市场推广开支占总收入的百分比随著收入增加而有所变动，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每1美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期内下降至1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的一条经验法则，即只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>CWAN 在截至 2021 年 6 月 30 日的六个月内的最新计算为 41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期修订版增长率%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>息税折旧摊销前利润百分比</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至 2021 年 6 月 30 日，该公司按美元计算的净收入保留率为 109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移从每个客户群体中产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群体中产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测CAGR为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动力是用户希望自动化重复性任务，以便他们可以专注于最大限度地提高投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>树液</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>模拟公司</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>菲斯</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater 近期的财务业绩可概括如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>增加毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营所用现金不均</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是公司注册声明中的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>总收入</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>总收入</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>营业溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>营业溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净收入（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净收入（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流量</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后债务净额将达到5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收增长强劲，毛利润增长强劲，营业利润和净利润在 2020 年业绩不佳后有所反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至 2021 年 6 月 30 日的 12 个月的自由现金流明显为负值（3800 万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售及营销开支占总收入的百分比随收入增加而变化；最近六个月，其销售和营销效率略有下降至 1.4 倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN的美元净保留率为109%，这是一个积极的结果，其40规则表现也很好。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临着激烈的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 40.5%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>公司前景面临的主要风险是其所竞争的各个子市场的竞争程度和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手 Simcorp 相比，CWAN IPO 的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率明显更高。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了 2020 年出现运营亏损的困难时期后，2021 年运营利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于 CWAN 的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次 IPO 值得密切关注。</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>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics 开盘交易价格为 23.8 美元，较 IPO 价格上涨约 32%</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; 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}\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\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics 开盘交易价格为 23.8 美元，较 IPO 价格上涨约 32%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为 23.8 美元，较 IPO 价格上涨约 32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官 Sandeep Sahai 领导，他自 2016 年 9 月起加入该公司，此前曾担任投资合伙企业 Solmark 的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>性能测量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规性监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater 已从 Welsh Carson、Permira、Warburg Pincus 和 Dragoneer 等投资者处收到至少 4.21 亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销团队，寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN 还拥有国际客户，并将在 IPO 后寻求扩大其国际业务。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater 处理 1,000 多个客户超过 5.6 万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及市场推广开支占总收入的百分比随著收入增加而有所变动，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每1美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期内下降至1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的一条经验法则，即只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>CWAN 在截至 2021 年 6 月 30 日的六个月内的最新计算为 41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期修订版增长率%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>息税折旧摊销前利润百分比</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至 2021 年 6 月 30 日，该公司按美元计算的净收入保留率为 109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移从每个客户群体中产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群体中产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测CAGR为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动力是用户希望自动化重复性任务，以便他们可以专注于最大限度地提高投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>树液</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>模拟公司</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>菲斯</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater 近期的财务业绩可概括如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>增加毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营所用现金不均</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是公司注册声明中的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>总收入</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>总收入</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>营业溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>营业溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净收入（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净收入（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流量</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后债务净额将达到5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收增长强劲，毛利润增长强劲，营业利润和净利润在 2020 年业绩不佳后有所反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至 2021 年 6 月 30 日的 12 个月的自由现金流明显为负值（3800 万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售及营销开支占总收入的百分比随收入增加而变化；最近六个月，其销售和营销效率略有下降至 1.4 倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN的美元净保留率为109%，这是一个积极的结果，其40规则表现也很好。