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StephanieCCH

StephanieCCH

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2021-08-27

Interesting

Where Will IBM Stock Be In 5 Years? The Sum Vs. The Parts<blockquote>5年后IBM股票会在哪里？总和与部分</blockquote>

2021-08-26

Thanks for sharing

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2021-08-25

Alibaba will be a better pick

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2021-08-19

Thanks for sharing

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2021-08-18

Thanks for sharing

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2021-08-15

Clean energy 👍

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2021-08-13

Nice!

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2021-08-13

Interesting

Romeo Power shares jumped more than 13% in premarket trading.<blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</blockquote>

2021-08-11

Interesting

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2021-08-10

👍 nice

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2021-08-06

Thanks for sharing

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2021-08-05

Like

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2021-08-05

Thanks for sharing

10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</blockquote>

2021-08-03

Interesting

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2021-08-03

Shall monitor the trend

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2021-08-02

Good move

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2021-07-31

Fantastic

EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</blockquote>

2021-07-29

Fantastic

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2021-07-27

NIO

EV stocks surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</blockquote>

2021-07-27

Nice

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The Sum Vs. The Parts<blockquote>5年后IBM股票会在哪里？总和与部分</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105148569","media":"seekingalpha","summary":"Summary\n\nIBM has seen sequential revenue declines for 9 out of the last 10 years, and its shareholde","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM has seen sequential revenue declines for 9 out of the last 10 years, and its shareholders over this time have gotten to know pain and disappointment.</li>  <li>The company now has a plan to spin off the low-growth/declining parts of the business into a new company called Kyndryl, while retaining the high-growth parts (cloud, AI, etc) at IBM.</li>  <li>IBM is a cheap stock with a heavy debt load, declining revenue and margins, and a high dividend to pay. The spinoff could be their last hope at returning to greatness.</li>  <li>Of course, the devil will be in the details with the spinoff, which is expected to close before year end.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/313d3fa3ce4a7636843bc498f8f8c2b8\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>IBM 在过去 10 年中有 9 年的收入连续下降，这段时间其股东已经感受到了痛苦和失望。</li><li>该公司现在计划将业务的低增长/下降部分分拆到一家名为Kyndryl的新公司，同时保留IBM的高增长部分（云、人工智能等）。</li><li>IBM 是一只廉价股票，债务负担沉重，收入和利润率下降，而且需要支付高额股息。衍生产品可能是他们重返辉煌的最后希望。</li><li>当然，魔鬼将在分拆的细节中，分拆预计将在年底前完成。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Can IBM Grow?</b></p><p><blockquote><b>IBM能成长吗？</b></blockquote></p><p> IBM(NYSE:IBM), formally known as International Business Machines Corporation, is one of America's oldest and most venerable technology companies. However, over the past couple of decades, the company has struggled to compete with newer tech companies like Amazon(NASDAQ:AMZN). As such, despite a futile decades-long effort to boost earnings per share via layoffs and debt-funded acquisitions and share buybacks, IBM has been unable to escape the&nbsp;reality of its declining revenue. As such, the market has slowly but surely punished IBM with a lower share price.