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jieke89
jieke89
·
2021-12-17
Tell me your opinion about this news...
Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</blockquote>
Summary Uber's delivery business is booming and expanding resulting in the company leveraging econo
Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</blockquote>
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jieke89
jieke89
·
2021-12-17
Ok
Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</blockquote>
Summary Uber's delivery business is booming and expanding resulting in the company leveraging econo
Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</blockquote>
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jieke89
jieke89
·
2021-09-03
Happy birthday
生日快乐,生日快涨
@积神斗港女:
今天积神生日,收到了兄弟姐妹们的生日礼物和祝福,今年,是自己收到最多礼物的一次生日了,毕竟,我的生日基本上就是开学日,容易遭讨厌。这周,可能是生日的红利吧,自己的操作还算不错了,但我明白,自己还有很长的路要走,还有很多知识要学习,还得经历更多。每个时期获得的快乐源泉都是不一样的。年幼时期,我的快乐就是天天粘着父母四处玩;学生时期,快乐源于寒暑假的旅游聚会;留学时期,通宵达旦,那是头一次离开父母后疯狂的快乐;工作前期,快乐就只剩下周六日的居家生活;到了现在,每天的快乐就是不断丰富股票知识,同时还能看着账户里的数字一天天变大,我觉得,这才是成人的快乐吧。进入股市的初衷,有人是想赚快钱,有人是想获得稳定的收益改善生活,有人是想财富自由,而我就是想做到财富自由的那位,很异想天开吧?但那时的我是很坚定的相信,股市里是没有知识需要学习的,只要有运气,在股市就能赚到钱,就能够财富自由!但入场后我才发现,股市远没有自己想的那么简单,处处是凶险。即便在连续碰壁了之后,我还是没意识到股市大有学问,没想到去通过学习来建立自己的认知,建立自己的模式。那时候,我是一点觉悟都没有的,可以说,如果没有狗屎运,我现在一定会跑输绝大部分的人,甚至已经离场,做回那个期待周六日的打工人。不得不说,一年前的狗屎运让我的人生发生了翻天覆地的变化,还是往好方向改变的。但这样的运气并不是让我立马赚到了大钱,成为暴发户,但是它,让我遇到了我师父,教了我很多足以让我在股市里终生受用的知识。一切都是那么的糊里糊涂,却又那么的顺其自然,或许真的是猿粪吧。以前我对‘知识改变命运’这句话是非常反感的,因为我学生时代是个学渣,那时候的我并不认为‘读死书’可以改变命运。但我错了,我理解错了这句话,每当我一次又一次将股市的知识应用到实战中的时候,才醒悟过来,知识,真好。在实践当中我获得了从未有过的充实感和成就感,虽然我还没能赚多少钱,但
生日快乐,生日快涨
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jieke89
jieke89
·
2021-07-26
Market shares will be dropping for a period before it goes back up again
非常抱歉,此主贴已删除
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jieke89
jieke89
·
2021-07-13
Ok
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jieke89
jieke89
·
2021-07-13
Ok
Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元,超出预期10.23美元</blockquote>
Goldman Sachs reported its second-quarter earnings before the bell on Tuesday. Here are the numbers:
Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元,超出预期10.23美元</blockquote>
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jieke89
jieke89
·
2021-07-01
Ok
ARK Innovation Is Coming Back Strongly. Here’s a Trade to Exploit It.<blockquote>方舟创新强势回归。这里有一个利用它的交易。</blockquote>
Cathie Wood, ARK Invest It is time once more to consider getting on board Cathie Wood’s ARK Innovati
ARK Innovation Is Coming Back Strongly. Here’s a Trade to Exploit It.<blockquote>方舟创新强势回归。这里有一个利用它的交易。</blockquote>
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jieke89
jieke89
·
2021-06-22
Invest
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jieke89
jieke89
·
2021-06-22
Invest
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jieke89
jieke89
·
2021-03-08
Latest
A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.<blockquote>巨额养老金购买了苹果、通用电气和英特尔的股票。这是它卖的东西。</blockquote>
One of the largest pensions in the world recently bought more shares of the maker of iPhones, and lo
A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.<blockquote>巨额养老金购买了苹果、通用电气和英特尔的股票。这是它卖的东西。</blockquote>
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In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.</p><p><blockquote>我开始相信优步(纽约证券交易所股票代码:UBER)的故事正在像丑小鸭的故事一样展开。在上市初期,Uber就像丑小鸭一样遭受着投资界的无知和不利看法,但今天,我相信Uber离绽放成一只美丽而成功的天鹅指日可待。</blockquote></p><p> Uber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.</p><p><blockquote>随着潜在趋势对该公司有利,优步的业务正在好转。从疫情的深渊到今天的复苏步伐,世界变得更好了,至少对优步来说是这样。其中一个变化是食品配送。在疫情期间,消费者无法舒适地离开家外出就餐,导致这些消费者转向送餐业务,这是优步持续亏损的主要原因。因此,随着外卖趋势从疫情持续增长,优步通过规模经济的业务一直在享受有利趋势,我相信外卖的便利性将使外卖永久渗透到我们的日常生活中。此外,随着出行在各个方面都从疫情中恢复,Uber可能会在2022财年实现盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于是考虑投资丑小鸭的时候了。</blockquote></p><p> <b>Favorable Trend</b></p><p><blockquote><b>有利趋势</b></blockquote></p><p> Pandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.</p><p><blockquote>疫情给我们生活的几乎所有行业和方方面面带来了破坏;然而,对于优步来说,我相信疫情对公司有利。Uber的主要业务是送货和移动出行。在大流行之前,虽然移动业务开始报告积极的调整后EBTIDA,但交付业务继续陷入困境。市场相对较小且竞争激烈,导致优步在销售、营销和开发上花费了大量资金。更糟糕的是,当时没有看到规模经济。然而,对于快递业务来说,时代已经变了。一是外卖行业爆火。例如,Uber的配送业务较2019年第四季度增长了近3倍。该行业的巨大增长使Uber能够利用规模经济来提高利润。此外,外卖文化在人们日常生活中的适应使优步能够将其业务扩展到外卖之外。该公司目前正在运送食品杂货、圣诞树,甚至酒精饮料。因此,随着市场的不断成熟,Uber可以利用规模经济将亏损领先的外卖业务扭亏为盈。</blockquote></p><p> Some critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.</p><p><blockquote>一些批评者可能会认为,送货之所以成功,只是因为消费者在疫情期间不愿意外出。我想提出不同的观点。疫情可能是公众适应送货服务背后的驱动因素;然而,便利性是维持这种商业模式的动力。通过过去几十年的创新,我们看到了亚马逊(纳斯达克:AMZN)、Meta Platforms(纳斯达克:FB)和苹果(纳斯达克:AAPL)的崛起,消费者是多么关心便利性。当你可以与他人见面时,为什么还要进行数字社交呢?当你今天就可以去购买产品的时候,为什么要在网上订购套餐,然后等上几天呢?既然已经有了手机,为什么还要用智能手机呢?消费者永远不会回到更不方便的生活方式。</blockquote></p><p> Unlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.</p><p><blockquote>与配送业务不同,移动出行业务受到了疫情的损害,但预计随着疫情影响的减弱,移动出行业务将恢复到2019年的水平。如下图所示,全球最大城市的移动业务在封锁后几乎恢复正常,这表明对网约车服务的需求仍然存在。此外,随着疫情的消退和办公室的重新开放,移动业务将继续增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0a5ee8af7dd1261e2686a20efa4d3b9\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Covid Fears</b></p><p><blockquote><b>新冠恐惧</b></blockquote></p><p></p><p> Although pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.</p><p><blockquote>尽管疫情是快递业务成功的主要原因,但不断恶化的疫情很可能会损害我的看涨论点。移动业务是一个将引领盈利能力的业务部门,将受到严重损害;然而,与主流媒体的观点相反,我认为由于疫苗和公众情绪,这种情况不太可能发生。</blockquote></p><p> Pfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.</p><p><blockquote>辉瑞(纽约证券交易所股票代码:PFE)12月8日证实,他们的新冠疫苗对奥密克戎变种仍然有效。该公司表示,一项初步研究“表明,三剂[疫苗]可以中和奥密克戎变种,而两剂则显示中和滴度显着降低。”该公司的说法得到了奥密克戎或新冠疫情在许多欧洲国家爆发的支持,包括义大利、法、英等。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe98b474db7223afa7617f0cb8545e42\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8849809f79a66a367009de9b31677d63\" tg-width=\"640\" tg-height=\"400\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/415cdc534da7dc5a6d6f9e754adf099e\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Using France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.</p><p><blockquote>以法国为例,上面的第一张图显示了Covid病例呈指数级上升,而第二张图显示了死亡率在一定范围内。第三张图所示的疫苗接种率支持了辉瑞关于其疫苗功效的说法,因为虽然感染率在上升,但疫苗导致的死亡人数有限。</blockquote></p><p> Further, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.</p><p><blockquote>此外,公众对更多封锁和极端限制的不满很可能会使优步的移动业务部门比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Uber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.</p><p><blockquote>Uber的资产负债表和估值都很棒。根据Uber的季度报告,Uber报告收入同比增长72%,达到48亿美元,调整后EBITDA为800万美元。经过多年的亏损后,快递业务达到了接近盈亏平衡的水平,调整后EBITDA利润率为-0.1%。此外,该公司的移动或移动业务调整后EBITDA利润率为5.5%,与大流行前的利润率持平。总体而言,公司业务的持续改善导致亏损减少和资产负债表更加强劲。优步拥有约56亿美元现金和约330亿美元总资产,而总负债约为200亿美元,总资产负债率(L/A)约为60%。总而言之,我相信在没有重大变化的情况下,Uber的资产负债表足以维持公司的运营。</blockquote></p><p> The valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.</p><p><blockquote>Uber的估值略高。仍未盈利的Uber的市销率约为4.7倍,远期市销率约为3倍。与其他公司相比,这些数字似乎很小,但由于Uber的利润率扩张值得怀疑,我想说Uber目前的估值略高。然而,随着该业务在不久的将来实现盈利,我认为优步略高的估值对于一些投资者来说可能是可以控制的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Investing in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.</p><p><blockquote>投资优步会带来重大风险,包括稀释风险和宏观经济风险。Uber过去几年一直极度无利可图,导致大规模稀释。Uber的流通股在2018年上涨了12.35%,2019年上涨了160.62%,2020年上涨了40.42%,2021年迄今上涨了8.2%。因此,为了维持公司的运营,Uber不断稀释现有股东。因此,实现盈利的任何障碍都可能导致未来更多的稀释。此外,Uber如今财务状况良好的原因是大规模稀释。此外,优步无法控制的宏观经济风险可能会影响该公司。通胀已经处于历史高位,可能会继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于Uber仍未盈利,提高费率很可能会对公司产生负面影响。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> No one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.</p><p><blockquote>没有人确切知道Uber是否会从丑小鸭绽放成美丽的天鹅,但今天,我开始谨慎看好Uber。疫情最终使公司的整体运营受益,导致配送业务蓬勃发展,这有助于优步实现单位经济效益。此外,随着消费者适应更便捷的生活方式,快递业务预计将扩大。对于移动业务来说,损失惨重;然而,正如Uber所展示的那样,随着经济重新开放,移动业务正在强劲复苏至2019年的水平。因此,随着Uber试图扭转业务,我相信投资者应该值得考虑投资Uber。毕竟,Uber可能会绽放成一只美丽的天鹅。</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>Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</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\">\nUber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</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\">2021-12-17 14:42</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>Uber's delivery business is booming and expanding resulting in the company leveraging economies of scale to reach profitability.</li> <li>Mobility business is fast recovering from the pandemic as the economies reopen.</li> <li>Future lockdowns and covid restrictions that were seen before are not likely.</li> <li>Therefore, Uber may be the ugly duckling waiting to become a swan.