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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
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2021-06-22
Invest
非常抱歉,此主贴已删除
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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。以下是它的售价。</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。以下是它的售价。</blockquote>
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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中快速复苏。</li><li>以前出现的未来封锁和covid限制不太可能。</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 Uber(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了投资界的无知和不利看法,但今天,我相信Uber即将绽放成一只美丽而成功的天鹅。</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,Uber 的业务正在好转。从疫情的深处到今天看到的复苏步伐,世界发生了好转,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食品配送,永久性地发展了一项业务,这是优步持续亏损的主要原因。因此,随着食品配送的趋势从疫情持续增长,优步通过规模经济的业务一直享有有利的趋势,我相信食品配送的便利性将使配送永久渗透到我们的日常生活中。此外,随着移动出行在各个方面都从疫情中复苏,优步可能会报告2022财年盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于到了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,我相信疫情对该公司是有利的。优步的主要业务是送货和出行。在大流行之前,虽然移动业务开始报告调整后的 EBTIDA 为正,但送货业务仍在苦苦挣扎。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,当时还没有看到规模经济。然而,送货业务的时代已经变了。首先,外卖行业人气爆棚。例如,Uber 的送货业务较 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,配送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不仅仅是配送食物。该公司目前提供食品杂货、圣诞树,甚至酒精饮料。因此,随着市场不断成熟,Uber可以利用规模经济将亏损领先的配送业务扭亏为盈的巨头。</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,是因为消费者在疫情期间不愿意外出。我想反驳一下。疫情可能是公众适应送货服务的驱动因素;然而,便利是并将继续维持这种商业模式。通过过去几十年的创新,我们通过亚马逊(纳斯达克股票代码:AMZN)、Meta Platforms(纳斯达克股票代码:FB)和苹果(纳斯达克股票代码:AAPL)的崛起看到了消费者对便利性的关心程度。当你可以与他人见面时,为什么要进行数字社交呢?当你今天就可以简单地购买产品时,为什么要在网上订购包裹并等待几天呢?既然已经有手机了,为什么还要用智能手机?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,移动业务受到疫情的损害,但随着疫情影响的减弱,预计移动业务将恢复至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,这表明对打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>新冠疫情恐惧</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,但日益恶化的疫情很可能会损害我的看涨论点。移动业务,一个将引领盈利的业务部门,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,这种情况不太可能展开。</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>辉瑞公司(纽约证券交易所股票代码:PFE)于12月8日证实,他们的Covid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体,而两剂显示出中和滴度显着降低。”该公司的说法得到了包括意大利、法国、英国等在内的许多欧洲国家爆发的奥密克戎或新冠疫情的支持。</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,上面的第一张图片显示COVID病例呈指数级上升,而第二张图片显示死亡率在范围内。第三张图中显示的疫苗接种率支持了辉瑞公司关于其疫苗功效的说法,因为虽然感染正在上升,但由于疫苗,死亡人数是有限的。</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 Uber 的移动业务板块比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</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>优步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,使总负债与资产比率(L/A)达到约60%。总而言之,我相信在没有重大变化的情况下,优步的资产负债表足够强劲,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>优步的估值略高。优步仍然没有盈利,其交易价格约为市销率的 4.7 倍,远期市销率约为远期市销率的 3 倍。与其他公司相比,这些数字可能看起来很小,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转向盈利,我认为 Uber 略高的估值对于一些投资者来说可能是可控的。</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>投资优步伴随着重大风险,包括稀释风险和宏观经济风险。Uber 近年来一直极其无利可图,导致资产大幅稀释。 Uber 的流通股在 2018 年增加了 12.35%,2019 年增加了 160.62%,2020 年增加了 40.42%,2021 年至今增加了 8.2%。因此,为了维持公司的运营,优步不断稀释其现有股东。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,优步今天财务健康的原因是因为大规模稀释。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,并可能继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于优步仍然没有盈利,提高费率很可能会对该公司产生负面影响。</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 是否会从丑小鸭长成美丽的天鹅,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,导致送货业务蓬勃发展,这有助于 Uber 实现单位经济。此外,随着消费者适应更便利的生活方式,配送业务有望扩大。对于移动业务来说,遭受了重大损失;然而,正如优步所展示的那样,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 试图扭转业务局面,我认为投资者应该值得考虑投资 Uber。毕竟,优步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中快速复苏。</li><li>以前出现的未来封锁和covid限制不太可能。</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 Uber(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了投资界的无知和不利看法,但今天,我相信Uber即将绽放成一只美丽而成功的天鹅。