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2021-06-29

go pltr!!

Palantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</blockquote>

2021-06-29

YES

抱歉，原内容已删除

2021-06-29

LETS GOOOOO

抱歉，原内容已删除

2021-06-24

LETS GO

抱歉，原内容已删除

2021-06-21

PUMP

EV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</blockquote>

2021-06-21

let's goooo

抱歉，原内容已删除

2021-06-20

BB GO

BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>

2021-06-20

lets goooo

抱歉，原内容已删除

2021-06-04

GOGOGO

BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>

2021-06-03

SQUEEZE

BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>

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pltr!!","listText":"go pltr!!","text":"go pltr!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159808758","repostId":"1115559324","repostType":4,"repost":{"id":"1115559324","kind":"news","pubTimestamp":1624952930,"share":"https://www.laohunote.com/m/news/1115559324?lang=zh_CN&edition=full","pubTime":"2021-06-29 15:48","market":"us","language":"en","title":"Palantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115559324","media":"seekingalpha","summary":"Summary\n\nMoats are competitive advantages built by businesses to protect profits and generate stayin","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Moats are competitive advantages built by businesses to protect profits and generate staying power.</li>  <li>There are seven types of moats, and great companies generally have two or three. Palantir has all seven.</li>  <li>These moats will allow Palantir to build an enduringly impactful and profitable business.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0361567f2939770c4946a5568ce8dc7e\" tg-width=\"1536\" tg-height=\"1033\"><span>Scott Olson/Getty Images</span></p><p><blockquote><ul><li>护城河是企业为保护利润和产生持久力而建立的竞争优势。</li><li>护城河有七种，大公司一般都有两三种。Palantir 拥有全部七个。</li><li>这些护城河将使 Palantir 能够建立一个具有持久影响力且有利可图的业务。</li></ul><p class=\"t-img-caption\"><span>斯科特·奥尔森/盖蒂图片社</span></p></blockquote></p><p> <b>NewsIntroduction: On Building a Dynasty</b></p><p><blockquote><b>新闻导读：论建立王朝</b></blockquote></p><p> In the mid 16thcentury, Japan was engaged in all-out civil war.</p><p><blockquote>16世纪中叶，日本陷入了全面内战。</blockquote></p><p> Oda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.</p><p><blockquote>织田信长是一位被视为 “大一统者 ”（或战场上的 “魔王 ”）的武士，他正在崛起为全日本最强大的武士军阀。他的名字已经成为军事才华的代名词，他有击败更强大的对手的诀窍。</blockquote></p><p> Despite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.</p><p><blockquote>尽管信长势力强大，但佛教信仰中的一个派别，称为一心会（一心会），开始巩固权力，建造堡垒，并积累越来越多的武僧。Ikkō Ikki最终在今天的大阪的石山本安寺（石山）建立了自己的据点。</blockquote></p><p> By the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.</p><p><blockquote>到 16 世纪 60 年代，信长已经击败了日本所有反对的武士军阀，只有一光一辉阻碍了信长用霸权席卷日本。</blockquote></p><p> And so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.</p><p><blockquote>因此，1570年，信长率领30,000名士兵向石山本安寺出发，其中许多人接受了被称为arquebuses的早期步枪训练。信长本人配备的是日本最著名的剑——同治吉利安纲。传说中，Dōjigiri Yasutsuna 被用来杀死当时最可怕的恶魔：Shuten-Dōji。</blockquote></p><p> Despite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.</p><p><blockquote>尽管信长拥有大量武器，但他对石山本安寺要塞的进攻并未成功。他的军队包围了石山十年，他被击退了十年。事实上，当一光一辉最终在1580年投降时，这是朝廷的要求，而不是城堡被攻占。</blockquote></p><p> So how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?</p><p><blockquote>那么，一光一辉是如何抵御中世纪日本最可怕的幕府将军的呢？</blockquote></p><p> A moat, of course.</p><p><blockquote>当然是护城河。</blockquote></p><p> Flowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.</p><p><blockquote>石山大教堂要塞周围流淌着错综复杂的护城河迷宫，上面覆盖着毫无特色的城墙。由于有护城河，这些城墙无法被攻城塔或隧道穿过。它们不能攀爬或跳跃。这是无懈可击的。</blockquote></p><p> In reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.</p><p><blockquote>“护城河 ”一词从此成为衡量企业寿命的常用指标，它可以抵御攻击者长达 10 年或更长时间。我欣赏历史有意义的时候。</blockquote></p><p> <b>Palantir’s Seven Moats</b></p><p><blockquote><b>帕兰蒂尔的七条护城河</b></blockquote></p><p>   <i>Growth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”</i>  -Peter Thiel, Founder &amp; Chairman, Palantir</p><p><blockquote><i>增长很容易衡量，但耐用性却不容易。如果你把重点放在近期增长之上，你就错过了你应该问的最重要的问题：十年后这个行业还会存在吗？光靠数字是无法告诉你答案的；相反，你必须批判性地思考你企业的质量特征。”</i>-Peter Thiel，Palantir 创始人兼董事长</blockquote></p><p> In&nbsp;7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.</p><p><blockquote>在《七种力量》一书中，汉密尔顿·赫尔默写到了企业可以用来指导价值创造工作的七条护城河。赫尔默认为，通过将卓越的运营与深思熟虑的护城河建设相结合，企业或许能够使自己具有持久的价值。这七种力量是：规模经济、网络效应、反定位、转换成本、品牌、角落资源和过程力量。</blockquote></p><p> Helmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.</p><p><blockquote>赫尔默概述了以现代企业为代表的这些护城河的案例研究。皮克斯拥有智囊团（角落资源），耐克（纽约证券交易所股票代码：NKE）的一双鞋收费高于竞争对手（品牌），Netflix（纳斯达克股票代码：NFLX）的内容随着用户的增加，制作成本更低（规模经济）。世界上最具标志性的公司有两个，也许三个护城河。</blockquote></p><p> Palantir (PLTR) has all seven.</p><p><blockquote>Palantir (PLTR) 拥有全部七个。</blockquote></p><p> I know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.</p><p><blockquote>我知道这听起来很疯狂，因为 Palantir 九个月前上市，是的，它仍然无利可图。是的，基于股票的薪酬是丰厚的。是的，收入集中，是的，估值乐观。都是的。</blockquote></p><p> No take backs. Palantir has seven moats. Let me show you.</p><p><blockquote>不收回。帕兰蒂尔有七条护城河。让我给你看看。</blockquote></p><p> <b>Palantir's Scale Economies</b></p><p><blockquote><b>Palantir 的规模经济</b></blockquote></p><p> <i>The quality of declining unit costs as volume increases</i></p><p><blockquote><i>随着数量的增加，单位成本下降的质量</i></blockquote></p><p> Palantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.</p><p><blockquote>Palantir 的销售周期可能是其商业模式中最容易被误解的方面。反对者认为 Palantir 是一家服务公司。以每股 35 美元购买的包持有者认为 Palantir 是一家 SaaS 公司。他们都是对的。</blockquote></p><p> Gotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”</p><p><blockquote>Gotham 和 Foundry 为政府和商业客户提供高利润、经常性软件合同。与此同时，Palantir 聘请技术顾问来扩大和完善这些合同。Palantir 将这一销售周期描述为 “收购、扩张和扩大规模”。</blockquote></p><p> <b>Acquire</b></p><p><blockquote><b>获得</b></blockquote></p><p></p><p> While Palantir<i>is</i>a software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.</p><p><blockquote>而帕兰蒂尔<i>是</i>作为一家软件公司，它与其他拥有这个标签的公司截然不同。例如，向企业销售Zoom（ZM）这样的软件和销售Foundry之间存在一些差异。截至 2021 年第一季度，Palantir 报告每个客户的年收入为 810 万美元。这一惊人的产品收入掩盖了 Palantir 产品的价值，但也凸显了其销售周期的复杂性。</blockquote></p><p> In&nbsp;Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.</p><p><blockquote>在 Palantir 的 S-1 中，收购客户被描述为那些享受 Palantir 技术短期试点部署的客户。Palantir 亏本运营这些账户，并指出这一销售阶段通常平均持续 6-9 个月。</blockquote></p><p> <b>Expand</b></p><p><blockquote><b>扩大</b></blockquote></p><p> The second phase, Expand, is characterized by<i>value building.</i>Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.</p><p><blockquote>第二阶段，膨胀，其特征在于<i>价值构建。</i>Palantir 专注于了解客户面临的挑战并应对这些挑战。这些客户向 Palantir 提供较大的收入合同，但通常也代表负贡献利润率。</blockquote></p><p> I know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptor<i>bespoke.</i></p><p><blockquote>我知道，连续两个阶段无利可图的产品交付。然而，这一阶段的标志是 Palantir 的个性化价值创造几乎像病毒一样扩张，在收购阶段，6-9 个月的数据摄入和客户反馈为其提供了信息。正是在这个阶段，Palantir 的产品开始配得上描述符。<i>定制。</i></blockquote></p><p> Expand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.</p><p><blockquote>Expand是由首席执行官Alex Karp本人推动的，在疫情之前，他每年花250天亲自拜访客户。这也许是卡普最不可否认的贡献；首席执行官充当了一家从未有过销售人员的公司的销售人员。Palantir 的顾客是鲸鱼。卡普是亚哈船长。</blockquote></p><p> <b>Scale</b></p><p><blockquote><b>比例</b></blockquote></p><p> The word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.</p><p><blockquote>在 Palantir S-1 中，“规模 ”一词整整使用了 44 次，Palantir 将规模客户定义为那些贡献成熟合同且贡献利润率为正的客户。在 Scale 期间，我们见证了 Palantir 单位经济学的逆转。随着客户账户的成熟，Palantir 的投资成本会下降。客户现在可以独立运营，在Foundry或Gotham之上构建自己的应用程序。这带来了新的用例、更少的服务费以及更大比例的高利润经常性收入。</blockquote></p><p>   It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.  Source:Palantir S-1</p><p><blockquote>在我们与客户合作的规模阶段，我们通常会看到特定账户的贡献利润率有所提高。2019年，我们在规模阶段从客户那里获得了5.657亿美元的收入，贡献率为55%。2020 年上半年，这些客户创造了 2.963 亿美元的收入，贡献率为 68%。资料来源：Palantir S-1</blockquote></p><p> And also:</p><p><blockquote>还有：</blockquote></p><p>   <b>We believe that all of our customers will move into the Scale phase over the long term.</b>We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a  <b>contribution margin during the period of 89%.</b>  Source:Palantir S-1, emphasis mine</p><p><blockquote><b>我们相信，从长远来看，我们所有的客户都将进入规模化阶段。</b>我们还相信，随着我们在整个客户运营中部署软件平台以及管理和运营软件方面变得更加高效，规模阶段客户的贡献利润率将进一步提高……2020 年上半年，截至 2019 年底，规模阶段贡献利润率排名前 25% 的客户<b>期内贡献率为89%。</b>资料来源：Palantir S-1，重点矿</blockquote></p><p> For those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:<b>Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.</b>As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.</p><p><blockquote>对于那些为 Palantir 无法盈利而苦恼的人来说，请注意：<b>Palantir 刚刚开始利用这一护城河来推动接近 90% 的天文数字贡献率。</b>随着 Palantir 将更多客户从扩张转变为规模化，利润率将会提高，成本将会降低，收入集中度将会多样化。随着 Palantir 优化并在某些情况下自动化软件部署，我预计获取和扩展周期会缩短，从而使这个飞轮旋转得更快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/604faf2a51bd7d6e60abbc5d89663571\" tg-width=\"640\" tg-height=\"378\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Network effects</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>网络效应</b></blockquote></p><p> <i>The product becomes more valuable as more customers use the product</i></p><p><blockquote><i>随着更多的客户使用产品，产品变得更有价值</i></blockquote></p><p> In Palantir’s S-1, “Generate Network Effects,”&nbsp;is listed&nbsp;within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.</p><p><blockquote>在 Palantir 的 S-1 中，“产生网络效应 ”列在第一原理部分。他们接着描述了随着越来越多的员工使用该产品，Palantir 的软件对客户来说是如何变得更有价值的。</blockquote></p><p>   At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.  -Source:Palantir’s S-1</p><p><blockquote>在金融服务客户中，网络效应使我们的平台能够从单一用例扩展到合规、前台、风险和内部审计部门的70多个工作流。-资料来源：Palantir的S-1</blockquote></p><p> Imagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).</p><p><blockquote>想象一下，你是奥克兰银行的一名穿着毛衣背心的软件工程师，刚刚同意成为一名代工厂飞行员。当您啜饮燕麦牛奶拿铁时，您开始点击 Foundry 信息仪表板，然后慢慢地探索和尝试 Foundry 平台。你意识到你可以在注入人工智能的应用程序上运行数据分析，并开始识别低效之处，这些低效之处会与你的团队和主管分享（让你看起来非常出色）。</blockquote></p><p></p><p> As Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.</p><p><blockquote>由于Foundry用于识别优化目标，开发人员开始在Foundry之上构建他们自己的应用层，它识别新的用例和新的应用程序，并添加新的层。Palantir 的网络效应表现为数字歌剧蛋糕；随着效用产生效用，一堆不可磨灭的用例越来越高。这是帕兰蒂尔的第二条护城河。</blockquote></p><p> I believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.</p><p><blockquote>我相信也有特定行业的网络效应在起作用。与目前的 Palantir 客户空中客车公司 (OTCPK: EADSF) 相比，波音公司 (NYSE:BA) 的软件部署会有多大不同？不多，我敢打赌。</blockquote></p><p> The Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended to<i>any</i>pharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.</p><p><blockquote>生命科学领域是另一个例子，Palantir 将其确定为未来的主要增长领域。Palantir透露，一家排名前五的制药公司正在使用Foundry来整合数千项临床试验的基因分型和实验室数据。这种经验可以扩展到<i>任何</i>制药公司和 Palantir 与该客户的合作使我们能够预见这些公司将从中受益的无数用例。这里的远见不是无形的；对于与Palantir签订协议的每一位额外的特定行业客户来说，这将以更低的成本加速产品扩张。</blockquote></p><p> This moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.</p><p><blockquote>随着 Palantir 最大的客户不断扩大规模并续签更大的合同，这一护城河在数字上得到了证明。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Switching</b>&nbsp;<b>Costs</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>切换</b> <b>成本</b></blockquote></p><p> <i>Customers would incur value loss if they switched to a different product supplier</i></p><p><blockquote><i>如果客户转向不同的产品供应商，他们将招致价值损失</i></blockquote></p><p> This is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.</p><p><blockquote>这也许是 Palantir 最容易突出的护城河。如果你在基础层面上理解机器学习，你可能会直觉到像Palantir这样的数据分析公司会有很高的转换成本。</blockquote></p><p> I believe there is a<i>point of no return</i>for customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.</p><p><blockquote>我相信有一个<i>不归路</i>对于处于销售周期扩张阶段的客户。此时，铸造用例正在成倍增加，效率正在实现，软件正变得不再是一种服务，而更像是企业的中央操作系统。在给定的组织中，Palantir 整理了 PB 级的数据，并将其细化为可操作的流程，Foundry 每天都对组织需求有更深入的了解。请记住，这可能是建立客户关系的18个月，Foundry已经成为公司工作流程中的日常分析工具。</blockquote></p><p> I believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.</p><p><blockquote>我相信这是不归路，因为这里的替代方案是不可想象的。首先，这个替代软件提供商是谁？布勒？即使有与 Foundry 类似的服务，而现在还没有，你也会从头再来。企业希望加速，不，冲向数字化、人工智能驱动的未来。尝试向高级管理层解释，我们不得不在 18 个月内停止代工，因为价格太高了。您必须回到第0天进行数据收集、分析和提炼。这将是最大规模的努力、时间和费用的重复。在 Expand 的某个地方，你陷得太深了--如果关灯，冰淇淋就会融化。</blockquote></p><p> Palantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.</p><p><blockquote>Palantir 最大的合同是 Palantir 的客户时间最长。这不是巧合。这是一条护城河，帕兰蒂尔的第三条。随着客户成为Palantir产品的深度用户，转换成本只会增加。</blockquote></p><p> Commodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?</p><p><blockquote>商品软件服务永远不会享受Palantir拥有的战略优势。如果你的公司从Skype转向Zoom，这真的有什么大不了的吗？</blockquote></p><p> <b>Palantir'sBranding</b></p><p><blockquote><b>Palantir的品牌</b></blockquote></p><p> <i>The durable attribution of higher value to an objectively identical offering that arises from historical information about the seller</i></p><p><blockquote><i>根据有关卖方的历史信息，对客观上相同的要约具有较高价值的持久归属</i></blockquote></p><p> The Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.</p><p><blockquote>在可口可乐（纽约证券交易所股票代码：KO）等基本消费品的背景下，品牌护城河更容易理解。例如，我可能会花两倍于可口可乐的价格。</blockquote></p><p> Making this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.</p><p><blockquote>在数据分析软件中进行这种比较是一项挑战，因为我不认为有与 Palantir 相同的产品。不过，假设存在这样一家公司。</blockquote></p><p> Palantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.</p><p><blockquote>自2003年成立以来，Palantir已经建立了一个标志性品牌。在过去的18年里，Palantir一直由中央情报局资助，与识别和击毙奥萨马·本·拉登有关，起诉了美国。军队和胜利，并精心策划了一个阴谋和表面上超自然的分析能力的叙事。但这个公司形象并不是我想在这里强调的品牌护城河。</blockquote></p><p> This is the publicly traded company the<i>U.S. government hires to manage their nuclear program</i>. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.</p><p><blockquote>这是一家上市公司<i>美国政府雇佣人来管理他们的核计划</i>在我们这个时代最大的公共卫生危机期间，NHS 聘请这家公司来管理个人防护装备库存和疫苗推广。在过去的二十年里，Palantir有着在我们国家面临的最极端情况下取得成功的记录。我认为，对于美国政府来说，没有一家软件公司比 Palantir 更能体现可靠性和安全性。这是一个经久不衰的品牌。</blockquote></p><p></p><p> The below press releases were announced over the past two months<i>alone</i>:</p><p><blockquote>以下新闻稿是在过去两个月内公布的<i>单独的</i>:</blockquote></p><p> <ul>  <li>CDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response</li>  <li>Palantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command</li>  <li>Palantir and Space Force Expand Partnership</li> </ul> I don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.</p><p><blockquote><ul><li>CDC 与 Palantir 续签疾病监测和疫情应对合作伙伴关系</li><li>Palantir 获得价值 1.11 亿美元的合同，为美国特种作战司令部提供任务指挥平台</li><li>Palantir 和太空军扩大合作伙伴关系</li></ul>我不在乎你对 Palantir 的估值有多悲观。没有一家软件公司能像Palantir在美国政府及其海外盟友那样拥有品牌价值。随着Palantir扩展到商业载体，客户越来越关注网络安全和数据保真度……哪个竞争对手能指向Palantir的履历？当误差幅度必须为零时，并且您正在寻找无失败场景，请押注 Palantir。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Counter-Positioning</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>反定位</b></blockquote></p><p> <i>A newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business</i></p><p><blockquote><i>新来者采用了一种新的、优越的商业模式，而现任者不会模仿这种模式，因为预期会对现有业务造成损害</i></blockquote></p><p> Counter-positioning is a unique moat, I think best represented by Square (SQ) in the&nbsp;digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.</p><p><blockquote>反定位是一条独特的护城河，我认为数字钱包领域的 Square (SQ) 最能代表。现有银行采取此举的目的是为了对抗 Square 的举动，部分原因是监管，部分原因是竞争被低估，但主要是因为提供数字钱包解决方案可能会蚕食银行的核心产品。这是反定位护城河。</blockquote></p><p> Palantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.</p><p><blockquote>Palantir 的反定位护城河也许不那么明显。首先，谁是现任者？Palantir 的技术极具颠覆性，因此很难解读一个天然的竞争对手。</blockquote></p><p> For Gotham (Gov’t), the incumbent<i>was</i>the government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.</p><p><blockquote>对于哥谭市（政府）来说，现任<i>什么</i>政府；美国陆军、国防部、中央情报局等。让我们把时钟拨回2015年。美国陆军发布了一份招标，寻求建造分布式共同地面系统-陆军（DCGS-A）的投标。这将是一个集成的数据分析框架，可以从众多来源收集数据，通过一套分析工具无缝共享数据，并为战场上的士兵提供易于使用的可视化。听起来很熟悉？在我看来，这和 Palantir 的 Gotham 产品一模一样。</blockquote></p><p> DCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.</p><p><blockquote>DCGS-A 实际上是一个历时十多年的陆军内部项目，开发成本为 30 亿美元。Palantir 以低得多的成本参与竞标，但陆军选择继续自己的内部发展。Palantir 最终对陆军提起诉讼，认为哥谭市提供了陆军试图建立的确切服务，而且成本只是陆军试图建立的一小部分。2016年10月，一名联邦法官做出了有利于Palantir的裁决（2377），并开创了政府必须在最大实际范围内采购商业服务和产品的先例。陆军对此提出上诉，但后来于 2018 年在美国上诉法院被搁置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70fc6c13c9c0d3ca0b559fd48bdff1da\" tg-width=\"640\" tg-height=\"457\"><span>Source:Palantir S-1 Filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir S-1 文件</span></p></blockquote></p><p> Palantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.</p><p><blockquote>Palantir 对陆军提起的具有里程碑意义的诉讼出人意料地加深了与美国政府的关系。在诉讼发生后的一年里，Palantir 的军队收入相当于之前 11 年的总和。</blockquote></p><p> Similar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.</p><p><blockquote>与现有银行类似，规模会导致官僚主义和惰性。尽管美国政府拥有巨大的影响力和权力，但它要么选择在数据分析方面投资不足，要么行动太慢，要么低估了私营部门的创新步伐。可能是两者中的一些。</blockquote></p><p> These same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.</p><p><blockquote>这些同样的竞争问题也体现在私营部门。甲骨文（ORCL）和 SAP（SAP）等大型企业软件巨头在过去十年中一直在为 “足够好 ”的产品组建销售团队。与此同时，Palantir一直在痴迷地扩散和完善他们的产品（稍后会详细介绍），但没有一个可识别的销售力量。