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b93f3ad8b1091da22c151e759153e2\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>MOZCO Mateusz Szymanski/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>优步的送货业务正在蓬勃发展并不断扩大,导致该公司利用规模经济实现盈利。</li><li>随着经济重新开放,移动业务正在从疫情迅速复苏。</li><li>未来不太可能出现以前看到的封锁和covid限制。</li><li>因此,Uber可能是等待变成天鹅的丑小鸭。</li></ul><p class=\"t-img-caption\"><span>MOZCO Mateusz Szymanski/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Introduction and Thesis</b></p><p><blockquote><b>导言和论文</b></blockquote></p><p> I am starting to believe that Uber's(NYSE:UBER)story is unfolding like the story of the ugly duckling. In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.</p><p><blockquote>我开始相信优步(纽约证券交易所股票代码:UBER)的故事正在像丑小鸭的故事一样展开。在上市初期,Uber就像丑小鸭一样遭受着投资界的无知和不利看法,但今天,我相信Uber离绽放成一只美丽而成功的天鹅指日可待。</blockquote></p><p> Uber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.</p><p><blockquote>随着潜在趋势对该公司有利,优步的业务正在好转。从疫情的深渊到今天的复苏步伐,世界变得更好了,至少对优步来说是这样。其中一个变化是食品配送。在疫情期间,消费者无法舒适地离开家外出就餐,导致这些消费者转向送餐业务,这是优步持续亏损的主要原因。因此,随着外卖趋势从疫情持续增长,优步通过规模经济的业务一直在享受有利趋势,我相信外卖的便利性将使外卖永久渗透到我们的日常生活中。此外,随着出行在各个方面都从疫情中恢复,Uber可能会在2022财年实现盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于是考虑投资丑小鸭的时候了。</blockquote></p><p> <b>Favorable Trend</b></p><p><blockquote><b>有利趋势</b></blockquote></p><p> Pandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.</p><p><blockquote>疫情给我们生活的几乎所有行业和方方面面带来了破坏;然而,对于优步来说,我相信疫情对公司有利。Uber的主要业务是送货和移动出行。在大流行之前,虽然移动业务开始报告积极的调整后EBTIDA,但交付业务继续陷入困境。市场相对较小且竞争激烈,导致优步在销售、营销和开发上花费了大量资金。更糟糕的是,当时没有看到规模经济。然而,对于快递业务来说,时代已经变了。一是外卖行业爆火。例如,Uber的配送业务较2019年第四季度增长了近3倍。该行业的巨大增长使Uber能够利用规模经济来提高利润。此外,外卖文化在人们日常生活中的适应使优步能够将其业务扩展到外卖之外。该公司目前正在运送食品杂货、圣诞树,甚至酒精饮料。因此,随着市场的不断成熟,Uber可以利用规模经济将亏损领先的外卖业务扭亏为盈。</blockquote></p><p> Some critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.</p><p><blockquote>一些批评者可能会认为,送货之所以成功,只是因为消费者在疫情期间不愿意外出。我想提出不同的观点。疫情可能是公众适应送货服务背后的驱动因素;然而,便利性是维持这种商业模式的动力。通过过去几十年的创新,我们看到了亚马逊(纳斯达克:AMZN)、Meta Platforms(纳斯达克:FB)和苹果(纳斯达克:AAPL)的崛起,消费者是多么关心便利性。当你可以与他人见面时,为什么还要进行数字社交呢?当你今天就可以去购买产品的时候,为什么要在网上订购套餐,然后等上几天呢?既然已经有了手机,为什么还要用智能手机呢?消费者永远不会回到更不方便的生活方式。</blockquote></p><p> Unlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.</p><p><blockquote>与配送业务不同,移动出行业务受到了疫情的损害,但预计随着疫情影响的减弱,移动出行业务将恢复到2019年的水平。如下图所示,全球最大城市的移动业务在封锁后几乎恢复正常,这表明对网约车服务的需求仍然存在。此外,随着疫情的消退和办公室的重新开放,移动业务将继续增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0a5ee8af7dd1261e2686a20efa4d3b9\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Covid Fears</b></p><p><blockquote><b>新冠恐惧</b></blockquote></p><p></p><p> Although pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.</p><p><blockquote>尽管疫情是快递业务成功的主要原因,但不断恶化的疫情很可能会损害我的看涨论点。移动业务是一个将引领盈利能力的业务部门,将受到严重损害;然而,与主流媒体的观点相反,我认为由于疫苗和公众情绪,这种情况不太可能发生。</blockquote></p><p> Pfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.</p><p><blockquote>辉瑞(纽约证券交易所股票代码:PFE)12月8日证实,他们的新冠疫苗对奥密克戎变种仍然有效。该公司表示,一项初步研究“表明,三剂[疫苗]可以中和奥密克戎变种,而两剂则显示中和滴度显着降低。”该公司的说法得到了奥密克戎或新冠疫情在许多欧洲国家爆发的支持,包括义大利、法、英等。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe98b474db7223afa7617f0cb8545e42\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8849809f79a66a367009de9b31677d63\" tg-width=\"640\" tg-height=\"400\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/415cdc534da7dc5a6d6f9e754adf099e\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Using France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.</p><p><blockquote>以法国为例,上面的第一张图显示了Covid病例呈指数级上升,而第二张图显示了死亡率在一定范围内。第三张图所示的疫苗接种率支持了辉瑞关于其疫苗功效的说法,因为虽然感染率在上升,但疫苗导致的死亡人数有限。</blockquote></p><p> Further, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.</p><p><blockquote>此外,公众对更多封锁和极端限制的不满很可能会使优步的移动业务部门比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Uber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.</p><p><blockquote>Uber的资产负债表和估值都很棒。根据Uber的季度报告,Uber报告收入同比增长72%,达到48亿美元,调整后EBITDA为800万美元。经过多年的亏损后,快递业务达到了接近盈亏平衡的水平,调整后EBITDA利润率为-0.1%。此外,该公司的移动或移动业务调整后EBITDA利润率为5.5%,与大流行前的利润率持平。总体而言,公司业务的持续改善导致亏损减少和资产负债表更加强劲。优步拥有约56亿美元现金和约330亿美元总资产,而总负债约为200亿美元,总资产负债率(L/A)约为60%。总而言之,我相信在没有重大变化的情况下,Uber的资产负债表足以维持公司的运营。</blockquote></p><p> The valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.</p><p><blockquote>Uber的估值略高。仍未盈利的Uber的市销率约为4.7倍,远期市销率约为3倍。与其他公司相比,这些数字似乎很小,但由于Uber的利润率扩张值得怀疑,我想说Uber目前的估值略高。然而,随着该业务在不久的将来实现盈利,我认为优步略高的估值对于一些投资者来说可能是可以控制的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Investing in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.</p><p><blockquote>投资优步会带来重大风险,包括稀释风险和宏观经济风险。Uber过去几年一直极度无利可图,导致大规模稀释。Uber的流通股在2018年上涨了12.35%,2019年上涨了160.62%,2020年上涨了40.42%,2021年迄今上涨了8.2%。因此,为了维持公司的运营,Uber不断稀释现有股东。因此,实现盈利的任何障碍都可能导致未来更多的稀释。此外,Uber如今财务状况良好的原因是大规模稀释。此外,优步无法控制的宏观经济风险可能会影响该公司。通胀已经处于历史高位,可能会继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于Uber仍未盈利,提高费率很可能会对公司产生负面影响。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> No one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.</p><p><blockquote>没有人确切知道Uber是否会从丑小鸭绽放成美丽的天鹅,但今天,我开始谨慎看好Uber。疫情最终使公司的整体运营受益,导致配送业务蓬勃发展,这有助于优步实现单位经济效益。此外,随着消费者适应更便捷的生活方式,快递业务预计将扩大。对于移动业务来说,损失惨重;然而,正如Uber所展示的那样,随着经济重新开放,移动业务正在强劲复苏至2019年的水平。因此,随着Uber试图扭转业务,我相信投资者应该值得考虑投资Uber。毕竟,Uber可能会绽放成一只美丽的天鹅。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4475598-uber-ugly-duckling-is-growing-up\">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":{"UBER":"优步"},"source_url":"https://seekingalpha.com/article/4475598-uber-ugly-duckling-is-growing-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108936663","content_text":"Summary\n\nUber's delivery business is booming and expanding resulting in the company leveraging economies of scale to reach profitability.\nMobility business is fast recovering from the pandemic as the economies reopen.\nFuture lockdowns and covid restrictions that were seen before are not likely.\nTherefore, Uber may be the ugly duckling waiting to become a swan.\n\nMOZCO Mateusz Szymanski/iStock Editorial via Getty Images\nIntroduction and Thesis\nI am starting to believe that Uber's(NYSE:UBER)story is unfolding like the story of the ugly duckling. In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.\nUber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.\nFavorable Trend\nPandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.\nSome critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.\nUnlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.\n\nCovid Fears\nAlthough pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.\nPfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.\n\nUsing France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.\nFurther, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.\nFinancials and Valuation\nUber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.\nThe valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.\nRisks\nInvesting in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.\nSummary\nNo one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.","news_type":1,"symbols_score_info":{"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":2731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699068910,"gmtCreate":1639724169089,"gmtModify":1639724169213,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Ok ","listText":"Ok ","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699068910","repostId":"1108936663","repostType":4,"repost":{"id":"1108936663","kind":"news","pubTimestamp":1639723361,"share":"https://www.laohu8.com/m/news/1108936663?lang=zh_CN&edition=full","pubTime":"2021-12-17 14:42","market":"us","language":"en","title":"Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108936663","media":"Seeking Alpha","summary":"Summary\n\nUber's delivery business is booming and expanding resulting in the company leveraging econo","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Uber's delivery business is booming and expanding resulting in the company leveraging economies of scale to reach profitability.</li> <li>Mobility business is fast recovering from the pandemic as the economies reopen.</li> <li>Future lockdowns and covid restrictions that were seen before are not likely.</li> <li>Therefore, Uber may be the ugly duckling waiting to become a swan.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b93f3ad8b1091da22c151e759153e2\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>MOZCO Mateusz Szymanski/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>优步的送货业务正在蓬勃发展并不断扩大,导致该公司利用规模经济实现盈利。</li><li>随着经济重新开放,移动业务正在从疫情迅速复苏。</li><li>未来不太可能出现以前看到的封锁和covid限制。</li><li>因此,Uber可能是等待变成天鹅的丑小鸭。