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2021-07-24

Yes

Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>

2021-07-13

Like and comment

抱歉，原内容已删除

2021-07-31

Ok

You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>

2021-07-25

Hello

抱歉，原内容已删除

2021-07-21

Hi

Revolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</blockquote>

2021-07-18

Like

Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>

2021-06-23

Good

Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>

2021-06-05

I do agree with this

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>

2021-07-11

Pls like

PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>

2021-07-05

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抱歉，原内容已删除

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最早一篇是3月写的：<a href=\"https://laohu8.com/TW/355053283\" target=\"_blank\">美国“洪水四溢”，大基建势在必行！</a> 我预示了两个观点，一是美国通胀将会爆发，二是美国基建法案必然会通过。 如今看，两个预言都已成真。 按照当时的逻辑，重点推荐了: <a target=\"_blank\" href=\"https://laohu8.com/S/X\">$美国钢铁(X)$</a>，从20涨到了28，涨幅40%。 <a target=\"_blank\" href=\"https://laohu8.com/S/AA\">$美国铝业(AA)$</a> ，从30涨到了44，涨幅46%。 第二篇，5月份写的：<a href=\"https://laohu8.com/TW/190872054\" target=\"_blank\">别盯着特斯拉、蔚来了，美国钢铁都涨上天了！</a> 还是反复强调钢铁、建材等基建的投资机会，这次主要提到的是<a target=\"_blank\" href=\"https://laohu8.com/S/NUE\">$纽柯钢铁(NUE)$</a> ,后来它从95涨到了118，涨幅24%。 今天，不说钢铁了，咱们聊聊其他的投资机会。 01先简述一下，昨天通过的是拜登的1.2万亿基建法案，这里面有5500亿将投入到基础设施的建设中。 具体包括： 1100亿美元，用于修建道路、桥梁； 660亿美元，用于修建铁路； 400亿美元，用于公共交通投资； 650亿美元，用于网络基建投资； 650亿美元，用于改善发电设施； 500亿美元，用于提升应对自然灾害和网络安全攻击的能力； 75亿美元，用于新建电动车充电站； 75亿美元，用于采购低排放产品、置换现有的校车和轮渡。 拜登还有一份3.5万亿美元投资法案，","listText":"关于美国大基建我已经写过两篇文章了。 最早一篇是3月写的：<a href=\"https://laohu8.com/TW/355053283\" target=\"_blank\">美国“洪水四溢”，大基建势在必行！</a> 我预示了两个观点，一是美国通胀将会爆发，二是美国基建法案必然会通过。 如今看，两个预言都已成真。 按照当时的逻辑，重点推荐了: <a target=\"_blank\" href=\"https://laohu8.com/S/X\">$美国钢铁(X)$</a>，从20涨到了28，涨幅40%。 <a target=\"_blank\" href=\"https://laohu8.com/S/AA\">$美国铝业(AA)$</a> ，从30涨到了44，涨幅46%。 第二篇，5月份写的：<a href=\"https://laohu8.com/TW/190872054\" target=\"_blank\">别盯着特斯拉、蔚来了，美国钢铁都涨上天了！</a> 还是反复强调钢铁、建材等基建的投资机会，这次主要提到的是<a target=\"_blank\" href=\"https://laohu8.com/S/NUE\">$纽柯钢铁(NUE)$</a> ,后来它从95涨到了118，涨幅24%。 今天，不说钢铁了，咱们聊聊其他的投资机会。 01先简述一下，昨天通过的是拜登的1.2万亿基建法案，这里面有5500亿将投入到基础设施的建设中。 具体包括： 1100亿美元，用于修建道路、桥梁； 660亿美元，用于修建铁路； 400亿美元，用于公共交通投资； 650亿美元，用于网络基建投资； 650亿美元，用于改善发电设施； 500亿美元，用于提升应对自然灾害和网络安全攻击的能力； 75亿美元，用于新建电动车充电站； 75亿美元，用于采购低排放产品、置换现有的校车和轮渡。 拜登还有一份3.5万亿美元投资法案，","text":"关于美国大基建我已经写过两篇文章了。 最早一篇是3月写的：美国“洪水四溢”，大基建势在必行！ 我预示了两个观点，一是美国通胀将会爆发，二是美国基建法案必然会通过。 如今看，两个预言都已成真。 按照当时的逻辑，重点推荐了: $美国钢铁(X)$，从20涨到了28，涨幅40%。 $美国铝业(AA)$ ，从30涨到了44，涨幅46%。 第二篇，5月份写的：别盯着特斯拉、蔚来了，美国钢铁都涨上天了！ 还是反复强调钢铁、建材等基建的投资机会，这次主要提到的是$纽柯钢铁(NUE)$ ,后来它从95涨到了118，涨幅24%。 今天，不说钢铁了，咱们聊聊其他的投资机会。 01先简述一下，昨天通过的是拜登的1.2万亿基建法案，这里面有5500亿将投入到基础设施的建设中。 具体包括： 1100亿美元，用于修建道路、桥梁； 660亿美元，用于修建铁路； 400亿美元，用于公共交通投资； 650亿美元，用于网络基建投资； 650亿美元，用于改善发电设施； 500亿美元，用于提升应对自然灾害和网络安全攻击的能力； 75亿美元，用于新建电动车充电站； 75亿美元，用于采购低排放产品、置换现有的校车和轮渡。 拜登还有一份3.5万亿美元投资法案，","images":[{"img":"https://static.tigerbbs.com/7a55c153839b69b47e69b76d078d4eda","width":"951","height":"606"},{"img":"https://static.tigerbbs.com/04f9eb6f4d35bd6acd070a39b7691ffc","width":"558","height":"315"},{"img":"https://static.tigerbbs.com/e071662c7a35cf5cda250c0ee670db5e","width":"840","height":"470"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892577753","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899145214,"gmtCreate":1628171266838,"gmtModify":1631890801666,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899145214","repostId":"2157439561","repostType":4,"isVote":1,"tweetType":1,"viewCount":2433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890943757,"gmtCreate":1628079571879,"gmtModify":1631890801669,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890943757","repostId":"1115159207","repostType":4,"isVote":1,"tweetType":1,"viewCount":3843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804225605,"gmtCreate":1627959507207,"gmtModify":1631890801672,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804225605","repostId":"1171705978","repostType":4,"isVote":1,"tweetType":1,"viewCount":2736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802140569,"gmtCreate":1627740047751,"gmtModify":1631890801677,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802140569","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808437964,"gmtCreate":1627605514158,"gmtModify":1631890801678,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808437964","repostId":"2155840271","repostType":4,"isVote":1,"tweetType":1,"viewCount":2534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809155494,"gmtCreate":1627354205218,"gmtModify":1631890801683,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809155494","repostId":"2154720964","repostType":4,"isVote":1,"tweetType":1,"viewCount":3394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177424873,"gmtCreate":1627258588492,"gmtModify":1631890801685,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Alright","listText":"Alright","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177424873","repostId":"2153354629","repostType":4,"isVote":1,"tweetType":1,"viewCount":3313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177891380,"gmtCreate":1627192889440,"gmtModify":1631890801690,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177891380","repostId":"2153936352","repostType":4,"isVote":1,"tweetType":1,"viewCount":2895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174287564,"gmtCreate":1627101838058,"gmtModify":1631890801693,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174287564","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohunote.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":2836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176304039,"gmtCreate":1626859033021,"gmtModify":1631892992947,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176304039","repostId":"1192426531","repostType":4,"repost":{"id":"1192426531","kind":"news","pubTimestamp":1626858599,"share":"https://www.laohunote.com/m/news/1192426531?lang=zh_CN&edition=full","pubTime":"2021-07-21 17:09","market":"uk","language":"en","title":"Revolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192426531","media":"zerohedge","summary":"Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Glob","content":"<p><b>Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based&nbsp;fintech&nbsp;company Revolut is now valued at $33 billion</b>, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.</p><p><blockquote><b>英国金融科技公司 Revolut 在软银愿景基金和老虎环球管理公司牵头的一轮融资中成功筹集了 8 亿美元，目前估值为 330 亿美元</b>，使其成为全国最大的“独角兽”以及估值最高的金融科技公司。</blockquote></p><p> As reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"</p><p><blockquote>据路透社报道，“Revolut 凭借外汇、股票交易和加密货币等产品赢得了超过 1600 万客户，压低了主流银行的价格。”</blockquote></p><p> However,as Statista's Martin Armstrong notes,<i><b>\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"</b></i></p><p><blockquote>然而，正如Statista的马丁·阿姆斯特朗指出的那样，<i><b>“该公司尚未将快速增长转化为盈利能力，上一财年由于风险控制投资，其年度亏损翻了一番。”</b></i></blockquote></p><p> Second on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.</p><p><blockquote>根据 CB Insights 编制的英国最有价值独角兽榜单中排名第二的是另一家金融科技公司 checkout.com，该公司在年初筹集了 4.5 亿美元，估值达到 150 亿美元，再次由老虎环球管理公司牵头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63080ab1bf0f6d0624138655b5f695b2\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><i>You will find more infographics atStatista</i></p><p><blockquote><i>您将找到更多信息图表 atStatista</i></blockquote></p><p> <b>Checkout and Revolut are now up there with the most valuable fintech companies in the world.</b></p><p><blockquote><b>Checkout和Revolut现在与世界上最有价值的金融科技公司并驾齐驱。</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Revolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</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\">\nRevolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 17:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based&nbsp;fintech&nbsp;company Revolut is now valued at $33 billion</b>, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.</p><p><blockquote><b>英国金融科技公司 Revolut 在软银愿景基金和老虎环球管理公司牵头的一轮融资中成功筹集了 8 亿美元，目前估值为 330 亿美元</b>，使其成为全国最大的“独角兽”以及估值最高的金融科技公司。</blockquote></p><p> As reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"</p><p><blockquote>据路透社报道，“Revolut 凭借外汇、股票交易和加密货币等产品赢得了超过 1600 万客户，压低了主流银行的价格。”</blockquote></p><p> However,as Statista's Martin Armstrong notes,<i><b>\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"</b></i></p><p><blockquote>然而，正如Statista的马丁·阿姆斯特朗指出的那样，<i><b>“该公司尚未将快速增长转化为盈利能力，上一财年由于风险控制投资，其年度亏损翻了一番。”</b></i></blockquote></p><p> Second on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.</p><p><blockquote>根据 CB Insights 编制的英国最有价值独角兽榜单中排名第二的是另一家金融科技公司 checkout.com，该公司在年初筹集了 4.5 亿美元，估值达到 150 亿美元，再次由老虎环球管理公司牵头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63080ab1bf0f6d0624138655b5f695b2\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><i>You will find more infographics atStatista</i></p><p><blockquote><i>您将找到更多信息图表 atStatista</i></blockquote></p><p> <b>Checkout and Revolut are now up there with the most valuable fintech companies in the world.