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临着激烈的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 40.5%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>公司前景面临的主要风险是其所竞争的各个子市场的竞争程度和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手 Simcorp 相比，CWAN IPO 的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率明显更高。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了 2020 年出现运营亏损的困难时期后，2021 年运营利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于 CWAN 的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次 IPO 值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":1150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861545653,"gmtCreate":1632527805272,"gmtModify":1632712550427,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093596659918630","idStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861545653","repostId":"2170361942","repostType":4,"isVote":1,"tweetType":1,"viewCount":1323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":868889246,"gmtCreate":1632628917185,"gmtModify":1632649442222,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868889246","repostId":"2170865614","repostType":4,"isVote":1,"tweetType":1,"viewCount":1178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828756914,"gmtCreate":1633950696534,"gmtModify":1633950696597,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828756914","repostId":"1151047848","repostType":4,"repost":{"id":"1151047848","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1633946726,"share":"https://www.laohunote.com/m/news/1151047848?lang=zh_CN&edition=full","pubTime":"2021-10-11 18:05","market":"us","language":"en","title":"Nobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151047848","media":"Tiger Newspress","summary":"Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in ec","content":"<p>Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.</p><p><blockquote>经济学家戴维·卡德、Joshua D. Angrist和Guido W. Imbens被授予诺贝尔经济学奖。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d9f722d87655d2ece2dcf896b6bd647\" tg-width=\"544\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.</p><p><blockquote>卡德因其对劳动经济学的贡献而受到认可，而安格里斯特和伊本斯则因其对因果关系分析的贡献而获奖。</blockquote></p><p> Last year, Stanford University economists&nbsp;Paul R. Milgrom and Robert B. Wilson were awarded the prize&nbsp;for their \"improvements to auction theory and invention of new auction formats.\"</p><p><blockquote>去年，斯坦福大学经济学家保罗·R·米尔格罗姆和罗伯特·B·威尔逊因其“对拍卖理论的改进和新拍卖形式的发明”而获奖。</blockquote></p><p> The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.</p><p><blockquote>纪念阿尔弗雷德·诺贝尔的瑞典国家银行经济科学奖包括1000万瑞典克朗（110万美元）的现金奖励和一枚金牌。</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>Nobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</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\">\nNobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens<blockquote>诺贝尔经济学奖授予戴维·卡德、Joshua D. Angrist 和 Guido W. Imbens</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-11 18:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.</p><p><blockquote>经济学家戴维·卡德、Joshua D. Angrist和Guido W. Imbens被授予诺贝尔经济学奖。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d9f722d87655d2ece2dcf896b6bd647\" tg-width=\"544\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.</p><p><blockquote>卡德因其对劳动经济学的贡献而受到认可，而安格里斯特和伊本斯则因其对因果关系分析的贡献而获奖。</blockquote></p><p> Last year, Stanford University economists&nbsp;Paul R. Milgrom and Robert B. Wilson were awarded the prize&nbsp;for their \"improvements to auction theory and invention of new auction formats.\"</p><p><blockquote>去年，斯坦福大学经济学家保罗·R·米尔格罗姆和罗伯特·B·威尔逊因其“对拍卖理论的改进和新拍卖形式的发明”而获奖。</blockquote></p><p> The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.</p><p><blockquote>纪念阿尔弗雷德·诺贝尔的瑞典国家银行经济科学奖包括1000万瑞典克朗（110万美元）的现金奖励和一枚金牌。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151047848","content_text":"Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.\n\nCard was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.\nLast year, Stanford University economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for their \"improvements to auction theory and invention of new auction formats.\"\nThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829934272,"gmtCreate":1633449301013,"gmtModify":1633449301197,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829934272","repostId":"1187887420","repostType":4,"repost":{"id":"1187887420","kind":"news","pubTimestamp":1633444673,"share":"https://www.laohunote.com/m/news/1187887420?lang=zh_CN&edition=full","pubTime":"2021-10-05 22:37","market":"us","language":"en","title":"Chief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187887420","media":"Benzinga","summary":"Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on Octob","content":"<p><div> Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing. What Happened:A Form 4 filing from theU.S. Securities and ...