</li></ul><p class=\"t-img-caption\"><span>MOZCO Mateusz Szymanski/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Introduction and Thesis</b></p><p><blockquote><b>导言和论文</b></blockquote></p><p> I am starting to believe that Uber's(NYSE:UBER)story is unfolding like the story of the ugly duckling. In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.</p><p><blockquote>我开始相信优步(纽约证券交易所股票代码:UBER)的故事正在像丑小鸭的故事一样展开。在上市初期,Uber就像丑小鸭一样遭受着投资界的无知和不利看法,但今天,我相信Uber离绽放成一只美丽而成功的天鹅指日可待。</blockquote></p><p> Uber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.</p><p><blockquote>随着潜在趋势对该公司有利,优步的业务正在好转。从疫情的深渊到今天的复苏步伐,世界变得更好了,至少对优步来说是这样。其中一个变化是食品配送。在疫情期间,消费者无法舒适地离开家外出就餐,导致这些消费者转向送餐业务,这是优步持续亏损的主要原因。因此,随着外卖趋势从疫情持续增长,优步通过规模经济的业务一直在享受有利趋势,我相信外卖的便利性将使外卖永久渗透到我们的日常生活中。此外,随着出行在各个方面都从疫情中恢复,Uber可能会在2022财年实现盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于是考虑投资丑小鸭的时候了。</blockquote></p><p> <b>Favorable Trend</b></p><p><blockquote><b>有利趋势</b></blockquote></p><p> Pandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.</p><p><blockquote>疫情给我们生活的几乎所有行业和方方面面带来了破坏;然而,对于优步来说,我相信疫情对公司有利。Uber的主要业务是送货和移动出行。在大流行之前,虽然移动业务开始报告积极的调整后EBTIDA,但交付业务继续陷入困境。市场相对较小且竞争激烈,导致优步在销售、营销和开发上花费了大量资金。更糟糕的是,当时没有看到规模经济。然而,对于快递业务来说,时代已经变了。一是外卖行业爆火。例如,Uber的配送业务较2019年第四季度增长了近3倍。该行业的巨大增长使Uber能够利用规模经济来提高利润。此外,外卖文化在人们日常生活中的适应使优步能够将其业务扩展到外卖之外。该公司目前正在运送食品杂货、圣诞树,甚至酒精饮料。因此,随着市场的不断成熟,Uber可以利用规模经济将亏损领先的外卖业务扭亏为盈。</blockquote></p><p> Some critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.</p><p><blockquote>一些批评者可能会认为,送货之所以成功,只是因为消费者在疫情期间不愿意外出。我想提出不同的观点。疫情可能是公众适应送货服务背后的驱动因素;然而,便利性是维持这种商业模式的动力。通过过去几十年的创新,我们看到了亚马逊(纳斯达克:AMZN)、Meta Platforms(纳斯达克:FB)和苹果(纳斯达克:AAPL)的崛起,消费者是多么关心便利性。当你可以与他人见面时,为什么还要进行数字社交呢?当你今天就可以去购买产品的时候,为什么要在网上订购套餐,然后等上几天呢?既然已经有了手机,为什么还要用智能手机呢?消费者永远不会回到更不方便的生活方式。</blockquote></p><p> Unlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.</p><p><blockquote>与配送业务不同,移动出行业务受到了疫情的损害,但预计随着疫情影响的减弱,移动出行业务将恢复到2019年的水平。如下图所示,全球最大城市的移动业务在封锁后几乎恢复正常,这表明对网约车服务的需求仍然存在。此外,随着疫情的消退和办公室的重新开放,移动业务将继续增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0a5ee8af7dd1261e2686a20efa4d3b9\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Covid Fears</b></p><p><blockquote><b>新冠恐惧</b></blockquote></p><p></p><p> Although pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.</p><p><blockquote>尽管疫情是快递业务成功的主要原因,但不断恶化的疫情很可能会损害我的看涨论点。移动业务是一个将引领盈利能力的业务部门,将受到严重损害;然而,与主流媒体的观点相反,我认为由于疫苗和公众情绪,这种情况不太可能发生。</blockquote></p><p> Pfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.</p><p><blockquote>辉瑞(纽约证券交易所股票代码:PFE)12月8日证实,他们的新冠疫苗对奥密克戎变种仍然有效。该公司表示,一项初步研究“表明,三剂[疫苗]可以中和奥密克戎变种,而两剂则显示中和滴度显着降低。”该公司的说法得到了奥密克戎或新冠疫情在许多欧洲国家爆发的支持,包括义大利、法、英等。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe98b474db7223afa7617f0cb8545e42\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8849809f79a66a367009de9b31677d63\" tg-width=\"640\" tg-height=\"400\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/415cdc534da7dc5a6d6f9e754adf099e\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Using France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.</p><p><blockquote>以法国为例,上面的第一张图显示了Covid病例呈指数级上升,而第二张图显示了死亡率在一定范围内。第三张图所示的疫苗接种率支持了辉瑞关于其疫苗功效的说法,因为虽然感染率在上升,但疫苗导致的死亡人数有限。</blockquote></p><p> Further, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.</p><p><blockquote>此外,公众对更多封锁和极端限制的不满很可能会使优步的移动业务部门比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Uber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.</p><p><blockquote>Uber的资产负债表和估值都很棒。根据Uber的季度报告,Uber报告收入同比增长72%,达到48亿美元,调整后EBITDA为800万美元。经过多年的亏损后,快递业务达到了接近盈亏平衡的水平,调整后EBITDA利润率为-0.1%。此外,该公司的移动或移动业务调整后EBITDA利润率为5.5%,与大流行前的利润率持平。总体而言,公司业务的持续改善导致亏损减少和资产负债表更加强劲。优步拥有约56亿美元现金和约330亿美元总资产,而总负债约为200亿美元,总资产负债率(L/A)约为60%。总而言之,我相信在没有重大变化的情况下,Uber的资产负债表足以维持公司的运营。</blockquote></p><p> The valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.</p><p><blockquote>Uber的估值略高。仍未盈利的Uber的市销率约为4.7倍,远期市销率约为3倍。与其他公司相比,这些数字似乎很小,但由于Uber的利润率扩张值得怀疑,我想说Uber目前的估值略高。然而,随着该业务在不久的将来实现盈利,我认为优步略高的估值对于一些投资者来说可能是可以控制的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Investing in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.</p><p><blockquote>投资优步会带来重大风险,包括稀释风险和宏观经济风险。Uber过去几年一直极度无利可图,导致大规模稀释。Uber的流通股在2018年上涨了12.35%,2019年上涨了160.62%,2020年上涨了40.42%,2021年迄今上涨了8.2%。因此,为了维持公司的运营,Uber不断稀释现有股东。因此,实现盈利的任何障碍都可能导致未来更多的稀释。此外,Uber如今财务状况良好的原因是大规模稀释。此外,优步无法控制的宏观经济风险可能会影响该公司。通胀已经处于历史高位,可能会继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于Uber仍未盈利,提高费率很可能会对公司产生负面影响。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> No one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.</p><p><blockquote>没有人确切知道Uber是否会从丑小鸭绽放成美丽的天鹅,但今天,我开始谨慎看好Uber。疫情最终使公司的整体运营受益,导致配送业务蓬勃发展,这有助于优步实现单位经济效益。此外,随着消费者适应更便捷的生活方式,快递业务预计将扩大。对于移动业务来说,损失惨重;然而,正如Uber所展示的那样,随着经济重新开放,移动业务正在强劲复苏至2019年的水平。因此,随着Uber试图扭转业务,我相信投资者应该值得考虑投资Uber。毕竟,Uber可能会绽放成一只美丽的天鹅。</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>Uber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</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\">\nUber: Ugly Duckling Is Growing Up<blockquote>优步:丑小鸭正在长大</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\">2021-12-17 14:42</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>Uber's delivery business is booming and expanding resulting in the company leveraging economies of scale to reach profitability.</li> <li>Mobility business is fast recovering from the pandemic as the economies reopen.</li> <li>Future lockdowns and covid restrictions that were seen before are not likely.</li> <li>Therefore, Uber may be the ugly duckling waiting to become a swan.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b93f3ad8b1091da22c151e759153e2\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>MOZCO Mateusz Szymanski/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>优步的送货业务正在蓬勃发展并不断扩大,导致该公司利用规模经济实现盈利。</li><li>随着经济重新开放,移动业务正在从疫情迅速复苏。</li><li>未来不太可能出现以前看到的封锁和covid限制。</li><li>因此,Uber可能是等待变成天鹅的丑小鸭。</li></ul><p class=\"t-img-caption\"><span>MOZCO Mateusz Szymanski/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Introduction and Thesis</b></p><p><blockquote><b>导言和论文</b></blockquote></p><p> I am starting to believe that Uber's(NYSE:UBER)story is unfolding like the story of the ugly duckling. In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.</p><p><blockquote>我开始相信优步(纽约证券交易所股票代码:UBER)的故事正在像丑小鸭的故事一样展开。在上市初期,Uber就像丑小鸭一样遭受着投资界的无知和不利看法,但今天,我相信Uber离绽放成一只美丽而成功的天鹅指日可待。</blockquote></p><p> Uber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.</p><p><blockquote>随着潜在趋势对该公司有利,优步的业务正在好转。从疫情的深渊到今天的复苏步伐,世界变得更好了,至少对优步来说是这样。其中一个变化是食品配送。在疫情期间,消费者无法舒适地离开家外出就餐,导致这些消费者转向送餐业务,这是优步持续亏损的主要原因。因此,随着外卖趋势从疫情持续增长,优步通过规模经济的业务一直在享受有利趋势,我相信外卖的便利性将使外卖永久渗透到我们的日常生活中。此外,随着出行在各个方面都从疫情中恢复,Uber可能会在2022财年实现盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于是考虑投资丑小鸭的时候了。</blockquote></p><p> <b>Favorable Trend</b></p><p><blockquote><b>有利趋势</b></blockquote></p><p> Pandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.</p><p><blockquote>疫情给我们生活的几乎所有行业和方方面面带来了破坏;然而,对于优步来说,我相信疫情对公司有利。Uber的主要业务是送货和移动出行。在大流行之前,虽然移动业务开始报告积极的调整后EBTIDA,但交付业务继续陷入困境。市场相对较小且竞争激烈,导致优步在销售、营销和开发上花费了大量资金。更糟糕的是,当时没有看到规模经济。然而,对于快递业务来说,时代已经变了。一是外卖行业爆火。例如,Uber的配送业务较2019年第四季度增长了近3倍。该行业的巨大增长使Uber能够利用规模经济来提高利润。此外,外卖文化在人们日常生活中的适应使优步能够将其业务扩展到外卖之外。该公司目前正在运送食品杂货、圣诞树,甚至酒精饮料。因此,随着市场的不断成熟,Uber可以利用规模经济将亏损领先的外卖业务扭亏为盈。</blockquote></p><p> Some critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.</p><p><blockquote>一些批评者可能会认为,送货之所以成功,只是因为消费者在疫情期间不愿意外出。我想提出不同的观点。疫情可能是公众适应送货服务背后的驱动因素;然而,便利性是维持这种商业模式的动力。通过过去几十年的创新,我们看到了亚马逊(纳斯达克:AMZN)、Meta Platforms(纳斯达克:FB)和苹果(纳斯达克:AAPL)的崛起,消费者是多么关心便利性。当你可以与他人见面时,为什么还要进行数字社交呢?当你今天就可以去购买产品的时候,为什么要在网上订购套餐,然后等上几天呢?既然已经有了手机,为什么还要用智能手机呢?消费者永远不会回到更不方便的生活方式。</blockquote></p><p> Unlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.</p><p><blockquote>与配送业务不同,移动出行业务受到了疫情的损害,但预计随着疫情影响的减弱,移动出行业务将恢复到2019年的水平。如下图所示,全球最大城市的移动业务在封锁后几乎恢复正常,这表明对网约车服务的需求仍然存在。此外,随着疫情的消退和办公室的重新开放,移动业务将继续增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0a5ee8af7dd1261e2686a20efa4d3b9\" tg-width=\"640\" tg-height=\"340\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Covid Fears</b></p><p><blockquote><b>新冠恐惧</b></blockquote></p><p></p><p> Although pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.</p><p><blockquote>尽管疫情是快递业务成功的主要原因,但不断恶化的疫情很可能会损害我的看涨论点。移动业务是一个将引领盈利能力的业务部门,将受到严重损害;然而,与主流媒体的观点相反,我认为由于疫苗和公众情绪,这种情况不太可能发生。</blockquote></p><p> Pfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.</p><p><blockquote>辉瑞(纽约证券交易所股票代码:PFE)12月8日证实,他们的新冠疫苗对奥密克戎变种仍然有效。该公司表示,一项初步研究“表明,三剂[疫苗]可以中和奥密克戎变种,而两剂则显示中和滴度显着降低。”该公司的说法得到了奥密克戎或新冠疫情在许多欧洲国家爆发的支持,包括义大利、法、英等。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe98b474db7223afa7617f0cb8545e42\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8849809f79a66a367009de9b31677d63\" tg-width=\"640\" tg-height=\"400\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/415cdc534da7dc5a6d6f9e754adf099e\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Using France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.