</b></p><p><blockquote><b>Checkout和Revolut现在与世界上最有价值的金融科技公司并驾齐驱。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/revolut-becomes-uks-biggest-unicorn\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/revolut-becomes-uks-biggest-unicorn","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192426531","content_text":"Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based fintech company Revolut is now valued at $33 billion, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.\nAs reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"\nHowever,as Statista's Martin Armstrong notes,\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"\nSecond on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.\nYou will find more infographics atStatista\nCheckout and Revolut are now up there with the most valuable fintech companies in the world.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178001447,"gmtCreate":1626769749789,"gmtModify":1631892992962,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178001447","repostId":"1171899583","repostType":4,"repost":{"id":"1171899583","kind":"news","pubTimestamp":1626765701,"share":"https://www.laohunote.com/m/news/1171899583?lang=zh_CN&edition=full","pubTime":"2021-07-20 15:21","market":"us","language":"en","title":"Peloton Rises, Reportedly Plans In-App Videogame<blockquote>Peloton 崛起，据报道计划开发应用内视频游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171899583","media":"The Street","summary":"Peloton's game, called Lanebreak, prompts users to change their cadence and resistance to meet vario","content":"<p>  Peloton's game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals.  <a href=\"https://laohu8.com/S/PTON\">Peloton Interactive, Inc.</a> shares rose Monday, after a report that the connected fitness titan plans to put a video game into its app for cycle owners and subscribers.</p><p><blockquote>Peloton的游戏名为Lanebreak，提示用户改变他们的节奏和阻力，以满足各种目标。<a href=\"https://laohu8.com/S/PTON\">佩洛顿互动公司。</a>有报道称，这家互联健身巨头计划在其应用程序中为自行车所有者和订阅者添加一款视频游戏，周一股价上涨。</blockquote></p><p> The game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals and to control an on-screen rolling wheel, The Verge reports. It says Peloton members will be able to test the game later in the year.</p><p><blockquote>据 The Verge 报道，这款名为 Lanebreak 的游戏提示用户改变节奏和阻力，以实现各种目标，并控制屏幕上的滚轮。据说Peloton成员将能够在今年晚些时候测试这款游戏。</blockquote></p><p> “Players can choose a difficulty level, the type of music they want to hear, and the duration of the track before starting,” the report said.</p><p><blockquote>“报告说：”玩家可以在开始前选择难度级别、想听的音乐类型和曲目时长。</blockquote></p><p> Participants earn points for being in the lane required by the game, for their cadence and for their energy output.</p><p><blockquote>参与者因为在游戏要求的车道上、他们的节奏和他们的能量输出而获得积分。</blockquote></p><p> Peloton rose $7.89, or 7.1%, to close at $118.43. The stock has fallen 26% over the past six months amid valuation concerns.</p><p><blockquote>Peloton 上涨 7.89 美元，涨幅 7.1%，收于 118.43 美元。由于估值担忧，该股在过去六个月中下跌了 26%。</blockquote></p><p> Last week,Wedbush downgraded Peloton to neutralfrom outperform, trimming its price target to $115 from $130.</p><p><blockquote>上周，Wedbush 将 Peloton 评级从跑赢大盘下调至中性，并将目标价从 130 美元下调至 115 美元。</blockquote></p><p> Now that COVID-19 lockdowns have eased, Wedbush sees signs of a \"substantial deceleration\" in user engagement. That could mark \"a turning point for a company that has continually defied gravity since its IPO,\" the firm said.</p><p><blockquote>现在新冠肺炎的封锁已经放松，韦德布什看到了用户参与度“大幅减速”的迹象。该公司表示，这可能标志着“一家自首次公开募股以来不断挑战地心引力的公司的一个转折点”。</blockquote></p><p> The post-pandemic era \"will require the company to generate its own momentum through savvy marketing and compelling new products,\" Wedbush analyst James Hardiman said. Gym reopenings are leading some consumers back into their pre-pandemic workout routines, he notes.</p><p><blockquote>Wedbush 分析师詹姆斯·哈迪曼 (James Hardiman) 表示，后大流行时代“将要求该公司通过精明的营销和引人注目的新产品来产生自己的动力”。他指出，健身房的重新开放让一些消费者回到了大流行前的日常锻炼。</blockquote></p><p> Last month, Peloton unveiled acorporate wellnessprogram for employees of companies in the U.S., U.K., Canada and Germany, with plans to expand to Australia later this year.</p><p><blockquote>上个月，Peloton为美国、英国、加拿大和德国的公司员工推出了企业健康计划，并计划在今年晚些时候扩展到澳大利亚。</blockquote></p><p></p>","source":"lsy1610613172068","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>Peloton Rises, Reportedly Plans In-App Videogame<blockquote>Peloton 崛起，据报道计划开发应用内视频游戏</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\">\nPeloton Rises, Reportedly Plans In-App Videogame<blockquote>Peloton 崛起，据报道计划开发应用内视频游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-20 15:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Peloton's game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals.  <a href=\"https://laohu8.com/S/PTON\">Peloton Interactive, Inc.</a> shares rose Monday, after a report that the connected fitness titan plans to put a video game into its app for cycle owners and subscribers.</p><p><blockquote>Peloton的游戏名为Lanebreak，提示用户改变他们的节奏和阻力，以满足各种目标。<a href=\"https://laohu8.com/S/PTON\">佩洛顿互动公司。</a>有报道称，这家互联健身巨头计划在其应用程序中为自行车所有者和订阅者添加一款视频游戏，周一股价上涨。</blockquote></p><p> The game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals and to control an on-screen rolling wheel, The Verge reports. It says Peloton members will be able to test the game later in the year.</p><p><blockquote>据 The Verge 报道，这款名为 Lanebreak 的游戏提示用户改变节奏和阻力，以实现各种目标，并控制屏幕上的滚轮。据说Peloton成员将能够在今年晚些时候测试这款游戏。</blockquote></p><p> “Players can choose a difficulty level, the type of music they want to hear, and the duration of the track before starting,” the report said.</p><p><blockquote>“报告说：”玩家可以在开始前选择难度级别、想听的音乐类型和曲目时长。</blockquote></p><p> Participants earn points for being in the lane required by the game, for their cadence and for their energy output.</p><p><blockquote>参与者因为在游戏要求的车道上、他们的节奏和他们的能量输出而获得积分。</blockquote></p><p> Peloton rose $7.89, or 7.1%, to close at $118.43. The stock has fallen 26% over the past six months amid valuation concerns.</p><p><blockquote>Peloton 上涨 7.89 美元，涨幅 7.1%，收于 118.43 美元。由于估值担忧，该股在过去六个月中下跌了 26%。</blockquote></p><p> Last week,Wedbush downgraded Peloton to neutralfrom outperform, trimming its price target to $115 from $130.</p><p><blockquote>上周，Wedbush 将 Peloton 评级从跑赢大盘下调至中性，并将目标价从 130 美元下调至 115 美元。</blockquote></p><p> Now that COVID-19 lockdowns have eased, Wedbush sees signs of a \"substantial deceleration\" in user engagement. That could mark \"a turning point for a company that has continually defied gravity since its IPO,\" the firm said.</p><p><blockquote>现在新冠肺炎的封锁已经放松，韦德布什看到了用户参与度“大幅减速”的迹象。该公司表示，这可能标志着“一家自首次公开募股以来不断挑战地心引力的公司的一个转折点”。</blockquote></p><p> The post-pandemic era \"will require the company to generate its own momentum through savvy marketing and compelling new products,\" Wedbush analyst James Hardiman said. Gym reopenings are leading some consumers back into their pre-pandemic workout routines, he notes.</p><p><blockquote>Wedbush 分析师詹姆斯·哈迪曼 (James Hardiman) 表示，后大流行时代“将要求该公司通过精明的营销和引人注目的新产品来产生自己的动力”。他指出，健身房的重新开放让一些消费者回到了大流行前的日常锻炼。</blockquote></p><p> Last month, Peloton unveiled acorporate wellnessprogram for employees of companies in the U.S., U.K., Canada and Germany, with plans to expand to Australia later this year.</p><p><blockquote>上个月，Peloton为美国、英国、加拿大和德国的公司员工推出了企业健康计划，并计划在今年晚些时候扩展到澳大利亚。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/peloton-in-app-video-game\">The Street</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":{"PTON":"Peloton Interactive, Inc."},"source_url":"https://www.thestreet.com/investing/peloton-in-app-video-game","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171899583","content_text":"Peloton's game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals.\n\nPeloton Interactive, Inc. shares rose Monday, after a report that the connected fitness titan plans to put a video game into its app for cycle owners and subscribers.\nThe game, called Lanebreak, prompts users to change their cadence and resistance to meet various goals and to control an on-screen rolling wheel, The Verge reports. It says Peloton members will be able to test the game later in the year.\n“Players can choose a difficulty level, the type of music they want to hear, and the duration of the track before starting,” the report said.\nParticipants earn points for being in the lane required by the game, for their cadence and for their energy output.\nPeloton rose $7.89, or 7.1%, to close at $118.43. The stock has fallen 26% over the past six months amid valuation concerns.\nLast week,Wedbush downgraded Peloton to neutralfrom outperform, trimming its price target to $115 from $130.\nNow that COVID-19 lockdowns have eased, Wedbush sees signs of a \"substantial deceleration\" in user engagement. That could mark \"a turning point for a company that has continually defied gravity since its IPO,\" the firm said.