</p><p><blockquote><div>根据美国证券交易委员会提交的一份新文件，艺电（纳斯达克股票代码：EA）首席工作室官劳拉·米勒 (Laura Miele) 于 10 月 1 日进行了一笔大规模内幕交易。发生了什么：来自美国的 4 号表格文件。证券和……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChief Studios Officer Of Electronic Arts Sold $440K In Stock<blockquote>艺电首席工作室官出售价值 44 万美元的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-10-05 22:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing. What Happened:A Form 4 filing from theU.S. Securities and ...</p><p><blockquote><div>根据美国证券交易委员会提交的一份新文件，艺电（纳斯达克股票代码：EA）首席工作室官劳拉·米勒 (Laura Miele) 于 10 月 1 日进行了一笔大规模内幕交易。发生了什么：来自美国的 4 号表格文件。证券和……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.benzinga.com/news/21/10/23241376/chief-studios-officer-of-electronic-arts-sold-440k-in-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187887420","content_text":"Laura Miele, Chief Studios Officer at Electronic Arts(NASDAQ:EA), made a large insider sell on October 1, according to a new SEC filing.\nWhat Happened:A Form 4 filing from theU.S. Securities and Exchange Commission on Friday showed that Miele sold 3,100 shares of Electronic Arts at prices ranging from $140.72 to $143.81. The total transaction amounted to $441,584.\nFollowing the transaction, Miele still owns 23,632 shares of the company, worth $3,411,633.\nElectronic Arts shares are trading up 0.84% at $144.37 at the time of this writing on Tuesday morning.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":1281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828874942,"gmtCreate":1633907096939,"gmtModify":1633907097037,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828874942","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":3595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869696390,"gmtCreate":1632277206510,"gmtModify":1632801537133,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"latest","listText":"latest","text":"latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869696390","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860320772,"gmtCreate":1632138420996,"gmtModify":1632802610264,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Latest&nbsp;","listText":"Latest&nbsp;","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860320772","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohunote.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FDX":"联邦快递",".SPX":"S&P 500 Index","NKE":"耐克",".DJI":"道琼斯","CRM":"赛富时","ADBE":"Adobe","COST":"好市多",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"FDX":0.9,"ADBE":0.9,".DJI":0.9,"CRM":0.9,".IXIC":0.9,"NKE":0.9,".SPX":0.9,"COST":0.9}},"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814780555,"gmtCreate":1630885590277,"gmtModify":1631893041036,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814780555","repostId":"1143325200","repostType":4,"repost":{"id":"1143325200","kind":"news","pubTimestamp":1630882610,"share":"https://www.laohunote.com/m/news/1143325200?lang=zh_CN&edition=full","pubTime":"2021-09-06 06:56","market":"us","language":"en","title":"GameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143325200","media":"Barrons","summary":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then feat","content":"<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债券市场周一因劳动节休市。假期缩短的一周将发布几项值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，随后是周四的国际报纸和周五的克罗格。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日活动。Moderna、丹纳赫和家得宝管理层也将于周四与投资者进行交谈。最后，雅宝将于周五举办投资者日活动。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的 8 月份生产者价格指数。经济学家的一致估计是，总体指数每月上涨 0.6%，核心 PPI 每月上涨 0.5%，这不包括波动性更大的食品和能源价格。7 月份核心指数和总体指数均上涨 1%。8 月份消费者价格指数将于下周，即 9 月 14 日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个央行辖区的经济、招聘和商业状况的最新信息。欧洲央行周四也将宣布货币政策决定，但外界普遍预计将把目标利率维持在当前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>9/6星期一</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二 9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey's General Stores 和 Coupa Software 公布财报。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三 9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>Analog Devices 召开电话会议，讨论其资本分配计划并更新其 2021 财年展望。该公司最近完成了对 Maxim Integrated Products 的 210 亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际公司和瑞思迈公司举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，开业人数为1010万人，连续第四个月创纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储报告7月份消费信贷数据。6 月份未偿消费者债务总额增加 377 亿美元，达到创纪录的 4.32 万亿美元。第二季度，经季节性调整后的消费信贷年率为 8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次中的第六次发布褐皮书。该报告总结了12个美联储区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四 9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝（Home Depot）召开了一次电话会议，讨论其 ESG 战略，由公司首席可持续发展官罗恩-贾维斯（Ron Jarvis）主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna 举办第五届年度研发日，讨论公司正在研发的疫苗。首席执行官 Stéphane Bancel 将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由其首席执行官雷纳·布莱尔主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、Synchrony Financial 和 Willis Towers Watson 举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲央行宣布货币政策决定。欧洲央行预计将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至 9 月 4 日当周的首次申请失业救济人数。8 月份，平均每周申请人数为 35.5 万人，是大流行病爆发以来的最低水平。这也将是联邦增强失业救济金额外300美元发放的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>9/10星期五</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心 PPI 将每月上涨 0.6%，核心 PPI 将上涨 0.5%，其中不包括波动较大的食品和能源价格。