</p><p><blockquote>以法国为例,上面的第一张图显示了Covid病例呈指数级上升,而第二张图显示了死亡率在一定范围内。第三张图所示的疫苗接种率支持了辉瑞关于其疫苗功效的说法,因为虽然感染率在上升,但疫苗导致的死亡人数有限。</blockquote></p><p> Further, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.</p><p><blockquote>此外,公众对更多封锁和极端限制的不满很可能会使优步的移动业务部门比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Uber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.</p><p><blockquote>Uber的资产负债表和估值都很棒。根据Uber的季度报告,Uber报告收入同比增长72%,达到48亿美元,调整后EBITDA为800万美元。经过多年的亏损后,快递业务达到了接近盈亏平衡的水平,调整后EBITDA利润率为-0.1%。此外,该公司的移动或移动业务调整后EBITDA利润率为5.5%,与大流行前的利润率持平。总体而言,公司业务的持续改善导致亏损减少和资产负债表更加强劲。优步拥有约56亿美元现金和约330亿美元总资产,而总负债约为200亿美元,总资产负债率(L/A)约为60%。总而言之,我相信在没有重大变化的情况下,Uber的资产负债表足以维持公司的运营。</blockquote></p><p> The valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.</p><p><blockquote>Uber的估值略高。仍未盈利的Uber的市销率约为4.7倍,远期市销率约为3倍。与其他公司相比,这些数字似乎很小,但由于Uber的利润率扩张值得怀疑,我想说Uber目前的估值略高。然而,随着该业务在不久的将来实现盈利,我认为优步略高的估值对于一些投资者来说可能是可以控制的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Investing in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.</p><p><blockquote>投资优步会带来重大风险,包括稀释风险和宏观经济风险。Uber过去几年一直极度无利可图,导致大规模稀释。Uber的流通股在2018年上涨了12.35%,2019年上涨了160.62%,2020年上涨了40.42%,2021年迄今上涨了8.2%。因此,为了维持公司的运营,Uber不断稀释现有股东。因此,实现盈利的任何障碍都可能导致未来更多的稀释。此外,Uber如今财务状况良好的原因是大规模稀释。此外,优步无法控制的宏观经济风险可能会影响该公司。通胀已经处于历史高位,可能会继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于Uber仍未盈利,提高费率很可能会对公司产生负面影响。</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> No one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.</p><p><blockquote>没有人确切知道Uber是否会从丑小鸭绽放成美丽的天鹅,但今天,我开始谨慎看好Uber。疫情最终使公司的整体运营受益,导致配送业务蓬勃发展,这有助于优步实现单位经济效益。此外,随着消费者适应更便捷的生活方式,快递业务预计将扩大。对于移动业务来说,损失惨重;然而,正如Uber所展示的那样,随着经济重新开放,移动业务正在强劲复苏至2019年的水平。因此,随着Uber试图扭转业务,我相信投资者应该值得考虑投资Uber。毕竟,Uber可能会绽放成一只美丽的天鹅。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4475598-uber-ugly-duckling-is-growing-up\">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":{"UBER":"优步"},"source_url":"https://seekingalpha.com/article/4475598-uber-ugly-duckling-is-growing-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108936663","content_text":"Summary\n\nUber's delivery business is booming and expanding resulting in the company leveraging economies of scale to reach profitability.\nMobility business is fast recovering from the pandemic as the economies reopen.\nFuture lockdowns and covid restrictions that were seen before are not likely.\nTherefore, Uber may be the ugly duckling waiting to become a swan.\n\nMOZCO Mateusz Szymanski/iStock Editorial via Getty Images\nIntroduction and Thesis\nI am starting to believe that Uber's(NYSE:UBER)story is unfolding like the story of the ugly duckling. In the early days of going public, Uber suffered ignorance and unfavorable views from the investing community just like the ugly duckling, but today, I believe Uber is just around the corner from blossoming into a beautiful and successful swan.\nUber's business is turning around as the underlying trend forms in favor of the company. From the depths of the pandemic to the pace of recovery seen today, the world changed for good, at least for Uber. One of those changes is food delivery. During the pandemic, consumers could not comfortably leave their houses and dine out resulting in those consumers turning to food delivery permanently growing a business that has been the primary reason for Uber's continuous losses. Thus, as the trend of food delivery continues to grow from the pandemic, Uber's business through economies of scale has been enjoying the favorable trend, and I believe that the convenience of food delivery will allow permanent penetration of delivery in our daily lives. Further, as mobility recovers as well from the pandemic in all aspects, Uber is likely to report a profitable 2022 fiscal year. Although there are risks of dilution,Covid and macroeconomic risks, I believe now is finally the time to consider investing in the ugly duckling.\nFavorable Trend\nPandemic brought devastation across nearly all industries and aspects of our lives; however, for Uber, I believe pandemic turned out to be beneficial for the company. Uber's major businesses are delivery and mobility. Before the pandemic, while the mobility business was starting to report positive adjusted EBTIDA, the delivery business continued to struggle. The market was relatively smaller and competitive leading to Uber spending immense amounts of capital on sales, marketing, and development. Even worse, the economies of scale were not seen at the time. However, times have changed for the delivery business. First, the food delivery industry exploded in popularity. For example, Uber's delivery business grew almost 3 fold from 2019Q4. This massive growth in the industry allowed Uber to leverage economies of scale leading to improving bottom lines. Further, the adaption of the delivery culture in the daily lives of the people allowed Uber to expand its business to more than delivering foods. The company is currently delivering groceries, Christmas trees, and even alcoholic beverages. Therefore, as the market continues to mature, Uber can leverage economies of scale to turn around its loss-leading delivery business into a profitable giant.\nSome critics may argue that delivery was only successful because consumers were not comfortable going outside during the pandemic. I would like to argue otherwise. A pandemic may have been the driving factor behind the adaption of the delivery service by the public; however, convenience was what is and will sustain this business model. Through innovation seen in the past decades, we have seen how much consumers care about convenience through the rise of Amazon(NASDAQ:AMZN), Meta Platforms(NASDAQ:FB), and Apple(NASDAQ:AAPL). Why socialize digitally when you can meet others physically? Why order packages online and wait days when you can simply go buy that product today? Why use smartphones when you already had mobile phones? Consumers will never go back to the more inconvenient way of life.\nUnlike the delivery business, the mobility business was damaged by the pandemic, but it is expected that the mobility business will return to 2019 levels as the impact of the pandemic wanes. As the picture below shows, the mobility business in the world's biggest cities has almost returned to normalcy after the lockdown showing that the demand for ride-hailing services is still present. Further, as pandemic subsides and offices re-open, the mobility business will continue to grow.\n\nCovid Fears\nAlthough pandemic was the leading cause of the delivery business success, a worsening pandemic will most likely damage my bullish thesis. A mobility business, a business segment set to lead profitability, will be heavily damaged; however, contrary to the mainstream media's opinion, I believe this scenario is unlikely to unfold due to vaccines and public sentiments.\nPfizer(NYSE:PFE) on December 8th confirmed that theirCovid vaccines are still effective against the Omicron variant. The company said that a preliminary study \"demonstrates that three doses [of the vaccines] neutralize the Omicron variant while two doses show significantly reduced neutralization titers.\" The company's claims are backed by Omicron orCovid outbreak unfolding in many European nations including Italy, France, the UK, and more.\n\nUsing France as an example, the first picture above shows theCovid cases rising exponentially while the second picture shows the death rate is range-bound. The vaccination rate, shown in the third picture, backs up Pfizer's claim regarding the efficacy of its vaccines because while infections are rising, fatalities are limited due to the vaccines.\nFurther, the public's resent for more lockdowns and extreme restrictions are most likely to make Uber's mobility segment of the business more resilient than previous outbreaks.\nFinancials and Valuation\nUber's balance sheet along with valuation is great. According to Uber's quarterly report, Uber reported revenue growth of 72% year-over-year to $4.8 billion dollars with $8 million positive adjusted EBITDA. After years of losses, the delivery businesses reached a near breakeven level to -0.1% adjusted EBITDA margin. Further, the company's mobility or mobility business had a 5.5% adjusted EBITDA margin, which was on par with the pre-pandemic margins. Overall, the continual improvement of the company's business is resulting in decreasing losses and a stronger balance sheet. Uber has about $5.6 billion in cash and about $33 billion in total assets while the total liabilities were about $20 billion bringing total liability to asset ratio (L/A) to about 60%. All in all, I believe Uber's balance sheet is strong enough to sustain the company's operation given no major changes.