\nThe post-pandemic era \"will require the company to generate its own momentum through savvy marketing and compelling new products,\" Wedbush analyst James Hardiman said. Gym reopenings are leading some consumers back into their pre-pandemic workout routines, he notes.\nLast month, Peloton unveiled acorporate wellnessprogram for employees of companies in the U.S., U.K., Canada and Germany, with plans to expand to Australia later this year.","news_type":1,"symbols_score_info":{"PTON":0.9}},"isVote":1,"tweetType":1,"viewCount":889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179777215,"gmtCreate":1626581671837,"gmtModify":1631892992980,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179777215","repostId":"1139907709","repostType":4,"repost":{"id":"1139907709","kind":"news","pubTimestamp":1626568617,"share":"https://www.laohunote.com/m/news/1139907709?lang=zh_CN&edition=full","pubTime":"2021-07-18 08:36","market":"sh","language":"en","title":"Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139907709","media":"Benzinga","summary":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Q","content":"<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一名名叫托马斯·F·奎因的美国侨民，罪名是策划了一项全球证券计划，骗取了投资者5亿美元。作为……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</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\">\nWall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-18 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一名名叫托马斯·F·奎因的美国侨民，罪名是策划了一项全球证券计划，骗取了投资者5亿美元。作为……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139907709","content_text":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million.\nAs an unapologetic financial miscreant with a lifelong penchant for fraud, the French escapade represented something of a career peak for Quinn, whose flair of swindling took on an astonishing level of organizing that left no corner of the world untouched.\nIllusory Assets For Sale:Thomas Francis Quinn was born in Brooklyn in 1932; his father drove a cement truck and his mother was a housewife who made extra money selling clothing and jewelry from the family’s garage.\nQuinn was an altar boy in his childhood and was the first member of his family to pursue higher education, graduating from St. John’s University Law School and passing the bar in 1962.\nQuinn opted to go into business for himself, starting a brokerage firm in New York called Thomas, Williams & Lee.The main focus of this firm became the promotion of Kent Industries,a company that claimed to own Florida property valued at $2 million.\nThere was a slight problem — Kent Industries didn’t own anything in the Sunshine State, and this inconvenient fact helped to introduce Quinn to the U.S. Securities and Exchange Commission (SEC).\nLong story short: Quinn received a lifetime banishment from the SEC in 1966 from doing business with brokers and dealers thanks to what the agency defined as his “flagrant fraudulent practices” related to the Kent Industries assets, which the regulator considered to be “almost completely illusory.”\nThe U.S. Department of Justice (DOJ) was a bit slower in dealing with Quinn, but by 1970 he was sent to jail for six months and was later permanently disbarred from practicing law.\nA Job With The Mob:Prior to losing his law license, Quinn gained a partnership in a New York-based securities law firm that set off several alarms among federal law enforcement agencies. Indeed, an FBI report from 1983 recalled this firm’s chief focus was being responsible for the “funds of hoodlum-controlled companies.”\nQuinn was on both the FBI’s and SEC’s respective radars in the early 1980s for his role with two companies,Sundance Gold Mining and Aquarius Gold Exploration, that claimed to have discovered gold in Suriname. The companies created a flurry of excitement among investors, but an investigation into their operations found a hitherto undeclared connection with the Genovese crime family.\nThe SEC filed a civil complaint against Quinn in 1983, charging him with fraudulently manipulating and promoting the companies’ stocks.\nThree years later, he reached a settlement with the regulator by agreeing to permanently stay away from anything related to securities.\nThe FBI, despite finding Mafia fingerprints in Quinn’s business affairs, declined to press charges against him.\nRealizing that he wore out his welcome in his home country, Quinn and his common-law wife Rochelle Rothfleisch decided to relocate to France and to up his game to an unprecedented operation.\nBoiler Room Follies:The circumstances and details of how Quinn built his swindling masterpiece are a bit fuzzy, but it is believed that the scheme was first hatched in 1984 and was coordinated out of his $6 million villa in the south of France.\nQuinn set up an archipelago of offices in several European countries and in Dubai, Jamaica and the tiny South Pacific island nation of Vanuatu, and he gave them phony names that sounded similar to respectable brokerages.\nEach office was staffed with salesmen who were tasked to sell stocks for 20 U.S. corporations to individual investors around the world. The stocks in question were mostly shell companies trading on the over-the-counter exchanges that Quinn picked up for pennies, but they were resold by Quinn’s salesmen at inflated amounts.\nThe investors were culled from mailing lists sold by publishing companies and professional organizations, as well as from respondents to advertisements placed in newsletters focused on the over-the-counter markets.\nQuinn’s henchmen would telephone the investors — nearly all of whom were novices to investing — and do a high-pressure sales spiel that, more often than not, resulted in the separation of the gullible targets from their money.\nQuinn’s team aimed at European, Australian, Middle Eastern and Hong Kong neophyte investors. The only country off-limits from this scheme was the U.S. Quinn was already on the FBI’s radar and the last thing he wanted was to give them cause to pursue him anew.\nA Temporary Setback: In 1988, Quinn’s arrest in France saw him charged with securities fraud, forgery of administrative documents and the possession of two fake Greek passports. His detention and the subsequent arrest of 20 of his salesmen created a fascinating dilemma for banking and law enforcement agencies in multiple countries.\nFor starters, no one could easily figure out where the majority of Quinn’s $500 million in ill-gotten gains wound up. Transfers were traced through banks in Switzerland, Luxembourg and Gibraltar, as well as the beleaguered Bank of Credit and Commerce International in Tampa, Florida, which gained national attention as a favored depository for those involved in drug money laundering. But where the money eventually landed was anyone’s guess, and Quinn’s talent for adopting aliases to cover his business tracks confounded investigators.\nAlso, it was unclear regarding how many people were swindled. A pair of class-action lawsuits brought out a total of 500 people trying to regain their money, but some observers of this case speculated the number could have been higher — some investors might have seen Quinn’s scam as a means of evading local taxes and foreign currency exchanges and would then have to answer to their authorities if this chicanery came to light.\nThe SEC got into the picture because the stocks being sold in the scheme were all U.S. companies. The agency hosted a meeting in Washington D.C. with law enforcement officers and prosecutors from eight European countries and Australia, with the hopes of sorting out the mess. But since no Americans were defrauded in this elaborate charade, Quinn did not face criminal charges in his own country, although the SEC temporarily froze his U.S. assets.\nIn France, Quinn was initially released after agreeing to reimburse his French victims but was arrested again when the Swiss government demanded his extradition.\nHe came to trial in 1991 and was only sentenced to four years in prison, but his sentence was reduced to include time served and he was extradited to Switzerland.\nHis Alpine detention was brief and by the mid-1990s he returned to the U.S. and rented a luxury home in Greenwich, Connecticut, a swanky suburb of New York City.\nAn Eventual Stumble:One of Quinn’s neighbors in Greenwich wasMartin Frankel,a financier with his own addiction to swindling.\nIn 1999, the Wall Street Journal used anonymous “people familiar with the matter” to claim Quinn assisted Frankel in his efforts to raise money for a controlled investment fund designed to buy insurance companies — but this turned out to be an embezzlement scam that resulted in Frankel fleeing the U.S. to Germany on a phony passport.\nFrankel was eventually extradited and spent nearly two decades in prison, but Quinn was never charged for being a partner in Frankel’s shenanigans.