在过去的 18 年里，Palantir 一直专注于设计优秀的产品，而现任公司现在才感受到企业软件文化转变的深沉、几乎是全球性的呻吟声，那是错失良机的喧嚣。</blockquote></p><p> Palantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.</p><p><blockquote>Palantir 正在通过投资数据分析领域的几家年轻、颠覆性的公司来加深其反定位护城河。在我之前的 Palantir 文章《Palantir 的 SPACs：你看到卡普看到的了吗？》中，我将 Palantir 对这些公司的投资概括为扩大市场覆盖范围和建立有价值投资组合的机会。</blockquote></p><p> I have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.</p><p><blockquote>从那以后，我又在这个分析中增加了一层。这些投资公司不仅在扩大 Palantir 的市场影响力，它们还是 Palantir 产品的灯塔，是 velocity Foundry 为产品路线图和市场步伐做出贡献的使者。通过与这些公司合作，Palantir 巩固了其技术领先地位，并展示了其对创新产品 DNA 的承诺，其声誉正是围绕着创新产品 DNA 建立的。</blockquote></p><p></p><p> <b>Palantir's</b>&nbsp;<b>Cornered Resources</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>角落资源</b></blockquote></p><p> <i>Preferential access at attractive terms to a coveted asset that can independently enhance value</i></p><p><blockquote><i>以有吸引力的条款优先获得可以独立提升价值的令人垂涎的资产</i></blockquote></p><p> Palantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.</p><p><blockquote>Palantir 拥有两种资源，使其比竞争对手具有显著优势：技术和人才。我将从泰尔对技术优势的定义开始。虽然雄心勃勃，但 Palantir 打破了这一障碍。</blockquote></p><p>   As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”  - Peter Thiel, Co-Founder &amp; Chairman, Palantir,<i>Zero to One</i></p><p><blockquote>根据一个很好的经验法则，专有技术在某些重要方面必须比最接近的替代品好10倍，才能获得真正的垄断优势。”Peter Thiel，Palantir 联合创始人兼董事长，<i>零到一</i></blockquote></p><p> Ten times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.</p><p><blockquote>好十倍。当提供的产品比替代品好10倍时，惊人的事情就会发生。SpaceX (SPACE) 的火箭效率是 NASA 的 10 倍，在 Bumble (BMBL) 上遇见下一个男朋友比在当地酒吧容易 10 倍，在 Netflix (NFLX) 上观看《指环王》比开车去百思买 (BBY) 买一套 DVD 容易 10 倍。</blockquote></p><p> Although it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwise<i>never existed</i>. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.</p><p><blockquote>虽然还处于早期阶段，但 Palantir 的软件在几个方面似乎已经比竞争对手好了 10 倍。例如，在 2021 年第一季度，哥谭被用来使国防部所有 11 个作战司令部能够从情报、作战、后勤和供应数据中产生综合战略决策优势。否则此功能<i>从未存在过</i>. Palantir 的软件非常先进，不断发明新的用例，这证明了这些产品所代表的对数改进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03bd98e9e9f53009b19523de56ceb5dd\" tg-width=\"640\" tg-height=\"384\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> And Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).</p><p><blockquote>Palantir 继续在创新方面超越竞争对手。在 Palantir 2020 年第四季度的财报中，他们提供了国防部冲击等级 6 (IL-6) 的最新轨迹。他们是世界上仅有的四家IL-5公司（任务关键信息国家安全系统）之一，并瞄准了IL-6，这将使他们成为第一个用于机密国家安全系统的SaaS。作为参考，IL-2公司包括数据分析巨头雪花（SNOW）和谷歌（GOOG）。</blockquote></p><p> Palantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.</p><p><blockquote>Palantir 的数据更好，因为 Palantir 的数据质量更好。尽管我们在分析中非常重视数据量，但数据质量却更加珍贵。十多年来，哥谭市一直在泥泞中、太空中和海底嗡嗡作响，受到最严酷和最苛刻的场景的影响。哥谭是经过战斗考验的企业软件。</blockquote></p><p> Palantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.</p><p><blockquote>Palantir 的第二个角落资源是人才。据报道，卡普对顶尖工程人才有着敏锐的嗅觉和诱惑能力，这使得他的名人录几乎无人能及。</blockquote></p><p> As an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:</p><p><blockquote>作为一名投资者，我可以接受 Palantir 空头涂鸦他们的稀释现金流模型以及基于股票的薪酬如何影响它。但是这些熊不能同时呼吸：</blockquote></p><p> <ol>  <li>Complain about Palantir’s SBC and--</li>  <li>Argue Palantir does not have a moat of engineering talent</li> </ol> Palantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.</p><p><blockquote><ol><li>抱怨Palantir的SBC和--</li><li>认为 Palantir 没有工程人才护城河</li></ol>Palantir 正在通过 SBC 激励工程和产品人才，并有机会改变世界。如果一支NFL球队没有工资帽，每个位置都将由联盟中的顶级球员填补。卡普就是这么做的。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Process Power</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>过程功率</b></blockquote></p><p> <i>Embedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment</i></p><p><blockquote><i>嵌入式公司组织和活动集，可实现更低的成本和/或卓越的产品，并且只能通过扩展的承诺来匹配</i></blockquote></p><p> Process Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.</p><p><blockquote>过程动力是 Palantir 的第七个也是最后一个护城河。最明显的例子是产品部署速度和 Palantir 产品的全面性。</blockquote></p><p>   An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.  -Palantir Q3 2020 Business Update</p><p><blockquote>一家能源巨头在几个小时内部署了我们的ERP套件。在两周内，他们节省了5700万美元的现金，预计每年将节省10亿美元。-Palantir 2020 年第三季度业务更新</blockquote></p><p> Traditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.</p><p><blockquote>竞争对手提供的传统高接触软件解决方案以路线图的方式交付，最终产品交付有时需要几个月甚至几年的时间。Palantir 的软件可以在数小时内部署并实现效益。</blockquote></p><p> In addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.</p><p><blockquote>此外，没有竞争对手拥有Palantir所提供的全面数据分析产品。这意味着不使用 Palantir 的客户要承担数十家不同公司的许可费，而这些公司的软件往往无法相互通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e1a1a03982b19a3b4181802ebb450f6\" tg-width=\"608\" tg-height=\"758\"><span>Source:The Generalist</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：《通才》</span></p></blockquote></p><p></p><p> Palantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.</p><p><blockquote>Palantir已经构建了一整套数据分析应用程序，并将根据客户的需要继续这样做。由此产生的产品是如此引人注目，交付速度如此之快，以至于 Palantir 没有任何直接竞争对手。在上图中，概述了 Palantir 的 19 种产品应用，并附有简要描述以及哪些竞争对手提供了类似产品。请注意，下一个最全面的产品来自Tableau，只有四种产品与Palantir重叠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/033d44206281f6449c0178f2f5943681\" tg-width=\"640\" tg-height=\"402\"><span>Source: Me, with help from Palantir’s S-1 filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：我，在 Palantir 的 S-1 文件的帮助下</span></p></blockquote></p><p> When I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.</p><p><blockquote>当我最初开始撰写关于 Palantir 工艺能力的笔记时，产品部署速度及其全面性等特点立即显现出来。然而，我对 Palantir 的商业模式思考得越多，我就越开始看到第二条护城河，一条更宽更深的护城河。</blockquote></p><p> Perhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.</p><p><blockquote>Palantir 最大的战略优势或许在于其产品为客户提供了工艺动力护城河。</blockquote></p><p> Said another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.</p><p><blockquote>换句话说，Foundry 和 Gotham 允许客户建造自己的工艺动力护城河。如果您是一家使用 Palantir 的财富 100 强公司，随着您的供应链实现共振、效率低下得到削减以及产品路线图斜率的垂直化，您对竞争对手的领先优势会扩大。Palantir 的软件允许客户查看它得名的那块看得见的石头。</blockquote></p><p> Palantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.</p><p><blockquote>Palantir 认识到了这一护城河，这也是他们积极投资早期数据公司的原因--这样他们就可以分享 Palantir 护城河所保护的快速增长的业务。</blockquote></p><p> <b>Palantir Final Thoughts</b></p><p><blockquote><b>Palantir 最终想法</b></blockquote></p><p> I am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.</p><p><blockquote>我着迷于用一个王朝的持久力建立一个堡垒般的企业的概念。只有少数几家公司能拥有 Palantir 的七种力量，而数据分析领域也没有一家公司。Palantir 的规模经济、网络效应、品牌效应、反定位、角落资源和流程能力为其自身、投资者和客户创造巨大价值奠定了基础。</blockquote></p><p> Over the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,<i>enduringly valuable</i>. Palantir is building a dynasty.</p><p><blockquote>在未来几十年里，这些护城河将汇集并相互作用，推动一个常青飞轮，使 Palantir 能够创建一项业务，用 Helmer 的话说，<i>持久有价值</i>.Palantir正在建立一个王朝。</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>Palantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</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\">\nPalantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-29 15:48</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>Moats are competitive advantages built by businesses to protect profits and generate staying power.</li>  <li>There are seven types of moats, and great companies generally have two or three. Palantir has all seven.</li>  <li>These moats will allow Palantir to build an enduringly impactful and profitable business.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0361567f2939770c4946a5568ce8dc7e\" tg-width=\"1536\" tg-height=\"1033\"><span>Scott Olson/Getty Images</span></p><p><blockquote><ul><li>护城河是企业为保护利润和产生持久力而建立的竞争优势。</li><li>护城河有七种，大公司一般都有两三种。Palantir 拥有全部七个。</li><li>这些护城河将使 Palantir 能够建立一个具有持久影响力且有利可图的业务。</li></ul><p class=\"t-img-caption\"><span>斯科特·奥尔森/盖蒂图片社</span></p></blockquote></p><p> <b>NewsIntroduction: On Building a Dynasty</b></p><p><blockquote><b>新闻导读：论建立王朝</b></blockquote></p><p> In the mid 16thcentury, Japan was engaged in all-out civil war.</p><p><blockquote>16世纪中叶，日本陷入了全面内战。</blockquote></p><p> Oda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.</p><p><blockquote>织田信长是一位被视为 “大一统者 ”（或战场上的 “魔王 ”）的武士，他正在崛起为全日本最强大的武士军阀。他的名字已经成为军事才华的代名词，他有击败更强大的对手的诀窍。</blockquote></p><p> Despite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.</p><p><blockquote>尽管信长势力强大，但佛教信仰中的一个派别，称为一心会（一心会），开始巩固权力，建造堡垒，并积累越来越多的武僧。Ikkō Ikki最终在今天的大阪的石山本安寺（石山）建立了自己的据点。</blockquote></p><p> By the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.</p><p><blockquote>到 16 世纪 60 年代，信长已经击败了日本所有反对的武士军阀，只有一光一辉阻碍了信长用霸权席卷日本。</blockquote></p><p> And so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.</p><p><blockquote>因此，1570年，信长率领30,000名士兵向石山本安寺出发，其中许多人接受了被称为arquebuses的早期步枪训练。信长本人配备的是日本最著名的剑——同治吉利安纲。传说中，Dōjigiri Yasutsuna 被用来杀死当时最可怕的恶魔：Shuten-Dōji。</blockquote></p><p> Despite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.</p><p><blockquote>尽管信长拥有大量武器，但他对石山本安寺要塞的进攻并未成功。他的军队包围了石山十年，他被击退了十年。事实上，当一光一辉最终在1580年投降时，这是朝廷的要求，而不是城堡被攻占。</blockquote></p><p> So how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?</p><p><blockquote>那么，一光一辉是如何抵御中世纪日本最可怕的幕府将军的呢？</blockquote></p><p> A moat, of course.</p><p><blockquote>当然是护城河。</blockquote></p><p> Flowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.</p><p><blockquote>石山大教堂要塞周围流淌着错综复杂的护城河迷宫，上面覆盖着毫无特色的城墙。由于有护城河，这些城墙无法被攻城塔或隧道穿过。它们不能攀爬或跳跃。这是无懈可击的。</blockquote></p><p> In reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.</p><p><blockquote>“护城河 ”一词从此成为衡量企业寿命的常用指标，它可以抵御攻击者长达 10 年或更长时间。我欣赏历史有意义的时候。</blockquote></p><p> <b>Palantir’s Seven Moats</b></p><p><blockquote><b>帕兰蒂尔的七条护城河</b></blockquote></p><p>   <i>Growth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”</i>  -Peter Thiel, Founder &amp; Chairman, Palantir</p><p><blockquote><i>增长很容易衡量，但耐用性却不容易。如果你把重点放在近期增长之上，你就错过了你应该问的最重要的问题：十年后这个行业还会存在吗？光靠数字是无法告诉你答案的；相反，你必须批判性地思考你企业的质量特征。”</i>-Peter Thiel，Palantir 创始人兼董事长</blockquote></p><p> In&nbsp;7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.</p><p><blockquote>在《七种力量》一书中，汉密尔顿·赫尔默写到了企业可以用来指导价值创造工作的七条护城河。赫尔默认为，通过将卓越的运营与深思熟虑的护城河建设相结合，企业或许能够使自己具有持久的价值。这七种力量是：规模经济、网络效应、反定位、转换成本、品牌、角落资源和过程力量。</blockquote></p><p> Helmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.</p><p><blockquote>赫尔默概述了以现代企业为代表的这些护城河的案例研究。皮克斯拥有智囊团（角落资源），耐克（纽约证券交易所股票代码：NKE）的一双鞋收费高于竞争对手（品牌），Netflix（纳斯达克股票代码：NFLX）的内容随着用户的增加，制作成本更低（规模经济）。世界上最具标志性的公司有两个，也许三个护城河。</blockquote></p><p> Palantir (PLTR) has all seven.</p><p><blockquote>Palantir (PLTR) 拥有全部七个。</blockquote></p><p> I know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.</p><p><blockquote>我知道这听起来很疯狂，因为 Palantir 九个月前上市，是的，它仍然无利可图。是的，基于股票的薪酬是丰厚的。是的，收入集中，是的，估值乐观。都是的。</blockquote></p><p> No take backs. Palantir has seven moats. Let me show you.</p><p><blockquote>不收回。帕兰蒂尔有七条护城河。让我给你看看。</blockquote></p><p> <b>Palantir's Scale Economies</b></p><p><blockquote><b>Palantir 的规模经济</b></blockquote></p><p> <i>The quality of declining unit costs as volume increases</i></p><p><blockquote><i>随着数量的增加，单位成本下降的质量</i></blockquote></p><p> Palantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.</p><p><blockquote>Palantir 的销售周期可能是其商业模式中最容易被误解的方面。反对者认为 Palantir 是一家服务公司。以每股 35 美元购买的包持有者认为 Palantir 是一家 SaaS 公司。他们都是对的。</blockquote></p><p> Gotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”</p><p><blockquote>Gotham 和 Foundry 为政府和商业客户提供高利润、经常性软件合同。与此同时，Palantir 聘请技术顾问来扩大和完善这些合同。Palantir 将这一销售周期描述为 “收购、扩张和扩大规模”。</blockquote></p><p> <b>Acquire</b></p><p><blockquote><b>获得</b></blockquote></p><p></p><p> While Palantir<i>is</i>a software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.</p><p><blockquote>而帕兰蒂尔<i>是</i>作为一家软件公司，它与其他拥有这个标签的公司截然不同。例如，向企业销售Zoom（ZM）这样的软件和销售Foundry之间存在一些差异。截至 2021 年第一季度，Palantir 报告每个客户的年收入为 810 万美元。这一惊人的产品收入掩盖了 Palantir 产品的价值，但也凸显了其销售周期的复杂性。</blockquote></p><p> In&nbsp;Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.</p><p><blockquote>在 Palantir 的 S-1 中，收购客户被描述为那些享受 Palantir 技术短期试点部署的客户。Palantir 亏本运营这些账户，并指出这一销售阶段通常平均持续 6-9 个月。</blockquote></p><p> <b>Expand</b></p><p><blockquote><b>扩大</b></blockquote></p><p> The second phase, Expand, is characterized by<i>value building.</i>Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.</p><p><blockquote>第二阶段，膨胀，其特征在于<i>价值构建。</i>Palantir 专注于了解客户面临的挑战并应对这些挑战。这些客户向 Palantir 提供较大的收入合同，但通常也代表负贡献利润率。</blockquote></p><p> I know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptor<i>bespoke.</i></p><p><blockquote>我知道，连续两个阶段无利可图的产品交付。然而，这一阶段的标志是 Palantir 的个性化价值创造几乎像病毒一样扩张，在收购阶段，6-9 个月的数据摄入和客户反馈为其提供了信息。正是在这个阶段，Palantir 的产品开始配得上描述符。<i>定制。</i></blockquote></p><p> Expand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.</p><p><blockquote>Expand是由首席执行官Alex Karp本人推动的，在疫情之前，他每年花250天亲自拜访客户。这也许是卡普最不可否认的贡献；首席执行官充当了一家从未有过销售人员的公司的销售人员。Palantir 的顾客是鲸鱼。卡普是亚哈船长。</blockquote></p><p> <b>Scale</b></p><p><blockquote><b>比例</b></blockquote></p><p> The word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.</p><p><blockquote>在 Palantir S-1 中，“规模 ”一词整整使用了 44 次，Palantir 将规模客户定义为那些贡献成熟合同且贡献利润率为正的客户。在 Scale 期间，我们见证了 Palantir 单位经济学的逆转。随着客户账户的成熟，Palantir 的投资成本会下降。客户现在可以独立运营，在Foundry或Gotham之上构建自己的应用程序。这带来了新的用例、更少的服务费以及更大比例的高利润经常性收入。</blockquote></p><p>   It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.  Source:Palantir S-1</p><p><blockquote>在我们与客户合作的规模阶段，我们通常会看到特定账户的贡献利润率有所提高。2019年，我们在规模阶段从客户那里获得了5.657亿美元的收入，贡献率为55%。2020 年上半年，这些客户创造了 2.963 亿美元的收入，贡献率为 68%。资料来源：Palantir S-1</blockquote></p><p> And also:</p><p><blockquote>还有：</blockquote></p><p>   <b>We believe that all of our customers will move into the Scale phase over the long term.</b>We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a  <b>contribution margin during the period of 89%.</b>  Source:Palantir S-1, emphasis mine</p><p><blockquote><b>我们相信，从长远来看，我们所有的客户都将进入规模化阶段。</b>我们还相信，随着我们在整个客户运营中部署软件平台以及管理和运营软件方面变得更加高效，规模阶段客户的贡献利润率将进一步提高……2020 年上半年，截至 2019 年底，规模阶段贡献利润率排名前 25% 的客户<b>期内贡献率为89%。</b>资料来源：Palantir S-1，重点矿</blockquote></p><p> For those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:<b>Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.</b>As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.</p><p><blockquote>对于那些为 Palantir 无法盈利而苦恼的人来说，请注意：<b>Palantir 刚刚开始利用这一护城河来推动接近 90% 的天文数字贡献率。</b>随着 Palantir 将更多客户从扩张转变为规模化，利润率将会提高，成本将会降低，收入集中度将会多样化。随着 Palantir 优化并在某些情况下自动化软件部署，我预计获取和扩展周期会缩短，从而使这个飞轮旋转得更快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/604faf2a51bd7d6e60abbc5d89663571\" tg-width=\"640\" tg-height=\"378\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Network effects</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>网络效应</b></blockquote></p><p> <i>The product becomes more valuable as more customers use the product</i></p><p><blockquote><i>随着更多的客户使用产品，产品变得更有价值</i></blockquote></p><p> In Palantir’s S-1, “Generate Network Effects,”&nbsp;is listed&nbsp;within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.</p><p><blockquote>在 Palantir 的 S-1 中，“产生网络效应 ”列在第一原理部分。他们接着描述了随着越来越多的员工使用该产品，Palantir 的软件对客户来说是如何变得更有价值的。</blockquote></p><p>   At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.  -Source:Palantir’s S-1</p><p><blockquote>在金融服务客户中，网络效应使我们的平台能够从单一用例扩展到合规、前台、风险和内部审计部门的70多个工作流。-资料来源：Palantir的S-1</blockquote></p><p> Imagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).</p><p><blockquote>想象一下，你是奥克兰银行的一名穿着毛衣背心的软件工程师，刚刚同意成为一名代工厂飞行员。当您啜饮燕麦牛奶拿铁时，您开始点击 Foundry 信息仪表板，然后慢慢地探索和尝试 Foundry 平台。你意识到你可以在注入人工智能的应用程序上运行数据分析，并开始识别低效之处，这些低效之处会与你的团队和主管分享（让你看起来非常出色）。</blockquote></p><p></p><p> As Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.</p><p><blockquote>由于Foundry用于识别优化目标，开发人员开始在Foundry之上构建他们自己的应用层，它识别新的用例和新的应用程序，并添加新的层。Palantir 的网络效应表现为数字歌剧蛋糕；随着效用产生效用，一堆不可磨灭的用例越来越高。这是帕兰蒂尔的第二条护城河。</blockquote></p><p> I believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.</p><p><blockquote>我相信也有特定行业的网络效应在起作用。与目前的 Palantir 客户空中客车公司 (OTCPK: EADSF) 相比，波音公司 (NYSE:BA) 的软件部署会有多大不同？不多，我敢打赌。</blockquote></p><p> The Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended to<i>any</i>pharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.</p><p><blockquote>生命科学领域是另一个例子，Palantir 将其确定为未来的主要增长领域。Palantir透露，一家排名前五的制药公司正在使用Foundry来整合数千项临床试验的基因分型和实验室数据。这种经验可以扩展到<i>任何</i>制药公司和 Palantir 与该客户的合作使我们能够预见这些公司将从中受益的无数用例。这里的远见不是无形的；对于与Palantir签订协议的每一位额外的特定行业客户来说，这将以更低的成本加速产品扩张。</blockquote></p><p> This moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.</p><p><blockquote>随着 Palantir 最大的客户不断扩大规模并续签更大的合同，这一护城河在数字上得到了证明。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Switching</b>&nbsp;<b>Costs</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>切换</b> <b>成本</b></blockquote></p><p> <i>Customers would incur value loss if they switched to a different product supplier</i></p><p><blockquote><i>如果客户转向不同的产品供应商，他们将招致价值损失</i></blockquote></p><p> This is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.