</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,Uber 的业务正在好转。从疫情的深处到今天看到的复苏步伐,世界发生了好转,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食品配送,永久性地发展了一项业务,这是优步持续亏损的主要原因。因此,随着食品配送的趋势从疫情持续增长,优步通过规模经济的业务一直享有有利的趋势,我相信食品配送的便利性将使配送永久渗透到我们的日常生活中。此外,随着移动出行在各个方面都从疫情中复苏,优步可能会报告2022财年盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于到了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,我相信疫情对该公司是有利的。优步的主要业务是送货和出行。在大流行之前,虽然移动业务开始报告调整后的 EBTIDA 为正,但送货业务仍在苦苦挣扎。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,当时还没有看到规模经济。然而,送货业务的时代已经变了。首先,外卖行业人气爆棚。例如,Uber 的送货业务较 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,配送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不仅仅是配送食物。该公司目前提供食品杂货、圣诞树,甚至酒精饮料。因此,随着市场不断成熟,Uber可以利用规模经济将亏损领先的配送业务扭亏为盈的巨头。</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,是因为消费者在疫情期间不愿意外出。我想反驳一下。疫情可能是公众适应送货服务的驱动因素;然而,便利是并将继续维持这种商业模式。通过过去几十年的创新,我们通过亚马逊(纳斯达克股票代码:AMZN)、Meta Platforms(纳斯达克股票代码:FB)和苹果(纳斯达克股票代码:AAPL)的崛起看到了消费者对便利性的关心程度。当你可以与他人见面时,为什么要进行数字社交呢?当你今天就可以简单地购买产品时,为什么要在网上订购包裹并等待几天呢?既然已经有手机了,为什么还要用智能手机?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,移动业务受到疫情的损害,但随着疫情影响的减弱,预计移动业务将恢复至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,这表明对打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>新冠疫情恐惧</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,但日益恶化的疫情很可能会损害我的看涨论点。移动业务,一个将引领盈利的业务部门,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,这种情况不太可能展开。</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>辉瑞公司(纽约证券交易所股票代码:PFE)于12月8日证实,他们的Covid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体,而两剂显示出中和滴度显着降低。”该公司的说法得到了包括意大利、法国、英国等在内的许多欧洲国家爆发的奥密克戎或新冠疫情的支持。</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,上面的第一张图片显示COVID病例呈指数级上升,而第二张图片显示死亡率在范围内。第三张图中显示的疫苗接种率支持了辉瑞公司关于其疫苗功效的说法,因为虽然感染正在上升,但由于疫苗,死亡人数是有限的。</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 Uber 的移动业务板块比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</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>优步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,使总负债与资产比率(L/A)达到约60%。总而言之,我相信在没有重大变化的情况下,优步的资产负债表足够强劲,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>优步的估值略高。优步仍然没有盈利,其交易价格约为市销率的 4.7 倍,远期市销率约为远期市销率的 3 倍。与其他公司相比,这些数字可能看起来很小,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转向盈利,我认为 Uber 略高的估值对于一些投资者来说可能是可控的。</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>投资优步伴随着重大风险,包括稀释风险和宏观经济风险。Uber 近年来一直极其无利可图,导致资产大幅稀释。 Uber 的流通股在 2018 年增加了 12.35%,2019 年增加了 160.62%,2020 年增加了 40.42%,2021 年至今增加了 8.2%。因此,为了维持公司的运营,优步不断稀释其现有股东。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,优步今天财务健康的原因是因为大规模稀释。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,并可能继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于优步仍然没有盈利,提高费率很可能会对该公司产生负面影响。</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 是否会从丑小鸭长成美丽的天鹅,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,导致送货业务蓬勃发展,这有助于 Uber 实现单位经济。此外,随着消费者适应更便利的生活方式,配送业务有望扩大。对于移动业务来说,遭受了重大损失;然而,正如优步所展示的那样,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 试图扭转业务局面,我认为投资者应该值得考虑投资 Uber。毕竟,优步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":3319,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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.laohunote.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中快速复苏。</li><li>以前出现的未来封锁和covid限制不太可能。</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 Uber(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了投资界的无知和不利看法,但今天,我相信Uber即将绽放成一只美丽而成功的天鹅。</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,Uber 的业务正在好转。从疫情的深处到今天看到的复苏步伐,世界发生了好转,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食品配送,永久性地发展了一项业务,这是优步持续亏损的主要原因。因此,随着食品配送的趋势从疫情持续增长,优步通过规模经济的业务一直享有有利的趋势,我相信食品配送的便利性将使配送永久渗透到我们的日常生活中。此外,随着移动出行在各个方面都从疫情中复苏,优步可能会报告2022财年盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于到了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,我相信疫情对该公司是有利的。优步的主要业务是送货和出行。在大流行之前,虽然移动业务开始报告调整后的 EBTIDA 为正,但送货业务仍在苦苦挣扎。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,当时还没有看到规模经济。然而,送货业务的时代已经变了。