\nFor most of the 1990s and the 2000s, Quinn kept a very low public profile, although law enforcement tracked his travels to such far-flung places as the Maldives and the United Arab Emirates.\nIn 2004, he made a rare appearance at the Irish Derby as the co-owner of the winning thoroughbred Grey Swallow. Photographs of Quinn with the winning racehorse marked the only time that he was ever photographed in a public gathering. (Copyright restrictions prevent us from reprinting the photograph here, butthis linkon the RTE website shows Quinn, standing second from right, at the conclusion of the championship race.)\nIn November 2009, Quinn’s luck finally ran out. On a trip back from Ireland to New York’s JFK International Airport, he was arrested for his role within a ring of embezzlers that sought to defraud a pair of British telecommunications companies out of more than $60 million. The scheme had the global hallmarks of Quinn’s earlier criminal triumph, with funds being disbursed to seven countries across four continents.\nQuinn was immediately jailed upon his arrest and was denied bail because it was feared he would attempt to flee the country. He eventually pleaded guilty to a single count of wire fraud and, despite exhortations to avoid prison due to health problems, he was sentenced in March 2013 to 84 months in prison. He was released in May 2016.\nWhat became of Quinn since his release is unknown. No obituary for him has been published, and he would be 89 years old if he is still alive.\nOne information-tracking website listed him residing at a Brooklyn address, but the website also listed an accompanying telephone number that is not in service. Any readers who may have information on Quinn’s whereabouts should contact us and we will offer an update on his story.\nQuinn rarely spoke to anyone about his criminal activities. During an investigative session after his final arrest, he reportedly would only answer questions through a series of eyelid blinks. When a reporter sought to interview him in 1995, he demanded his privacy.\n\"Just forget me,\" Quinn said. \"I've got a lot of trouble and a lot of personal grief. I'm just trying to get on with my life. I'm not in the securities business and never will be again.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179296737,"gmtCreate":1626529344629,"gmtModify":1631892992986,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179296737","repostId":"1171115394","repostType":4,"isVote":1,"tweetType":1,"viewCount":768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170351485,"gmtCreate":1626406686447,"gmtModify":1631892992996,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Yes like","listText":"Yes like","text":"Yes like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170351485","repostId":"1126289564","repostType":4,"isVote":1,"tweetType":1,"viewCount":992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144420715,"gmtCreate":1626310999237,"gmtModify":1631892993007,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144420715","repostId":"1150635961","repostType":4,"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144819962,"gmtCreate":1626274646656,"gmtModify":1631892993020,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144819962","repostId":"2151551418","repostType":4,"isVote":1,"tweetType":1,"viewCount":1033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142486411,"gmtCreate":1626168447433,"gmtModify":1631892993031,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/142486411","repostId":"1101566017","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148238892,"gmtCreate":1625976961816,"gmtModify":1631892993041,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148238892","repostId":"1106289851","repostType":4,"repost":{"id":"1106289851","kind":"news","pubTimestamp":1625972710,"share":"https://www.laohunote.com/m/news/1106289851?lang=zh_CN&edition=full","pubTime":"2021-07-11 11:05","market":"us","language":"en","title":"PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106289851","media":"Barrons","summary":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday:","content":"<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PEP":"百事可乐"},"source_url":"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106289851","content_text":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.\nOn Friday, Cowen & Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.\nAzer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.\nThe analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.\nAlso, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.\nOther analysts have been optimistic about Pepsi’s earnings as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.\nConsensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.\nPepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141016755,"gmtCreate":1625823893877,"gmtModify":1631892993051,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574881932341088","authorIdStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141016755","repostId":"1159463430","repostType":4,"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":174287564,"gmtCreate":1627101838058,"gmtModify":1631890801693,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174287564","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohunote.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":2836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142486411,"gmtCreate":1626168447433,"gmtModify":1631892993031,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/142486411","repostId":"1101566017","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802140569,"gmtCreate":1627740047751,"gmtModify":1631890801677,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802140569","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177891380,"gmtCreate":1627192889440,"gmtModify":1631890801690,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177891380","repostId":"2153936352","repostType":4,"isVote":1,"tweetType":1,"viewCount":2895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176304039,"gmtCreate":1626859033021,"gmtModify":1631892992947,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176304039","repostId":"1192426531","repostType":4,"repost":{"id":"1192426531","kind":"news","pubTimestamp":1626858599,"share":"https://www.laohunote.com/m/news/1192426531?lang=zh_CN&edition=full","pubTime":"2021-07-21 17:09","market":"uk","language":"en","title":"Revolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192426531","media":"zerohedge","summary":"Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Glob","content":"<p><b>Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based&nbsp;fintech&nbsp;company Revolut is now valued at $33 billion</b>, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.</p><p><blockquote><b>英国金融科技公司 Revolut 在软银愿景基金和老虎环球管理公司牵头的一轮融资中成功筹集了 8 亿美元，目前估值为 330 亿美元</b>，使其成为全国最大的“独角兽”以及估值最高的金融科技公司。</blockquote></p><p> As reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"</p><p><blockquote>据路透社报道，“Revolut 凭借外汇、股票交易和加密货币等产品赢得了超过 1600 万客户，压低了主流银行的价格。”</blockquote></p><p> However,as Statista's Martin Armstrong notes,<i><b>\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"</b></i></p><p><blockquote>然而，正如Statista的马丁·阿姆斯特朗指出的那样，<i><b>“该公司尚未将快速增长转化为盈利能力，上一财年由于风险控制投资，其年度亏损翻了一番。”</b></i></blockquote></p><p> Second on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.</p><p><blockquote>根据 CB Insights 编制的英国最有价值独角兽榜单中排名第二的是另一家金融科技公司 checkout.com，该公司在年初筹集了 4.5 亿美元，估值达到 150 亿美元，再次由老虎环球管理公司牵头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63080ab1bf0f6d0624138655b5f695b2\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><i>You will find more infographics atStatista</i></p><p><blockquote><i>您将找到更多信息图表 atStatista</i></blockquote></p><p> <b>Checkout and Revolut are now up there with the most valuable fintech companies in the world.</b></p><p><blockquote><b>Checkout和Revolut现在与世界上最有价值的金融科技公司并驾齐驱。</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Revolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</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\">\nRevolut Becomes UK's Biggest Unicorn<blockquote>Revolut 成为英国最大的独角兽</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 17:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based&nbsp;fintech&nbsp;company Revolut is now valued at $33 billion</b>, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.</p><p><blockquote><b>英国金融科技公司 Revolut 在软银愿景基金和老虎环球管理公司牵头的一轮融资中成功筹集了 8 亿美元，目前估值为 330 亿美元</b>，使其成为全国最大的“独角兽”以及估值最高的金融科技公司。</blockquote></p><p> As reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"</p><p><blockquote>据路透社报道，“Revolut 凭借外汇、股票交易和加密货币等产品赢得了超过 1600 万客户，压低了主流银行的价格。”</blockquote></p><p> However,as Statista's Martin Armstrong notes,<i><b>\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"</b></i></p><p><blockquote>然而，正如Statista的马丁·阿姆斯特朗指出的那样，<i><b>“该公司尚未将快速增长转化为盈利能力，上一财年由于风险控制投资，其年度亏损翻了一番。”</b></i></blockquote></p><p> Second on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.