</p><p><blockquote>IBM（纽约证券交易所股票代码：IBM），正式名称为国际商业机器公司，是美国历史最悠久、最受尊敬的科技公司之一。然而，在过去的几十年里，该公司一直在努力与亚马逊（纳斯达克股票代码：AMZN）等较新的科技公司竞争。因此，尽管数十年来通过裁员、债务融资收购和股票回购来提高每股收益的努力徒劳无功，但 IBM 仍无法摆脱收入下降的现实。因此，市场缓慢但肯定地以较低的股价惩罚了 IBM。</blockquote></p><p> IBM's management team has a new plan to turn it all around, and this time it just might work. The idea, spin-off the slow-growth parts of the business into a new company called Kyndryl while retaining high-growth divisions like cloud computing, artificial intelligence, and software (including Red Hat) at IBM. Kyndryl is certainly an odd choice for a company name. The name sounds like a cross between some kind of comic book villain and the antihistamine drug Benadryl, but that's the new entity where IBM appears set to dump most of their underperforming businesses into. The deal is expected to close&nbsp;before year-end.</p><p><blockquote>IBM的管理团队有一个新的计划来扭转局面，这一次它可能会奏效。这个想法是将业务增长缓慢的部分分拆成一家名为Kyndryl的新公司，同时保留IBM的云计算、人工智能和软件（包括红帽）等高增长部门。对于一个公司名称来说，Kyndryl无疑是一个奇怪的选择。这个名字听起来像是某种漫画反派和抗组胺药物苯海拉明的结合体，但这是 IBM 似乎准备将其大部分表现不佳的业务投入的新实体。该交易预计将在年底前完成。</blockquote></p><p> The logic here is that the software and cloud business would be worth more as an independent company without being bogged down by a shrinking legacy business with ~100,000 employees. In other words, the investment bankers behind the deal would surely tell you that the sum should be worth more than the parts, but a lot of whether this deal works depends on the details. For example, how will the debt be split up among the companies? Will unprofitable divisions be closed, retained at IBM, or spun-off to the new company? IBM has said that they intend to maintain the dividend, but AT&amp;T(NYSE:T)was cornered by a lack of cash into breaking a similar promise with their&nbsp;recent spinoff announcement. We'll know more when Kyndryl files its initial Form 10 with the SEC. At least initially, the earnings power of the combined company should equal the sum of the two separate ones. Whether the tactic makes a meaningful change in the overall valuation of IBM will be an interesting case study. With this in mind, let's look at some financial and valuation metrics for IBM.</p><p><blockquote>这里的逻辑是，软件和云业务作为一家独立公司会更有价值，而不会被拥有约10万名员工的传统业务所困扰。换句话说，这笔交易背后的投资银行家肯定会告诉你，这笔钱应该比部分更有价值，但这笔交易是否有效很大程度上取决于细节。例如，债务将如何在公司之间分配？无利可图的部门会被关闭，保留在IBM，还是分拆到新公司？IBM 表示，他们打算维持股息，但 AT&amp;T（纽约证券交易所股票代码：T）因缺乏现金而被迫在最近宣布分拆时违背了类似的承诺。当 Kyndryl 向 SEC 提交初始表格 10 时，我们将了解更多信息。至少在最初，合并后的公司的盈利能力应该等于两个独立公司的总和。这一策略是否会对IBM的整体估值产生有意义的改变，将是一个有趣的案例研究。考虑到这一点，让我们来看看IBM的一些财务和估值指标。</blockquote></p><p> <b>IBM Stock Price</b></p><p><blockquote><b>IBM 股价</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eee324f760e76c8ac959f7ee715b5e\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>IBM Stock PriceData by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCharts 提供的 IBM 股价数据</span></p></blockquote></p><p> As mentioned earlier, IBM has not been able to grow its share price with financial engineering. The picture improves when you look at IBM from a total return perspective, but companies that pay dividends out of retained earnings while the share price falls like IBM has are simply just machines for turning the return of initial shareholder capital into taxable dividends. This creates unnecessary taxes for shareholders while the company's payout ratio and debt ratios deteriorate—a pointless, lose-lose situation.</p><p><blockquote>如前所述，IBM一直无法通过金融工程来提高其股价。当你从总回报的角度来看IBM时，情况会有所改善，但像IBM这样在股价下跌时从留存收益中支付股息的公司，只是将初始股东资本回报转化为应税股息的机器。这给股东带来了不必要的税收，而公司的派息率和债务比率却在恶化——这是一种毫无意义的双输局面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe790a96a6683b2f1a0704eebe48ff8f\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts IBM Financials</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts IBM Financials提供</span></p></blockquote></p><p> <b>IBM Financials</b></p><p><blockquote><b>IBM财务</b></blockquote></p><p> Here is IBM's revenue, (trailing 12 months by quarter) over the last 10 years.