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- WSSWSS
  ·2021-04-09
  Yes baba undervalued
  非常抱歉，此主贴已删除
  508 评论
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- WSSWSS
  ·2021-03-31
  Buy
  非常抱歉，此主贴已删除
  570 评论
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- WSSWSS
  ·2021-03-29
  They should stop listing in US and just go to HKEX.Pls LIKE! Thanks
  Zhihu Technology fall on its first day of trading
  Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri
  Zhihu Technology fall on its first day of trading
  435 1
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- WSSWSS
  ·2021-03-26
  Nice
  非常抱歉，此主贴已删除
  531 评论
  6
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- WSSWSS
  ·2021-03-25
  $Unity Software Inc.(U)$drop to $70 also possible
  1,483 1
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- WSSWSS
  ·2021-03-23
  $Futu Holdings Limited(FUTU)$Below $100 to start buying
  1,138 2
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- WSSWSS
  ·2021-03-19
  Nice
  非常抱歉，此主贴已删除
  871 评论
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- WSSWSS
  ·2021-03-18
  No, too expensive
  Is Square (SQ) Stock A Buy Or Sell?
  We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitati
  Is Square (SQ) Stock A Buy Or Sell?
  700 评论
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- WSSWSS
  ·2021-03-17
  Crash and burn
  What Interest Rate Triggers The Next Crisis?
  The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The ra
  What Interest Rate Triggers The Next Crisis?
  671 评论
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- WSSWSS
  ·2021-03-17
  Drop to $15 then consider
  非常抱歉，此主贴已删除
  398 2
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baba undervalued","listText":"Yes baba undervalued","text":"Yes baba undervalued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348801207","repostId":"2125770926","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354155225,"gmtCreate":1617153698867,"gmtModify":1634522385047,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354155225","repostId":"1165607470","repostType":4,"isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352253009,"gmtCreate":1616980209701,"gmtModify":1634523343459,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"They should stop listing in US and just go to HKEX.Pls LIKE! Thanks","listText":"They should stop listing in US and just go to HKEX.Pls LIKE! Thanks","text":"They should stop listing in US and just go to HKEX.Pls LIKE! Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352253009","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></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>Zhihu Technology fall on its first day of trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nZhihu Technology fall on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-03-27 01:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358447463,"gmtCreate":1616725680252,"gmtModify":1634524338935,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358447463","repostId":"1176747936","repostType":2,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351524538,"gmtCreate":1616606285924,"gmtModify":1631883800829,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/U\">$Unity Software Inc.(U)$</a>drop to $70 also possible","listText":"<a href=\"https://laohu8.com/S/U\">$Unity Software Inc.(U)$</a>drop to $70 also possible","text":"$Unity Software Inc.(U)$drop to $70 also possible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351524538","isVote":1,"tweetType":1,"viewCount":1483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353289995,"gmtCreate":1616501004317,"gmtModify":1634525510881,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FUTU\">$Futu Holdings Limited(FUTU)$</a>Below $100 to start buying","listText":"<a href=\"https://laohu8.com/S/FUTU\">$Futu Holdings Limited(FUTU)$</a>Below $100 to start buying","text":"$Futu Holdings Limited(FUTU)$Below $100 to start buying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/353289995","isVote":1,"tweetType":1,"viewCount":1138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327445643,"gmtCreate":1616120218082,"gmtModify":1634527129210,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327445643","repostId":"2120933161","repostType":4,"isVote":1,"tweetType":1,"viewCount":871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327942143,"gmtCreate":1616054873882,"gmtModify":1703496941098,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"No, too expensive","listText":"No, too expensive","text":"No, too