</p><p><blockquote>这也许是 Palantir 最容易突出的护城河。如果你在基础层面上理解机器学习，你可能会直觉到像Palantir这样的数据分析公司会有很高的转换成本。</blockquote></p><p> I believe there is a<i>point of no return</i>for customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.</p><p><blockquote>我相信有一个<i>不归路</i>对于处于销售周期扩张阶段的客户。此时，铸造用例正在成倍增加，效率正在实现，软件正变得不再是一种服务，而更像是企业的中央操作系统。在给定的组织中，Palantir 整理了 PB 级的数据，并将其细化为可操作的流程，Foundry 每天都对组织需求有更深入的了解。请记住，这可能是建立客户关系的18个月，Foundry已经成为公司工作流程中的日常分析工具。</blockquote></p><p> I believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.</p><p><blockquote>我相信这是不归路，因为这里的替代方案是不可想象的。首先，这个替代软件提供商是谁？布勒？即使有与 Foundry 类似的服务，而现在还没有，你也会从头再来。企业希望加速，不，冲向数字化、人工智能驱动的未来。尝试向高级管理层解释，我们不得不在 18 个月内停止代工，因为价格太高了。您必须回到第0天进行数据收集、分析和提炼。这将是最大规模的努力、时间和费用的重复。在 Expand 的某个地方，你陷得太深了--如果关灯，冰淇淋就会融化。</blockquote></p><p> Palantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.</p><p><blockquote>Palantir 最大的合同是 Palantir 的客户时间最长。这不是巧合。这是一条护城河，帕兰蒂尔的第三条。随着客户成为Palantir产品的深度用户，转换成本只会增加。</blockquote></p><p> Commodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?</p><p><blockquote>商品软件服务永远不会享受Palantir拥有的战略优势。如果你的公司从Skype转向Zoom，这真的有什么大不了的吗？</blockquote></p><p> <b>Palantir'sBranding</b></p><p><blockquote><b>Palantir的品牌</b></blockquote></p><p> <i>The durable attribution of higher value to an objectively identical offering that arises from historical information about the seller</i></p><p><blockquote><i>根据有关卖方的历史信息，对客观上相同的要约具有较高价值的持久归属</i></blockquote></p><p> The Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.</p><p><blockquote>在可口可乐（纽约证券交易所股票代码：KO）等基本消费品的背景下，品牌护城河更容易理解。例如，我可能会花两倍于可口可乐的价格。</blockquote></p><p> Making this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.</p><p><blockquote>在数据分析软件中进行这种比较是一项挑战，因为我不认为有与 Palantir 相同的产品。不过，假设存在这样一家公司。</blockquote></p><p> Palantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.</p><p><blockquote>自2003年成立以来，Palantir已经建立了一个标志性品牌。在过去的18年里，Palantir一直由中央情报局资助，与识别和击毙奥萨马·本·拉登有关，起诉了美国。军队和胜利，并精心策划了一个阴谋和表面上超自然的分析能力的叙事。但这个公司形象并不是我想在这里强调的品牌护城河。</blockquote></p><p> This is the publicly traded company the<i>U.S. government hires to manage their nuclear program</i>. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.</p><p><blockquote>这是一家上市公司<i>美国政府雇佣人来管理他们的核计划</i>在我们这个时代最大的公共卫生危机期间，NHS 聘请这家公司来管理个人防护装备库存和疫苗推广。在过去的二十年里，Palantir有着在我们国家面临的最极端情况下取得成功的记录。我认为，对于美国政府来说，没有一家软件公司比 Palantir 更能体现可靠性和安全性。这是一个经久不衰的品牌。</blockquote></p><p></p><p> The below press releases were announced over the past two months<i>alone</i>:</p><p><blockquote>以下新闻稿是在过去两个月内公布的<i>单独的</i>:</blockquote></p><p> <ul>  <li>CDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response</li>  <li>Palantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command</li>  <li>Palantir and Space Force Expand Partnership</li> </ul> I don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.</p><p><blockquote><ul><li>CDC 与 Palantir 续签疾病监测和疫情应对合作伙伴关系</li><li>Palantir 获得价值 1.11 亿美元的合同，为美国特种作战司令部提供任务指挥平台</li><li>Palantir 和太空军扩大合作伙伴关系</li></ul>我不在乎你对 Palantir 的估值有多悲观。没有一家软件公司能像Palantir在美国政府及其海外盟友那样拥有品牌价值。随着Palantir扩展到商业载体，客户越来越关注网络安全和数据保真度……哪个竞争对手能指向Palantir的履历？当误差幅度必须为零时，并且您正在寻找无失败场景，请押注 Palantir。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Counter-Positioning</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>反定位</b></blockquote></p><p> <i>A newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business</i></p><p><blockquote><i>新来者采用了一种新的、优越的商业模式，而现任者不会模仿这种模式，因为预期会对现有业务造成损害</i></blockquote></p><p> Counter-positioning is a unique moat, I think best represented by Square (SQ) in the&nbsp;digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.</p><p><blockquote>反定位是一条独特的护城河，我认为数字钱包领域的 Square (SQ) 最能代表。现有银行采取此举的目的是为了对抗 Square 的举动，部分原因是监管，部分原因是竞争被低估，但主要是因为提供数字钱包解决方案可能会蚕食银行的核心产品。这是反定位护城河。</blockquote></p><p> Palantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.</p><p><blockquote>Palantir 的反定位护城河也许不那么明显。首先，谁是现任者？Palantir 的技术极具颠覆性，因此很难解读一个天然的竞争对手。</blockquote></p><p> For Gotham (Gov’t), the incumbent<i>was</i>the government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.</p><p><blockquote>对于哥谭市（政府）来说，现任<i>什么</i>政府；美国陆军、国防部、中央情报局等。让我们把时钟拨回2015年。美国陆军发布了一份招标，寻求建造分布式共同地面系统-陆军（DCGS-A）的投标。这将是一个集成的数据分析框架，可以从众多来源收集数据，通过一套分析工具无缝共享数据，并为战场上的士兵提供易于使用的可视化。听起来很熟悉？在我看来，这和 Palantir 的 Gotham 产品一模一样。</blockquote></p><p> DCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.</p><p><blockquote>DCGS-A 实际上是一个历时十多年的陆军内部项目，开发成本为 30 亿美元。Palantir 以低得多的成本参与竞标，但陆军选择继续自己的内部发展。Palantir 最终对陆军提起诉讼，认为哥谭市提供了陆军试图建立的确切服务，而且成本只是陆军试图建立的一小部分。2016年10月，一名联邦法官做出了有利于Palantir的裁决（2377），并开创了政府必须在最大实际范围内采购商业服务和产品的先例。陆军对此提出上诉，但后来于 2018 年在美国上诉法院被搁置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70fc6c13c9c0d3ca0b559fd48bdff1da\" tg-width=\"640\" tg-height=\"457\"><span>Source:Palantir S-1 Filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir S-1 文件</span></p></blockquote></p><p> Palantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.</p><p><blockquote>Palantir 对陆军提起的具有里程碑意义的诉讼出人意料地加深了与美国政府的关系。在诉讼发生后的一年里，Palantir 的军队收入相当于之前 11 年的总和。</blockquote></p><p> Similar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.</p><p><blockquote>与现有银行类似，规模会导致官僚主义和惰性。尽管美国政府拥有巨大的影响力和权力，但它要么选择在数据分析方面投资不足，要么行动太慢，要么低估了私营部门的创新步伐。可能是两者中的一些。</blockquote></p><p> These same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.</p><p><blockquote>这些同样的竞争问题也体现在私营部门。甲骨文（ORCL）和 SAP（SAP）等大型企业软件巨头在过去十年中一直在为 “足够好 ”的产品组建销售团队。与此同时，Palantir一直在痴迷地扩散和完善他们的产品（稍后会详细介绍），但没有一个可识别的销售力量。在过去的 18 年里，Palantir 一直专注于设计优秀的产品，而现任公司现在才感受到企业软件文化转变的深沉、几乎是全球性的呻吟声，那是错失良机的喧嚣。</blockquote></p><p> Palantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.</p><p><blockquote>Palantir 正在通过投资数据分析领域的几家年轻、颠覆性的公司来加深其反定位护城河。在我之前的 Palantir 文章《Palantir 的 SPACs：你看到卡普看到的了吗？》中，我将 Palantir 对这些公司的投资概括为扩大市场覆盖范围和建立有价值投资组合的机会。</blockquote></p><p> I have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.</p><p><blockquote>从那以后，我又在这个分析中增加了一层。这些投资公司不仅在扩大 Palantir 的市场影响力，它们还是 Palantir 产品的灯塔，是 velocity Foundry 为产品路线图和市场步伐做出贡献的使者。通过与这些公司合作，Palantir 巩固了其技术领先地位，并展示了其对创新产品 DNA 的承诺，其声誉正是围绕着创新产品 DNA 建立的。</blockquote></p><p></p><p> <b>Palantir's</b>&nbsp;<b>Cornered Resources</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>角落资源</b></blockquote></p><p> <i>Preferential access at attractive terms to a coveted asset that can independently enhance value</i></p><p><blockquote><i>以有吸引力的条款优先获得可以独立提升价值的令人垂涎的资产</i></blockquote></p><p> Palantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.</p><p><blockquote>Palantir 拥有两种资源，使其比竞争对手具有显著优势：技术和人才。我将从泰尔对技术优势的定义开始。虽然雄心勃勃，但 Palantir 打破了这一障碍。</blockquote></p><p>   As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”  - Peter Thiel, Co-Founder &amp; Chairman, Palantir,<i>Zero to One</i></p><p><blockquote>根据一个很好的经验法则，专有技术在某些重要方面必须比最接近的替代品好10倍，才能获得真正的垄断优势。”Peter Thiel，Palantir 联合创始人兼董事长，<i>零到一</i></blockquote></p><p> Ten times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.</p><p><blockquote>好十倍。当提供的产品比替代品好10倍时，惊人的事情就会发生。SpaceX (SPACE) 的火箭效率是 NASA 的 10 倍，在 Bumble (BMBL) 上遇见下一个男朋友比在当地酒吧容易 10 倍，在 Netflix (NFLX) 上观看《指环王》比开车去百思买 (BBY) 买一套 DVD 容易 10 倍。</blockquote></p><p> Although it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwise<i>never existed</i>. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.</p><p><blockquote>虽然还处于早期阶段，但 Palantir 的软件在几个方面似乎已经比竞争对手好了 10 倍。例如，在 2021 年第一季度，哥谭被用来使国防部所有 11 个作战司令部能够从情报、作战、后勤和供应数据中产生综合战略决策优势。否则此功能<i>从未存在过</i>. Palantir 的软件非常先进，不断发明新的用例，这证明了这些产品所代表的对数改进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03bd98e9e9f53009b19523de56ceb5dd\" tg-width=\"640\" tg-height=\"384\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> And Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).</p><p><blockquote>Palantir 继续在创新方面超越竞争对手。在 Palantir 2020 年第四季度的财报中，他们提供了国防部冲击等级 6 (IL-6) 的最新轨迹。他们是世界上仅有的四家IL-5公司（任务关键信息国家安全系统）之一，并瞄准了IL-6，这将使他们成为第一个用于机密国家安全系统的SaaS。作为参考，IL-2公司包括数据分析巨头雪花（SNOW）和谷歌（GOOG）。</blockquote></p><p> Palantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.</p><p><blockquote>Palantir 的数据更好，因为 Palantir 的数据质量更好。尽管我们在分析中非常重视数据量，但数据质量却更加珍贵。十多年来，哥谭市一直在泥泞中、太空中和海底嗡嗡作响，受到最严酷和最苛刻的场景的影响。哥谭是经过战斗考验的企业软件。</blockquote></p><p> Palantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.</p><p><blockquote>Palantir 的第二个角落资源是人才。据报道，卡普对顶尖工程人才有着敏锐的嗅觉和诱惑能力，这使得他的名人录几乎无人能及。</blockquote></p><p> As an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:</p><p><blockquote>作为一名投资者，我可以接受 Palantir 空头涂鸦他们的稀释现金流模型以及基于股票的薪酬如何影响它。但是这些熊不能同时呼吸：</blockquote></p><p> <ol>  <li>Complain about Palantir’s SBC and--</li>  <li>Argue Palantir does not have a moat of engineering talent</li> </ol> Palantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.</p><p><blockquote><ol><li>抱怨Palantir的SBC和--</li><li>认为 Palantir 没有工程人才护城河</li></ol>Palantir 正在通过 SBC 激励工程和产品人才，并有机会改变世界。如果一支NFL球队没有工资帽，每个位置都将由联盟中的顶级球员填补。卡普就是这么做的。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Process Power</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>过程功率</b></blockquote></p><p> <i>Embedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment</i></p><p><blockquote><i>嵌入式公司组织和活动集，可实现更低的成本和/或卓越的产品，并且只能通过扩展的承诺来匹配</i></blockquote></p><p> Process Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.</p><p><blockquote>过程动力是 Palantir 的第七个也是最后一个护城河。最明显的例子是产品部署速度和 Palantir 产品的全面性。</blockquote></p><p>   An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.  -Palantir Q3 2020 Business Update</p><p><blockquote>一家能源巨头在几个小时内部署了我们的ERP套件。在两周内，他们节省了5700万美元的现金，预计每年将节省10亿美元。-Palantir 2020 年第三季度业务更新</blockquote></p><p> Traditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.</p><p><blockquote>竞争对手提供的传统高接触软件解决方案以路线图的方式交付，最终产品交付有时需要几个月甚至几年的时间。Palantir 的软件可以在数小时内部署并实现效益。</blockquote></p><p> In addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.</p><p><blockquote>此外，没有竞争对手拥有Palantir所提供的全面数据分析产品。这意味着不使用 Palantir 的客户要承担数十家不同公司的许可费，而这些公司的软件往往无法相互通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e1a1a03982b19a3b4181802ebb450f6\" tg-width=\"608\" tg-height=\"758\"><span>Source:The Generalist</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：《通才》</span></p></blockquote></p><p></p><p> Palantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.</p><p><blockquote>Palantir已经构建了一整套数据分析应用程序，并将根据客户的需要继续这样做。由此产生的产品是如此引人注目，交付速度如此之快，以至于 Palantir 没有任何直接竞争对手。在上图中，概述了 Palantir 的 19 种产品应用，并附有简要描述以及哪些竞争对手提供了类似产品。请注意，下一个最全面的产品来自Tableau，只有四种产品与Palantir重叠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/033d44206281f6449c0178f2f5943681\" tg-width=\"640\" tg-height=\"402\"><span>Source: Me, with help from Palantir’s S-1 filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：我，在 Palantir 的 S-1 文件的帮助下</span></p></blockquote></p><p> When I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.</p><p><blockquote>当我最初开始撰写关于 Palantir 工艺能力的笔记时，产品部署速度及其全面性等特点立即显现出来。然而，我对 Palantir 的商业模式思考得越多，我就越开始看到第二条护城河，一条更宽更深的护城河。</blockquote></p><p> Perhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.</p><p><blockquote>Palantir 最大的战略优势或许在于其产品为客户提供了工艺动力护城河。</blockquote></p><p> Said another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.</p><p><blockquote>换句话说，Foundry 和 Gotham 允许客户建造自己的工艺动力护城河。如果您是一家使用 Palantir 的财富 100 强公司，随着您的供应链实现共振、效率低下得到削减以及产品路线图斜率的垂直化，您对竞争对手的领先优势会扩大。Palantir 的软件允许客户查看它得名的那块看得见的石头。</blockquote></p><p> Palantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.</p><p><blockquote>Palantir 认识到了这一护城河，这也是他们积极投资早期数据公司的原因--这样他们就可以分享 Palantir 护城河所保护的快速增长的业务。</blockquote></p><p> <b>Palantir Final Thoughts</b></p><p><blockquote><b>Palantir 最终想法</b></blockquote></p><p> I am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.</p><p><blockquote>我着迷于用一个王朝的持久力建立一个堡垒般的企业的概念。只有少数几家公司能拥有 Palantir 的七种力量，而数据分析领域也没有一家公司。Palantir 的规模经济、网络效应、品牌效应、反定位、角落资源和流程能力为其自身、投资者和客户创造巨大价值奠定了基础。</blockquote></p><p> Over the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,<i>enduringly valuable</i>. Palantir is building a dynasty.</p><p><blockquote>在未来几十年里，这些护城河将汇集并相互作用，推动一个常青飞轮，使 Palantir 能够创建一项业务，用 Helmer 的话说，<i>持久有价值</i>.Palantir正在建立一个王朝。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436865-palantir-seven-moats-building-a-dynasty\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4436865-palantir-seven-moats-building-a-dynasty","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115559324","content_text":"Summary\n\nMoats are competitive advantages built by businesses to protect profits and generate staying power.\nThere are seven types of moats, and great companies generally have two or three. Palantir has all seven.\nThese moats will allow Palantir to build an enduringly impactful and profitable business.\n\nScott Olson/Getty Images\nNewsIntroduction: On Building a Dynasty\nIn the mid 16thcentury, Japan was engaged in all-out civil war.\nOda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.\nDespite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.\nBy the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.\nAnd so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.\nDespite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.\nSo how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?\nA moat, of course.\nFlowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.\nIn reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.\nPalantir’s Seven Moats\n\nGrowth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”\n\n-Peter Thiel, Founder & Chairman, Palantir\nIn 7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.\nHelmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.\nPalantir (PLTR) has all seven.\nI know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.\nNo take backs. Palantir has seven moats. Let me show you.\nPalantir's Scale Economies\nThe quality of declining unit costs as volume increases\nPalantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.\nGotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”\nAcquire\nWhile Palantirisa software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.\nIn Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.\nExpand\nThe second phase, Expand, is characterized byvalue building.Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.\nI know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptorbespoke.\nExpand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.\nScale\nThe word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.\n\n It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.\n\nSource:Palantir S-1\nAnd also:\n\nWe believe that all of our customers will move into the Scale phase over the long term.We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a\n contribution margin during the period of 89%.\n\nSource:Palantir S-1, emphasis mine\nFor those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.\nSource:Palantir Q4 2020 Business Update\nPalantir's Network effects\nThe product becomes more valuable as more customers use the product\nIn Palantir’s S-1, “Generate Network Effects,” is listed within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.\n\n At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.\n\n-Source:Palantir’s S-1\nImagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).\nAs Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.\nI believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.\nThe Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended toanypharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.\nThis moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.\nPalantir's Switching Costs\nCustomers would incur value loss if they switched to a different product supplier\nThis is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.\nI believe there is apoint of no returnfor customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.\nI believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.\nPalantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.\nCommodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?\nPalantir'sBranding\nThe durable attribution of higher value to an objectively identical offering that arises from historical information about the seller\nThe Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.\nMaking this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.\nPalantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.\nThis is the publicly traded company theU.S. government hires to manage their nuclear program. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.\nThe below press releases were announced over the past two monthsalone:\n\nCDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response\nPalantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command\nPalantir and Space Force Expand Partnership\n\nI don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.\nPalantir's Counter-Positioning\nA newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business\nCounter-positioning is a unique moat, I think best represented by Square (SQ) in the digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.\nPalantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.\nFor Gotham (Gov’t), the incumbentwasthe government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.\nDCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.\nSource:Palantir S-1 Filing\nPalantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.\nSimilar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.\nThese same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.\nPalantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.\nI have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.\nPalantir's Cornered Resources\nPreferential access at attractive terms to a coveted asset that can independently enhance value\nPalantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.\n\n As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”\n\n- Peter Thiel, Co-Founder & Chairman, Palantir,Zero to One\nTen times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.\nAlthough it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwisenever existed. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.\nSource:Palantir Q4 2020 Business Update\nAnd Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).\nPalantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.\nPalantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.\nAs an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:\n\nComplain about Palantir’s SBC and--\nArgue Palantir does not have a moat of engineering talent\n\nPalantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.\nPalantir's Process Power\nEmbedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment\nProcess Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.\n\n An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.\n\n-Palantir Q3 2020 Business Update\nTraditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.\nIn addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.\nSource:The Generalist\nPalantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.\nSource: Me, with help from Palantir’s S-1 filing\nWhen I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.\nPerhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.\nSaid another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.\nPalantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.\nPalantir Final Thoughts\nI am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.\nOver the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,enduringly valuable. Palantir is building a dynasty.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159808960,"gmtCreate":1624953570250,"gmtModify":1633946578175,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"YES","listText":"YES","text":"YES","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159808960","repostId":"1124372919","repostType":2,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150261849,"gmtCreate":1624911899681,"gmtModify":1633947202481,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"LETS GOOOOO","listText":"LETS GOOOOO","text":"LETS GOOOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/150261849","repostId":"2146836375","repostType":4,"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121560780,"gmtCreate":1624478225040,"gmtModify":1634005601237,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"LETS GO","listText":"LETS GO","text":"LETS GO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121560780","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167442508,"gmtCreate":1624283360604,"gmtModify":1634008436238,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"PUMP","listText":"PUMP","text":"PUMP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167442508","repostId":"1136791321","repostType":2,"repost":{"id":"1136791321","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624282996,"share":"https://www.laohunote.com/m/news/1136791321?lang=zh_CN&edition=full","pubTime":"2021-06-21 21:43","market":"us","language":"en","title":"EV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136791321","media":"Tiger Newspress","summary":"(June 21) EV stocks fell in morning trading.","content":"<p>(June 21)&nbsp;EV stocks fell in morning trading.</p><p><blockquote>（6月21日）电动汽车股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7e7cf675e122ca02f2d220cde025a88\" tg-width=\"310\" tg-height=\"239\"></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; 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>EV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</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; 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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\">\nEV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</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\">2021-06-21 21:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 21)&nbsp;EV stocks fell in morning trading.</p><p><blockquote>（6月21日）电动汽车股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7e7cf675e122ca02f2d220cde025a88\" tg-width=\"310\" tg-height=\"239\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","LI":"理想汽车","XPEV":"小鹏集团","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136791321","content_text":"(June 21) EV stocks fell in morning trading.","news_type":1,"symbols_score_info":{"XPEV":0.9,"LI":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167443044,"gmtCreate":1624283285188,"gmtModify":1634008440273,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"let's goooo&nbsp;","listText":"let's goooo&nbsp;","text":"let's goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167443044","repostId":"1172678753","repostType":2,"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132735,"gmtCreate":1624178903127,"gmtModify":1634009740630,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"BB GO","listText":"BB GO","text":"BB GO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164132735","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":2539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132948,"gmtCreate":1624178752484,"gmtModify":1634009741368,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"lets goooo","listText":"lets goooo","text":"lets goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164132948","repostId":"1192473918","repostType":2,"isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118408767,"gmtCreate":1622743379259,"gmtModify":1634098467866,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"GOGOGO","listText":"GOGOGO","text":"GOGOGO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118408767","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118042845,"gmtCreate":1622709855187,"gmtModify":1634098911482,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"SQUEEZE&nbsp;","listText":"SQUEEZE&nbsp;","text":"SQUEEZE","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118042845","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":167442508,"gmtCreate":1624283360604,"gmtModify":1634008436238,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"PUMP","listText":"PUMP","text":"PUMP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167442508","repostId":"1136791321","repostType":2,"repost":{"id":"1136791321","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624282996,"share":"https://www.laohunote.com/m/news/1136791321?lang=zh_CN&edition=full","pubTime":"2021-06-21 21:43","market":"us","language":"en","title":"EV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136791321","media":"Tiger Newspress","summary":"(June 21) EV stocks fell in morning trading.","content":"<p>(June 21)&nbsp;EV stocks fell in morning trading.</p><p><blockquote>（6月21日）电动汽车股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7e7cf675e122ca02f2d220cde025a88\" tg-width=\"310\" tg-height=\"239\"></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; 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>EV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</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\">\nEV stocks fell in morning trading<blockquote>电动汽车股早盘下跌</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\">2021-06-21 21:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 21)&nbsp;EV stocks fell in morning trading.</p><p><blockquote>（6月21日）电动汽车股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7e7cf675e122ca02f2d220cde025a88\" tg-width=\"310\" tg-height=\"239\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","LI":"理想汽车","XPEV":"小鹏集团","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136791321","content_text":"(June 21) EV stocks fell in morning trading.","news_type":1,"symbols_score_info":{"XPEV":0.9,"LI":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159808758,"gmtCreate":1624953628774,"gmtModify":1633946577604,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"go pltr!!","listText":"go pltr!!","text":"go pltr!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159808758","repostId":"1115559324","repostType":4,"repost":{"id":"1115559324","kind":"news","pubTimestamp":1624952930,"share":"https://www.laohunote.com/m/news/1115559324?lang=zh_CN&edition=full","pubTime":"2021-06-29 15:48","market":"us","language":"en","title":"Palantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115559324","media":"seekingalpha","summary":"Summary\n\nMoats are competitive advantages built by businesses to protect profits and generate stayin","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Moats are competitive advantages built by businesses to protect profits and generate staying power.</li>  <li>There are seven types of moats, and great companies generally have two or three. Palantir has all seven.</li>  <li>These moats will allow Palantir to build an enduringly impactful and profitable business.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0361567f2939770c4946a5568ce8dc7e\" tg-width=\"1536\" tg-height=\"1033\"><span>Scott Olson/Getty Images</span></p><p><blockquote><ul><li>护城河是企业为保护利润和产生持久力而建立的竞争优势。</li><li>护城河有七种，大公司一般都有两三种。Palantir 拥有全部七个。</li><li>这些护城河将使 Palantir 能够建立一个具有持久影响力且有利可图的业务。</li></ul><p class=\"t-img-caption\"><span>斯科特·奥尔森/盖蒂图片社</span></p></blockquote></p><p> <b>NewsIntroduction: On Building a Dynasty</b></p><p><blockquote><b>新闻导读：论建立王朝</b></blockquote></p><p> In the mid 16thcentury, Japan was engaged in all-out civil war.</p><p><blockquote>16世纪中叶，日本陷入了全面内战。</blockquote></p><p> Oda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.</p><p><blockquote>织田信长是一位被视为 “大一统者 ”（或战场上的 “魔王 ”）的武士，他正在崛起为全日本最强大的武士军阀。他的名字已经成为军事才华的代名词，他有击败更强大的对手的诀窍。</blockquote></p><p> Despite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.</p><p><blockquote>尽管信长势力强大，但佛教信仰中的一个派别，称为一心会（一心会），开始巩固权力，建造堡垒，并积累越来越多的武僧。Ikkō Ikki最终在今天的大阪的石山本安寺（石山）建立了自己的据点。</blockquote></p><p> By the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.</p><p><blockquote>到 16 世纪 60 年代，信长已经击败了日本所有反对的武士军阀，只有一光一辉阻碍了信长用霸权席卷日本。</blockquote></p><p> And so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.</p><p><blockquote>因此，1570年，信长率领30,000名士兵向石山本安寺出发，其中许多人接受了被称为arquebuses的早期步枪训练。信长本人配备的是日本最著名的剑——同治吉利安纲。传说中，Dōjigiri Yasutsuna 被用来杀死当时最可怕的恶魔：Shuten-Dōji。</blockquote></p><p> Despite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.</p><p><blockquote>尽管信长拥有大量武器，但他对石山本安寺要塞的进攻并未成功。他的军队包围了石山十年，他被击退了十年。事实上，当一光一辉最终在1580年投降时，这是朝廷的要求，而不是城堡被攻占。</blockquote></p><p> So how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?</p><p><blockquote>那么，一光一辉是如何抵御中世纪日本最可怕的幕府将军的呢？</blockquote></p><p> A moat, of course.</p><p><blockquote>当然是护城河。</blockquote></p><p> Flowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.</p><p><blockquote>石山大教堂要塞周围流淌着错综复杂的护城河迷宫，上面覆盖着毫无特色的城墙。由于有护城河，这些城墙无法被攻城塔或隧道穿过。它们不能攀爬或跳跃。这是无懈可击的。</blockquote></p><p> In reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.</p><p><blockquote>“护城河 ”一词从此成为衡量企业寿命的常用指标，它可以抵御攻击者长达 10 年或更长时间。我欣赏历史有意义的时候。</blockquote></p><p> <b>Palantir’s Seven Moats</b></p><p><blockquote><b>帕兰蒂尔的七条护城河</b></blockquote></p><p>   <i>Growth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”</i>  -Peter Thiel, Founder &amp; Chairman, Palantir</p><p><blockquote><i>增长很容易衡量，但耐用性却不容易。如果你把重点放在近期增长之上，你就错过了你应该问的最重要的问题：十年后这个行业还会存在吗？光靠数字是无法告诉你答案的；相反，你必须批判性地思考你企业的质量特征。”</i>-Peter Thiel，Palantir 创始人兼董事长</blockquote></p><p> In&nbsp;7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.</p><p><blockquote>在《七种力量》一书中，汉密尔顿·赫尔默写到了企业可以用来指导价值创造工作的七条护城河。赫尔默认为，通过将卓越的运营与深思熟虑的护城河建设相结合，企业或许能够使自己具有持久的价值。这七种力量是：规模经济、网络效应、反定位、转换成本、品牌、角落资源和过程力量。</blockquote></p><p> Helmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.</p><p><blockquote>赫尔默概述了以现代企业为代表的这些护城河的案例研究。皮克斯拥有智囊团（角落资源），耐克（纽约证券交易所股票代码：NKE）的一双鞋收费高于竞争对手（品牌），Netflix（纳斯达克股票代码：NFLX）的内容随着用户的增加，制作成本更低（规模经济）。世界上最具标志性的公司有两个，也许三个护城河。</blockquote></p><p> Palantir (PLTR) has all seven.</p><p><blockquote>Palantir (PLTR) 拥有全部七个。</blockquote></p><p> I know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.</p><p><blockquote>我知道这听起来很疯狂，因为 Palantir 九个月前上市，是的，它仍然无利可图。是的，基于股票的薪酬是丰厚的。是的，收入集中，是的，估值乐观。都是的。</blockquote></p><p> No take backs. Palantir has seven moats. Let me show you.</p><p><blockquote>不收回。帕兰蒂尔有七条护城河。让我给你看看。</blockquote></p><p> <b>Palantir's Scale Economies</b></p><p><blockquote><b>Palantir 的规模经济</b></blockquote></p><p> <i>The quality of declining unit costs as volume increases</i></p><p><blockquote><i>随着数量的增加，单位成本下降的质量</i></blockquote></p><p> Palantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.</p><p><blockquote>Palantir 的销售周期可能是其商业模式中最容易被误解的方面。反对者认为 Palantir 是一家服务公司。以每股 35 美元购买的包持有者认为 Palantir 是一家 SaaS 公司。他们都是对的。</blockquote></p><p> Gotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”</p><p><blockquote>Gotham 和 Foundry 为政府和商业客户提供高利润、经常性软件合同。与此同时，Palantir 聘请技术顾问来扩大和完善这些合同。Palantir 将这一销售周期描述为 “收购、扩张和扩大规模”。</blockquote></p><p> <b>Acquire</b></p><p><blockquote><b>获得</b></blockquote></p><p></p><p> While Palantir<i>is</i>a software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.</p><p><blockquote>而帕兰蒂尔<i>是</i>作为一家软件公司，它与其他拥有这个标签的公司截然不同。例如，向企业销售Zoom（ZM）这样的软件和销售Foundry之间存在一些差异。截至 2021 年第一季度，Palantir 报告每个客户的年收入为 810 万美元。这一惊人的产品收入掩盖了 Palantir 产品的价值，但也凸显了其销售周期的复杂性。</blockquote></p><p> In&nbsp;Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.</p><p><blockquote>在 Palantir 的 S-1 中，收购客户被描述为那些享受 Palantir 技术短期试点部署的客户。Palantir 亏本运营这些账户，并指出这一销售阶段通常平均持续 6-9 个月。</blockquote></p><p> <b>Expand</b></p><p><blockquote><b>扩大</b></blockquote></p><p> The second phase, Expand, is characterized by<i>value building.</i>Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.</p><p><blockquote>第二阶段，膨胀，其特征在于<i>价值构建。</i>Palantir 专注于了解客户面临的挑战并应对这些挑战。这些客户向 Palantir 提供较大的收入合同，但通常也代表负贡献利润率。</blockquote></p><p> I know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptor<i>bespoke.</i></p><p><blockquote>我知道，连续两个阶段无利可图的产品交付。然而，这一阶段的标志是 Palantir 的个性化价值创造几乎像病毒一样扩张，在收购阶段，6-9 个月的数据摄入和客户反馈为其提供了信息。正是在这个阶段，Palantir 的产品开始配得上描述符。<i>定制。</i></blockquote></p><p> Expand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.</p><p><blockquote>Expand是由首席执行官Alex Karp本人推动的，在疫情之前，他每年花250天亲自拜访客户。这也许是卡普最不可否认的贡献；首席执行官充当了一家从未有过销售人员的公司的销售人员。Palantir 的顾客是鲸鱼。卡普是亚哈船长。</blockquote></p><p> <b>Scale</b></p><p><blockquote><b>比例</b></blockquote></p><p> The word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.</p><p><blockquote>在 Palantir S-1 中，“规模 ”一词整整使用了 44 次，Palantir 将规模客户定义为那些贡献成熟合同且贡献利润率为正的客户。在 Scale 期间，我们见证了 Palantir 单位经济学的逆转。随着客户账户的成熟，Palantir 的投资成本会下降。客户现在可以独立运营，在Foundry或Gotham之上构建自己的应用程序。这带来了新的用例、更少的服务费以及更大比例的高利润经常性收入。</blockquote></p><p>   It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.  Source:Palantir S-1</p><p><blockquote>在我们与客户合作的规模阶段，我们通常会看到特定账户的贡献利润率有所提高。2019年，我们在规模阶段从客户那里获得了5.657亿美元的收入，贡献率为55%。2020 年上半年，这些客户创造了 2.963 亿美元的收入，贡献率为 68%。