</p><p><blockquote>根据 CB Insights 编制的英国最有价值独角兽榜单中排名第二的是另一家金融科技公司 checkout.com，该公司在年初筹集了 4.5 亿美元，估值达到 150 亿美元，再次由老虎环球管理公司牵头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63080ab1bf0f6d0624138655b5f695b2\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><i>You will find more infographics atStatista</i></p><p><blockquote><i>您将找到更多信息图表 atStatista</i></blockquote></p><p> <b>Checkout and Revolut are now up there with the most valuable fintech companies in the world.</b></p><p><blockquote><b>Checkout和Revolut现在与世界上最有价值的金融科技公司并驾齐驱。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/revolut-becomes-uks-biggest-unicorn\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/revolut-becomes-uks-biggest-unicorn","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192426531","content_text":"Having managed to raise $800 million in a funding round led by Softbank's Vision Fund and Tiger Global Management, UK-based fintech company Revolut is now valued at $33 billion, making it the biggest 'unicorn' in the country as well as the highest-valued fintech company.\nAs reported by Reuters, \"Revolut has won more than 16 million customers with products including foreign exchange, stock trading and cryptocurrencies, undercutting mainstream banks' prices.\"\nHowever,as Statista's Martin Armstrong notes,\"it has yet to translate that rapid growth into profitability, with its annual losses doubling last financial year on investment in risk controls.\"\nSecond on the list of the UK's most valuable unicorns, as compiled byCB Insights, is another fintech company - checkout.com - which reached its $15 billion valuation after raising $450 million at the beginning of the year, again led by Tiger Global Management.\nYou will find more infographics atStatista\nCheckout and Revolut are now up there with the most valuable fintech companies in the world.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179777215,"gmtCreate":1626581671837,"gmtModify":1631892992980,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179777215","repostId":"1139907709","repostType":4,"repost":{"id":"1139907709","kind":"news","pubTimestamp":1626568617,"share":"https://www.laohunote.com/m/news/1139907709?lang=zh_CN&edition=full","pubTime":"2021-07-18 08:36","market":"sh","language":"en","title":"Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139907709","media":"Benzinga","summary":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Q","content":"<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一名名叫托马斯·F·奎因的美国侨民，罪名是策划了一项全球证券计划，骗取了投资者5亿美元。作为……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</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\">\nWall Street Crime And Punishment: Thomas F. Quinn's Mad, Mad, Mad, Mad World<blockquote>华尔街犯罪与惩罚：托马斯·F·奎因的疯狂、疯狂、疯狂、疯狂的世界</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-18 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? In August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million. As ...</p><p><blockquote><div>犯罪有报酬吗？1988年8月，法国当局逮捕了一名名叫托马斯·F·奎因的美国侨民，罪名是策划了一项全球证券计划，骗取了投资者5亿美元。作为……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/government/21/07/21990476/wall-street-crime-and-punishment-thomas-f-quinns-mad-mad-mad-mad-world","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139907709","content_text":"Does crime pay?\nIn August 1988, French authorities arrested an American expatriate named Thomas F. Quinn for orchestrating a global securities scheme that defrauded investors out of $500 million.\nAs an unapologetic financial miscreant with a lifelong penchant for fraud, the French escapade represented something of a career peak for Quinn, whose flair of swindling took on an astonishing level of organizing that left no corner of the world untouched.\nIllusory Assets For Sale:Thomas Francis Quinn was born in Brooklyn in 1932; his father drove a cement truck and his mother was a housewife who made extra money selling clothing and jewelry from the family’s garage.\nQuinn was an altar boy in his childhood and was the first member of his family to pursue higher education, graduating from St. John’s University Law School and passing the bar in 1962.\nQuinn opted to go into business for himself, starting a brokerage firm in New York called Thomas, Williams & Lee.The main focus of this firm became the promotion of Kent Industries,a company that claimed to own Florida property valued at $2 million.\nThere was a slight problem — Kent Industries didn’t own anything in the Sunshine State, and this inconvenient fact helped to introduce Quinn to the U.S. Securities and Exchange Commission (SEC).\nLong story short: Quinn received a lifetime banishment from the SEC in 1966 from doing business with brokers and dealers thanks to what the agency defined as his “flagrant fraudulent practices” related to the Kent Industries assets, which the regulator considered to be “almost completely illusory.”\nThe U.S. Department of Justice (DOJ) was a bit slower in dealing with Quinn, but by 1970 he was sent to jail for six months and was later permanently disbarred from practicing law.\nA Job With The Mob:Prior to losing his law license, Quinn gained a partnership in a New York-based securities law firm that set off several alarms among federal law enforcement agencies. Indeed, an FBI report from 1983 recalled this firm’s chief focus was being responsible for the “funds of hoodlum-controlled companies.”\nQuinn was on both the FBI’s and SEC’s respective radars in the early 1980s for his role with two companies,Sundance Gold Mining and Aquarius Gold Exploration, that claimed to have discovered gold in Suriname. The companies created a flurry of excitement among investors, but an investigation into their operations found a hitherto undeclared connection with the Genovese crime family.\nThe SEC filed a civil complaint against Quinn in 1983, charging him with fraudulently manipulating and promoting the companies’ stocks.\nThree years later, he reached a settlement with the regulator by agreeing to permanently stay away from anything related to securities.\nThe FBI, despite finding Mafia fingerprints in Quinn’s business affairs, declined to press charges against him.\nRealizing that he wore out his welcome in his home country, Quinn and his common-law wife Rochelle Rothfleisch decided to relocate to France and to up his game to an unprecedented operation.\nBoiler Room Follies:The circumstances and details of how Quinn built his swindling masterpiece are a bit fuzzy, but it is believed that the scheme was first hatched in 1984 and was coordinated out of his $6 million villa in the south of France.\nQuinn set up an archipelago of offices in several European countries and in Dubai, Jamaica and the tiny South Pacific island nation of Vanuatu, and he gave them phony names that sounded similar to respectable brokerages.\nEach office was staffed with salesmen who were tasked to sell stocks for 20 U.S. corporations to individual investors around the world. The stocks in question were mostly shell companies trading on the over-the-counter exchanges that Quinn picked up for pennies, but they were resold by Quinn’s salesmen at inflated amounts.\nThe investors were culled from mailing lists sold by publishing companies and professional organizations, as well as from respondents to advertisements placed in newsletters focused on the over-the-counter markets.\nQuinn’s henchmen would telephone the investors — nearly all of whom were novices to investing — and do a high-pressure sales spiel that, more often than not, resulted in the separation of the gullible targets from their money.\nQuinn’s team aimed at European, Australian, Middle Eastern and Hong Kong neophyte investors. The only country off-limits from this scheme was the U.S. Quinn was already on the FBI’s radar and the last thing he wanted was to give them cause to pursue him anew.\nA Temporary Setback: In 1988, Quinn’s arrest in France saw him charged with securities fraud, forgery of administrative documents and the possession of two fake Greek passports. His detention and the subsequent arrest of 20 of his salesmen created a fascinating dilemma for banking and law enforcement agencies in multiple countries.\nFor starters, no one could easily figure out where the majority of Quinn’s $500 million in ill-gotten gains wound up. Transfers were traced through banks in Switzerland, Luxembourg and Gibraltar, as well as the beleaguered Bank of Credit and Commerce International in Tampa, Florida, which gained national attention as a favored depository for those involved in drug money laundering. But where the money eventually landed was anyone’s guess, and Quinn’s talent for adopting aliases to cover his business tracks confounded investigators.