expensive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327942143","repostId":"2119971630","repostType":4,"repost":{"id":"2119971630","kind":"news","pubTimestamp":1616054515,"share":"https://www.laohu8.com/m/news/2119971630?lang=&edition=full","pubTime":"2021-03-18 16:01","market":"us","language":"en","title":"Is Square (SQ) Stock A Buy Or Sell?","url":"https://stock-news.laohu8.com/highlight/detail?id=2119971630","media":"Insider Monkey","summary":"We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitati","content":"<p>We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do (like Melvin Capital's recent GameStop losses). However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, as the current round of 13F filings has just ended, let’s examine the smart money sentiment towards <a href=\"https://laohu8.com/S/SQ\">Square, Inc</a>. (NYSE:SQ).</p><p><b>Is Square, Inc. (NYSE:SQ) stock a buy or sell?</b>&nbsp;Prominent investors were getting more bullish. The number of bullish hedge fund positions increased by 16 in recent months. Square, Inc. (NYSE:SQ) was in 89 hedge funds' portfolios at the end of the fourth quarter of 2020. The all time high for this statistic was previously 73. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that SQ isn't among the 30 most popular stocks among hedge funds.</p><h2>Do Hedge Funds Think SQ Is A Good Stock To Buy Now?</h2><p>At Q4's end, a total of 89 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 22% from <a href=\"https://laohu8.com/S/AONE.U\">one</a> quarter earlier. By comparison, 56 hedge funds held shares or bullish call options in SQ a year ago. With hedge funds' sentiment swirling, there exists an \"upper tier\" of notable hedge fund managers who were adding to their holdings considerably (or already accumulated large positions).</p><p><img src=\"https://static.tigerbbs.com/a5fe39e494f0228e0898f738c1f67842\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p>The largest stake in Square, Inc. (NYSE:SQ) was held by ARK Investment Management, which reported holding $1541.4 million worth of stock at the end of December. It was followed by Coatue Management with a $1335.2 million position. Other investors bullish on the company included Bares Capital Management, Lone Pine Capital, and Whale Rock Capital Management. In terms of the portfolio weights assigned to each position Bares Capital Management allocated the biggest weight to Square, Inc. (NYSE:SQ), around 21.35% of its 13F portfolio. Tekne Capital Management is also relatively very bullish on the stock, designating 16.68 percent of its 13F equity portfolio to SQ.</p><p>As aggregate interest increased, specific money managers have jumped into Square, Inc. (NYSE:SQ) headfirst. Tiger Global Management LLC, managed by Chase Coleman, initiated the biggest position in Square, Inc. (NYSE:SQ). Tiger Global Management LLC had $88.9 million invested in the company at the end of the quarter. Renaissance Technologies also made a $59.9 million investment in the stock during the quarter. The following funds were also among the new SQ investors: Christopher Lyle's SCGE Management, Paul Marshall and Ian Wace's Marshall Wace LLP, and Michael Kharitonov and Jon David McAuliffe's Voleon Capital.</p><p>Let's now review hedge fund activity in other stocks similar to Square, Inc. (NYSE:SQ). These stocks are Altria Group Inc (NYSE:MO), JD.Com Inc (NASDAQ:JD), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), KE Holdings Inc (NYSE:BEKE), <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> Inc (NYSE:SNOW), <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> Inc. (NASDAQ:BKNG), and Crown Castle International Corp. (REIT) (NYSE:CCI). This group of stocks' market caps are closest to SQ's market cap.</p><p><img src=\"https://static.tigerbbs.com/125cad2d7e35d8c0582071c4dd3626c9\" tg-width=\"1154\" tg-height=\"609\" referrerpolicy=\"no-referrer\"></p><p>As you can see these stocks had an average of 58.7 hedge funds with bullish positions and the average amount invested in these stocks was $5524 million. That figure was $8819 million in SQ's case. Booking Holdings Inc. (NASDAQ:BKNG) is the most popular stock in this table. On the other hand KE Holdings Inc (NYSE:BEKE) is the least popular one with only 30 bullish hedge fund positions. Square, Inc. (NYSE:SQ) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for SQ is 77.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 30 most popular stocks among hedge funds returned 81.2% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 26 percentage points. These stocks gained 7% in 2021 through March 12th and still beat the market by 1.6 percentage points. Hedge funds were also right about betting on SQ as the stock returned 11.2% since the end of Q4 (through 3/12) and outperformed the market. Hedge funds were rewarded for their relative bullishness.