7 月份两者均上涨 1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论盈利。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-06 06:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债券市场周一因劳动节休市。假期缩短的一周将发布几项值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，随后是周四的国际报纸和周五的克罗格。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日活动。Moderna、丹纳赫和家得宝管理层也将于周四与投资者进行交谈。最后，雅宝将于周五举办投资者日活动。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的 8 月份生产者价格指数。经济学家的一致估计是，总体指数每月上涨 0.6%，核心 PPI 每月上涨 0.5%，这不包括波动性更大的食品和能源价格。7 月份核心指数和总体指数均上涨 1%。8 月份消费者价格指数将于下周，即 9 月 14 日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个央行辖区的经济、招聘和商业状况的最新信息。欧洲央行周四也将宣布货币政策决定，但外界普遍预计将把目标利率维持在当前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>9/6星期一</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二 9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey's General Stores 和 Coupa Software 公布财报。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三 9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>Analog Devices 召开电话会议，讨论其资本分配计划并更新其 2021 财年展望。该公司最近完成了对 Maxim Integrated Products 的 210 亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际公司和瑞思迈公司举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，开业人数为1010万人，连续第四个月创纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储报告7月份消费信贷数据。6 月份未偿消费者债务总额增加 377 亿美元，达到创纪录的 4.32 万亿美元。第二季度，经季节性调整后的消费信贷年率为 8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次中的第六次发布褐皮书。该报告总结了12个美联储区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四 9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝（Home Depot）召开了一次电话会议，讨论其 ESG 战略，由公司首席可持续发展官罗恩-贾维斯（Ron Jarvis）主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna 举办第五届年度研发日，讨论公司正在研发的疫苗。首席执行官 Stéphane Bancel 将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由其首席执行官雷纳·布莱尔主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、Synchrony Financial 和 Willis Towers Watson 举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲央行宣布货币政策决定。欧洲央行预计将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至 9 月 4 日当周的首次申请失业救济人数。8 月份，平均每周申请人数为 35.5 万人，是大流行病爆发以来的最低水平。这也将是联邦增强失业救济金额外300美元发放的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>9/10星期五</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心 PPI 将每月上涨 0.6%，核心 PPI 将上涨 0.5%，其中不包括波动较大的食品和能源价格。7 月份两者均上涨 1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论盈利。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","MRNA":"Moderna, Inc.","GME":"游戏驿站","HD":"家得宝",".SPX":"S&P 500 Index","KR":"克罗格"},"source_url":"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143325200","content_text":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.\nGameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its $21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle hosts an investor day on Friday.\nThe economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.\nOn Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.\nMonday 9/6\nStock and fixed-income markets are closed in observance of Labor Day.\nTuesday 9/7\nCasey’s General Stores and Coupa Software announce earnings.\nWednesday 9/8\nCopart, GameStop, and Lululemon Athletica release quarterly results.\nAnalog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.\nGlobal Payments, Johnson Controls International, and ResMed hold virtual investor days.\nThe Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.\nThe Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.\nThe Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.\nThursday 9/9\nHome Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.\nModerna hosts its fifth annual R&D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.\nDanaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.\nInternational Paper, Synchrony Financial, and Willis Towers Watson hold investor days.\nThe European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.\nThe Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.\nFriday 9/10\nThe BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.\nKroger holds a conference calls to discuss earnings.","news_type":1,"symbols_score_info":{".SPX":0.9,"GME":0.9,".DJI":0.9,"KR":0.9,"HD":0.9,"MRNA":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814239235,"gmtCreate":1630820959827,"gmtModify":1632905691029,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Latest&nbsp;","listText":"Latest&nbsp;","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814239235","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohunote.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":829496940,"gmtCreate":1633531411008,"gmtModify":1633531411151,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829496940","repostId":"1132226534","repostType":4,"isVote":1,"tweetType":1,"viewCount":1076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860329186,"gmtCreate":1632138478145,"gmtModify":1632802609780,"author":{"id":"4093596659918630","authorId":"4093596659918630","name":"Kslee3943","avatar":"https://static.tigerbbs.com/90de15ce5511304affa25cca2ddef30b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093596659918630","authorIdStr":"4093596659918630"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860329186","repostId":"2168502037","repostType":4,"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}