\nAlso, it was unclear regarding how many people were swindled. A pair of class-action lawsuits brought out a total of 500 people trying to regain their money, but some observers of this case speculated the number could have been higher — some investors might have seen Quinn’s scam as a means of evading local taxes and foreign currency exchanges and would then have to answer to their authorities if this chicanery came to light.\nThe SEC got into the picture because the stocks being sold in the scheme were all U.S. companies. The agency hosted a meeting in Washington D.C. with law enforcement officers and prosecutors from eight European countries and Australia, with the hopes of sorting out the mess. But since no Americans were defrauded in this elaborate charade, Quinn did not face criminal charges in his own country, although the SEC temporarily froze his U.S. assets.\nIn France, Quinn was initially released after agreeing to reimburse his French victims but was arrested again when the Swiss government demanded his extradition.\nHe came to trial in 1991 and was only sentenced to four years in prison, but his sentence was reduced to include time served and he was extradited to Switzerland.\nHis Alpine detention was brief and by the mid-1990s he returned to the U.S. and rented a luxury home in Greenwich, Connecticut, a swanky suburb of New York City.\nAn Eventual Stumble:One of Quinn’s neighbors in Greenwich wasMartin Frankel,a financier with his own addiction to swindling.\nIn 1999, the Wall Street Journal used anonymous “people familiar with the matter” to claim Quinn assisted Frankel in his efforts to raise money for a controlled investment fund designed to buy insurance companies — but this turned out to be an embezzlement scam that resulted in Frankel fleeing the U.S. to Germany on a phony passport.\nFrankel was eventually extradited and spent nearly two decades in prison, but Quinn was never charged for being a partner in Frankel’s shenanigans.\nFor most of the 1990s and the 2000s, Quinn kept a very low public profile, although law enforcement tracked his travels to such far-flung places as the Maldives and the United Arab Emirates.\nIn 2004, he made a rare appearance at the Irish Derby as the co-owner of the winning thoroughbred Grey Swallow. Photographs of Quinn with the winning racehorse marked the only time that he was ever photographed in a public gathering. (Copyright restrictions prevent us from reprinting the photograph here, butthis linkon the RTE website shows Quinn, standing second from right, at the conclusion of the championship race.)\nIn November 2009, Quinn’s luck finally ran out. On a trip back from Ireland to New York’s JFK International Airport, he was arrested for his role within a ring of embezzlers that sought to defraud a pair of British telecommunications companies out of more than $60 million. The scheme had the global hallmarks of Quinn’s earlier criminal triumph, with funds being disbursed to seven countries across four continents.\nQuinn was immediately jailed upon his arrest and was denied bail because it was feared he would attempt to flee the country. He eventually pleaded guilty to a single count of wire fraud and, despite exhortations to avoid prison due to health problems, he was sentenced in March 2013 to 84 months in prison. He was released in May 2016.\nWhat became of Quinn since his release is unknown. No obituary for him has been published, and he would be 89 years old if he is still alive.\nOne information-tracking website listed him residing at a Brooklyn address, but the website also listed an accompanying telephone number that is not in service. Any readers who may have information on Quinn’s whereabouts should contact us and we will offer an update on his story.\nQuinn rarely spoke to anyone about his criminal activities. During an investigative session after his final arrest, he reportedly would only answer questions through a series of eyelid blinks. When a reporter sought to interview him in 1995, he demanded his privacy.\n\"Just forget me,\" Quinn said. \"I've got a lot of trouble and a lot of personal grief. I'm just trying to get on with my life. I'm not in the securities business and never will be again.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121896726,"gmtCreate":1624457996865,"gmtModify":1634005836341,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121896726","repostId":"1170395888","repostType":4,"repost":{"id":"1170395888","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":1624457324,"share":"https://www.laohunote.com/m/news/1170395888?lang=zh_CN&edition=full","pubTime":"2021-06-23 22:08","market":"us","language":"en","title":"Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170395888","media":"Tiger Newspress","summary":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Thin","content":"<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）中国教育股周三早盘多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为 EDU 是现在值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>第一季度末，Insider Monkey 追踪的对冲基金中共有 45 家看好该股，较一季度前变化了 5%。下面，您可以查看过去 23 个季度对冲基金对 EDU 情绪的变化。随着聪明资金的头寸经历通常的起伏，存在一个值得注意的对冲基金经理的“上层”，他们正在大幅增加持仓（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由比亚迪1资本合伙公司持有，该公司报告称截至12月底持有价值3.505亿美元的股票。紧随其后的是 GQG Partners，头寸为 3.198 亿美元。其他看好该公司的投资者包括 Tiger Global Management LLC、Farallon Capital 和 Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital 将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其 13F 投资组合的 42.13%。麒麟管理公司也相对非常看好该股，将其 13F 股票投资组合的 18.73% 指定给 EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣飙升，一些大牌公司自己也在破土动工。由 David Fear 管理的 Thunderbird Partners 在新东方教育科技集团公司（纽约证券交易所股票代码：EDU）中确立了最有价值的职位。截至本季度末，Thunderbird Partners 已向该公司投资 1670 万美元。Eduardo Costa’sCalixto Global Investors在本季度还对该股进行了1470万美元的投资。其他拥有全新EDU头寸的基金有Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的sOld Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括堪萨斯城南方航空 (NYSE:KSU)、纽柯公司 (NYSE:NUE)、佛朗哥-内华达公司 (NYSE:FNV)、Fortive Corporation (NYSE:FTV)、哈特福德金融服务集团公司 (NYSE:HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和 Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都与 EDU 的市值最接近。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有 32.1 家对冲基金持有看涨头寸，投资于这些股票的平均金额为 12.39 亿美元。在EDU的案例中，这个数字是21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是该表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的，只有 12 个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对 EDU 的总体对冲基金情绪得分为 70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票会获得更高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在囤积的股票。我们的计算显示，对冲基金中最受欢迎的 5 只股票在 2019 年和 2020 年的回报率为 95.8%，比标普500 ETF（SPDR标普500指数ETF）高出 40 个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU 远不如这 5 只股票受欢迎，押注 EDU 的对冲基金感到失望，因为该股自 3 月底（截至 6/18）以来的回报率为 -45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021 财年第二季度收入和 XRS online 增长低于普遍预期。</li><li>2020年，中国K12在线教育市场规模达890亿元，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资额自2016年以来持续下降。</li><li>随着新冠肺炎重塑市场，科技巨头开始大举进军数字教育行业。</li><li>我们并不认为该公司能够应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又称明日高级学习）（TAL）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务部门。该公司以优质教育和课外辅导为载体体系，在全球范围内提供服务。成立于2003年，2010年在纽约证券交易所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方（EDU）竞争。可以说，两家公司都引领着中国的教育行业；首先，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在国内共有98个城市和1个国外城市（多伦多）都有活跃的业务。好未来在中国总共90个城市开展业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着快速增长国家的家长们越来越重视孩子的基础教育，以及电子学习日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>良好的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来 2021 年第二季度的财务业绩并不令人印象深刻，该公司盈利 11 亿美元（同比增长 20.8%），而分析师预期该季度为 11.2 亿美元。不过，该公司公布本季度每股收益为 0.08 美元，比分析师普遍预期的 0.05 美元高出 0.03 美元。由于小学教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成巨轮投资的猿辅导和作业帮等本地纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非 GAAP 营业利润率从 2020 年第二季度的 9.8% 降至 -1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新市场机遇</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>近五六年来，随着国家的支持、技术的发展、资本的涌入，中国的在线K12教育行业得到了快速发展。二零二零年，中国K12在线教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育的渗透率约为15%。随着2020年初新冠肺炎的袭击，在线教育的优势非常明显。在线K12教育的渗透率在2020年3月达到顶峰。虽然行业在国内仍处于消费普及阶段，但有明显的趋势。作为获取教育信息和服务的新兴方式，这一领域一直表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871个学习中心（线下辅导中心）、648个培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情证明的原因。为了控制 COVID-19 的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下降。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用，但它们无法与 VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用的收入贡献从 2020 财年第二季度的 17% 增加到 2021 财年第二季度的 26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务构成阻力。虽然疫苗已经出现，但18岁以下的儿童是不允许接种的。当大多数投资者意识到该公司仍然专注于正式或基于课堂的辅导和培训时，TAL 的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>好未来自大约九年前上市以来一直保持稳定增长。此后，收入增长了约 30 倍，复合年增长率为 45.7%，平均毛利率高达 50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至 2 月份的上一财年的业绩受到 COVID-19 引发的限制措施的重大影响，这些限制措施在中国很早就开始了。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。结果，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而上年同期为44.1%。学生入学总数仍在上升，同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资较少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量一直在减少。