</p>","source":"lsy1606273129822","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>Is Square (SQ) Stock A Buy Or Sell?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nIs Square (SQ) Stock A Buy Or Sell?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 16:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.insidermonkey.com/blog/is-square-sq-stock-a-buy-or-sell-924395/><strong>Insider Monkey</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors...</p>\n\n<a href=\"https://www.insidermonkey.com/blog/is-square-sq-stock-a-buy-or-sell-924395/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.insidermonkey.com/blog/is-square-sq-stock-a-buy-or-sell-924395/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2119971630","content_text":"We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do (like Melvin Capital's recent GameStop losses). However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, as the current round of 13F filings has just ended, let’s examine the smart money sentiment towards Square, Inc. (NYSE:SQ).Is Square, Inc. (NYSE:SQ) stock a buy or sell? Prominent investors were getting more bullish. The number of bullish hedge fund positions increased by 16 in recent months. Square, Inc. (NYSE:SQ) was in 89 hedge funds' portfolios at the end of the fourth quarter of 2020. The all time high for this statistic was previously 73. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that SQ isn't among the 30 most popular stocks among hedge funds.Do Hedge Funds Think SQ Is A Good Stock To Buy Now?At Q4's end, a total of 89 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 22% from one quarter earlier. By comparison, 56 hedge funds held shares or bullish call options in SQ a year ago. With hedge funds' sentiment swirling, there exists an \"upper tier\" of notable hedge fund managers who were adding to their holdings considerably (or already accumulated large positions).The largest stake in Square, Inc. (NYSE:SQ) was held by ARK Investment Management, which reported holding $1541.4 million worth of stock at the end of December. It was followed by Coatue Management with a $1335.2 million position. Other investors bullish on the company included Bares Capital Management, Lone Pine Capital, and Whale Rock Capital Management. In terms of the portfolio weights assigned to each position Bares Capital Management allocated the biggest weight to Square, Inc. (NYSE:SQ), around 21.35% of its 13F portfolio. Tekne Capital Management is also relatively very bullish on the stock, designating 16.68 percent of its 13F equity portfolio to SQ.As aggregate interest increased, specific money managers have jumped into Square, Inc. (NYSE:SQ) headfirst. Tiger Global Management LLC, managed by Chase Coleman, initiated the biggest position in Square, Inc. (NYSE:SQ). Tiger Global Management LLC had $88.9 million invested in the company at the end of the quarter. Renaissance Technologies also made a $59.9 million investment in the stock during the quarter. The following funds were also among the new SQ investors: Christopher Lyle's SCGE Management, Paul Marshall and Ian Wace's Marshall Wace LLP, and Michael Kharitonov and Jon David McAuliffe's Voleon Capital.Let's now review hedge fund activity in other stocks similar to Square, Inc. (NYSE:SQ). These stocks are Altria Group Inc (NYSE:MO), JD.Com Inc (NASDAQ:JD), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), KE Holdings Inc (NYSE:BEKE), Snowflake Inc (NYSE:SNOW), Booking Holdings Inc. (NASDAQ:BKNG), and Crown Castle International Corp. (REIT) (NYSE:CCI). This group of stocks' market caps are closest to SQ's market cap.As you can see these stocks had an average of 58.7 hedge funds with bullish positions and the average amount invested in these stocks was $5524 million. That figure was $8819 million in SQ's case. Booking Holdings Inc. (NASDAQ:BKNG) is the most popular stock in this table. On the other hand KE Holdings Inc (NYSE:BEKE) is the least popular one with only 30 bullish hedge fund positions. Square, Inc. (NYSE:SQ) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for SQ is 77.