资料来源：Palantir S-1</blockquote></p><p> And also:</p><p><blockquote>还有：</blockquote></p><p>   <b>We believe that all of our customers will move into the Scale phase over the long term.</b>We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a  <b>contribution margin during the period of 89%.</b>  Source:Palantir S-1, emphasis mine</p><p><blockquote><b>我们相信，从长远来看，我们所有的客户都将进入规模化阶段。</b>我们还相信，随着我们在整个客户运营中部署软件平台以及管理和运营软件方面变得更加高效，规模阶段客户的贡献利润率将进一步提高……2020 年上半年，截至 2019 年底，规模阶段贡献利润率排名前 25% 的客户<b>期内贡献率为89%。</b>资料来源：Palantir S-1，重点矿</blockquote></p><p> For those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:<b>Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.</b>As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.</p><p><blockquote>对于那些为 Palantir 无法盈利而苦恼的人来说，请注意：<b>Palantir 刚刚开始利用这一护城河来推动接近 90% 的天文数字贡献率。</b>随着 Palantir 将更多客户从扩张转变为规模化，利润率将会提高，成本将会降低，收入集中度将会多样化。随着 Palantir 优化并在某些情况下自动化软件部署，我预计获取和扩展周期会缩短，从而使这个飞轮旋转得更快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/604faf2a51bd7d6e60abbc5d89663571\" tg-width=\"640\" tg-height=\"378\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Network effects</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>网络效应</b></blockquote></p><p> <i>The product becomes more valuable as more customers use the product</i></p><p><blockquote><i>随着更多的客户使用产品，产品变得更有价值</i></blockquote></p><p> In Palantir’s S-1, “Generate Network Effects,”&nbsp;is listed&nbsp;within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.</p><p><blockquote>在 Palantir 的 S-1 中，“产生网络效应 ”列在第一原理部分。他们接着描述了随着越来越多的员工使用该产品，Palantir 的软件对客户来说是如何变得更有价值的。</blockquote></p><p>   At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.  -Source:Palantir’s S-1</p><p><blockquote>在金融服务客户中，网络效应使我们的平台能够从单一用例扩展到合规、前台、风险和内部审计部门的70多个工作流。-资料来源：Palantir的S-1</blockquote></p><p> Imagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).</p><p><blockquote>想象一下，你是奥克兰银行的一名穿着毛衣背心的软件工程师，刚刚同意成为一名代工厂飞行员。当您啜饮燕麦牛奶拿铁时，您开始点击 Foundry 信息仪表板，然后慢慢地探索和尝试 Foundry 平台。你意识到你可以在注入人工智能的应用程序上运行数据分析，并开始识别低效之处，这些低效之处会与你的团队和主管分享（让你看起来非常出色）。</blockquote></p><p></p><p> As Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.</p><p><blockquote>由于Foundry用于识别优化目标，开发人员开始在Foundry之上构建他们自己的应用层，它识别新的用例和新的应用程序，并添加新的层。Palantir 的网络效应表现为数字歌剧蛋糕；随着效用产生效用，一堆不可磨灭的用例越来越高。这是帕兰蒂尔的第二条护城河。</blockquote></p><p> I believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.</p><p><blockquote>我相信也有特定行业的网络效应在起作用。与目前的 Palantir 客户空中客车公司 (OTCPK: EADSF) 相比，波音公司 (NYSE:BA) 的软件部署会有多大不同？不多，我敢打赌。</blockquote></p><p> The Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended to<i>any</i>pharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.</p><p><blockquote>生命科学领域是另一个例子，Palantir 将其确定为未来的主要增长领域。Palantir透露，一家排名前五的制药公司正在使用Foundry来整合数千项临床试验的基因分型和实验室数据。这种经验可以扩展到<i>任何</i>制药公司和 Palantir 与该客户的合作使我们能够预见这些公司将从中受益的无数用例。这里的远见不是无形的；对于与Palantir签订协议的每一位额外的特定行业客户来说，这将以更低的成本加速产品扩张。</blockquote></p><p> This moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.</p><p><blockquote>随着 Palantir 最大的客户不断扩大规模并续签更大的合同，这一护城河在数字上得到了证明。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Switching</b>&nbsp;<b>Costs</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>切换</b> <b>成本</b></blockquote></p><p> <i>Customers would incur value loss if they switched to a different product supplier</i></p><p><blockquote><i>如果客户转向不同的产品供应商，他们将招致价值损失</i></blockquote></p><p> This is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.</p><p><blockquote>这也许是 Palantir 最容易突出的护城河。如果你在基础层面上理解机器学习，你可能会直觉到像Palantir这样的数据分析公司会有很高的转换成本。</blockquote></p><p> I believe there is a<i>point of no return</i>for customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.</p><p><blockquote>我相信有一个<i>不归路</i>对于处于销售周期扩张阶段的客户。此时，铸造用例正在成倍增加，效率正在实现，软件正变得不再是一种服务，而更像是企业的中央操作系统。在给定的组织中，Palantir 整理了 PB 级的数据，并将其细化为可操作的流程，Foundry 每天都对组织需求有更深入的了解。请记住，这可能是建立客户关系的18个月，Foundry已经成为公司工作流程中的日常分析工具。</blockquote></p><p> I believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.</p><p><blockquote>我相信这是不归路，因为这里的替代方案是不可想象的。首先，这个替代软件提供商是谁？布勒？即使有与 Foundry 类似的服务，而现在还没有，你也会从头再来。企业希望加速，不，冲向数字化、人工智能驱动的未来。尝试向高级管理层解释，我们不得不在 18 个月内停止代工，因为价格太高了。您必须回到第0天进行数据收集、分析和提炼。这将是最大规模的努力、时间和费用的重复。在 Expand 的某个地方，你陷得太深了--如果关灯，冰淇淋就会融化。</blockquote></p><p> Palantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.</p><p><blockquote>Palantir 最大的合同是 Palantir 的客户时间最长。这不是巧合。这是一条护城河，帕兰蒂尔的第三条。随着客户成为Palantir产品的深度用户，转换成本只会增加。</blockquote></p><p> Commodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?</p><p><blockquote>商品软件服务永远不会享受Palantir拥有的战略优势。如果你的公司从Skype转向Zoom，这真的有什么大不了的吗？</blockquote></p><p> <b>Palantir'sBranding</b></p><p><blockquote><b>Palantir的品牌</b></blockquote></p><p> <i>The durable attribution of higher value to an objectively identical offering that arises from historical information about the seller</i></p><p><blockquote><i>根据有关卖方的历史信息，对客观上相同的要约具有较高价值的持久归属</i></blockquote></p><p> The Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.</p><p><blockquote>在可口可乐（纽约证券交易所股票代码：KO）等基本消费品的背景下，品牌护城河更容易理解。例如，我可能会花两倍于可口可乐的价格。</blockquote></p><p> Making this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.</p><p><blockquote>在数据分析软件中进行这种比较是一项挑战，因为我不认为有与 Palantir 相同的产品。不过，假设存在这样一家公司。</blockquote></p><p> Palantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.</p><p><blockquote>自2003年成立以来，Palantir已经建立了一个标志性品牌。在过去的18年里，Palantir一直由中央情报局资助，与识别和击毙奥萨马·本·拉登有关，起诉了美国。军队和胜利，并精心策划了一个阴谋和表面上超自然的分析能力的叙事。但这个公司形象并不是我想在这里强调的品牌护城河。</blockquote></p><p> This is the publicly traded company the<i>U.S. government hires to manage their nuclear program</i>. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.</p><p><blockquote>这是一家上市公司<i>美国政府雇佣人来管理他们的核计划</i>在我们这个时代最大的公共卫生危机期间，NHS 聘请这家公司来管理个人防护装备库存和疫苗推广。在过去的二十年里，Palantir有着在我们国家面临的最极端情况下取得成功的记录。我认为，对于美国政府来说，没有一家软件公司比 Palantir 更能体现可靠性和安全性。这是一个经久不衰的品牌。</blockquote></p><p></p><p> The below press releases were announced over the past two months<i>alone</i>:</p><p><blockquote>以下新闻稿是在过去两个月内公布的<i>单独的</i>:</blockquote></p><p> <ul>  <li>CDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response</li>  <li>Palantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command</li>  <li>Palantir and Space Force Expand Partnership</li> </ul> I don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.</p><p><blockquote><ul><li>CDC 与 Palantir 续签疾病监测和疫情应对合作伙伴关系</li><li>Palantir 获得价值 1.11 亿美元的合同，为美国特种作战司令部提供任务指挥平台</li><li>Palantir 和太空军扩大合作伙伴关系</li></ul>我不在乎你对 Palantir 的估值有多悲观。没有一家软件公司能像Palantir在美国政府及其海外盟友那样拥有品牌价值。随着Palantir扩展到商业载体，客户越来越关注网络安全和数据保真度……哪个竞争对手能指向Palantir的履历？当误差幅度必须为零时，并且您正在寻找无失败场景，请押注 Palantir。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Counter-Positioning</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>反定位</b></blockquote></p><p> <i>A newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business</i></p><p><blockquote><i>新来者采用了一种新的、优越的商业模式，而现任者不会模仿这种模式，因为预期会对现有业务造成损害</i></blockquote></p><p> Counter-positioning is a unique moat, I think best represented by Square (SQ) in the&nbsp;digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.</p><p><blockquote>反定位是一条独特的护城河，我认为数字钱包领域的 Square (SQ) 最能代表。现有银行采取此举的目的是为了对抗 Square 的举动，部分原因是监管，部分原因是竞争被低估，但主要是因为提供数字钱包解决方案可能会蚕食银行的核心产品。这是反定位护城河。</blockquote></p><p> Palantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.</p><p><blockquote>Palantir 的反定位护城河也许不那么明显。首先，谁是现任者？Palantir 的技术极具颠覆性，因此很难解读一个天然的竞争对手。</blockquote></p><p> For Gotham (Gov’t), the incumbent<i>was</i>the government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.</p><p><blockquote>对于哥谭市（政府）来说，现任<i>什么</i>政府；美国陆军、国防部、中央情报局等。让我们把时钟拨回2015年。美国陆军发布了一份招标，寻求建造分布式共同地面系统-陆军（DCGS-A）的投标。这将是一个集成的数据分析框架，可以从众多来源收集数据，通过一套分析工具无缝共享数据，并为战场上的士兵提供易于使用的可视化。听起来很熟悉？在我看来，这和 Palantir 的 Gotham 产品一模一样。</blockquote></p><p> DCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.</p><p><blockquote>DCGS-A 实际上是一个历时十多年的陆军内部项目，开发成本为 30 亿美元。Palantir 以低得多的成本参与竞标，但陆军选择继续自己的内部发展。Palantir 最终对陆军提起诉讼，认为哥谭市提供了陆军试图建立的确切服务，而且成本只是陆军试图建立的一小部分。2016年10月，一名联邦法官做出了有利于Palantir的裁决（2377），并开创了政府必须在最大实际范围内采购商业服务和产品的先例。陆军对此提出上诉，但后来于 2018 年在美国上诉法院被搁置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70fc6c13c9c0d3ca0b559fd48bdff1da\" tg-width=\"640\" tg-height=\"457\"><span>Source:Palantir S-1 Filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir S-1 文件</span></p></blockquote></p><p> Palantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.</p><p><blockquote>Palantir 对陆军提起的具有里程碑意义的诉讼出人意料地加深了与美国政府的关系。在诉讼发生后的一年里，Palantir 的军队收入相当于之前 11 年的总和。</blockquote></p><p> Similar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.</p><p><blockquote>与现有银行类似，规模会导致官僚主义和惰性。尽管美国政府拥有巨大的影响力和权力，但它要么选择在数据分析方面投资不足，要么行动太慢，要么低估了私营部门的创新步伐。可能是两者中的一些。</blockquote></p><p> These same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.</p><p><blockquote>这些同样的竞争问题也体现在私营部门。甲骨文（ORCL）和 SAP（SAP）等大型企业软件巨头在过去十年中一直在为 “足够好 ”的产品组建销售团队。与此同时，Palantir一直在痴迷地扩散和完善他们的产品（稍后会详细介绍），但没有一个可识别的销售力量。在过去的 18 年里，Palantir 一直专注于设计优秀的产品，而现任公司现在才感受到企业软件文化转变的深沉、几乎是全球性的呻吟声，那是错失良机的喧嚣。</blockquote></p><p> Palantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.</p><p><blockquote>Palantir 正在通过投资数据分析领域的几家年轻、颠覆性的公司来加深其反定位护城河。在我之前的 Palantir 文章《Palantir 的 SPACs：你看到卡普看到的了吗？》中，我将 Palantir 对这些公司的投资概括为扩大市场覆盖范围和建立有价值投资组合的机会。</blockquote></p><p> I have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.</p><p><blockquote>从那以后，我又在这个分析中增加了一层。这些投资公司不仅在扩大 Palantir 的市场影响力，它们还是 Palantir 产品的灯塔，是 velocity Foundry 为产品路线图和市场步伐做出贡献的使者。通过与这些公司合作，Palantir 巩固了其技术领先地位，并展示了其对创新产品 DNA 的承诺，其声誉正是围绕着创新产品 DNA 建立的。</blockquote></p><p></p><p> <b>Palantir's</b>&nbsp;<b>Cornered Resources</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>角落资源</b></blockquote></p><p> <i>Preferential access at attractive terms to a coveted asset that can independently enhance value</i></p><p><blockquote><i>以有吸引力的条款优先获得可以独立提升价值的令人垂涎的资产</i></blockquote></p><p> Palantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.</p><p><blockquote>Palantir 拥有两种资源，使其比竞争对手具有显著优势：技术和人才。我将从泰尔对技术优势的定义开始。虽然雄心勃勃，但 Palantir 打破了这一障碍。</blockquote></p><p>   As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”  - Peter Thiel, Co-Founder &amp; Chairman, Palantir,<i>Zero to One</i></p><p><blockquote>根据一个很好的经验法则，专有技术在某些重要方面必须比最接近的替代品好10倍，才能获得真正的垄断优势。”Peter Thiel，Palantir 联合创始人兼董事长，<i>零到一</i></blockquote></p><p> Ten times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.</p><p><blockquote>好十倍。当提供的产品比替代品好10倍时，惊人的事情就会发生。SpaceX (SPACE) 的火箭效率是 NASA 的 10 倍，在 Bumble (BMBL) 上遇见下一个男朋友比在当地酒吧容易 10 倍，在 Netflix (NFLX) 上观看《指环王》比开车去百思买 (BBY) 买一套 DVD 容易 10 倍。</blockquote></p><p> Although it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwise<i>never existed</i>. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.</p><p><blockquote>虽然还处于早期阶段，但 Palantir 的软件在几个方面似乎已经比竞争对手好了 10 倍。例如，在 2021 年第一季度，哥谭被用来使国防部所有 11 个作战司令部能够从情报、作战、后勤和供应数据中产生综合战略决策优势。否则此功能<i>从未存在过</i>. Palantir 的软件非常先进，不断发明新的用例，这证明了这些产品所代表的对数改进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03bd98e9e9f53009b19523de56ceb5dd\" tg-width=\"640\" tg-height=\"384\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> And Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).</p><p><blockquote>Palantir 继续在创新方面超越竞争对手。在 Palantir 2020 年第四季度的财报中，他们提供了国防部冲击等级 6 (IL-6) 的最新轨迹。他们是世界上仅有的四家IL-5公司（任务关键信息国家安全系统）之一，并瞄准了IL-6，这将使他们成为第一个用于机密国家安全系统的SaaS。作为参考，IL-2公司包括数据分析巨头雪花（SNOW）和谷歌（GOOG）。</blockquote></p><p> Palantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.</p><p><blockquote>Palantir 的数据更好，因为 Palantir 的数据质量更好。尽管我们在分析中非常重视数据量，但数据质量却更加珍贵。十多年来，哥谭市一直在泥泞中、太空中和海底嗡嗡作响，受到最严酷和最苛刻的场景的影响。哥谭是经过战斗考验的企业软件。</blockquote></p><p> Palantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.</p><p><blockquote>Palantir 的第二个角落资源是人才。据报道，卡普对顶尖工程人才有着敏锐的嗅觉和诱惑能力，这使得他的名人录几乎无人能及。</blockquote></p><p> As an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:</p><p><blockquote>作为一名投资者，我可以接受 Palantir 空头涂鸦他们的稀释现金流模型以及基于股票的薪酬如何影响它。但是这些熊不能同时呼吸：</blockquote></p><p> <ol>  <li>Complain about Palantir’s SBC and--</li>  <li>Argue Palantir does not have a moat of engineering talent</li> </ol> Palantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.</p><p><blockquote><ol><li>抱怨Palantir的SBC和--</li><li>认为 Palantir 没有工程人才护城河</li></ol>Palantir 正在通过 SBC 激励工程和产品人才，并有机会改变世界。如果一支NFL球队没有工资帽，每个位置都将由联盟中的顶级球员填补。卡普就是这么做的。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Process Power</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>过程功率</b></blockquote></p><p> <i>Embedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment</i></p><p><blockquote><i>嵌入式公司组织和活动集，可实现更低的成本和/或卓越的产品，并且只能通过扩展的承诺来匹配</i></blockquote></p><p> Process Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.</p><p><blockquote>过程动力是 Palantir 的第七个也是最后一个护城河。最明显的例子是产品部署速度和 Palantir 产品的全面性。</blockquote></p><p>   An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.  -Palantir Q3 2020 Business Update</p><p><blockquote>一家能源巨头在几个小时内部署了我们的ERP套件。在两周内，他们节省了5700万美元的现金，预计每年将节省10亿美元。-Palantir 2020 年第三季度业务更新</blockquote></p><p> Traditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.</p><p><blockquote>竞争对手提供的传统高接触软件解决方案以路线图的方式交付，最终产品交付有时需要几个月甚至几年的时间。Palantir 的软件可以在数小时内部署并实现效益。</blockquote></p><p> In addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.</p><p><blockquote>此外，没有竞争对手拥有Palantir所提供的全面数据分析产品。这意味着不使用 Palantir 的客户要承担数十家不同公司的许可费，而这些公司的软件往往无法相互通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e1a1a03982b19a3b4181802ebb450f6\" tg-width=\"608\" tg-height=\"758\"><span>Source:The Generalist</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：《通才》</span></p></blockquote></p><p></p><p> Palantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.</p><p><blockquote>Palantir已经构建了一整套数据分析应用程序，并将根据客户的需要继续这样做。由此产生的产品是如此引人注目，交付速度如此之快，以至于 Palantir 没有任何直接竞争对手。在上图中，概述了 Palantir 的 19 种产品应用，并附有简要描述以及哪些竞争对手提供了类似产品。请注意，下一个最全面的产品来自Tableau，只有四种产品与Palantir重叠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/033d44206281f6449c0178f2f5943681\" tg-width=\"640\" tg-height=\"402\"><span>Source: Me, with help from Palantir’s S-1 filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：我，在 Palantir 的 S-1 文件的帮助下</span></p></blockquote></p><p> When I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.</p><p><blockquote>当我最初开始撰写关于 Palantir 工艺能力的笔记时，产品部署速度及其全面性等特点立即显现出来。然而，我对 Palantir 的商业模式思考得越多，我就越开始看到第二条护城河，一条更宽更深的护城河。</blockquote></p><p> Perhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.</p><p><blockquote>Palantir 最大的战略优势或许在于其产品为客户提供了工艺动力护城河。</blockquote></p><p> Said another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.</p><p><blockquote>换句话说，Foundry 和 Gotham 允许客户建造自己的工艺动力护城河。如果您是一家使用 Palantir 的财富 100 强公司，随着您的供应链实现共振、效率低下得到削减以及产品路线图斜率的垂直化，您对竞争对手的领先优势会扩大。Palantir 的软件允许客户查看它得名的那块看得见的石头。</blockquote></p><p> Palantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.</p><p><blockquote>Palantir 认识到了这一护城河，这也是他们积极投资早期数据公司的原因--这样他们就可以分享 Palantir 护城河所保护的快速增长的业务。</blockquote></p><p> <b>Palantir Final Thoughts</b></p><p><blockquote><b>Palantir 最终想法</b></blockquote></p><p> I am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.</p><p><blockquote>我着迷于用一个王朝的持久力建立一个堡垒般的企业的概念。只有少数几家公司能拥有 Palantir 的七种力量，而数据分析领域也没有一家公司。Palantir 的规模经济、网络效应、品牌效应、反定位、角落资源和流程能力为其自身、投资者和客户创造巨大价值奠定了基础。</blockquote></p><p> Over the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,<i>enduringly valuable</i>. Palantir is building a dynasty.</p><p><blockquote>在未来几十年里，这些护城河将汇集并相互作用，推动一个常青飞轮，使 Palantir 能够创建一项业务，用 Helmer 的话说，<i>持久有价值</i>.Palantir正在建立一个王朝。</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>Palantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</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\">\nPalantir: On Building A Dynasty<blockquote>Palantir：论建立王朝</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-29 15:48</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>Moats are competitive advantages built by businesses to protect profits and generate staying power.</li>  <li>There are seven types of moats, and great companies generally have two or three. Palantir has all seven.</li>  <li>These moats will allow Palantir to build an enduringly impactful and profitable business.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0361567f2939770c4946a5568ce8dc7e\" tg-width=\"1536\" tg-height=\"1033\"><span>Scott Olson/Getty Images</span></p><p><blockquote><ul><li>护城河是企业为保护利润和产生持久力而建立的竞争优势。</li><li>护城河有七种，大公司一般都有两三种。Palantir 拥有全部七个。</li><li>这些护城河将使 Palantir 能够建立一个具有持久影响力且有利可图的业务。