与好未来相比，新东方自2018年以来更加激进。好未来的融资从2016年的24笔大幅下降到2020年的只有两笔。这两项投资是在互动学习SaaS平台UMU和在线儿童数学辅导应用上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的进入</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比激增 64%，占总收入的 22%，同比增长 4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为越来越多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也涉足在线教育业务。好未来需要升级其在线教育业务才能维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，公司的核心竞争力在于大数据、直播智能等技术在中国在线教育行业的深度应用。就专有的基于学费的技术而言，该公司没有在研发上投入太多资金。现有的进入壁垒很少。理论上，新进入者可以购买师资和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020 年 4 月，好未来承认员工不当行为导致销售数据虚增，瑞幸咖啡 (OTCPK:LKNCY) 3.1 亿美元欺诈后进一步阻碍了市场信心，成为丑闻缠身的在美上市中国公司之一。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>两年前，浑水公司发布了一份报告，称该公司是“一家拥有虚假财务数据的真实企业”。报告称，“好未来在其核心培优业务的财务报表中存在欺诈行为。培优欺诈更难量化，但我们的研究表明，欺诈性多报了公司约 25% 至 30% 的收入”。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资TAL教育的合适时机。我们给予该股中性评级，因为我们认为该公司无法应对即将到来的行业内激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强线上业务，与新来者和老牌企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬而未决保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（前身为跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利能力。</li><li>替代学生获取渠道和成人教育贡献增加等增长动力也应该有所帮助。</li><li>尽管电动汽车/销量倍数有折扣，但我会推迟启动头寸，因为目前正在等待政策悬而未决的清除。</li></ul>刚刚更名的高途集团（GOTU/跟谁学）最近举办的投资者活动对其运营和高层管理人员的战略进行了有趣的介绍，及时了解了长期前景。特别是，跟谁学强调其持续关注卓越的教学、服务质量和技术投资是关键的差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期的更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，它也可能带来更健康的行业动态，这也应该会推动亏损缩小。虽然政策改革的悬而未决使其难以转为看涨，但跟谁学的贴现 c.3 倍电动汽车/销售倍数看起来也要求不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益增长的重要性</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，跟谁学在2020年第四季度和2021年第一季度的流量获取有所减少，大幅下降。2021 年 1 月至 2 月的销售线索成本降低 20%（低于 2020 年 11 月至 12 月期间）。最近的下降可能是由于今年早些时候教育部（MOE）最近的一次采访引发了在线流量获取的监管不确定性。21年第一季度新入学增长的巨大压力可能也是营收指导低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道以抵消压力，这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低 50% 以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，在这方面，跟谁学并不孤单——其他在线AST玩家也发起了类似的举措，从在线一对一和小班玩家，如51talk（COE）、VIPKID和新东方子公司Koolearn，其大班覆盖范围已达到约100个城市。同样，在线大班课外辅导企业也开始通过合作伙伴关系扩展到线下收购，好未来教育（TAL）子公司学而思最近几个月还与联想（OTCPK：LNVGY）合作。随着作业帮等私营企业也在组建线下流量获取团队，竞争压力可能会对近期前景造成负面影响。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个主要增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，随着人们越来越多地寻求在不确定的就业市场中提升技能，成人教育也成为一个潜在的增长机会。随着收入水平的提高，人们也在教育上花费更多，以便更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>资料来源：跟谁学上市招股说明书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务有望成为收入同比增长+100%的关键增长动力。考虑到成人教育在 2020 财年占跟谁学收入的 10% 以上，我预计随着时间的推移，这一贡献将继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课外辅导，因为入学/导师比例更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线法规仍然是关键问题</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线法规令人担忧，可能的措施包括禁止虚假广告、加强对教育营销支出的控制，以及对机构和教师提出更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整个行业的发展，让在线课外辅导玩家能够将更多的资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏明确性，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也会有利于利润率。反过来，这应该会改善企业的长期经济效益，并推动下一季度亏损缩小。增长放缓的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量，并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，跟谁学有一个c。人民币82亿元现金头寸（包括流动性投资），应能抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。随着跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。虽然跟谁学的股价因Archegos资本事件和政策担忧而受到影响，但其远期电动汽车/销售倍数已大幅下降至c。3 倍，以及与 TAL 和 EDU 等同行相比不断扩大的相对折扣可能意味着负面影响已被定价。然而，在政策悬而未决的问题被解除之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</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>Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</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\">\nChinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</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\">2021-06-23 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）中国教育股周三早盘多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为 EDU 是现在值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>第一季度末，Insider Monkey 追踪的对冲基金中共有 45 家看好该股，较一季度前变化了 5%。下面，您可以查看过去 23 个季度对冲基金对 EDU 情绪的变化。随着聪明资金的头寸经历通常的起伏，存在一个值得注意的对冲基金经理的“上层”，他们正在大幅增加持仓（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由比亚迪1资本合伙公司持有，该公司报告称截至12月底持有价值3.505亿美元的股票。紧随其后的是 GQG Partners，头寸为 3.198 亿美元。其他看好该公司的投资者包括 Tiger Global Management LLC、Farallon Capital 和 Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital 将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其 13F 投资组合的 42.13%。麒麟管理公司也相对非常看好该股，将其 13F 股票投资组合的 18.73% 指定给 EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣飙升，一些大牌公司自己也在破土动工。由 David Fear 管理的 Thunderbird Partners 在新东方教育科技集团公司（纽约证券交易所股票代码：EDU）中确立了最有价值的职位。截至本季度末，Thunderbird Partners 已向该公司投资 1670 万美元。Eduardo Costa’sCalixto Global Investors在本季度还对该股进行了1470万美元的投资。其他拥有全新EDU头寸的基金有Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的sOld Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括堪萨斯城南方航空 (NYSE:KSU)、纽柯公司 (NYSE:NUE)、佛朗哥-内华达公司 (NYSE:FNV)、Fortive Corporation (NYSE:FTV)、哈特福德金融服务集团公司 (NYSE:HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和 Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都与 EDU 的市值最接近。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有 32.1 家对冲基金持有看涨头寸，投资于这些股票的平均金额为 12.39 亿美元。在EDU的案例中，这个数字是21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是该表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的，只有 12 个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对 EDU 的总体对冲基金情绪得分为 70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票会获得更高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在囤积的股票。我们的计算显示，对冲基金中最受欢迎的 5 只股票在 2019 年和 2020 年的回报率为 95.8%，比标普500 ETF（SPDR标普500指数ETF）高出 40 个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU 远不如这 5 只股票受欢迎，押注 EDU 的对冲基金感到失望，因为该股自 3 月底（截至 6/18）以来的回报率为 -45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021 财年第二季度收入和 XRS online 增长低于普遍预期。</li><li>2020年，中国K12在线教育市场规模达890亿元，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资额自2016年以来持续下降。</li><li>随着新冠肺炎重塑市场，科技巨头开始大举进军数字教育行业。</li><li>我们并不认为该公司能够应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又称明日高级学习）（TAL）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务部门。该公司以优质教育和课外辅导为载体体系，在全球范围内提供服务。成立于2003年，2010年在纽约证券交易所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方（EDU）竞争。可以说，两家公司都引领着中国的教育行业；首先，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在国内共有98个城市和1个国外城市（多伦多）都有活跃的业务。好未来在中国总共90个城市开展业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着快速增长国家的家长们越来越重视孩子的基础教育，以及电子学习日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>良好的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来 2021 年第二季度的财务业绩并不令人印象深刻，该公司盈利 11 亿美元（同比增长 20.8%），而分析师预期该季度为 11.2 亿美元。不过，该公司公布本季度每股收益为 0.08 美元，比分析师普遍预期的 0.05 美元高出 0.03 美元。由于小学教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成巨轮投资的猿辅导和作业帮等本地纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非 GAAP 营业利润率从 2020 年第二季度的 9.8% 降至 -1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新市场机遇</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>近五六年来，随着国家的支持、技术的发展、资本的涌入，中国的在线K12教育行业得到了快速发展。二零二零年，中国K12在线教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育的渗透率约为15%。随着2020年初新冠肺炎的袭击，在线教育的优势非常明显。在线K12教育的渗透率在2020年3月达到顶峰。虽然行业在国内仍处于消费普及阶段，但有明显的趋势。作为获取教育信息和服务的新兴方式，这一领域一直表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871个学习中心（线下辅导中心）、648个培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情证明的原因。为了控制 COVID-19 的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下降。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用，但它们无法与 VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用的收入贡献从 2020 财年第二季度的 17% 增加到 2021 财年第二季度的 26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务构成阻力。虽然疫苗已经出现，但18岁以下的儿童是不允许接种的。当大多数投资者意识到该公司仍然专注于正式或基于课堂的辅导和培训时，TAL 的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>好未来自大约九年前上市以来一直保持稳定增长。此后，收入增长了约 30 倍，复合年增长率为 45.7%，平均毛利率高达 50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至 2 月份的上一财年的业绩受到 COVID-19 引发的限制措施的重大影响，这些限制措施在中国很早就开始了。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。结果，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而上年同期为44.1%。学生入学总数仍在上升，同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资较少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量一直在减少。与好未来相比，新东方自2018年以来更加激进。好未来的融资从2016年的24笔大幅下降到2020年的只有两笔。这两项投资是在互动学习SaaS平台UMU和在线儿童数学辅导应用上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的进入</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比激增 64%，占总收入的 22%，同比增长 4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为越来越多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也涉足在线教育业务。好未来需要升级其在线教育业务才能维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，公司的核心竞争力在于大数据、直播智能等技术在中国在线教育行业的深度应用。就专有的基于学费的技术而言，该公司没有在研发上投入太多资金。现有的进入壁垒很少。理论上，新进入者可以购买师资和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020 年 4 月，好未来承认员工不当行为导致销售数据虚增，瑞幸咖啡 (OTCPK:LKNCY) 3.1 亿美元欺诈后进一步阻碍了市场信心，成为丑闻缠身的在美上市中国公司之一。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>两年前，浑水公司发布了一份报告，称该公司是“一家拥有虚假财务数据的真实企业”。报告称，“好未来在其核心培优业务的财务报表中存在欺诈行为。培优欺诈更难量化，但我们的研究表明，欺诈性多报了公司约 25% 至 30% 的收入”。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资TAL教育的合适时机。