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 30 most popular stocks among hedge funds returned 81.2% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 26 percentage points. These stocks gained 7% in 2021 through March 12th and still beat the market by 1.6 percentage points. Hedge funds were also right about betting on SQ as the stock returned 11.2% since the end of Q4 (through 3/12) and outperformed the market. Hedge funds were rewarded for their relative bullishness.","news_type":1},"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324640640,"gmtCreate":1615991108080,"gmtModify":1703496083732,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"Crash and burn","listText":"Crash and burn","text":"Crash and burn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324640640","repostId":"1139863038","repostType":4,"repost":{"id":"1139863038","kind":"news","pubTimestamp":1615985802,"share":"https://www.laohu8.com/m/news/1139863038?lang=&edition=full","pubTime":"2021-03-17 20:56","market":"us","language":"en","title":"What Interest Rate Triggers The Next Crisis?","url":"https://stock-news.laohu8.com/highlight/detail?id=1139863038","media":"zerohedge","summary":"The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The ra","content":"<ul><li>The Ten-year U.S. Treasury note yields 1.61%.</li><li>10-year high-quality corporate bonds yield 2.09%.</li><li>The rate on a 30-year mortgage is 3.05%.</li></ul><p>Despite recent increases, interest rates are hovering near historic lows. &nbsp;We do not use the word “historic” lightly. By “historic,” we refer to the lowest levels since the nation’s birth in 1776.</p><p>The graph below, courtesy of the Visual Capitalist, highlights our point.</p><p><img src=\"https://static.tigerbbs.com/0a42c6bf59aeb11becd8e9ebc5ebcbdc\" tg-width=\"500\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p>Despite 300-year lows in interest rates, investors are becoming anxious because they are rising. Recent history shows they should worry. A review of the past 40 years reveals sudden spikes in interest rates and financial problems go hand in hand.</p><p>The question for all investors is how big a spike before the proverbial hits the fan again?</p><p><b>Debt-Driven Economy</b></p><p>Over the past 40 years, debt has increasingly driven economic growth.</p><p>That statement on its own tells us nothing about the health of the economy. To better quantify the benefits or consequences of debt, we need to understand how it was used.</p><p>When debt is used productively, the interest and principal are covered with higher profits and sustained economic activity. Even better, income beyond the cost of the debt makes the nation more prosperous.</p><p>Conversely, unproductive debt may provide a one-time spark of economic activity, but it yields little to no residual income to service it going forward. Ultimately it creates an economic headwind as servicing the debt in the future replaces productive investment and or consumption.</p><p>The graph below shows the steadily rising ratio of total outstanding debt to GDP. If debt, in aggregate, were productive, the ratio would be declining regardless of the amount of debt.</p><p><img src=\"https://static.tigerbbs.com/94098681db0a5b7f7f636d502f8bb5b1\" tg-width=\"500\" tg-height=\"262\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. Economic Fragility</b></p><p>As shown above, the U.S. economy is overly dependent on unproductive debt. Not surprisingly, secular growth rates have been trending lower for three decades. The massive amount of unproductive debt added in the last year will only further reduce future growth rates.</p><p>The Fed is keenly aware of this weakness but refuses to acknowledge the problem or incentivize productive debt. Instead, they tout the temporary economic benefits of more debt with exceedingly low interest rates. In doing so, they egg on speculation and consumption, not productive debt.</p><p>In&nbsp;Wicksell’s Elegant Model&nbsp;we stated:&nbsp;<i>“On the other hand, if market rates of interest are held abnormally below the natural rate, then capital allocation decisions are not made on the basis of marginal efficiency but according to the average return on invested capital. This explains why, in those periods, more speculative assets such as stocks and real estate boom.”</i></p><p><i>“But when short-term market rates are below the natural rate, intelligent investors respond appropriately. They borrow heavily at the low rate and buy existing assets with somewhat predictable returns and shorter time horizons. Financial assets skyrocket in value while long-term, cash-flow driven investments with riskier prospects languish.”</i></p><p>Simply, the Fed’s policy is to keep the party going without worrying about tomorrow’s hangover. As they have shown, the hair of the dog – more debt, helps keep the party going tomorrow. Unfortunately, the cost of such reckless policy is the nation’s financial fragility.</p><p><b>Evidence of this condition is quite apparent. Currently, investors are fretting about higher interest rates despite the fact they have only risen to the lowest levels of the past 300 years.