\nThe valuation of Uber is slightly high. Uber, still unprofitable, trades at about 4.7 times price to sales ratio and about 3 times the forward price to sales ratio. These numbers may seem minimal in comparison with other companies, but because the margin expansion for Uber is questionable, I would say that Uber's valuation today is slightly high. However, as the business turns to reach profitability in the near future, I think the slightly high valuation seen in Uber may be manageable for some investors.\nRisks\nInvesting in Uber comes with significant risks including dilution risks and macroeconomic risks. Uber has been extremely unprofitable for the past years resulting in massive dilution.Uber's outstanding shares increased 12.35% in 2018, 160.62% in 2019, 40.42% in 2020, and 8.2% to date in 2021. As such, to maintain the company's operations, Uber continuously diluted its existing shareholders. Thus, any hurdles to reaching profitability may result in even more dilution in the future. Also, the reason for Uber's financial health today is because of the massive dilution. Further, macroeconomic risks beyond Uber's control may impact the company. Inflation is already at historical highs, and it may continue to stay at these levels resulting in an even faster pace of tapering and rising rates by the Federal Reserve. Therefore, because Uber is still not profitable, raising rates will most likely affect the company negatively.\nSummary\nNo one knows for sure if Uber will blossom into a beautiful swan from an ugly duckling, but today, I am starting to be cautiously bullish on Uber. Pandemic ultimately benefited the company's overall operations leading to a boom in the delivery business, which aided in Uber reaching unit economics. Further, the delivery business is expected to expand as consumers adapt to a more convenient way of life. For the mobility business, there were significant damages; however, as Uber has shown, the mobility business is strongly recovering to 2019 levels as the economies reopen. Therefore, as Uber attempts to turn around its business, I believe investors should worth consider investing in Uber. After all, Uber may blossom into a beautiful swan.","news_type":1,"symbols_score_info":{"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":3115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815836744,"gmtCreate":1630663814088,"gmtModify":1632467979750,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Happy birthday ","listText":"Happy birthday ","text":"Happy 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shares will be dropping for a period before it goes back up again ","listText":"Market shares will be dropping for a period before it goes back up again ","text":"Market shares will be dropping for a period before it goes back up again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":25,"repostSize":0,"link":"https://laohu8.com/post/800915350","repostId":"1172308187","repostType":4,"isVote":1,"tweetType":1,"viewCount":2368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142784131,"gmtCreate":1626177303123,"gmtModify":1633929392162,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142784131","repostId":"1191858541","repostType":4,"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142784064,"gmtCreate":1626177281558,"gmtModify":1633929392409,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142784064","repostId":"2151563412","repostType":4,"repost":{"id":"2151563412","kind":"highlight","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":1626175491,"share":"https://www.laohu8.com/m/news/2151563412?lang=zh_CN&edition=full","pubTime":"2021-07-13 19:24","market":"us","language":"en","title":"Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元,超出预期10.23美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2151563412","media":"Tiger Newspress","summary":"Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.\nHere are the numbers:","content":"<p>Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.</p><p><blockquote>高盛周二盘前公布了第二季度财报。</blockquote></p><p> Here are the numbers:</p><p><blockquote>以下是数字:</blockquote></p><p> <b>Earnings:</b> $15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)</p><p><blockquote><b>收益:</b>每股15.02美元,而Refinitiv调查的分析师预期为10.24美元。一年前,高盛的每股收益为6.26美元(如果考虑到与1MDB和解相关的成本,每股收益为53美分。)</blockquote></p><p> <b>Revenue:</b> $15.39 billion vs. $12.17 billion expected</p><p><blockquote><b>收入:</b>153.9亿美元,预期121.7亿美元</blockquote></p><p> Investment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.</p><p><blockquote>投资银行业务公布了有史以来第二高的季度收入,达到36.1亿美元,仅次于2021年第一季度,因为蓬勃发展的IPO市场提振了高盛的股票承销。</blockquote></p><p> Last month, following the strong results of the Federal Reserve'sannual stress test, Goldman said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.</p><p><blockquote>上个月,在美联储年度压力测试取得强劲结果后,高盛表示计划将股息提高60%至每股2美元,但须获得银行董事会批准。</blockquote></p><p> For its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.</p><p><blockquote>2021年第一季度,由于廉价消费者存款推动零售银行业务的增长,该公司投资银行和交易业务表现强劲,净利润和收入创历史新高,超出了分析师的预期。</blockquote></p><p> Of the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.</p><p><blockquote>在美国六大银行中,高盛从包括交易和投资银行在内的华尔街活动中获得的收入份额最大。</blockquote></p><p> Shares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.</p><p><blockquote>在经济从Covid-19大流行中复苏的背景下,高盛股价在2021年上涨了45%。</blockquote></p><p> Goldman Sachs shares rises 0.7% in premarket trading.</p><p><blockquote>高盛股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a40ec6831977fb2be9119f32e2df1b54\" tg-width=\"1260\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nGoldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元,超出预期10.23美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-13 19:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.</p><p><blockquote>高盛周二盘前公布了第二季度财报。</blockquote></p><p> Here are the numbers:</p><p><blockquote>以下是数字:</blockquote></p><p> <b>Earnings:</b> $15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)</p><p><blockquote><b>收益:</b>每股15.02美元,而Refinitiv调查的分析师预期为10.24美元。一年前,高盛的每股收益为6.26美元(如果考虑到与1MDB和解相关的成本,每股收益为53美分。)</blockquote></p><p> <b>Revenue:</b> $15.39 billion vs. $12.17 billion expected</p><p><blockquote><b>收入:</b>153.9亿美元,预期121.7亿美元</blockquote></p><p> Investment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.</p><p><blockquote>投资银行业务公布了有史以来第二高的季度收入,达到36.1亿美元,仅次于2021年第一季度,因为蓬勃发展的IPO市场提振了高盛的股票承销。</blockquote></p><p> Last month, following the strong results of the Federal Reserve'sannual stress test, Goldman said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.</p><p><blockquote>上个月,在美联储年度压力测试取得强劲结果后,高盛表示计划将股息提高60%至每股2美元,但须获得银行董事会批准。</blockquote></p><p> For its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.</p><p><blockquote>2021年第一季度,由于廉价消费者存款推动零售银行业务的增长,该公司投资银行和交易业务表现强劲,净利润和收入创历史新高,超出了分析师的预期。</blockquote></p><p> Of the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.</p><p><blockquote>在美国六大银行中,高盛从包括交易和投资银行在内的华尔街活动中获得的收入份额最大。</blockquote></p><p> Shares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.</p><p><blockquote>在经济从Covid-19大流行中复苏的背景下,高盛股价在2021年上涨了45%。</blockquote></p><p> Goldman Sachs shares rises 0.7% in premarket trading.</p><p><blockquote>高盛股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a40ec6831977fb2be9119f32e2df1b54\" tg-width=\"1260\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","QTWO":"Q2 Holdings Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151563412","content_text":"Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.\nHere are the numbers:\nEarnings: $15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)\nRevenue: $15.39 billion vs. $12.17 billion expected\nInvestment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.\nLast month, following the strong results of the Federal Reserve'sannual stress test, Goldman said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.\nFor its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.\nOf the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.\nShares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.