</p><p><blockquote>这是IBM过去10年的收入（按季度追踪12个月）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b9826ec419f86a8ceabaaadfeee6a6\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Now here's a look at IBM's operating margins, again for the last 10 years.</p><p><blockquote>现在让我们来看看IBM过去10年的营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f9cd7d5bc1e17fe0d818f5ff86e0238\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> And IBM's debt load.</p><p><blockquote>以及 IBM 的债务负担。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf23d4b9026a4201b443db26491d106a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> Looking at IBM's&nbsp;balance sheet and income statement&nbsp;shows an unambiguous picture of a business in decline. This has been known for a long time. It's likely only a matter of time before the 4.7 percent dividend yield comes under pressure. Despite this, there are some signs of a turnaround. The past couple of quarterly earnings came in higher than estimates, and the dividend should be covered by&nbsp;expected earnings of $10.70for this year (the dividend wasn't covered last year).</p><p><blockquote>看看 IBM 的资产负债表和损益表，可以清楚地看到该公司正在衰落的业务。这早就知道了。4.7%的股息收益率面临压力可能只是时间问题。尽管如此，还是有一些好转的迹象。过去几个季度的收益高于预期，今年的预期收益应为 10.70 美元（去年不包括股息）。</blockquote></p><p> For next year, analysts&nbsp;expect earnings of nearly $12, but their revenue estimates are far more subdued, calling for about only a two-percent increase. There are a lot of things that companies can do to make earnings temporarily better, but revenue and revenue per share are much harder numbers to smooth out. To this point, I don't love IBM's accounting, the whole thing has a feel to it like they're robbing Peter to pay Paul, every quarter, for years on end.</p><p><blockquote>分析师预计明年的盈利将接近 12 美元，但他们的收入预期要低得多，预计仅增长 2% 左右。公司可以做很多事情来暂时改善盈利，但收入和每股收益是更难平滑的数字。在这一点上，我不喜欢IBM的会计，整件事有一种感觉，就像他们在抢劫彼得来支付保罗，每个季度，连续几年。</blockquote></p><p> <b>Where Will IBM Be in 5 Years?</b></p><p><blockquote><b>5年后IBM会在哪里？</b></blockquote></p><p> One thing we know is that IBM is highly likely to be two companies instead of one. IBM itself could likely trade for a higher multiple, perhaps in line with the S&amp;P's P/E ratio in the low 20s, while Kyndryl is likely to trade somewhere below 10x earnings. Of the two, IBM is likely to be the better investment. I would expect that the earnings per share would slowly decline for Kyndryl while growing 5-10 percent annually for IBM. One wild card here is how the debt for the two companies is split up. There is going to be a temptation to place more of the debt in Kyndryl to turn the new IBM into a star performer. This is the stuff of corporate law firms who make a lot more money per hour than I do, but my feeling is that the long-term bonds issued by IBM probably are going to have to be guaranteed by both companies going forward in some capacity, depending on the debt covenants. Some&nbsp;recent debt covenant cases&nbsp;with Hewlett Packard(NYSE:HPQ)and Penn National(NASDAQ:PENN)are worth reading.</p><p><blockquote>我们知道的一件事是，IBM很可能是两家公司，而不是一家。IBM 本身可能会以更高的市盈率进行交易，这可能与标准普尔 20 多倍的市盈率一致，而 Kyndryl 的市盈率可能会低于 10 倍。在这两者中，IBM可能是更好的投资。我预计Kyndryl的每股收益将缓慢下降，而IBM的每年增长5-10%。这里的一个未知数是两家公司的债务如何分割。将更多的债务放在Kyndryl上，将新的IBM变成明星表演者，将会有一种诱惑。这是公司律师事务所的东西，他们每小时赚的钱比我多得多，但我的感觉是，IBM发行的长期债券可能必须由两家公司以某种身份进行担保，这取决于债务契约。最近与惠普公司（纽约证券交易所股票代码：HPQ）和宾夕法尼亚国民公司（纳斯达克股票代码：PENN）的一些债务契约案件值得一读。