首先,外卖行业人气爆棚。例如,Uber 的送货业务较 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,配送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不仅仅是配送食物。该公司目前提供食品杂货、圣诞树,甚至酒精饮料。因此,随着市场不断成熟,Uber可以利用规模经济将亏损领先的配送业务扭亏为盈的巨头。</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,是因为消费者在疫情期间不愿意外出。我想反驳一下。疫情可能是公众适应送货服务的驱动因素;然而,便利是并将继续维持这种商业模式。通过过去几十年的创新,我们通过亚马逊(纳斯达克股票代码:AMZN)、Meta Platforms(纳斯达克股票代码:FB)和苹果(纳斯达克股票代码:AAPL)的崛起看到了消费者对便利性的关心程度。当你可以与他人见面时,为什么要进行数字社交呢?当你今天就可以简单地购买产品时,为什么要在网上订购包裹并等待几天呢?既然已经有手机了,为什么还要用智能手机?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,移动业务受到疫情的损害,但随着疫情影响的减弱,预计移动业务将恢复至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,这表明对打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>新冠疫情恐惧</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,但日益恶化的疫情很可能会损害我的看涨论点。移动业务,一个将引领盈利的业务部门,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,这种情况不太可能展开。</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>辉瑞公司(纽约证券交易所股票代码:PFE)于12月8日证实,他们的Covid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体,而两剂显示出中和滴度显着降低。”该公司的说法得到了包括意大利、法国、英国等在内的许多欧洲国家爆发的奥密克戎或新冠疫情的支持。</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,上面的第一张图片显示COVID病例呈指数级上升,而第二张图片显示死亡率在范围内。第三张图中显示的疫苗接种率支持了辉瑞公司关于其疫苗功效的说法,因为虽然感染正在上升,但由于疫苗,死亡人数是有限的。</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 Uber 的移动业务板块比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</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>优步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,使总负债与资产比率(L/A)达到约60%。总而言之,我相信在没有重大变化的情况下,优步的资产负债表足够强劲,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>优步的估值略高。优步仍然没有盈利,其交易价格约为市销率的 4.7 倍,远期市销率约为远期市销率的 3 倍。与其他公司相比,这些数字可能看起来很小,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转向盈利,我认为 Uber 略高的估值对于一些投资者来说可能是可控的。</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>投资优步伴随着重大风险,包括稀释风险和宏观经济风险。Uber 近年来一直极其无利可图,导致资产大幅稀释。 Uber 的流通股在 2018 年增加了 12.35%,2019 年增加了 160.62%,2020 年增加了 40.42%,2021 年至今增加了 8.2%。因此,为了维持公司的运营,优步不断稀释其现有股东。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,优步今天财务健康的原因是因为大规模稀释。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,并可能继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于优步仍然没有盈利,提高费率很可能会对该公司产生负面影响。</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 是否会从丑小鸭长成美丽的天鹅,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,导致送货业务蓬勃发展,这有助于 Uber 实现单位经济。此外,随着消费者适应更便利的生活方式,配送业务有望扩大。对于移动业务来说,遭受了重大损失;然而,正如优步所展示的那样,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 试图扭转业务局面,我认为投资者应该值得考虑投资 Uber。毕竟,优步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中快速复苏。</li><li>以前出现的未来封锁和covid限制不太可能。</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 Uber(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了投资界的无知和不利看法,但今天,我相信Uber即将绽放成一只美丽而成功的天鹅。</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,Uber 的业务正在好转。从疫情的深处到今天看到的复苏步伐,世界发生了好转,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食品配送,永久性地发展了一项业务,这是优步持续亏损的主要原因。因此,随着食品配送的趋势从疫情持续增长,优步通过规模经济的业务一直享有有利的趋势,我相信食品配送的便利性将使配送永久渗透到我们的日常生活中。此外,随着移动出行在各个方面都从疫情中复苏,优步可能会报告2022财年盈利。尽管存在稀释风险、新冠疫情和宏观经济风险,但我相信现在终于到了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,我相信疫情对该公司是有利的。优步的主要业务是送货和出行。在大流行之前,虽然移动业务开始报告调整后的 EBTIDA 为正,但送货业务仍在苦苦挣扎。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,当时还没有看到规模经济。然而,送货业务的时代已经变了。首先,外卖行业人气爆棚。例如,Uber 的送货业务较 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,配送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不仅仅是配送食物。该公司目前提供食品杂货、圣诞树,甚至酒精饮料。因此,随着市场不断成熟,Uber可以利用规模经济将亏损领先的配送业务扭亏为盈的巨头。</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,是因为消费者在疫情期间不愿意外出。我想反驳一下。疫情可能是公众适应送货服务的驱动因素;然而,便利是并将继续维持这种商业模式。通过过去几十年的创新,我们通过亚马逊(纳斯达克股票代码:AMZN)、Meta Platforms(纳斯达克股票代码:FB)和苹果(纳斯达克股票代码:AAPL)的崛起看到了消费者对便利性的关心程度。当你可以与他人见面时,为什么要进行数字社交呢?当你今天就可以简单地购买产品时,为什么要在网上订购包裹并等待几天呢?既然已经有手机了,为什么还要用智能手机?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,移动业务受到疫情的损害,但随着疫情影响的减弱,预计移动业务将恢复至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,这表明对打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>新冠疫情恐惧</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,但日益恶化的疫情很可能会损害我的看涨论点。