\nGoldman Sachs shares rises 0.7% in premarket trading.","news_type":1,"symbols_score_info":{"GS":0.9,"QTWO":0.9}},"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158108622,"gmtCreate":1625133593566,"gmtModify":1633944434968,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158108622","repostId":"1190114481","repostType":4,"repost":{"id":"1190114481","kind":"news","pubTimestamp":1625131868,"share":"https://www.laohu8.com/m/news/1190114481?lang=zh_CN&edition=full","pubTime":"2021-07-01 17:31","market":"us","language":"en","title":"ARK Innovation Is Coming Back Strongly. Here’s a Trade to Exploit It.<blockquote>方舟创新强势回归。这里有一个利用它的交易。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190114481","media":"Barrons","summary":"Cathie Wood, ARK Invest\nIt is time once more to consider getting on board Cathie Wood’s ARK Innovati","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1a0419512750dfca0641b7307fd75d6\" tg-width=\"1260\" tg-height=\"840\"><span>Cathie Wood, ARK Invest</span></p><p><blockquote><p class=\"t-img-caption\"><span>凯西·伍德,方舟投资公司</span></p></blockquote></p><p> It is time once more to consider getting on board Cathie Wood’s ARK Innovation exchange-traded fund.</p><p><blockquote>是时候再次考虑加入Cathie Wood的ARK Innovation交易所交易基金了。</blockquote></p><p> ARK Innovation (ticker: ARKK), which owns many of the stock market’s most controversial and most intriguing companies, seems to be on the cusp of entering a higher trading range after a month of troubles.</p><p><blockquote>方舟创新(股票代码:ARKK)拥有许多股市上最具争议和最有趣的公司,在经历了一个月的麻烦后,似乎即将进入更高的交易区间。</blockquote></p><p> The Innovation ETF is hovering around $130, a level that has often proved to be difficult for the fund to stay above for long. But the recent rotation back into technology—and away from value stocks that benefited from the seeming end of the pandemic—could give the ETF a push higher.</p><p><blockquote>创新ETF徘徊在130美元左右,事实证明,该基金很难长期保持在这一水平之上。但最近重新转向科技股——远离受益于疫情似乎结束的价值股——可能会推动ETF走高。</blockquote></p><p> Aggressive investors who want to wager on the potential breakout can consider an options strategy that pays them for agreeing to buy the fund at a lower price, while letting them participate in future gains.</p><p><blockquote>想要押注潜在突破的激进投资者可以考虑期权策略,通过同意以较低价格购买基金来支付他们的费用,同时让他们参与未来的收益。</blockquote></p><p> When the Innovation ETF was trading around $130, the September $129 put could be sold for about $9 and the September $132 call could be bought for about $7.70. The risk reversal—that is, selling a put and buying a call with a higher strike price but with the same expiration—essentially pays investors $1.30 for agreeing to buy the fund at $129 and to participate in advances above $132.</p><p><blockquote>当创新ETF的交易价格约为130美元时,9月份129美元的看跌期权可以以约9美元的价格出售,9月份132美元的看涨期权可以以约7.70美元的价格购买。风险逆转——即卖出看跌期权并买入执行价格更高但到期日相同的看涨期权——本质上是向同意以129美元购买基金并参与132美元以上预付款的投资者支付1.30美元。</blockquote></p><p> If the fund is at $150 at expiration, the call is worth $28. Should the ARK Innovation ETF be at $129 or lower at the September expiration, investors are obligated to buy the fund at $129 even if the fund is trading sharply lower.</p><p><blockquote>如果基金到期时价格为150美元,则看涨期权价值28美元。如果ARK Innovation ETF在9月份到期时价格为129美元或更低,即使该基金的交易价格大幅下跌,投资者也有义务以129美元的价格购买该基金。</blockquote></p><p> To avoid buying the fund on a decline, investors could adjust the put in the options market and move it to a different expiration. Of course, if the fund advances, and is above the put strike at expiration, investors can keep the put premium.</p><p><blockquote>为了避免在下跌时购买基金,投资者可以调整期权市场的看跌期权并将其移至不同的到期日。当然,如果基金提前,并且到期时高于看跌期权执行权,投资者可以保留看跌期权溢价。</blockquote></p><p> During the past 52 weeks, ARK Innovation has ranged from $69.18 to $159.70.</p><p><blockquote>在过去52周内,ARK Innovation的价格从69.18美元到159.70美元不等。</blockquote></p><p> The risk-reversal strategy represents the evolution of a mid-May suggestion for investors to consider selling puts on the Innovation ETF when it seemed the fund was facing real trouble.</p><p><blockquote>风险逆转策略代表了5月中旬建议投资者考虑出售创新ETF看跌期权的演变,当时该基金似乎面临真正的麻烦。</blockquote></p><p> At the time, many of the fund’s holdings were weak and out of favor as investors were abandoning growth stocks that were defensive holdings during the pandemic, while buying value stocks that would benefit from the reopening of the economy.</p><p><blockquote>当时,该基金的许多持股疲软且失宠,因为投资者正在放弃在疫情期间持有的防御性成长型股票,而买入将受益于经济重新开放的价值型股票。</blockquote></p><p> It seemed that many investors and market pundits were happy to see Wood struggle after the fund rose 153% in 2020. But we recommended that investors look past the difficulties and wager that Wood would prevail.</p><p><blockquote>在该基金2020年上涨153%后,许多投资者和市场专家似乎很高兴看到伍德陷入困境。但我们建议投资者忽略困难,押注伍德会获胜。</blockquote></p><p> Rather than wilting under the pressure, she made a surprising and gutsy move. Wood took advantage of the weakness and essentially bought more stock as prices declined. The fund owns many stocks with extraordinary potential and often even more extraordinary valuations. The fund is closely associated with Tesla(TLSA), its top holding, but the portfolio includes other companies that are also trying to reshape the world with technology, including Teladoc Health(TDOC), Square (SQ),Zoom Video Communications(ZOOM), and Spotify Technology (SPOT).</p><p><blockquote>她没有在压力下萎靡不振,而是做出了令人惊讶的勇敢举动。伍德利用这一弱点,随着价格下跌,基本上购买了更多股票。该基金拥有许多具有非凡潜力且估值往往更非凡的股票。该基金与其最大持股特斯拉(TLSA)关系密切,但该投资组合还包括其他也试图用技术重塑世界的公司,包括Teladoc Health(TDOC)、Square(SQ)、Zoom Video通信(ZOOM)和Spotify Technology(SPOT)。</blockquote></p><p> The June $85 put that we suggested investors consider selling at $2.30 when the stock was around $102 just expired worthless. The Innovation ETF, meanwhile, just traded at its highest level in two months. Since mid-May, ARK Innovation has gained about 35%—and the fund could be on the cusp of a bullish breakout.</p><p><blockquote>我们建议投资者在股价约为102美元时考虑以2.30美元出售的6月份85美元看跌期权刚刚到期,一文不值。与此同时,创新ETF的交易价格刚刚达到两个月来的最高水平。自5月中旬以来,ARK Innovation已上涨约35%,该基金可能正处于看涨突破的风口浪尖。</blockquote></p><p> The fund traded above $130 from early January until March, only to come under bearish pressures during the recent rotation. The suggested risk-reversal strategy expresses a view that the Innovation ETF will trade above $130 into the fall, moving beyond a price that has often marked upside resistance.</p><p><blockquote>从1月初到3月,该基金的交易价格高于130美元,但在最近的轮换中却面临看跌压力。建议的风险逆转策略表达了这样一种观点,即创新ETF的交易价格将在130美元以上进入秋季,突破通常标志着上行阻力的价格。</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>ARK Innovation Is Coming Back Strongly. Here’s a Trade to Exploit It.<blockquote>方舟创新强势回归。这里有一个利用它的交易。</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\">\nARK Innovation Is Coming Back Strongly. Here’s a Trade to Exploit It.<blockquote>方舟创新强势回归。这里有一个利用它的交易。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 17:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1a0419512750dfca0641b7307fd75d6\" tg-width=\"1260\" tg-height=\"840\"><span>Cathie Wood, ARK Invest</span></p><p><blockquote><p class=\"t-img-caption\"><span>凯西·伍德,方舟投资公司</span></p></blockquote></p><p> It is time once more to consider getting on board Cathie Wood’s ARK Innovation exchange-traded fund.</p><p><blockquote>是时候再次考虑加入Cathie Wood的ARK Innovation交易所交易基金了。</blockquote></p><p> ARK Innovation (ticker: ARKK), which owns many of the stock market’s most controversial and most intriguing companies, seems to be on the cusp of entering a higher trading range after a month of troubles.</p><p><blockquote>方舟创新(股票代码:ARKK)拥有许多股市上最具争议和最有趣的公司,在经历了一个月的麻烦后,似乎即将进入更高的交易区间。</blockquote></p><p> The Innovation ETF is hovering around $130, a level that has often proved to be difficult for the fund to stay above for long. But the recent rotation back into technology—and away from value stocks that benefited from the seeming end of the pandemic—could give the ETF a push higher.</p><p><blockquote>创新ETF徘徊在130美元左右,事实证明,该基金很难长期保持在这一水平之上。但最近重新转向科技股——远离受益于疫情似乎结束的价值股——可能会推动ETF走高。</blockquote></p><p> Aggressive investors who want to wager on the potential breakout can consider an options strategy that pays them for agreeing to buy the fund at a lower price, while letting them participate in future gains.</p><p><blockquote>想要押注潜在突破的激进投资者可以考虑期权策略,通过同意以较低价格购买基金来支付他们的费用,同时让他们参与未来的收益。</blockquote></p><p> When the Innovation ETF was trading around $130, the September $129 put could be sold for about $9 and the September $132 call could be bought for about $7.70. The risk reversal—that is, selling a put and buying a call with a higher strike price but with the same expiration—essentially pays investors $1.30 for agreeing to buy the fund at $129 and to participate in advances above $132.