</b></p><p><b>Measuring Fragility</b></p><p>Looking back over the last 40 years reveals a troubling problem. Every time interest rates reach the upper end of its downward trend, a financial crisis of sorts occurred. The graph below charts the steady decline in rates and GDP along with the various crisis occurring when rates temporarily rose.</p><p><img src=\"https://static.tigerbbs.com/2f3e6cab01875fa2adb0d0b76e8921c2\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><b>Given crises frequently occur when rates rise sharply, we should contemplate how high rates can rise before the next crisis</b>. Notice, as time goes on it takes less and less of a rate increase to generate a problem. The reason, as highlighted earlier, is the growth of debt outpaces the ability to pay for it.</p><p>To quantify how much more rates can rise, we present the graph below. The red shaded area in the chart is a proxy calculation for the change in the interest expense on all debt. We calculate the change using debt outstanding, one-year change in interest rates, and GDP. We normalize the data to the size of the economy.</p><p>The current one-year change in the proxy interest expense is up 3.50% from a year ago. As shown, the last two significant crises (2000 and 2008), along with a few minor ones, all happened when the proxy rose between three and four percent.</p><p><img src=\"https://static.tigerbbs.com/89a7414aad88e5ed6269e7910d64ee0c\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p>If Ten-year UST yields increase to 2.0% (currently 1.60%) by May, the proxy will increase to 5.25%, well above the 4.0% that popped the dot com and housing bubbles.</p><p><b>Summary</b></p><p>The proxy interest expense model is far from perfect, but it provides evidence the threshold of pain to withstand higher rates is small.</p><p>If the Ten-year UST rate increases to 1.75% by April, the proxy interest expense will exceed all peak levels since 1990.&nbsp; However, this time, massive fiscal stimulus, monetary operations, and economic reopening may mask the rise in rates for a little while, allowing them to rise further.</p><p>Like every other time rates rose “too much,” a crisis will occur if rates keep increasing. It seems the only question is when the Fed will come running to the rescue as they always do.</p><p><b>Buckle up, the math says a crisis may be closer than anyone imagines.</b></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>What Interest Rate Triggers The Next Crisis?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nWhat Interest Rate Triggers The Next Crisis?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 20:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/what-interest-rate-triggers-next-crisis?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><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The rate on a 30-year mortgage is 3.05%.Despite recent increases, interest rates are hovering near ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/what-interest-rate-triggers-next-crisis?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\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/what-interest-rate-triggers-next-crisis?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":"1139863038","content_text":"The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The rate on a 30-year mortgage is 3.05%.Despite recent increases, interest rates are hovering near historic lows.  We do not use the word “historic” lightly. By “historic,” we refer to the lowest levels since the nation’s birth in 1776.The graph below, courtesy of the Visual Capitalist, highlights our point.Despite 300-year lows in interest rates, investors are becoming anxious because they are rising. Recent history shows they should worry. A review of the past 40 years reveals sudden spikes in interest rates and financial problems go hand in hand.The question for all investors is how big a spike before the proverbial hits the fan again?Debt-Driven EconomyOver the past 40 years, debt has increasingly driven economic growth.That statement on its own tells us nothing about the health of the economy. To better quantify the benefits or consequences of debt, we need to understand how it was used.When debt is used productively, the interest and principal are covered with higher profits and sustained economic activity. Even better, income beyond the cost of the debt makes the nation more prosperous.Conversely, unproductive debt may provide a one-time spark of economic activity, but it yields little to no residual income to service it going forward. Ultimately it creates an economic headwind as servicing the debt in the