</li></ul><p class=\"t-img-caption\"><span>斯科特·奥尔森/盖蒂图片社</span></p></blockquote></p><p> <b>NewsIntroduction: On Building a Dynasty</b></p><p><blockquote><b>新闻导读：论建立王朝</b></blockquote></p><p> In the mid 16thcentury, Japan was engaged in all-out civil war.</p><p><blockquote>16世纪中叶，日本陷入了全面内战。</blockquote></p><p> Oda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.</p><p><blockquote>织田信长是一位被视为 “大一统者 ”（或战场上的 “魔王 ”）的武士，他正在崛起为全日本最强大的武士军阀。他的名字已经成为军事才华的代名词，他有击败更强大的对手的诀窍。</blockquote></p><p> Despite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.</p><p><blockquote>尽管信长势力强大，但佛教信仰中的一个派别，称为一心会（一心会），开始巩固权力，建造堡垒，并积累越来越多的武僧。Ikkō Ikki最终在今天的大阪的石山本安寺（石山）建立了自己的据点。</blockquote></p><p> By the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.</p><p><blockquote>到 16 世纪 60 年代，信长已经击败了日本所有反对的武士军阀，只有一光一辉阻碍了信长用霸权席卷日本。</blockquote></p><p> And so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.</p><p><blockquote>因此，1570年，信长率领30,000名士兵向石山本安寺出发，其中许多人接受了被称为arquebuses的早期步枪训练。信长本人配备的是日本最著名的剑——同治吉利安纲。传说中，Dōjigiri Yasutsuna 被用来杀死当时最可怕的恶魔：Shuten-Dōji。</blockquote></p><p> Despite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.</p><p><blockquote>尽管信长拥有大量武器，但他对石山本安寺要塞的进攻并未成功。他的军队包围了石山十年，他被击退了十年。事实上，当一光一辉最终在1580年投降时，这是朝廷的要求，而不是城堡被攻占。</blockquote></p><p> So how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?</p><p><blockquote>那么，一光一辉是如何抵御中世纪日本最可怕的幕府将军的呢？</blockquote></p><p> A moat, of course.</p><p><blockquote>当然是护城河。</blockquote></p><p> Flowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.</p><p><blockquote>石山大教堂要塞周围流淌着错综复杂的护城河迷宫，上面覆盖着毫无特色的城墙。由于有护城河，这些城墙无法被攻城塔或隧道穿过。它们不能攀爬或跳跃。这是无懈可击的。</blockquote></p><p> In reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.</p><p><blockquote>“护城河 ”一词从此成为衡量企业寿命的常用指标，它可以抵御攻击者长达 10 年或更长时间。我欣赏历史有意义的时候。</blockquote></p><p> <b>Palantir’s Seven Moats</b></p><p><blockquote><b>帕兰蒂尔的七条护城河</b></blockquote></p><p>   <i>Growth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”</i>  -Peter Thiel, Founder &amp; Chairman, Palantir</p><p><blockquote><i>增长很容易衡量，但耐用性却不容易。如果你把重点放在近期增长之上，你就错过了你应该问的最重要的问题：十年后这个行业还会存在吗？光靠数字是无法告诉你答案的；相反，你必须批判性地思考你企业的质量特征。”</i>-Peter Thiel，Palantir 创始人兼董事长</blockquote></p><p> In&nbsp;7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.</p><p><blockquote>在《七种力量》一书中，汉密尔顿·赫尔默写到了企业可以用来指导价值创造工作的七条护城河。赫尔默认为，通过将卓越的运营与深思熟虑的护城河建设相结合，企业或许能够使自己具有持久的价值。这七种力量是：规模经济、网络效应、反定位、转换成本、品牌、角落资源和过程力量。</blockquote></p><p> Helmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.</p><p><blockquote>赫尔默概述了以现代企业为代表的这些护城河的案例研究。皮克斯拥有智囊团（角落资源），耐克（纽约证券交易所股票代码：NKE）的一双鞋收费高于竞争对手（品牌），Netflix（纳斯达克股票代码：NFLX）的内容随着用户的增加，制作成本更低（规模经济）。世界上最具标志性的公司有两个，也许三个护城河。</blockquote></p><p> Palantir (PLTR) has all seven.</p><p><blockquote>Palantir (PLTR) 拥有全部七个。</blockquote></p><p> I know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.</p><p><blockquote>我知道这听起来很疯狂，因为 Palantir 九个月前上市，是的，它仍然无利可图。是的，基于股票的薪酬是丰厚的。是的，收入集中，是的，估值乐观。都是的。</blockquote></p><p> No take backs. Palantir has seven moats. Let me show you.</p><p><blockquote>不收回。帕兰蒂尔有七条护城河。让我给你看看。</blockquote></p><p> <b>Palantir's Scale Economies</b></p><p><blockquote><b>Palantir 的规模经济</b></blockquote></p><p> <i>The quality of declining unit costs as volume increases</i></p><p><blockquote><i>随着数量的增加，单位成本下降的质量</i></blockquote></p><p> Palantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.</p><p><blockquote>Palantir 的销售周期可能是其商业模式中最容易被误解的方面。反对者认为 Palantir 是一家服务公司。以每股 35 美元购买的包持有者认为 Palantir 是一家 SaaS 公司。他们都是对的。</blockquote></p><p> Gotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”</p><p><blockquote>Gotham 和 Foundry 为政府和商业客户提供高利润、经常性软件合同。与此同时，Palantir 聘请技术顾问来扩大和完善这些合同。Palantir 将这一销售周期描述为 “收购、扩张和扩大规模”。</blockquote></p><p> <b>Acquire</b></p><p><blockquote><b>获得</b></blockquote></p><p></p><p> While Palantir<i>is</i>a software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.</p><p><blockquote>而帕兰蒂尔<i>是</i>作为一家软件公司，它与其他拥有这个标签的公司截然不同。例如，向企业销售Zoom（ZM）这样的软件和销售Foundry之间存在一些差异。截至 2021 年第一季度，Palantir 报告每个客户的年收入为 810 万美元。这一惊人的产品收入掩盖了 Palantir 产品的价值，但也凸显了其销售周期的复杂性。</blockquote></p><p> In&nbsp;Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.</p><p><blockquote>在 Palantir 的 S-1 中，收购客户被描述为那些享受 Palantir 技术短期试点部署的客户。Palantir 亏本运营这些账户，并指出这一销售阶段通常平均持续 6-9 个月。</blockquote></p><p> <b>Expand</b></p><p><blockquote><b>扩大</b></blockquote></p><p> The second phase, Expand, is characterized by<i>value building.</i>Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.</p><p><blockquote>第二阶段，膨胀，其特征在于<i>价值构建。</i>Palantir 专注于了解客户面临的挑战并应对这些挑战。这些客户向 Palantir 提供较大的收入合同，但通常也代表负贡献利润率。</blockquote></p><p> I know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptor<i>bespoke.</i></p><p><blockquote>我知道，连续两个阶段无利可图的产品交付。然而，这一阶段的标志是 Palantir 的个性化价值创造几乎像病毒一样扩张，在收购阶段，6-9 个月的数据摄入和客户反馈为其提供了信息。正是在这个阶段，Palantir 的产品开始配得上描述符。<i>定制。</i></blockquote></p><p> Expand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.</p><p><blockquote>Expand是由首席执行官Alex Karp本人推动的，在疫情之前，他每年花250天亲自拜访客户。这也许是卡普最不可否认的贡献；首席执行官充当了一家从未有过销售人员的公司的销售人员。Palantir 的顾客是鲸鱼。卡普是亚哈船长。</blockquote></p><p> <b>Scale</b></p><p><blockquote><b>比例</b></blockquote></p><p> The word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.</p><p><blockquote>在 Palantir S-1 中，“规模 ”一词整整使用了 44 次，Palantir 将规模客户定义为那些贡献成熟合同且贡献利润率为正的客户。在 Scale 期间，我们见证了 Palantir 单位经济学的逆转。随着客户账户的成熟，Palantir 的投资成本会下降。客户现在可以独立运营，在Foundry或Gotham之上构建自己的应用程序。这带来了新的用例、更少的服务费以及更大比例的高利润经常性收入。</blockquote></p><p>   It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.  Source:Palantir S-1</p><p><blockquote>在我们与客户合作的规模阶段，我们通常会看到特定账户的贡献利润率有所提高。2019年，我们在规模阶段从客户那里获得了5.657亿美元的收入，贡献率为55%。2020 年上半年，这些客户创造了 2.963 亿美元的收入，贡献率为 68%。资料来源：Palantir S-1</blockquote></p><p> And also:</p><p><blockquote>还有：</blockquote></p><p>   <b>We believe that all of our customers will move into the Scale phase over the long term.</b>We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a  <b>contribution margin during the period of 89%.</b>  Source:Palantir S-1, emphasis mine</p><p><blockquote><b>我们相信，从长远来看，我们所有的客户都将进入规模化阶段。</b>我们还相信，随着我们在整个客户运营中部署软件平台以及管理和运营软件方面变得更加高效，规模阶段客户的贡献利润率将进一步提高……2020 年上半年，截至 2019 年底，规模阶段贡献利润率排名前 25% 的客户<b>期内贡献率为89%。</b>资料来源：Palantir S-1，重点矿</blockquote></p><p> For those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:<b>Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.</b>As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.</p><p><blockquote>对于那些为 Palantir 无法盈利而苦恼的人来说，请注意：<b>Palantir 刚刚开始利用这一护城河来推动接近 90% 的天文数字贡献率。</b>随着 Palantir 将更多客户从扩张转变为规模化，利润率将会提高，成本将会降低，收入集中度将会多样化。随着 Palantir 优化并在某些情况下自动化软件部署，我预计获取和扩展周期会缩短，从而使这个飞轮旋转得更快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/604faf2a51bd7d6e60abbc5d89663571\" tg-width=\"640\" tg-height=\"378\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Network effects</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>网络效应</b></blockquote></p><p> <i>The product becomes more valuable as more customers use the product</i></p><p><blockquote><i>随着更多的客户使用产品，产品变得更有价值</i></blockquote></p><p> In Palantir’s S-1, “Generate Network Effects,”&nbsp;is listed&nbsp;within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.</p><p><blockquote>在 Palantir 的 S-1 中，“产生网络效应 ”列在第一原理部分。他们接着描述了随着越来越多的员工使用该产品，Palantir 的软件对客户来说是如何变得更有价值的。</blockquote></p><p>   At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.  -Source:Palantir’s S-1</p><p><blockquote>在金融服务客户中，网络效应使我们的平台能够从单一用例扩展到合规、前台、风险和内部审计部门的70多个工作流。-资料来源：Palantir的S-1</blockquote></p><p> Imagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).</p><p><blockquote>想象一下，你是奥克兰银行的一名穿着毛衣背心的软件工程师，刚刚同意成为一名代工厂飞行员。当您啜饮燕麦牛奶拿铁时，您开始点击 Foundry 信息仪表板，然后慢慢地探索和尝试 Foundry 平台。你意识到你可以在注入人工智能的应用程序上运行数据分析，并开始识别低效之处，这些低效之处会与你的团队和主管分享（让你看起来非常出色）。</blockquote></p><p></p><p> As Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.</p><p><blockquote>由于Foundry用于识别优化目标，开发人员开始在Foundry之上构建他们自己的应用层，它识别新的用例和新的应用程序，并添加新的层。Palantir 的网络效应表现为数字歌剧蛋糕；随着效用产生效用，一堆不可磨灭的用例越来越高。这是帕兰蒂尔的第二条护城河。</blockquote></p><p> I believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.</p><p><blockquote>我相信也有特定行业的网络效应在起作用。与目前的 Palantir 客户空中客车公司 (OTCPK: EADSF) 相比，波音公司 (NYSE:BA) 的软件部署会有多大不同？不多，我敢打赌。</blockquote></p><p> The Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended to<i>any</i>pharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.</p><p><blockquote>生命科学领域是另一个例子，Palantir 将其确定为未来的主要增长领域。Palantir透露，一家排名前五的制药公司正在使用Foundry来整合数千项临床试验的基因分型和实验室数据。这种经验可以扩展到<i>任何</i>制药公司和 Palantir 与该客户的合作使我们能够预见这些公司将从中受益的无数用例。这里的远见不是无形的；对于与Palantir签订协议的每一位额外的特定行业客户来说，这将以更低的成本加速产品扩张。</blockquote></p><p> This moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.</p><p><blockquote>随着 Palantir 最大的客户不断扩大规模并续签更大的合同，这一护城河在数字上得到了证明。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Switching</b>&nbsp;<b>Costs</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>切换</b> <b>成本</b></blockquote></p><p> <i>Customers would incur value loss if they switched to a different product supplier</i></p><p><blockquote><i>如果客户转向不同的产品供应商，他们将招致价值损失</i></blockquote></p><p> This is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.</p><p><blockquote>这也许是 Palantir 最容易突出的护城河。如果你在基础层面上理解机器学习，你可能会直觉到像Palantir这样的数据分析公司会有很高的转换成本。</blockquote></p><p> I believe there is a<i>point of no return</i>for customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.</p><p><blockquote>我相信有一个<i>不归路</i>对于处于销售周期扩张阶段的客户。此时，铸造用例正在成倍增加，效率正在实现，软件正变得不再是一种服务，而更像是企业的中央操作系统。在给定的组织中，Palantir 整理了 PB 级的数据，并将其细化为可操作的流程，Foundry 每天都对组织需求有更深入的了解。请记住，这可能是建立客户关系的18个月，Foundry已经成为公司工作流程中的日常分析工具。</blockquote></p><p> I believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.</p><p><blockquote>我相信这是不归路，因为这里的替代方案是不可想象的。首先，这个替代软件提供商是谁？布勒？即使有与 Foundry 类似的服务，而现在还没有，你也会从头再来。企业希望加速，不，冲向数字化、人工智能驱动的未来。尝试向高级管理层解释，我们不得不在 18 个月内停止代工，因为价格太高了。您必须回到第0天进行数据收集、分析和提炼。这将是最大规模的努力、时间和费用的重复。在 Expand 的某个地方，你陷得太深了--如果关灯，冰淇淋就会融化。</blockquote></p><p> Palantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.</p><p><blockquote>Palantir 最大的合同是 Palantir 的客户时间最长。这不是巧合。这是一条护城河，帕兰蒂尔的第三条。随着客户成为Palantir产品的深度用户，转换成本只会增加。</blockquote></p><p> Commodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?</p><p><blockquote>商品软件服务永远不会享受Palantir拥有的战略优势。如果你的公司从Skype转向Zoom，这真的有什么大不了的吗？</blockquote></p><p> <b>Palantir'sBranding</b></p><p><blockquote><b>Palantir的品牌</b></blockquote></p><p> <i>The durable attribution of higher value to an objectively identical offering that arises from historical information about the seller</i></p><p><blockquote><i>根据有关卖方的历史信息，对客观上相同的要约具有较高价值的持久归属</i></blockquote></p><p> The Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.</p><p><blockquote>在可口可乐（纽约证券交易所股票代码：KO）等基本消费品的背景下，品牌护城河更容易理解。例如，我可能会花两倍于可口可乐的价格。</blockquote></p><p> Making this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.</p><p><blockquote>在数据分析软件中进行这种比较是一项挑战，因为我不认为有与 Palantir 相同的产品。不过，假设存在这样一家公司。</blockquote></p><p> Palantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.</p><p><blockquote>自2003年成立以来，Palantir已经建立了一个标志性品牌。在过去的18年里，Palantir一直由中央情报局资助，与识别和击毙奥萨马·本·拉登有关，起诉了美国。军队和胜利，并精心策划了一个阴谋和表面上超自然的分析能力的叙事。但这个公司形象并不是我想在这里强调的品牌护城河。</blockquote></p><p> This is the publicly traded company the<i>U.S. government hires to manage their nuclear program</i>. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.</p><p><blockquote>这是一家上市公司<i>美国政府雇佣人来管理他们的核计划</i>在我们这个时代最大的公共卫生危机期间，NHS 聘请这家公司来管理个人防护装备库存和疫苗推广。在过去的二十年里，Palantir有着在我们国家面临的最极端情况下取得成功的记录。我认为，对于美国政府来说，没有一家软件公司比 Palantir 更能体现可靠性和安全性。这是一个经久不衰的品牌。</blockquote></p><p></p><p> The below press releases were announced over the past two months<i>alone</i>:</p><p><blockquote>以下新闻稿是在过去两个月内公布的<i>单独的</i>:</blockquote></p><p> <ul>  <li>CDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response</li>  <li>Palantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command</li>  <li>Palantir and Space Force Expand Partnership</li> </ul> I don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.</p><p><blockquote><ul><li>CDC 与 Palantir 续签疾病监测和疫情应对合作伙伴关系</li><li>Palantir 获得价值 1.11 亿美元的合同，为美国特种作战司令部提供任务指挥平台</li><li>Palantir 和太空军扩大合作伙伴关系</li></ul>我不在乎你对 Palantir 的估值有多悲观。没有一家软件公司能像Palantir在美国政府及其海外盟友那样拥有品牌价值。随着Palantir扩展到商业载体，客户越来越关注网络安全和数据保真度……哪个竞争对手能指向Palantir的履历？当误差幅度必须为零时，并且您正在寻找无失败场景，请押注 Palantir。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Counter-Positioning</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>反定位</b></blockquote></p><p> <i>A newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business</i></p><p><blockquote><i>新来者采用了一种新的、优越的商业模式，而现任者不会模仿这种模式，因为预期会对现有业务造成损害</i></blockquote></p><p> Counter-positioning is a unique moat, I think best represented by Square (SQ) in the&nbsp;digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.</p><p><blockquote>反定位是一条独特的护城河，我认为数字钱包领域的 Square (SQ) 最能代表。现有银行采取此举的目的是为了对抗 Square 的举动，部分原因是监管，部分原因是竞争被低估，但主要是因为提供数字钱包解决方案可能会蚕食银行的核心产品。这是反定位护城河。</blockquote></p><p> Palantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.</p><p><blockquote>Palantir 的反定位护城河也许不那么明显。首先，谁是现任者？Palantir 的技术极具颠覆性，因此很难解读一个天然的竞争对手。</blockquote></p><p> For Gotham (Gov’t), the incumbent<i>was</i>the government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.</p><p><blockquote>对于哥谭市（政府）来说，现任<i>什么</i>政府；美国陆军、国防部、中央情报局等。让我们把时钟拨回2015年。美国陆军发布了一份招标，寻求建造分布式共同地面系统-陆军（DCGS-A）的投标。这将是一个集成的数据分析框架，可以从众多来源收集数据，通过一套分析工具无缝共享数据，并为战场上的士兵提供易于使用的可视化。听起来很熟悉？在我看来，这和 Palantir 的 Gotham 产品一模一样。</blockquote></p><p> DCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.</p><p><blockquote>DCGS-A 实际上是一个历时十多年的陆军内部项目，开发成本为 30 亿美元。Palantir 以低得多的成本参与竞标，但陆军选择继续自己的内部发展。Palantir 最终对陆军提起诉讼，认为哥谭市提供了陆军试图建立的确切服务，而且成本只是陆军试图建立的一小部分。2016年10月，一名联邦法官做出了有利于Palantir的裁决（2377），并开创了政府必须在最大实际范围内采购商业服务和产品的先例。陆军对此提出上诉，但后来于 2018 年在美国上诉法院被搁置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/70fc6c13c9c0d3ca0b559fd48bdff1da\" tg-width=\"640\" tg-height=\"457\"><span>Source:Palantir S-1 Filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir S-1 文件</span></p></blockquote></p><p> Palantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.</p><p><blockquote>Palantir 对陆军提起的具有里程碑意义的诉讼出人意料地加深了与美国政府的关系。在诉讼发生后的一年里，Palantir 的军队收入相当于之前 11 年的总和。</blockquote></p><p> Similar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.</p><p><blockquote>与现有银行类似，规模会导致官僚主义和惰性。尽管美国政府拥有巨大的影响力和权力，但它要么选择在数据分析方面投资不足，要么行动太慢，要么低估了私营部门的创新步伐。可能是两者中的一些。</blockquote></p><p> These same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.</p><p><blockquote>这些同样的竞争问题也体现在私营部门。甲骨文（ORCL）和 SAP（SAP）等大型企业软件巨头在过去十年中一直在为 “足够好 ”的产品组建销售团队。与此同时，Palantir一直在痴迷地扩散和完善他们的产品（稍后会详细介绍），但没有一个可识别的销售力量。在过去的 18 年里，Palantir 一直专注于设计优秀的产品，而现任公司现在才感受到企业软件文化转变的深沉、几乎是全球性的呻吟声，那是错失良机的喧嚣。</blockquote></p><p> Palantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.</p><p><blockquote>Palantir 正在通过投资数据分析领域的几家年轻、颠覆性的公司来加深其反定位护城河。在我之前的 Palantir 文章《Palantir 的 SPACs：你看到卡普看到的了吗？》中，我将 Palantir 对这些公司的投资概括为扩大市场覆盖范围和建立有价值投资组合的机会。</blockquote></p><p> I have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.</p><p><blockquote>从那以后，我又在这个分析中增加了一层。这些投资公司不仅在扩大 Palantir 的市场影响力，它们还是 Palantir 产品的灯塔，是 velocity Foundry 为产品路线图和市场步伐做出贡献的使者。通过与这些公司合作，Palantir 巩固了其技术领先地位，并展示了其对创新产品 DNA 的承诺，其声誉正是围绕着创新产品 DNA 建立的。</blockquote></p><p></p><p> <b>Palantir's</b>&nbsp;<b>Cornered Resources</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>角落资源</b></blockquote></p><p> <i>Preferential access at attractive terms to a coveted asset that can independently enhance value</i></p><p><blockquote><i>以有吸引力的条款优先获得可以独立提升价值的令人垂涎的资产</i></blockquote></p><p> Palantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.</p><p><blockquote>Palantir 拥有两种资源，使其比竞争对手具有显著优势：技术和人才。我将从泰尔对技术优势的定义开始。虽然雄心勃勃，但 Palantir 打破了这一障碍。</blockquote></p><p>   As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”  - Peter Thiel, Co-Founder &amp; Chairman, Palantir,<i>Zero to One</i></p><p><blockquote>根据一个很好的经验法则，专有技术在某些重要方面必须比最接近的替代品好10倍，才能获得真正的垄断优势。”Peter Thiel，Palantir 联合创始人兼董事长，<i>零到一</i></blockquote></p><p> Ten times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.</p><p><blockquote>好十倍。当提供的产品比替代品好10倍时，惊人的事情就会发生。SpaceX (SPACE) 的火箭效率是 NASA 的 10 倍，在 Bumble (BMBL) 上遇见下一个男朋友比在当地酒吧容易 10 倍，在 Netflix (NFLX) 上观看《指环王》比开车去百思买 (BBY) 买一套 DVD 容易 10 倍。</blockquote></p><p> Although it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwise<i>never existed</i>. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.</p><p><blockquote>虽然还处于早期阶段，但 Palantir 的软件在几个方面似乎已经比竞争对手好了 10 倍。例如，在 2021 年第一季度，哥谭被用来使国防部所有 11 个作战司令部能够从情报、作战、后勤和供应数据中产生综合战略决策优势。