移动业务,一个将引领盈利的业务部门,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,这种情况不太可能展开。</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>辉瑞公司(纽约证券交易所股票代码:PFE)于12月8日证实,他们的Covid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体,而两剂显示出中和滴度显着降低。”该公司的说法得到了包括意大利、法国、英国等在内的许多欧洲国家爆发的奥密克戎或新冠疫情的支持。</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,上面的第一张图片显示COVID病例呈指数级上升,而第二张图片显示死亡率在范围内。第三张图中显示的疫苗接种率支持了辉瑞公司关于其疫苗功效的说法,因为虽然感染正在上升,但由于疫苗,死亡人数是有限的。</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 Uber 的移动业务板块比之前的疫情爆发更具弹性。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</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>优步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,使总负债与资产比率(L/A)达到约60%。总而言之,我相信在没有重大变化的情况下,优步的资产负债表足够强劲,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>优步的估值略高。优步仍然没有盈利,其交易价格约为市销率的 4.7 倍,远期市销率约为远期市销率的 3 倍。与其他公司相比,这些数字可能看起来很小,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转向盈利,我认为 Uber 略高的估值对于一些投资者来说可能是可控的。</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>投资优步伴随着重大风险,包括稀释风险和宏观经济风险。Uber 近年来一直极其无利可图,导致资产大幅稀释。 Uber 的流通股在 2018 年增加了 12.35%,2019 年增加了 160.62%,2020 年增加了 40.42%,2021 年至今增加了 8.2%。因此,为了维持公司的运营,优步不断稀释其现有股东。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,优步今天财务健康的原因是因为大规模稀释。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,并可能继续保持在这些水平,导致美联储更快地缩减和加息。因此,由于优步仍然没有盈利,提高费率很可能会对该公司产生负面影响。</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 是否会从丑小鸭长成美丽的天鹅,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,导致送货业务蓬勃发展,这有助于 Uber 实现单位经济。此外,随着消费者适应更便利的生活方式,配送业务有望扩大。对于移动业务来说,遭受了重大损失;然而,正如优步所展示的那样,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 试图扭转业务局面,我认为投资者应该值得考虑投资 Uber。毕竟,优步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":3740,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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":2922,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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":1935,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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.laohunote.com/m/news/2151563412?lang=zh_CN&edition=full","pubTime":"2021-07-13 19:24","market":"hk","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>路孚特调查的分析师预期为每股 15.02 美元,而路孚特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,而预期为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>随着蓬勃发展的 IPO 市场促进了高盛的股票承销,投资银行业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。</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,但须获得该行董事会的批准。</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,这家总部位于纽约的银行凭借创纪录的净利润和收入超出了分析师的预期,这得益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的强劲表现。</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 Covid-19 大流行经济复苏的推动下,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 0.7%。</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>路孚特调查的分析师预期为每股 15.02 美元,而路孚特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,而预期为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>随着蓬勃发展的 IPO 市场促进了高盛的股票承销,投资银行业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。</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,但须获得该行董事会的批准。</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,这家总部位于纽约的银行凭借创纪录的净利润和收入超出了分析师的预期,这得益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的强劲表现。</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 Covid-19 大流行经济复苏的推动下,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 0.7%。</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":2957,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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.laohunote.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</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凯西-伍德(Cathie Wood)的方舟创新交易所交易基金了。</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>方舟创新公司(股票代码:ARKK)拥有许多股市上最具争议和最引人入胜的公司,在经历了一个月的麻烦之后,该公司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。