</blockquote></p><p> Just ballparking the combined company and recent earnings, my best estimate for 5-year returns is 0-2 percent annually if you hold both. Kyndryl probably will have to cut its dividend at some point if revenue doesn't start growing, while IBM itself can grow earnings handsomely on the software side and could possibly become a dividend growth stock. After the spinoff, I would expect high-single-digit annual returns for IBM proper and low-single-digit negative returns for Kyndryl. These would be subject to the valuations of both companies, but that's my best estimate at this point. What are your thoughts? Feel free to share your take in the comment section!</p><p><blockquote>综合考虑合并后的公司和最近的收益，如果您同时持有这两者，我对 5 年回报率的最佳估计是每年 0-2%。如果收入没有开始增长，Kyndryl 可能不得不在某个时候削减股息，而 IBM 本身可以在软件方面大幅增长盈利，并可能成为股息增长股。分拆后，我预计 IBM proper 将获得高个位数的年回报，而 Kyndryl 将获得低个位数的负回报。这些将取决于两家公司的估值，但这是我目前的最佳估计。你有什么想法？欢迎在评论区分享你的看法!</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>Where Will IBM Stock Be In 5 Years? The Sum Vs. The Parts<blockquote>5年后IBM股票会在哪里？总和与部分</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\">\nWhere Will IBM Stock Be In 5 Years? The Sum Vs. The Parts<blockquote>5年后IBM股票会在哪里？总和与部分</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-26 23:16</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>IBM has seen sequential revenue declines for 9 out of the last 10 years, and its shareholders over this time have gotten to know pain and disappointment.</li>  <li>The company now has a plan to spin off the low-growth/declining parts of the business into a new company called Kyndryl, while retaining the high-growth parts (cloud, AI, etc) at IBM.</li>  <li>IBM is a cheap stock with a heavy debt load, declining revenue and margins, and a high dividend to pay. The spinoff could be their last hope at returning to greatness.</li>  <li>Of course, the devil will be in the details with the spinoff, which is expected to close before year end.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/313d3fa3ce4a7636843bc498f8f8c2b8\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>IBM 在过去 10 年中有 9 年的收入连续下降，这段时间其股东已经感受到了痛苦和失望。</li><li>该公司现在计划将业务的低增长/下降部分分拆到一家名为Kyndryl的新公司，同时保留IBM的高增长部分（云、人工智能等）。</li><li>IBM 是一只廉价股票，债务负担沉重，收入和利润率下降，而且需要支付高额股息。衍生产品可能是他们重返辉煌的最后希望。</li><li>当然，魔鬼将在分拆的细节中，分拆预计将在年底前完成。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Can IBM Grow?</b></p><p><blockquote><b>IBM能成长吗？</b></blockquote></p><p> IBM(NYSE:IBM), formally known as International Business Machines Corporation, is one of America's oldest and most venerable technology companies. However, over the past couple of decades, the company has struggled to compete with newer tech companies like Amazon(NASDAQ:AMZN). As such, despite a futile decades-long effort to boost earnings per share via layoffs and debt-funded acquisitions and share buybacks, IBM has been unable to escape the&nbsp;reality of its declining revenue. As such, the market has slowly but surely punished IBM with a lower share price.</p><p><blockquote>IBM（纽约证券交易所股票代码：IBM），正式名称为国际商业机器公司，是美国历史最悠久、最受尊敬的科技公司之一。然而，在过去的几十年里，该公司一直在努力与亚马逊（纳斯达克股票代码：AMZN）等较新的科技公司竞争。因此，尽管数十年来通过裁员、债务融资收购和股票回购来提高每股收益的努力徒劳无功，但 IBM 仍无法摆脱收入下降的现实。因此，市场缓慢但肯定地以较低的股价惩罚了 IBM。</blockquote></p><p> IBM's management team has a new plan to turn it all around, and this time it just might work. The idea, spin-off the slow-growth parts of the business into a new company called Kyndryl while retaining high-growth divisions like cloud computing, artificial intelligence, and software (including Red Hat) at IBM. Kyndryl is certainly an odd choice for a company name. The name sounds like a cross between some kind of comic book villain and the antihistamine drug Benadryl, but that's the new entity where IBM appears set to dump most of their underperforming businesses into. The deal is expected to close&nbsp;before year-end.</p><p><blockquote>IBM的管理团队有一个新的计划来扭转局面，这一次它可能会奏效。这个想法是将业务增长缓慢的部分分拆成一家名为Kyndryl的新公司，同时保留IBM的云计算、人工智能和软件（包括红帽）等高增长部门。对于一个公司名称来说，Kyndryl无疑是一个奇怪的选择。这个名字听起来像是某种漫画反派和抗组胺药物苯海拉明的结合体，但这是 IBM 似乎准备将其大部分表现不佳的业务投入的新实体。该交易预计将在年底前完成。