future replaces productive investment and or consumption.The graph below shows the steadily rising ratio of total outstanding debt to GDP. If debt, in aggregate, were productive, the ratio would be declining regardless of the amount of debt.U.S. Economic FragilityAs shown above, the U.S. economy is overly dependent on unproductive debt. Not surprisingly, secular growth rates have been trending lower for three decades. The massive amount of unproductive debt added in the last year will only further reduce future growth rates.The Fed is keenly aware of this weakness but refuses to acknowledge the problem or incentivize productive debt. Instead, they tout the temporary economic benefits of more debt with exceedingly low interest rates. In doing so, they egg on speculation and consumption, not productive debt.In Wicksell’s Elegant Model we stated: “On the other hand, if market rates of interest are held abnormally below the natural rate, then capital allocation decisions are not made on the basis of marginal efficiency but according to the average return on invested capital. This explains why, in those periods, more speculative assets such as stocks and real estate boom.”“But when short-term market rates are below the natural rate, intelligent investors respond appropriately. They borrow heavily at the low rate and buy existing assets with somewhat predictable returns and shorter time horizons. Financial assets skyrocket in value while long-term, cash-flow driven investments with riskier prospects languish.”Simply, the Fed’s policy is to keep the party going without worrying about tomorrow’s hangover. As they have shown, the hair of the dog – more debt, helps keep the party going tomorrow. Unfortunately, the cost of such reckless policy is the nation’s financial fragility.Evidence of this condition is quite apparent. Currently, investors are fretting about higher interest rates despite the fact they have only risen to the lowest levels of the past 300 years.Measuring FragilityLooking back over the last 40 years reveals a troubling problem. Every time interest rates reach the upper end of its downward trend, a financial crisis of sorts occurred. The graph below charts the steady decline in rates and GDP along with the various crisis occurring when rates temporarily rose.Given crises frequently occur when rates rise sharply, we should contemplate how high rates can rise before the next crisis. Notice, as time goes on it takes less and less of a rate increase to generate a problem. The reason, as highlighted earlier, is the growth of debt outpaces the ability to pay for it.To quantify how much more rates can rise, we present the graph below. The red shaded area in the chart is a proxy calculation for the change in the interest expense on all debt. We calculate the change using debt outstanding, one-year change in interest rates, and GDP. We normalize the data to the size of the economy.The current one-year change in the proxy interest expense is up 3.50% from a year ago. As shown, the last two significant crises (2000 and 2008), along with a few minor ones, all happened when the proxy rose between three and four percent.If Ten-year UST yields increase to 2.0% (currently 1.60%) by May, the proxy will increase to 5.25%, well above the 4.0% that popped the dot com and housing bubbles.SummaryThe proxy interest expense model is far from perfect, but it provides evidence the threshold of pain to withstand higher rates is small.If the Ten-year UST rate increases to 1.75% by April, the proxy interest expense will exceed all peak levels since 1990.  However, this time, massive fiscal stimulus, monetary operations, and economic reopening may mask the rise in rates for a little while, allowing them to rise further.Like every other time rates rose “too much,” a crisis will occur if rates keep increasing. It seems the only question is when the Fed will come running to the rescue as they always do.Buckle up, the math says a crisis may be closer than anyone imagines.","news_type":1},"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324657813,"gmtCreate":1615991040632,"gmtModify":1703496081648,"author":{"id":"3572665963519262","authorId":"3572665963519262","name":"WSS","avatar":"https://static.tigerbbs.com/f98dcc1b399a8448c581410f2da052f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572665963519262","authorIdStr":"3572665963519262"},"themes":[],"htmlText":"Drop to $15 then consider","listText":"Drop to $15 then consider","text":"Drop to $15 then consider","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324657813","repostId":"1179894269","repostType":4,"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}