但最近回归科技股——以及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,该策略为他们同意以较低价格购买该基金支付费用,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 Innovation 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 美元的价格买入。风险逆转——即卖出看跌期权并购买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 美元购买该基金并参与高于 132 美元的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>如果该基金到期时价格为 150 美元,则该看涨期权价值 28 美元。如果 ARK Innovation ETF 在 9 月份到期时价格为 129 美元或更低,投资者有义务以 129 美元的价格购买该基金,即使该基金的交易价格大幅下跌。</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>为了避免在下跌时买入该基金,投资者可以调整期权市场的看跌期权并将其移动到不同的到期日。当然,如果基金提前,并且在到期时高于看跌期权执行价,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>在过去的52周内,ARK Innovation的价格在69.18美元至159.70美元之间。</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 月中旬建议投资者在创新 ETF 似乎面临真正麻烦时考虑出售该基金的看跌期权的演变。</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,该基金持有的许多股票都很疲软,不受欢迎,因为投资者正在放弃在大流行病期间持有的成长型股票,转而购买将从经济重新开放中受益的价值型股票。</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>许多投资者和市场专家似乎很高兴看到伍德在该基金 2020 年上涨 153% 后陷入困境。但我们建议投资者抛开困难,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>她没有在压力下萎缩,而是做出了一个令人惊讶和勇敢的举动。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加非凡的股票。该基金与其最大持股特斯拉 (TLSA) 关系密切,但其投资组合还包括其他试图通过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>我们建议投资者考虑在 6 月份以 102 美元左右卖出的 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%,该基金可能正处于牛市突破的风口浪尖。</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 月份,该基金的交易价格一直高于 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 将在秋季交易价格高于 130 美元,突破经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</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凯西-伍德(Cathie Wood)的方舟创新交易所交易基金了。</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>方舟创新公司(股票代码:ARKK)拥有许多股市上最具争议和最引人入胜的公司,在经历了一个月的麻烦之后,该公司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。但最近回归科技股——以及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,该策略为他们同意以较低价格购买该基金支付费用,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 Innovation 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 美元的价格买入。风险逆转——即卖出看跌期权并购买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 美元购买该基金并参与高于 132 美元的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>如果该基金到期时价格为 150 美元,则该看涨期权价值 28 美元。如果 ARK Innovation ETF 在 9 月份到期时价格为 129 美元或更低,投资者有义务以 129 美元的价格购买该基金,即使该基金的交易价格大幅下跌。</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>为了避免在下跌时买入该基金,投资者可以调整期权市场的看跌期权并将其移动到不同的到期日。当然,如果基金提前,并且在到期时高于看跌期权执行价,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>在过去的52周内,ARK Innovation的价格在69.18美元至159.70美元之间。</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 月中旬建议投资者在创新 ETF 似乎面临真正麻烦时考虑出售该基金的看跌期权的演变。</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,该基金持有的许多股票都很疲软,不受欢迎,因为投资者正在放弃在大流行病期间持有的成长型股票,转而购买将从经济重新开放中受益的价值型股票。</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>许多投资者和市场专家似乎很高兴看到伍德在该基金 2020 年上涨 153% 后陷入困境。但我们建议投资者抛开困难,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>她没有在压力下萎缩,而是做出了一个令人惊讶和勇敢的举动。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加非凡的股票。该基金与其最大持股特斯拉 (TLSA) 关系密切,但其投资组合还包括其他试图通过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>我们建议投资者考虑在 6 月份以 102 美元左右卖出的 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%,该基金可能正处于牛市突破的风口浪尖。</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 月份,该基金的交易价格一直高于 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 将在秋季交易价格高于 130 美元,突破经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":{"ARKR":"Ark Restaurants Corp","ARKG":"ARK Genomic Revolution ETF","SPOT":"Spotify Technology S.A.","ARKK":"ARK Innovation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","TDOC":"Teladoc Health Inc.","ZM":"Zoom","TSLA":"特斯拉","ARKF":"ARK Fintech Innovation ETF","ARKO":"ARKO Corp"},"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":{"TDOC":0.9,"ARKG":0.9,"ARKO":0.9,"SQ":0.9,"ARKF":0.9,"ZM":0.9,"ARKK":0.9,"ARKQ":0.9,"TSLA":0.9,"ARKR":0.9,"SPOT":0.9}},"isVote":1,"tweetType":1,"viewCount":1608,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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":1362,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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":2037,"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,"idStr":"3574149444273582","authorIdStr":"3574149444273582"},"themes":[],"title":"","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.laohunote.