我们给予该股中性评级，因为我们认为该公司无法应对即将到来的行业内激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强线上业务，与新来者和老牌企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬而未决保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（前身为跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利能力。</li><li>替代学生获取渠道和成人教育贡献增加等增长动力也应该有所帮助。</li><li>尽管电动汽车/销量倍数有折扣，但我会推迟启动头寸，因为目前正在等待政策悬而未决的清除。</li></ul>刚刚更名的高途集团（GOTU/跟谁学）最近举办的投资者活动对其运营和高层管理人员的战略进行了有趣的介绍，及时了解了长期前景。特别是，跟谁学强调其持续关注卓越的教学、服务质量和技术投资是关键的差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期的更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，它也可能带来更健康的行业动态，这也应该会推动亏损缩小。虽然政策改革的悬而未决使其难以转为看涨，但跟谁学的贴现 c.3 倍电动汽车/销售倍数看起来也要求不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益增长的重要性</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，跟谁学在2020年第四季度和2021年第一季度的流量获取有所减少，大幅下降。2021 年 1 月至 2 月的销售线索成本降低 20%（低于 2020 年 11 月至 12 月期间）。最近的下降可能是由于今年早些时候教育部（MOE）最近的一次采访引发了在线流量获取的监管不确定性。21年第一季度新入学增长的巨大压力可能也是营收指导低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道以抵消压力，这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低 50% 以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，在这方面，跟谁学并不孤单——其他在线AST玩家也发起了类似的举措，从在线一对一和小班玩家，如51talk（COE）、VIPKID和新东方子公司Koolearn，其大班覆盖范围已达到约100个城市。同样，在线大班课外辅导企业也开始通过合作伙伴关系扩展到线下收购，好未来教育（TAL）子公司学而思最近几个月还与联想（OTCPK：LNVGY）合作。随着作业帮等私营企业也在组建线下流量获取团队，竞争压力可能会对近期前景造成负面影响。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个主要增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，随着人们越来越多地寻求在不确定的就业市场中提升技能，成人教育也成为一个潜在的增长机会。随着收入水平的提高，人们也在教育上花费更多，以便更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>资料来源：跟谁学上市招股说明书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务有望成为收入同比增长+100%的关键增长动力。考虑到成人教育在 2020 财年占跟谁学收入的 10% 以上，我预计随着时间的推移，这一贡献将继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课外辅导，因为入学/导师比例更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线法规仍然是关键问题</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线法规令人担忧，可能的措施包括禁止虚假广告、加强对教育营销支出的控制，以及对机构和教师提出更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整个行业的发展，让在线课外辅导玩家能够将更多的资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏明确性，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也会有利于利润率。反过来，这应该会改善企业的长期经济效益，并推动下一季度亏损缩小。增长放缓的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量，并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，跟谁学有一个c。人民币82亿元现金头寸（包括流动性投资），应能抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。随着跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。虽然跟谁学的股价因Archegos资本事件和政策担忧而受到影响，但其远期电动汽车/销售倍数已大幅下降至c。3 倍，以及与 TAL 和 EDU 等同行相比不断扩大的相对折扣可能意味着负面影响已被定价。然而，在政策悬而未决的问题被解除之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EDU":"新东方","TAL":"好未来","GOTU":"高途"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170395888","content_text":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Think EDU Is A Good Stock To Buy Now?\nAt first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).\nThe largest stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education & Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.\nAs industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education & Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.\nLet's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education & Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.\nAs you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education & Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.\nTAL Education: Not Ready To Handle A New Wave Of Market Rivalry\nSummary\n\nFY2Q2021 revenue and XRS online growth fell below consensus expectations.\nIn 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.\nUnlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.\nWith COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.\nWe do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.\n\nTAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education & parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.\nIn China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.\nAs parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.\nDecent financial results\nTAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.\nNew market opportunities\nIn the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.\nIn 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.\n\nThe fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.\nTAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.\nThe re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.\nTAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.\nResults from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.\nLess venture investment presence\nSince 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.\n\nThe entrance of tech giants\nSales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.\nWith upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.\nThe education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.\nAllegation probe\nIn April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.\nTwo years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"\nBottom line\nThis might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.\nGaotu Group: Policy Overhang Keeps The Risk-Reward Balanced\nSummary\n\nThe longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).\nAdverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.\nGrowth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.\nDespite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.\n\nNewly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.\nGrowing Importance of Alternative Student Acquisition Channels\nWorryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).\n\nSource:GSX Investor Presentation Slides\nHowever, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.\nAdult Education Set to be Another Top-Line Growth Driver\nWithin the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.\n\nSource:GSX Listing Prospectus Filing\nNotably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.\nOnline Regulations Remain the Key Concern\nLooking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.\nAny restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.\n\nSource: GSX Investor Presentation Slides\nFinal Take\nOverall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.\nData by YCharts","news_type":1,"symbols_score_info":{"EDU":0.9,"TAL":0.9,"GOTU":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112149296,"gmtCreate":1622857501915,"gmtModify":1634097337191,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"I do agree with this","listText":"I do agree with this","text":"I do agree with this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112149296","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohunote.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</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>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"ZME":"掌门教育",".SPX":"S&P 500 Index","LFST":"LifeStance Health Group, Inc.","MQ":"Marqeta, Inc.","TASK":"TaskUs Inc.",".DJI":"道琼斯","DIBS":"1stdibs.com Inc.",".IXIC":"NASDAQ Composite","BZ":"BOSS直聘","MNDY":"Monday.com Ltd.","ZETA":"Zeta Global Holdings Corp."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".IXIC":0.9,"ZETA":0.9,"TASK":0.9,"BZ":0.9,"DIBS":0.9,"MNDY":0.9,"LFST":0.9,"ZME":0.9,".SPX":0.9,"MQ":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148238892,"gmtCreate":1625976961816,"gmtModify":1631892993041,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148238892","repostId":"1106289851","repostType":4,"repost":{"id":"1106289851","kind":"news","pubTimestamp":1625972710,"share":"https://www.laohunote.com/m/news/1106289851?lang=zh_CN&edition=full","pubTime":"2021-07-11 11:05","market":"us","language":"en","title":"PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106289851","media":"Barrons","summary":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday:","content":"<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PEP":"百事可乐"},"source_url":"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106289851","content_text":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.\nOn Friday, Cowen & Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.\nAzer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.\nThe analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.\nAlso, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.\nOther analysts have been optimistic about Pepsi’s earnings as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.\nConsensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.\nPepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155229797,"gmtCreate":1625441294519,"gmtModify":1633940771460,"author":{"id":"3574881932341088","authorId":"3574881932341088","name":"46afca07","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574881932341088","idStr":"3574881932341088"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155229797","repostId":"2148807264","repostType":4,"isVote":1,"tweetType":1,"viewCount":588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}