</blockquote></p><p> The logic here is that the software and cloud business would be worth more as an independent company without being bogged down by a shrinking legacy business with ~100,000 employees. In other words, the investment bankers behind the deal would surely tell you that the sum should be worth more than the parts, but a lot of whether this deal works depends on the details. For example, how will the debt be split up among the companies? Will unprofitable divisions be closed, retained at IBM, or spun-off to the new company? IBM has said that they intend to maintain the dividend, but AT&amp;T(NYSE:T)was cornered by a lack of cash into breaking a similar promise with their&nbsp;recent spinoff announcement. We'll know more when Kyndryl files its initial Form 10 with the SEC. At least initially, the earnings power of the combined company should equal the sum of the two separate ones. Whether the tactic makes a meaningful change in the overall valuation of IBM will be an interesting case study. With this in mind, let's look at some financial and valuation metrics for IBM.</p><p><blockquote>这里的逻辑是，软件和云业务作为一家独立公司会更有价值，而不会被拥有约10万名员工的传统业务所困扰。换句话说，这笔交易背后的投资银行家肯定会告诉你，这笔钱应该比部分更有价值，但这笔交易是否有效很大程度上取决于细节。例如，债务将如何在公司之间分配？无利可图的部门会被关闭，保留在IBM，还是分拆到新公司？IBM 表示，他们打算维持股息，但 AT&amp;T（纽约证券交易所股票代码：T）因缺乏现金而被迫在最近宣布分拆时违背了类似的承诺。当 Kyndryl 向 SEC 提交初始表格 10 时，我们将了解更多信息。至少在最初，合并后的公司的盈利能力应该等于两个独立公司的总和。这一策略是否会对IBM的整体估值产生有意义的改变，将是一个有趣的案例研究。考虑到这一点，让我们来看看IBM的一些财务和估值指标。</blockquote></p><p> <b>IBM Stock Price</b></p><p><blockquote><b>IBM 股价</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eee324f760e76c8ac959f7ee715b5e\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>IBM Stock PriceData by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCharts 提供的 IBM 股价数据</span></p></blockquote></p><p> As mentioned earlier, IBM has not been able to grow its share price with financial engineering. The picture improves when you look at IBM from a total return perspective, but companies that pay dividends out of retained earnings while the share price falls like IBM has are simply just machines for turning the return of initial shareholder capital into taxable dividends. This creates unnecessary taxes for shareholders while the company's payout ratio and debt ratios deteriorate—a pointless, lose-lose situation.</p><p><blockquote>如前所述，IBM一直无法通过金融工程来提高其股价。当你从总回报的角度来看IBM时，情况会有所改善，但像IBM这样在股价下跌时从留存收益中支付股息的公司，只是将初始股东资本回报转化为应税股息的机器。这给股东带来了不必要的税收，而公司的派息率和债务比率却在恶化——这是一种毫无意义的双输局面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe790a96a6683b2f1a0704eebe48ff8f\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts IBM Financials</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts IBM Financials提供</span></p></blockquote></p><p> <b>IBM Financials</b></p><p><blockquote><b>IBM财务</b></blockquote></p><p> Here is IBM's revenue, (trailing 12 months by quarter) over the last 10 years.</p><p><blockquote>这是IBM过去10年的收入（按季度追踪12个月）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b9826ec419f86a8ceabaaadfeee6a6\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Now here's a look at IBM's operating margins, again for the last 10 years.</p><p><blockquote>现在让我们来看看IBM过去10年的营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f9cd7d5bc1e17fe0d818f5ff86e0238\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> And IBM's debt load.</p><p><blockquote>以及 IBM 的债务负担。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf23d4b9026a4201b443db26491d106a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> Looking at IBM's&nbsp;balance sheet and income statement&nbsp;shows an unambiguous picture of a business in decline. This has been known for a long time. It's likely only a matter of time before the 4.7 percent dividend yield comes under pressure. Despite this, there are some signs of a turnaround. The past couple of quarterly earnings came in higher than estimates, and the dividend should be covered by&nbsp;expected earnings of $10.70for this year (the dividend wasn't covered last year).