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。以下是它的售价。</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>全球最大的养老金基金之一最近购买了这家 iPhone 制造商的更多股票,并增持了 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)的持股,并减持了可口可乐(KO)的持股。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信息。</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 日管理着总计 3760 亿美元资产的 CPPIB 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,该养老金在第四季度又购买了 969,407 股苹果股票,持有 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 年迄今为止已下跌 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 年迄今已上涨 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 系列到来几个月后,即将推出的 iPhone 的热度正在增加,相关订单似乎正在通过其供应链从苹果流出。一位分析师预计今年将推出更多 MacBook Pro 笔记本电脑型号。不过,最有趣的是苹果正在开发汽车的传言。</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 通过购买 600 万股该企业集团股票,在第四季度末持有 760 万股,将其对 GE 股票的投资增加了近五倍。</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>GE 股价在 2020 年下跌了 3.2%,但 2021 年迄今为止上涨了 25.9%,抹去了这一损失甚至更多。</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>通用电气股价在一月底附近上涨,因为其第四季度业绩显示该公司正在产生大量自由现金流。一位看涨分析师随后写道,通用电气股价可能触及 15 美元,而该股周五收盘价为 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>英特尔在一月份宣布了首席执行官变动,即将离任的首席执行官鲍勃·斯旺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,到2020年底,其持有的这家芯片巨头股票增加到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,将其持有量削减至这家饮料巨头的 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>可口可乐股票名列前茅<i>巴伦</i>2021年挑选。“可口可乐一半的销售额来自餐馆、体育场和其他户外场所,因此受到了大流行病的打击,”我们写道。“然而,随着世界在 2021 年恢复正常,它将从中受益”。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,Edgar Lomax Value fund (LOMAX) 的投资组合经理 Randall Eley 告诉我们,他对股市持乐观态度。</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。以下是它的售价。</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。以下是它的售价。</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>全球最大的养老金基金之一最近购买了这家 iPhone 制造商的更多股票,并增持了 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)的持股,并减持了可口可乐(KO)的持股。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信息。</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 日管理着总计 3760 亿美元资产的 CPPIB 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,该养老金在第四季度又购买了 969,407 股苹果股票,持有 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 年迄今为止已下跌 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 年迄今已上涨 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 系列到来几个月后,即将推出的 iPhone 的热度正在增加,相关订单似乎正在通过其供应链从苹果流出。一位分析师预计今年将推出更多 MacBook Pro 笔记本电脑型号。不过,最有趣的是苹果正在开发汽车的传言。</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 通过购买 600 万股该企业集团股票,在第四季度末持有 760 万股,将其对 GE 股票的投资增加了近五倍。</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>GE 股价在 2020 年下跌了 3.2%,但 2021 年迄今为止上涨了 25.9%,抹去了这一损失甚至更多。</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>通用电气股价在一月底附近上涨,因为其第四季度业绩显示该公司正在产生大量自由现金流。一位看涨分析师随后写道,通用电气股价可能触及 15 美元,而该股周五收盘价为 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>英特尔在一月份宣布了首席执行官变动,即将离任的首席执行官鲍勃·斯旺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,到2020年底,其持有的这家芯片巨头股票增加到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,将其持有量削减至这家饮料巨头的 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>可口可乐股票名列前茅<i>巴伦</i>2021年挑选。“可口可乐一半的销售额来自餐馆、体育场和其他户外场所,因此受到了大流行病的打击,”我们写道。“然而,随着世界在 2021 年恢复正常,它将从中受益”。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,Edgar Lomax Value fund (LOMAX) 的投资组合经理 Randall Eley 告诉我们,他对股市持乐观态度。</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","AAPL":"苹果","INTC":"英特尔","GE":"GE航空航天"},"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":{"GE":0.9,"INTC":0.9,"AAPL":0.9,"KO":0.9}},"isVote":1,"tweetType":1,"viewCount":2639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}