</p><p><blockquote>当创新ETF的交易价格约为130美元时,9月份129美元的看跌期权可以以约9美元的价格出售,9月份132美元的看涨期权可以以约7.70美元的价格购买。风险逆转——即卖出看跌期权并买入执行价格更高但到期日相同的看涨期权——本质上是向同意以129美元购买基金并参与132美元以上预付款的投资者支付1.30美元。</blockquote></p><p> If the fund is at $150 at expiration, the call is worth $28. Should the ARK Innovation ETF be at $129 or lower at the September expiration, investors are obligated to buy the fund at $129 even if the fund is trading sharply lower.</p><p><blockquote>如果基金到期时价格为150美元,则看涨期权价值28美元。如果ARK Innovation ETF在9月份到期时价格为129美元或更低,即使该基金的交易价格大幅下跌,投资者也有义务以129美元的价格购买该基金。</blockquote></p><p> To avoid buying the fund on a decline, investors could adjust the put in the options market and move it to a different expiration. Of course, if the fund advances, and is above the put strike at expiration, investors can keep the put premium.</p><p><blockquote>为了避免在下跌时购买基金,投资者可以调整期权市场的看跌期权并将其移至不同的到期日。当然,如果基金提前,并且到期时高于看跌期权执行权,投资者可以保留看跌期权溢价。</blockquote></p><p> During the past 52 weeks, ARK Innovation has ranged from $69.18 to $159.70.</p><p><blockquote>在过去52周内,ARK Innovation的价格从69.18美元到159.70美元不等。</blockquote></p><p> The risk-reversal strategy represents the evolution of a mid-May suggestion for investors to consider selling puts on the Innovation ETF when it seemed the fund was facing real trouble.</p><p><blockquote>风险逆转策略代表了5月中旬建议投资者考虑出售创新ETF看跌期权的演变,当时该基金似乎面临真正的麻烦。</blockquote></p><p> At the time, many of the fund’s holdings were weak and out of favor as investors were abandoning growth stocks that were defensive holdings during the pandemic, while buying value stocks that would benefit from the reopening of the economy.</p><p><blockquote>当时,该基金的许多持股疲软且失宠,因为投资者正在放弃在疫情期间持有的防御性成长型股票,而买入将受益于经济重新开放的价值型股票。</blockquote></p><p> It seemed that many investors and market pundits were happy to see Wood struggle after the fund rose 153% in 2020. But we recommended that investors look past the difficulties and wager that Wood would prevail.</p><p><blockquote>在该基金2020年上涨153%后,许多投资者和市场专家似乎很高兴看到伍德陷入困境。但我们建议投资者忽略困难,押注伍德会获胜。</blockquote></p><p> Rather than wilting under the pressure, she made a surprising and gutsy move. Wood took advantage of the weakness and essentially bought more stock as prices declined. The fund owns many stocks with extraordinary potential and often even more extraordinary valuations. The fund is closely associated with Tesla(TLSA), its top holding, but the portfolio includes other companies that are also trying to reshape the world with technology, including Teladoc Health(TDOC), Square (SQ),Zoom Video Communications(ZOOM), and Spotify Technology (SPOT).</p><p><blockquote>她没有在压力下萎靡不振,而是做出了令人惊讶的勇敢举动。伍德利用这一弱点,随着价格下跌,基本上购买了更多股票。该基金拥有许多具有非凡潜力且估值往往更非凡的股票。该基金与其最大持股特斯拉(TLSA)关系密切,但该投资组合还包括其他也试图用技术重塑世界的公司,包括Teladoc Health(TDOC)、Square(SQ)、Zoom Video通信(ZOOM)和Spotify Technology(SPOT)。</blockquote></p><p> The June $85 put that we suggested investors consider selling at $2.30 when the stock was around $102 just expired worthless. The Innovation ETF, meanwhile, just traded at its highest level in two months. Since mid-May, ARK Innovation has gained about 35%—and the fund could be on the cusp of a bullish breakout.</p><p><blockquote>我们建议投资者在股价约为102美元时考虑以2.30美元出售的6月份85美元看跌期权刚刚到期,一文不值。与此同时,创新ETF的交易价格刚刚达到两个月来的最高水平。自5月中旬以来,ARK Innovation已上涨约35%,该基金可能正处于看涨突破的风口浪尖。</blockquote></p><p> The fund traded above $130 from early January until March, only to come under bearish pressures during the recent rotation. The suggested risk-reversal strategy expresses a view that the Innovation ETF will trade above $130 into the fall, moving beyond a price that has often marked upside resistance.</p><p><blockquote>从1月初到3月,该基金的交易价格高于130美元,但在最近的轮换中却面临看跌压力。建议的风险逆转策略表达了这样一种观点,即创新ETF的交易价格将在130美元以上进入秋季,突破通常标志着上行阻力的价格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.barrons.com/articles/ark-innovation-is-coming-back-strongly-heres-a-trade-to-exploit-it-51625130000?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":{"ARKO":"ARKO Corp","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉","ARKR":"Ark Restaurants Corp","ZM":"Zoom","ARKK":"ARK Innovation ETF","TDOC":"Teladoc Health Inc.","ARKF":"ARK Fintech Innovation ETF","SPOT":"Spotify Technology S.A."},"source_url":"https://www.barrons.com/articles/ark-innovation-is-coming-back-strongly-heres-a-trade-to-exploit-it-51625130000?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190114481","content_text":"Cathie Wood, ARK Invest\nIt is time once more to consider getting on board Cathie Wood’s ARK Innovation exchange-traded fund.\nARK Innovation (ticker: ARKK), which owns many of the stock market’s most controversial and most intriguing companies, seems to be on the cusp of entering a higher trading range after a month of troubles.\nThe Innovation ETF is hovering around $130, a level that has often proved to be difficult for the fund to stay above for long. But the recent rotation back into technology—and away from value stocks that benefited from the seeming end of the pandemic—could give the ETF a push higher.\nAggressive investors who want to wager on the potential breakout can consider an options strategy that pays them for agreeing to buy the fund at a lower price, while letting them participate in future gains.\nWhen the Innovation ETF was trading around $130, the September $129 put could be sold for about $9 and the September $132 call could be bought for about $7.70. The risk reversal—that is, selling a put and buying a call with a higher strike price but with the same expiration—essentially pays investors $1.30 for agreeing to buy the fund at $129 and to participate in advances above $132.\nIf the fund is at $150 at expiration, the call is worth $28. Should the ARK Innovation ETF be at $129 or lower at the September expiration, investors are obligated to buy the fund at $129 even if the fund is trading sharply lower.\nTo avoid buying the fund on a decline, investors could adjust the put in the options market and move it to a different expiration. Of course, if the fund advances, and is above the put strike at expiration, investors can keep the put premium.\nDuring the past 52 weeks, ARK Innovation has ranged from $69.18 to $159.70.\nThe risk-reversal strategy represents the evolution of a mid-May suggestion for investors to consider selling puts on the Innovation ETF when it seemed the fund was facing real trouble.\nAt the time, many of the fund’s holdings were weak and out of favor as investors were abandoning growth stocks that were defensive holdings during the pandemic, while buying value stocks that would benefit from the reopening of the economy.\nIt seemed that many investors and market pundits were happy to see Wood struggle after the fund rose 153% in 2020. But we recommended that investors look past the difficulties and wager that Wood would prevail.\nRather than wilting under the pressure, she made a surprising and gutsy move. Wood took advantage of the weakness and essentially bought more stock as prices declined. The fund owns many stocks with extraordinary potential and often even more extraordinary valuations. The fund is closely associated with Tesla(TLSA), its top holding, but the portfolio includes other companies that are also trying to reshape the world with technology, including Teladoc Health(TDOC), Square (SQ),Zoom Video Communications(ZOOM), and Spotify Technology (SPOT).\nThe June $85 put that we suggested investors consider selling at $2.30 when the stock was around $102 just expired worthless. The Innovation ETF, meanwhile, just traded at its highest level in two months. Since mid-May, ARK Innovation has gained about 35%—and the fund could be on the cusp of a bullish breakout.