</p><p><blockquote>看看 IBM 的资产负债表和损益表，可以清楚地看到该公司正在衰落的业务。这早就知道了。4.7%的股息收益率面临压力可能只是时间问题。尽管如此，还是有一些好转的迹象。过去几个季度的收益高于预期，今年的预期收益应为 10.70 美元（去年不包括股息）。</blockquote></p><p> For next year, analysts&nbsp;expect earnings of nearly $12, but their revenue estimates are far more subdued, calling for about only a two-percent increase. There are a lot of things that companies can do to make earnings temporarily better, but revenue and revenue per share are much harder numbers to smooth out. To this point, I don't love IBM's accounting, the whole thing has a feel to it like they're robbing Peter to pay Paul, every quarter, for years on end.</p><p><blockquote>分析师预计明年的盈利将接近 12 美元，但他们的收入预期要低得多，预计仅增长 2% 左右。公司可以做很多事情来暂时改善盈利，但收入和每股收益是更难平滑的数字。在这一点上，我不喜欢IBM的会计，整件事有一种感觉，就像他们在抢劫彼得来支付保罗，每个季度，连续几年。</blockquote></p><p> <b>Where Will IBM Be in 5 Years?</b></p><p><blockquote><b>5年后IBM会在哪里？</b></blockquote></p><p> One thing we know is that IBM is highly likely to be two companies instead of one. IBM itself could likely trade for a higher multiple, perhaps in line with the S&amp;P's P/E ratio in the low 20s, while Kyndryl is likely to trade somewhere below 10x earnings. Of the two, IBM is likely to be the better investment. I would expect that the earnings per share would slowly decline for Kyndryl while growing 5-10 percent annually for IBM. One wild card here is how the debt for the two companies is split up. There is going to be a temptation to place more of the debt in Kyndryl to turn the new IBM into a star performer. This is the stuff of corporate law firms who make a lot more money per hour than I do, but my feeling is that the long-term bonds issued by IBM probably are going to have to be guaranteed by both companies going forward in some capacity, depending on the debt covenants. Some&nbsp;recent debt covenant cases&nbsp;with Hewlett Packard(NYSE:HPQ)and Penn National(NASDAQ:PENN)are worth reading.</p><p><blockquote>我们知道的一件事是，IBM很可能是两家公司，而不是一家。IBM 本身可能会以更高的市盈率进行交易，这可能与标准普尔 20 多倍的市盈率一致，而 Kyndryl 的市盈率可能会低于 10 倍。在这两者中，IBM可能是更好的投资。我预计Kyndryl的每股收益将缓慢下降，而IBM的每年增长5-10%。这里的一个未知数是两家公司的债务如何分割。将更多的债务放在Kyndryl上，将新的IBM变成明星表演者，将会有一种诱惑。这是公司律师事务所的东西，他们每小时赚的钱比我多得多，但我的感觉是，IBM发行的长期债券可能必须由两家公司以某种身份进行担保，这取决于债务契约。最近与惠普公司（纽约证券交易所股票代码：HPQ）和宾夕法尼亚国民公司（纳斯达克股票代码：PENN）的一些债务契约案件值得一读。</blockquote></p><p> Just ballparking the combined company and recent earnings, my best estimate for 5-year returns is 0-2 percent annually if you hold both. Kyndryl probably will have to cut its dividend at some point if revenue doesn't start growing, while IBM itself can grow earnings handsomely on the software side and could possibly become a dividend growth stock. After the spinoff, I would expect high-single-digit annual returns for IBM proper and low-single-digit negative returns for Kyndryl. These would be subject to the valuations of both companies, but that's my best estimate at this point. What are your thoughts? Feel free to share your take in the comment section!</p><p><blockquote>综合考虑合并后的公司和最近的收益，如果您同时持有这两者，我对 5 年回报率的最佳估计是每年 0-2%。如果收入没有开始增长，Kyndryl 可能不得不在某个时候削减股息，而 IBM 本身可以在软件方面大幅增长盈利，并可能成为股息增长股。分拆后，我预计 IBM proper 将获得高个位数的年回报，而 Kyndryl 将获得低个位数的负回报。这些将取决于两家公司的估值，但这是我目前的最佳估计。你有什么想法？欢迎在评论区分享你的看法!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4451811-ibm-stock-5-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4451811-ibm-stock-5-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105148569","content_text":"Summary\n\nIBM has seen sequential revenue declines for 9 out of the last 10 years, and its shareholders over this time have gotten to know pain and disappointment.\nThe company now has a plan to spin off the low-growth/declining parts of the business into a new company called Kyndryl, while retaining the high-growth parts (cloud, AI, etc) at IBM.