否则此功能<i>从未存在过</i>. Palantir 的软件非常先进，不断发明新的用例，这证明了这些产品所代表的对数改进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03bd98e9e9f53009b19523de56ceb5dd\" tg-width=\"640\" tg-height=\"384\"><span>Source:Palantir Q4 2020 Business Update</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 2020 年第四季度业务更新</span></p></blockquote></p><p> And Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).</p><p><blockquote>Palantir 继续在创新方面超越竞争对手。在 Palantir 2020 年第四季度的财报中，他们提供了国防部冲击等级 6 (IL-6) 的最新轨迹。他们是世界上仅有的四家IL-5公司（任务关键信息国家安全系统）之一，并瞄准了IL-6，这将使他们成为第一个用于机密国家安全系统的SaaS。作为参考，IL-2公司包括数据分析巨头雪花（SNOW）和谷歌（GOOG）。</blockquote></p><p> Palantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.</p><p><blockquote>Palantir 的数据更好，因为 Palantir 的数据质量更好。尽管我们在分析中非常重视数据量，但数据质量却更加珍贵。十多年来，哥谭市一直在泥泞中、太空中和海底嗡嗡作响，受到最严酷和最苛刻的场景的影响。哥谭是经过战斗考验的企业软件。</blockquote></p><p> Palantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.</p><p><blockquote>Palantir 的第二个角落资源是人才。据报道，卡普对顶尖工程人才有着敏锐的嗅觉和诱惑能力，这使得他的名人录几乎无人能及。</blockquote></p><p> As an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:</p><p><blockquote>作为一名投资者，我可以接受 Palantir 空头涂鸦他们的稀释现金流模型以及基于股票的薪酬如何影响它。但是这些熊不能同时呼吸：</blockquote></p><p> <ol>  <li>Complain about Palantir’s SBC and--</li>  <li>Argue Palantir does not have a moat of engineering talent</li> </ol> Palantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.</p><p><blockquote><ol><li>抱怨Palantir的SBC和--</li><li>认为 Palantir 没有工程人才护城河</li></ol>Palantir 正在通过 SBC 激励工程和产品人才，并有机会改变世界。如果一支NFL球队没有工资帽，每个位置都将由联盟中的顶级球员填补。卡普就是这么做的。</blockquote></p><p> <b>Palantir's</b>&nbsp;<b>Process Power</b></p><p><blockquote><b>帕兰蒂尔的</b> <b>过程功率</b></blockquote></p><p> <i>Embedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment</i></p><p><blockquote><i>嵌入式公司组织和活动集，可实现更低的成本和/或卓越的产品，并且只能通过扩展的承诺来匹配</i></blockquote></p><p> Process Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.</p><p><blockquote>过程动力是 Palantir 的第七个也是最后一个护城河。最明显的例子是产品部署速度和 Palantir 产品的全面性。</blockquote></p><p>   An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.  -Palantir Q3 2020 Business Update</p><p><blockquote>一家能源巨头在几个小时内部署了我们的ERP套件。在两周内，他们节省了5700万美元的现金，预计每年将节省10亿美元。-Palantir 2020 年第三季度业务更新</blockquote></p><p> Traditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.</p><p><blockquote>竞争对手提供的传统高接触软件解决方案以路线图的方式交付，最终产品交付有时需要几个月甚至几年的时间。Palantir 的软件可以在数小时内部署并实现效益。</blockquote></p><p> In addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.</p><p><blockquote>此外，没有竞争对手拥有Palantir所提供的全面数据分析产品。这意味着不使用 Palantir 的客户要承担数十家不同公司的许可费，而这些公司的软件往往无法相互通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e1a1a03982b19a3b4181802ebb450f6\" tg-width=\"608\" tg-height=\"758\"><span>Source:The Generalist</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：《通才》</span></p></blockquote></p><p></p><p> Palantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.</p><p><blockquote>Palantir已经构建了一整套数据分析应用程序，并将根据客户的需要继续这样做。由此产生的产品是如此引人注目，交付速度如此之快，以至于 Palantir 没有任何直接竞争对手。在上图中，概述了 Palantir 的 19 种产品应用，并附有简要描述以及哪些竞争对手提供了类似产品。请注意，下一个最全面的产品来自Tableau，只有四种产品与Palantir重叠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/033d44206281f6449c0178f2f5943681\" tg-width=\"640\" tg-height=\"402\"><span>Source: Me, with help from Palantir’s S-1 filing</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：我，在 Palantir 的 S-1 文件的帮助下</span></p></blockquote></p><p> When I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.</p><p><blockquote>当我最初开始撰写关于 Palantir 工艺能力的笔记时，产品部署速度及其全面性等特点立即显现出来。然而，我对 Palantir 的商业模式思考得越多，我就越开始看到第二条护城河，一条更宽更深的护城河。</blockquote></p><p> Perhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.</p><p><blockquote>Palantir 最大的战略优势或许在于其产品为客户提供了工艺动力护城河。</blockquote></p><p> Said another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.</p><p><blockquote>换句话说，Foundry 和 Gotham 允许客户建造自己的工艺动力护城河。如果您是一家使用 Palantir 的财富 100 强公司，随着您的供应链实现共振、效率低下得到削减以及产品路线图斜率的垂直化，您对竞争对手的领先优势会扩大。Palantir 的软件允许客户查看它得名的那块看得见的石头。</blockquote></p><p> Palantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.</p><p><blockquote>Palantir 认识到了这一护城河，这也是他们积极投资早期数据公司的原因--这样他们就可以分享 Palantir 护城河所保护的快速增长的业务。</blockquote></p><p> <b>Palantir Final Thoughts</b></p><p><blockquote><b>Palantir 最终想法</b></blockquote></p><p> I am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.</p><p><blockquote>我着迷于用一个王朝的持久力建立一个堡垒般的企业的概念。只有少数几家公司能拥有 Palantir 的七种力量，而数据分析领域也没有一家公司。Palantir 的规模经济、网络效应、品牌效应、反定位、角落资源和流程能力为其自身、投资者和客户创造巨大价值奠定了基础。</blockquote></p><p> Over the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,<i>enduringly valuable</i>. Palantir is building a dynasty.</p><p><blockquote>在未来几十年里，这些护城河将汇集并相互作用，推动一个常青飞轮，使 Palantir 能够创建一项业务，用 Helmer 的话说，<i>持久有价值</i>.Palantir正在建立一个王朝。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436865-palantir-seven-moats-building-a-dynasty\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4436865-palantir-seven-moats-building-a-dynasty","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115559324","content_text":"Summary\n\nMoats are competitive advantages built by businesses to protect profits and generate staying power.\nThere are seven types of moats, and great companies generally have two or three. Palantir has all seven.\nThese moats will allow Palantir to build an enduringly impactful and profitable business.\n\nScott Olson/Getty Images\nNewsIntroduction: On Building a Dynasty\nIn the mid 16thcentury, Japan was engaged in all-out civil war.\nOda Nobunaga, a samurai regarded as the “Great Unifier” (or “Devil king,” on the battlefield) was emerging as the most powerful samurai warlord in all of Japan. His name had become synonymous with military brilliance, and he had a knack for unseating more powerful opponents.\nDespite the power of Nobunaga, a faction of the Buddhist faith, called the Ikkō (Single Minded) Ikki (League), began consolidating power, building fortresses and accumulating growing numbers of warrior monks. The Ikkō Ikki ultimately established themselves in the fortress of Ishiyama Hongan-ji (Stone Mountain) in what is modern day Osaka.\nBy the 1560’s Nobunaga had defeated all opposing samurai warlords in Japan, and only the Ikkō Ikki stood in the way of Nobunaga blanketing Japan with his hegemony.\nAnd so, in 1570 Nobunaga set out for Ishiyama Hongan-ji with 30,000 troops, many of whom were trained with early versions of rifles known as arquebuses. Nobunaga himself was armed with the Dōjigiri Yasutsuna: Japan’s most famous sword. Legend has it that the Dōjigiri Yasutsuna was used to kill the most terrifying demon of its time: the Shuten-Dōji.\nDespite the considerable weapons at his disposal, Nobunaga’s attack on the fortress of Ishiyama Hongan-ji was unsuccessful. For ten years his forces laid siege to Ishiyama, and for ten years he was repelled. Indeed, when the Ikkō Ikki finally surrendered in 1580, it was at the request of the Imperial Court rather than the fortress being overrun.\nSo how did the Ikkō Ikki fend off the most fearsome shogun in medieval Japan?\nA moat, of course.\nFlowing around the cathedral fortress of Ishiyama was an intricate labyrinth of moats surmounted by featureless walls. As a consequence of the moats, these walls could not be assaulted with siege towers or tunneled through. They could not be climbed or vaulted. It was unassailable.\nIn reference to this medieval structure that could provide defense against attackers for 10 years or more, the word “moat” has since become a common measure of a business’ longevity. I appreciate when history makes sense.\nPalantir’s Seven Moats\n\nGrowth is easy to measure, but durability isn’t. If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now? Numbers alone won’t tell you the answer; instead you must think critically about the qualitative characteristics of your business.”\n\n-Peter Thiel, Founder & Chairman, Palantir\nIn 7 Powers, Hamilton Helmer writes about the seven moats a business may employ to guide value-creation efforts. By combining operational excellence with thoughtful moat-building, Helmer argues, a business may be able to make itself enduringly valuable. The seven powers are: Scale Economies, Network Effects, Counter-Positioning, Switching Costs, Branding, Cornered Resources, and Process Power.\nHelmer outlines case studies of these moats represented by modern day enterprises. Pixar had the brain trust (Cornered Resource), Nike(NYSE:NKE)can charge more for a pair of shoes than competitors (Brand), and Netflix’s(NASDAQ:NFLX)content costs less to produce as it gains subscribers (Scale Economies). The most iconic companies in the world have two, maybe three moats.\nPalantir (PLTR) has all seven.\nI know that sounds crazy because Palantir went public nine months ago, and yes, it remains unprofitable. Yes, the stock based compensation is corpulent. Yes, revenue is concentrated and yes, valuation is optimistic. Yes to all of it.\nNo take backs. Palantir has seven moats. Let me show you.\nPalantir's Scale Economies\nThe quality of declining unit costs as volume increases\nPalantir’s sales cycles are perhaps the most misunderstood aspect of their business model. Naysayers argue Palantir is a services company. Bag holders who bought at $35/share argue Palantir is a SaaS company. They’re both right.\nGotham and Foundry drive high margin, recurring software contracts for government and commercial customers alike. Meanwhile, Palantir parachutes in technical consultants to expand and mature these contracts. Palantir describes this sales cycle as “Acquire, Expand, and Scale.”\nAcquire\nWhile Palantirisa software company, it stands quite apart from others who share this label. For example, there are some differences between selling a software like Zoom (ZM) to an enterprise, and selling Foundry. As of Q1 2021, Palantir reported $8.1 million in annual revenue per customer. This staggering product revenue belies the value of Palantir’s offerings, but also underscores the complexity of their sales cycle.\nIn Palantir’s S-1, Acquire customers are described as those enjoying short-term pilot deployments of Palantir’s technology. Palantir operates these accounts at a loss, and notes this selling phase generally lasts 6-9 months on average.\nExpand\nThe second phase, Expand, is characterized byvalue building.Palantir focuses on understanding the customer’s challenges and delivering against them. These are customers who provide larger revenue contracts to Palantir, but also generally represent negative contribution margins.\nI know, two stages in a row of unprofitable product delivery. However, this stage is marked by an almost viral expansion of Palantir’s personalized value creation, informed by 6 – 9 months of data ingestion and customer feedback during the Acquire phase. It is in this stage that Palantir’s offerings begin to merit the descriptorbespoke.\nExpand is fueled by CEO Alex Karp himself, who, prior to the pandemic, spent 250 days a year visiting clients in person. This is perhaps the most ineffaceable contribution of Karp; the CEO served as a salesforce for a company that never had one. Palantir’s customers are whales. Karp is Captain Ahab.\nScale\nThe word “scale” is used a full 44 times in thePalantir S-1, and Palantir defines Scale customers as those contributing mature contracts with a positive contribution margin. During Scale, we witness a reversal of Palantir’s unit economics. As customer accounts mature, Palantir’s investment costs decrease. Customers can now operate independently, building their own applications on top of Foundry or Gotham. This results in new use cases, less services fees, and a greater proportion of high-margin recurring revenue.\n\n It is in the Scale phase of our partnerships with customers that we generally see contribution margin on particular accounts improve. In 2019, we generated $565.7 million in revenue from customers in the Scale phase, with a contribution margin of 55%. In H1 2020, those same customers generated $296.3 million in revenue, with a contribution margin of 68%.\n\nSource:Palantir S-1\nAnd also:\n\nWe believe that all of our customers will move into the Scale phase over the long term.We also believe that contribution margin for Scale phase accounts will increase further as we become more efficient at deploying our software platforms across the entirety of our customers’ operations and at managing and operating our software…In H1 2020, the top 25% of customers by contribution margin in the Scale phase as of the end of 2019 had a\n contribution margin during the period of 89%.\n\nSource:Palantir S-1, emphasis mine\nFor those of you wringing your clammy hands over Palantir’s inability to turn a profit, take notice:Palantir has just begun to leverage this moat to drive astronomical contribution margins approaching 90%.As Palantir converts more customers from Expand to Scale, margins will improve, costs will depress, and revenue concentration will diversify. As Palantir optimizes and in some cases automates software deployment, I expect the Acquire and Expand cycles shorten, allowing this flywheel to spin faster.\nSource:Palantir Q4 2020 Business Update\nPalantir's Network effects\nThe product becomes more valuable as more customers use the product\nIn Palantir’s S-1, “Generate Network Effects,” is listed within the First Principles section. They go on to describe how Palantir’s software becomes more valuable to the customer as more employees use the product.\n\n At a financial services customer, network effects enabled our platforms to scale from a single use case to more than 70 workstreams across compliance, front office, risk, and internal audit desks.\n\n-Source:Palantir’s S-1\nImagine, for a moment, you are a sweater-vest wearing software engineer at Okland Bank, who just agreed to a Foundry pilot. As you sip your oat milk latte, you begin clicking through Foundry information dashboards, and slowly you explore and experiment with the Foundry platform. You realize you can run data-analytics on AI-infused applications, and begin identifying inefficiencies, which are shared with your team and supervisors (making you look quite brilliant).\nAs Foundry is used to identify optimization targets, developers begin building their own application layer on top of Foundry, which identifies new use cases and new applications, and new layers are added. Palantir’s network effects manifest as a digital opera cake; an indelible stack of use cases rising ever higher as utility begets utility. This is the second of Palantir’s moats.\nI believe there are sector-specific network effects in play as well. How much different would Palantir’s software deployment be for Boeing(NYSE:BA)as compared to current Palantir customer Airbus(OTCPK:EADSF)? Not much, I'd wager.\nThe Life Sciences sector, which Palantir identified as a major growth area moving forward is another example. Palantir revealed that a top 5 pharma company is using Foundry to integrate genotyping and lab data across thousands of clinical trials. This experience can be extended toanypharma company, and Palantir’s work with this customer allows foresight into the myriad use cases such companies would benefit from. Foresight here is not intangible; it results in accelerated product expansion at lower cost for each and every additional sector-specific customer who inks a deal with Palantir.\nThis moat is borne out in the numbers, as Palantir’s largest customers continue to expand and renew larger contracts.\nPalantir's Switching Costs\nCustomers would incur value loss if they switched to a different product supplier\nThis is perhaps the easiest moat to highlight for Palantir. If you understand machine learning at a basic level, you might intuit how a data analytics company like Palantir would have high Switching Costs.\nI believe there is apoint of no returnfor customers somewhere in the Expand phase of the sales cycle. At this point, Foundry use cases are multiplying, efficiencies are being realized, and the software is becoming less a service and more the central operating system of the enterprise. In a given organization, petabytes of data have been collated by Palantir and refined into actionable processes, and each day Foundry knows the organizational needs a little bit better. Remember, this is likely 18 months into a customer relationship, and Foundry has become an everyday analytics tool in the company workflow.