\nThe fund traded above $130 from early January until March, only to come under bearish pressures during the recent rotation. The suggested risk-reversal strategy expresses a view that the Innovation ETF will trade above $130 into the fall, moving beyond a price that has often marked upside resistance.","news_type":1,"symbols_score_info":{"ARKO":0.9,"TSLA":0.9,"ARKK":0.9,"ARKG":0.9,"ARKR":0.9,"SQ":0.9,"ARKQ":0.9,"ZM":0.9,"TDOC":0.9,"ARKF":0.9,"SPOT":0.9}},"isVote":1,"tweetType":1,"viewCount":1197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120732661,"gmtCreate":1624336944653,"gmtModify":1634007579207,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Invest ","listText":"Invest ","text":"Invest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120732661","repostId":"2145037589","repostType":4,"isVote":1,"tweetType":1,"viewCount":920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120736718,"gmtCreate":1624336879134,"gmtModify":1634007579678,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Invest ","listText":"Invest ","text":"Invest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120736718","repostId":"1184835150","repostType":4,"isVote":1,"tweetType":1,"viewCount":1493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329976345,"gmtCreate":1615203564687,"gmtModify":1703485602137,"author":{"id":"3574149444273582","authorId":"3574149444273582","name":"jieke89","avatar":"https://static.tigerbbs.com/975f377c0493305efe04f937d20c3961","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574149444273582","idStr":"3574149444273582"},"themes":[],"htmlText":"Latest ","listText":"Latest ","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329976345","repostId":"1109561292","repostType":4,"repost":{"id":"1109561292","kind":"news","pubTimestamp":1615203010,"share":"https://www.laohu8.com/m/news/1109561292?lang=zh_CN&edition=full","pubTime":"2021-03-08 19:30","market":"us","language":"en","title":"A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.<blockquote>巨额养老金购买了苹果、通用电气和英特尔的股票。这是它卖的东西。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109561292","media":"Barrons","summary":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and lo","content":"<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.</p><p><blockquote>全球最大的养老金之一最近购买了更多iPhone制造商的股票,并买入了2020年落后于市场的大盘股。</blockquote></p><p> Canadian Pension Plan Investment Board disclosed that it invested more in Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and Intel (INTC), and trimmed holdings in Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.</p><p><blockquote>加拿大养老金计划投资委员会披露,加大了对苹果(股票代码:AAPL)股票的投资,大幅增持了通用电气(GE)和英特尔(INTC)的股份,并减持了可口可乐(KO)的股份。CPPIB在向美国证券交易委员会提交的表格中披露了股票交易等。</blockquote></p><p> The CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.</p><p><blockquote>截至12月31日,CPPIB管理的资产总额为3760亿美元,拒绝对这些举措发表评论。</blockquote></p><p> The pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.</p><p><blockquote>截至2020年底,养老金在第四季度又购买了969,407股苹果股票,总计730万股。</blockquote></p><p> Apple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.</p><p><blockquote>苹果股价在2020年飙升80.8%,但2021年迄今已下跌8.5%。相比之下,衡量大盘的标准普尔500指数去年上涨了16.3%,2021年迄今上涨了2.3%。</blockquote></p><p> Buzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.</p><p><blockquote>就在iPhone 12系列上市几个月后,人们对即将推出的iPhone的关注正在升温,相关订单似乎正通过其供应链从苹果流出。一位分析师预计今年会有更多MacBook Pro笔记本电脑型号。不过,最有趣的是苹果正在开发一款汽车的传言。</blockquote></p><p> The CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.</p><p><blockquote>CPPIB将其对GE股票的投资增加了近五倍,购买了600万股该集团的股票,截至第四季度末已持有760万股。</blockquote></p><p> GE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.</p><p><blockquote>通用电气股价在2020年下跌了3.2%,但2021年迄今已上涨25.9%,消除了这一跌幅甚至更大。</blockquote></p><p> Shares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.</p><p><blockquote>通用电气的股价在一月底上涨,因为其第四季度业绩显示该公司正在产生大量的自由现金流。一位看涨分析师随后写道,通用电气股价可能触及15美元,而该股周五收于13.60美元。制造业的复苏使通用电气及其工业同行受益。</blockquote></p><p> Intel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.</p><p><blockquote>英特尔股价在2020年下跌了16.8%,但今年迄今已飙升21.9%,足以弥补这一损失。</blockquote></p><p> Intel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.</p><p><blockquote>英特尔一月份宣布首席执行官变动,即将离任的首席执行官鲍勃·斯旺(Bob Swan)在任期即将结束时购买了股票。英特尔一直在考虑外包芯片生产,但新任首席执行官帕特·基辛格表示,该公司将继续在内部生产大部分芯片。</blockquote></p><p> The pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.</p><p><blockquote>养老金又购买了267万股英特尔股票,截至2020年底,其持有的这家芯片巨头股票数量增至274万股。</blockquote></p><p> CPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.</p><p><blockquote>CPPIB在第四季度出售了473,458股可口可乐股票,将其持有的这家饮料巨头股票削减至490万股。</blockquote></p><p> Coca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.</p><p><blockquote>可口可乐股价2020年下跌1%,2021年迄今已下跌7.4%。</blockquote></p><p> Coca-Cola stock is a top<i>Barron’s</i>pick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.</p><p><blockquote>可口可乐股票处于顶部<i>巴伦周刊</i>为2021年挑选。我们写道:“可口可乐一半的销售额来自餐馆、体育场和其他户外场所,因此受到了疫情的打击。”“然而,随着2021年世界正常化,它将受益。”该公司在二月初公布了乐观的第四季度收益。同样在上个月,埃德加·洛马克斯价值基金(LOMAX)投资组合经理兰德尔·埃利(Randall Eley)告诉我们,他对该股持乐观态度。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.<blockquote>巨额养老金购买了苹果、通用电气和英特尔的股票。这是它卖的东西。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.<blockquote>巨额养老金购买了苹果、通用电气和英特尔的股票。这是它卖的东西。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-08 19:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.</p><p><blockquote>全球最大的养老金之一最近购买了更多iPhone制造商的股票,并买入了2020年落后于市场的大盘股。</blockquote></p><p> Canadian Pension Plan Investment Board disclosed that it invested more in Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and Intel (INTC), and trimmed holdings in Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.</p><p><blockquote>加拿大养老金计划投资委员会披露,加大了对苹果(股票代码:AAPL)股票的投资,大幅增持了通用电气(GE)和英特尔(INTC)的股份,并减持了可口可乐(KO)的股份。CPPIB在向美国证券交易委员会提交的表格中披露了股票交易等。</blockquote></p><p> The CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.</p><p><blockquote>截至12月31日,CPPIB管理的资产总额为3760亿美元,拒绝对这些举措发表评论。</blockquote></p><p> The pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.</p><p><blockquote>截至2020年底,养老金在第四季度又购买了969,407股苹果股票,总计730万股。</blockquote></p><p> Apple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.</p><p><blockquote>苹果股价在2020年飙升80.8%,但2021年迄今已下跌8.5%。相比之下,衡量大盘的标准普尔500指数去年上涨了16.3%,2021年迄今上涨了2.3%。</blockquote></p><p> Buzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.</p><p><blockquote>就在iPhone 12系列上市几个月后,人们对即将推出的iPhone的关注正在升温,相关订单似乎正通过其供应链从苹果流出。一位分析师预计今年会有更多MacBook Pro笔记本电脑型号。不过,最有趣的是苹果正在开发一款汽车的传言。</blockquote></p><p> The CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.</p><p><blockquote>CPPIB将其对GE股票的投资增加了近五倍,购买了600万股该集团的股票,截至第四季度末已持有760万股。</blockquote></p><p> GE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.</p><p><blockquote>通用电气股价在2020年下跌了3.2%,但2021年迄今已上涨25.9%,消除了这一跌幅甚至更大。</blockquote></p><p> Shares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.</p><p><blockquote>通用电气的股价在一月底上涨,因为其第四季度业绩显示该公司正在产生大量的自由现金流。一位看涨分析师随后写道,通用电气股价可能触及15美元,而该股周五收于13.60美元。制造业的复苏使通用电气及其工业同行受益。</blockquote></p><p> Intel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.</p><p><blockquote>英特尔股价在2020年下跌了16.8%,但今年迄今已飙升21.9%,足以弥补这一损失。</blockquote></p><p> Intel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.</p><p><blockquote>英特尔一月份宣布首席执行官变动,即将离任的首席执行官鲍勃·斯旺(Bob Swan)在任期即将结束时购买了股票。英特尔一直在考虑外包芯片生产,但新任首席执行官帕特·基辛格表示,该公司将继续在内部生产大部分芯片。</blockquote></p><p> The pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.</p><p><blockquote>养老金又购买了267万股英特尔股票,截至2020年底,其持有的这家芯片巨头股票数量增至274万股。</blockquote></p><p> CPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.</p><p><blockquote>CPPIB在第四季度出售了473,458股可口可乐股票,将其持有的这家饮料巨头股票削减至490万股。</blockquote></p><p> Coca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.</p><p><blockquote>可口可乐股价2020年下跌1%,2021年迄今已下跌7.4%。</blockquote></p><p> Coca-Cola stock is a top<i>Barron’s</i>pick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.</p><p><blockquote>可口可乐股票处于顶部<i>巴伦周刊</i>为2021年挑选。我们写道:“可口可乐一半的销售额来自餐馆、体育场和其他户外场所,因此受到了疫情的打击。”“然而,随着2021年世界正常化,它将受益。”该公司在二月初公布了乐观的第四季度收益。同样在上个月,埃德加·洛马克斯价值基金(LOMAX)投资组合经理兰德尔·埃利(Randall Eley)告诉我们,他对该股持乐观态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA\">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":{"KO":"可口可乐","GE":"GE航空航天","INTC":"英特尔","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109561292","content_text":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.\nCanadian Pension Plan Investment Board disclosed that it invested more in Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and Intel (INTC), and trimmed holdings in Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.\nThe CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.\nThe pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.\nApple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.\nBuzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.\nThe CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.\nGE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.\nShares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.\nIntel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.\nIntel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.\nThe pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.\nCPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.\nCoca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.\nCoca-Cola stock is a topBarron’spick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.","news_type":1,"symbols_score_info":{"AAPL":0.9,"GE":0.9,"INTC":0.9,"KO":0.9}},"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}