\nI believe this is the point of no return, because the alternative here is unimaginable. First and foremost, who is this alternative software provider? Bueller? Even if there was a comparable service to Foundry, and there’s not, you would be starting entirely over again. Enterprises want to accelerate, no, hurtle towards a digital, AI-driven future. Try explaining to senior management we have to pull the plug 18 months in on Foundry because the price tag is too steep. You would have to go back to Day 0 with data collection, analysis and refining. It would be a duplication of effort, time and expense of the greatest scale. Somewhere in Expand you’re in too deep – if you turn off the lights, the ice cream melts.\nPalantir’s largest contracts have been customers of Palantir the longest. This is not coincidence. It is a moat, Palantir's third. Switching costs only increase as customers become deeper users of Palantir products.\nCommodity software services will never enjoy the strategic advantage Palantir owns. Would it really be that big of a deal if your company switched from Skype to Zoom?\nPalantir'sBranding\nThe durable attribution of higher value to an objectively identical offering that arises from historical information about the seller\nThe Branding moat is easier to understand in the context of basic consumer products, like Coca-Cola(NYSE:KO). I would probably pay double for a Coca-Cola than a Koka Kola, for example.\nMaking this comparison in data analytics software is challenged because I don’t believe there is an identical offering to Palantir. Hypothetically, however, let’s assume such a company exists.\nPalantir has built an iconic brand since its inception in 2003. Over the past 18 years, Palantir has been funded by the CIA, linked to the identification and killing of Osama Bin Laden, sued the U.S. Army and won, and has carefully curated a narrative of intrigue and ostensibly supernatural analytics capabilities. But this company image is not the Branding moat I aim to highlight here.\nThis is the publicly traded company theU.S. government hires to manage their nuclear program. This is the company the NHS hires to manage PPE inventory and vaccine rollout during the greatest public health crisis of our time. Over the past two decades, Palantir has a track record of coming through in the most extreme circumstances our country faces. To the U.S. government, I would argue, there is no software company that better epitomizes reliability and security than Palantir. That is an enduring brand.\nThe below press releases were announced over the past two monthsalone:\n\nCDC Renews Partnership with Palantir for Disease Monitoring and Outbreak Response\nPalantir Awarded $111m Contract to Provide Mission Command Platform for the United States Special Operations Command\nPalantir and Space Force Expand Partnership\n\nI don’t care how bearish you may be about Palantir’s valuation. There is no software company that has the brand value Palantir does with the U.S. government and her allies abroad. As Palantir expands into commercial vectors with clients evermore concerned about cybersecurity, and data fidelity… what competitor can point to the resume Palantir can? When the margin of error must be zero, and you are looking down the barrel of a no fail scenario, bet on Palantir.\nPalantir's Counter-Positioning\nA newcomer adopts a new, superior business model which the incumbent does not mimic due to anticipated damage to their existing business\nCounter-positioning is a unique moat, I think best represented by Square (SQ) in the digital wallet space. Incumbent banks have moved with all the intention of an ice floe to counter Square’s moves, partly due to regulation, partly due to underestimated competition, but mostly because offering digital wallet solutions could cannibalize banks’ core products. This is the Counter-Positioning moat.\nPalantir’s Counter-Positioning moat is perhaps less obvious. First off, who is the incumbent? Palantir’s technology is so disruptive, it can be challenging to construe a natural competitor.\nFor Gotham (Gov’t), the incumbentwasthe government; the U.S. Army, the DoD, the CIA, etc. Let’s wind back the clocks to 2015. The U.S. Army released a solicitation seeking bids to build the Distributed Common Ground System-Army (DCGS-A). This would be an integrated data analytics framework that could gather data from numerous sources, share data seamlessly across a suite of analytical tools and provide easy-to use visualization for soldiers in the field. Sound familiar? Sounds exactly like Palantir’s Gotham product to me.\nDCGS-A was actually an internal Army project over a decade in the making at a development cost of $3 Billion. Palantir entered into the bidding at a much lower cost, but the Army elected to continue its own internal development. Palantir ultimately filed a lawsuit against the Army, arguing that Gotham provided the exact services the Army was attempting to build, and at a fraction of the cost. In October of 2016, a federal judge ruled in favor of Palantir (§ 2377), and established the precedent that the government must procure commercial services and products to the maximum practical extent. This was appealed by the Army, but later held up in the U.S. Court of Appeals in 2018.\nSource:Palantir S-1 Filing\nPalantir’s landmark lawsuit against the Army surprisingly resulted in a deepening relationship with the U.S. Government. In the year following the lawsuit, Palantir’s Army revenue equaled the sum of the eleven preceding years.\nSimilar to incumbent banks, there is something about size that begets bureaucracy and inertia. The U.S. government, for all its influence and power, either chose to underinvest in data analytics, moved too slowly, or underestimated the pace of innovation in the private sector. It was probably some of each.\nThese same competitive issues are manifesting in the private sector. Massive enterprise software behemoths like Oracle (ORCL) and SAP (SAP) have spent the past decade building out sales teams for ‘good enough’ products. Meanwhile, Palantir has been obsessively proliferating and refining their offerings (more on this later) without a recognizable salesforce. Palantir’s entire focus over the past 18 years was engineering great product, and the incumbents are just now sensing the deep, almost planetary groan of enterprise software culture shifting, the jeremiad of an opportunity missed.\nPalantir is deepening its Counter-Positioning moat by investing in several young, disruptive companies in the data analytics space. In my prior Palantir article,Palantir’s SPACs: Do You See What Karp Sees?, I outlined Palantir’s investments in these companies as opportunities to expand market reach and build a valuable portfolio.\nI have since added another layer to this analysis. These investment companies are not just expanding Palantir’s market reach, they are lighthouses for Palantir’s products, emissaries that may evince the velocity Foundry contributes to product roadmap and go to market pace. By partnering with these companies, Palantir is cementing its technological leadership and demonstrating commitment to the innovative product DNA its reputation is built around.\nPalantir's Cornered Resources\nPreferential access at attractive terms to a coveted asset that can independently enhance value\nPalantir hoards two resources that confer a remarkable advantage over its competitors: technology and talent. I’m going to start with Thiel’s definition of technological advantage. It’s ambitious, but Palantir clears this bar.\n\n As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”\n\n- Peter Thiel, Co-Founder & Chairman, Palantir,Zero to One\nTen times better. When the product offered is 10x better than the alternative, amazing things can happen. SpaceX’s (SPACE) rockets are 10x more efficient than NASA’s, meeting your next boyfriend is 10x easier on Bumble (BMBL) than it is in your local bar, and streaming Lord of the Rings on Netflix (NFLX) is 10x easier than driving to Best Buy (BBY) to wrangle up a set of DVDs.\nAlthough it’s early days, Palantir’s software already appears to be 10x better than competitors in several ways. In Q1 2021, for example, Gotham was used to enable all 11 DoD Combatant Commands to generate integrated strategic decision advantage from intelligence, operations, logistics and supply data. This capability otherwisenever existed. Palantir’s software is so advanced it continues to invent new use cases, which is a testament to the logarithmic improvement these offerings represent.\nSource:Palantir Q4 2020 Business Update\nAnd Palantir continues to out-innovate competitors. In Palantir’s Q4 2020 earning presentation, they provided an update on trajectory towards a DoD Impact Level 6 (IL-6) status. They are one of only four IL-5 companies (Mission Critical Information National Security Systems) in the world, and are targeting IL-6, which would make them the first SaaS for Classified Secret National Security Systems. For frame of reference, IL-2 companies include data analytics giants Snowflake (SNOW) and Google (GOOG).\nPalantir’s data are better because Palantir’s data quality is better. For as much import as we place on data volume in analytics, data quality is even more prized. Gotham has been humming in the mud, in space, and on the ocean floor more than a decade, informed by the harshest and most demanding scenarios. Gotham is battle tested enterprise software.\nPalantir’s second Cornered Resource is talent. Karp’s reported nose for and ability to seduce top engineering talent has resulted in a who’s who roster almost impossible to emulate.\nAs an investor, I am okay with Palantir bears doodling out their diluted cash flow models and how stock based compensation affects it. But these bears cannot in the same breath:\n\nComplain about Palantir’s SBC and--\nArgue Palantir does not have a moat of engineering talent\n\nPalantir is incentivizing engineering and product talent with SBC and an opportunity to change the world. If one NFL team had no salary cap, every position would be filled with the top player in The League. That is what Karp has done.\nPalantir's Process Power\nEmbedded company organization and activity sets enabling lower costs and/or superior product, and which can be matched only by an extended commitment\nProcess Power is Palantir's seventh, and final, moat. The most obvious examples are product deployment speed and the comprehensive nature of Palantir’s offerings.\n\n An energy supermajor deployed our ERP suite in hours. Within two weeks, they generated $57 million of cash savings and expect to generate $1 billion on an annualized basis.\n\n-Palantir Q3 2020 Business Update\nTraditional high touch software solutions offered by competitors are delivered in roadmap fashion, with an ultimate product delivery sometimes months or even years down the road. Palantir’s software can be deployed and benefits realized within hours.\nIn addition, there are no competitors that have the sweeping data analytics offerings Palantir does. This means customers who are not using Palantir are burdened with licensing fees from dozens of separate companies whose software oftentimes doesn’t communicate with each other.\nSource:The Generalist\nPalantir has built a full stack of data analytics applications and continues to do so as needed for clients. The resulting product offering is so compelling and so rapidly delivered that Palantir does not have any direct competitors. In the above chart, Palantir's 19 product applications are outlined, with brief descriptions and which competitors offer a comparable product. Notice that the next most comprehensive offering comes from Tableau, and has only four products overlapping with Palantir.\nSource: Me, with help from Palantir’s S-1 filing\nWhen I initially began writing notes about Palantir’s Process Power, features such as product deployment speed and their comprehensive nature were immediately apparent. However, the more I reflected on Palantir’s business model, the more I began to see a second moat, one that is wider and deeper.\nPerhaps Palantir’s greatest strategic advantage is that its products offer the Process Power moat to its customers.\nSaid another way, Foundry and Gotham allow customers to build their own Process Power moat. If you are a Fortune 100 company using Palantir, your lead over competitors widens as your supply chains achieve resonance, inefficiencies are trimmed and the product roadmap slope goes vertical. Palantir's software allows customers to look into the very seeing stone it was named for.\nPalantir recognized this moat, which is why they are investing aggressively in early data companies – so they might take share in rapidly growing businesses defended by Palantir’s moats.\nPalantir Final Thoughts\nI am fascinated with the concept of building a fortress-like business with the staying power of a dynasty. There are only a few companies that can boast Palantir’s mélange of seven powers, and none exist in the data analytics sector. Palantir’s Scale Economies, Network Effects, Branding, Counter-Positioning, Cornered Resources, and Process Power have set the stage for massive value creation for itself, its investors and its clients.\nOver the coming decades, these moats will pool and interact, driving an evergreen flywheel allowing Palantir to create a business that is, in the words of Helmer,enduringly valuable. Palantir is building a dynasty.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159808960,"gmtCreate":1624953570250,"gmtModify":1633946578175,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"YES","listText":"YES","text":"YES","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159808960","repostId":"1124372919","repostType":2,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150261849,"gmtCreate":1624911899681,"gmtModify":1633947202481,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"LETS GOOOOO","listText":"LETS GOOOOO","text":"LETS GOOOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/150261849","repostId":"2146836375","repostType":4,"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121560780,"gmtCreate":1624478225040,"gmtModify":1634005601237,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"LETS GO","listText":"LETS GO","text":"LETS GO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121560780","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132948,"gmtCreate":1624178752484,"gmtModify":1634009741368,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"lets goooo","listText":"lets goooo","text":"lets goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164132948","repostId":"1192473918","repostType":2,"isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118408767,"gmtCreate":1622743379259,"gmtModify":1634098467866,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"GOGOGO","listText":"GOGOGO","text":"GOGOGO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118408767","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167443044,"gmtCreate":1624283285188,"gmtModify":1634008440273,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"let's goooo&nbsp;","listText":"let's goooo&nbsp;","text":"let's goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167443044","repostId":"1172678753","repostType":2,"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132735,"gmtCreate":1624178903127,"gmtModify":1634009740630,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"BB GO","listText":"BB GO","text":"BB GO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164132735","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":2539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118042845,"gmtCreate":1622709855187,"gmtModify":1634098911482,"author":{"id":"3566820730586187","authorId":"3566820730586187","name":"moneytrees","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566820730586187","idStr":"3566820730586187"},"themes":[],"title":"","htmlText":"SQUEEZE&nbsp;","listText":"SQUEEZE&nbsp;","text":"SQUEEZE","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118042845","repostId":"1192697639","repostType":2,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"BB":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}