\nIBM is a cheap stock with a heavy debt load, declining revenue and margins, and a high dividend to pay. The spinoff could be their last hope at returning to greatness.\nOf course, the devil will be in the details with the spinoff, which is expected to close before year end.\n\nSundry Photography/iStock Editorial via Getty Images\nCan IBM Grow?\nIBM(NYSE:IBM), formally known as International Business Machines Corporation, is one of America's oldest and most venerable technology companies. However, over the past couple of decades, the company has struggled to compete with newer tech companies like Amazon(NASDAQ:AMZN). As such, despite a futile decades-long effort to boost earnings per share via layoffs and debt-funded acquisitions and share buybacks, IBM has been unable to escape the reality of its declining revenue. As such, the market has slowly but surely punished IBM with a lower share price.\nIBM's management team has a new plan to turn it all around, and this time it just might work. The idea, spin-off the slow-growth parts of the business into a new company called Kyndryl while retaining high-growth divisions like cloud computing, artificial intelligence, and software (including Red Hat) at IBM. Kyndryl is certainly an odd choice for a company name. The name sounds like a cross between some kind of comic book villain and the antihistamine drug Benadryl, but that's the new entity where IBM appears set to dump most of their underperforming businesses into. The deal is expected to close before year-end.\nThe logic here is that the software and cloud business would be worth more as an independent company without being bogged down by a shrinking legacy business with ~100,000 employees. In other words, the investment bankers behind the deal would surely tell you that the sum should be worth more than the parts, but a lot of whether this deal works depends on the details. For example, how will the debt be split up among the companies? Will unprofitable divisions be closed, retained at IBM, or spun-off to the new company? IBM has said that they intend to maintain the dividend, but AT&T(NYSE:T)was cornered by a lack of cash into breaking a similar promise with their recent spinoff announcement. We'll know more when Kyndryl files its initial Form 10 with the SEC. At least initially, the earnings power of the combined company should equal the sum of the two separate ones. Whether the tactic makes a meaningful change in the overall valuation of IBM will be an interesting case study. With this in mind, let's look at some financial and valuation metrics for IBM.\nIBM Stock Price\nIBM Stock PriceData by YCharts\nAs mentioned earlier, IBM has not been able to grow its share price with financial engineering. The picture improves when you look at IBM from a total return perspective, but companies that pay dividends out of retained earnings while the share price falls like IBM has are simply just machines for turning the return of initial shareholder capital into taxable dividends. This creates unnecessary taxes for shareholders while the company's payout ratio and debt ratios deteriorate—a pointless, lose-lose situation.\nData by YCharts IBM Financials\nIBM Financials\nHere is IBM's revenue, (trailing 12 months by quarter) over the last 10 years.\nData by YCharts\nNow here's a look at IBM's operating margins, again for the last 10 years.\nData by YCharts\nAnd IBM's debt load.\nData by YCharts\nLooking at IBM's balance sheet and income statement shows an unambiguous picture of a business in decline. This has been known for a long time. It's likely only a matter of time before the 4.7 percent dividend yield comes under pressure. Despite this, there are some signs of a turnaround. The past couple of quarterly earnings came in higher than estimates, and the dividend should be covered by expected earnings of $10.70for this year (the dividend wasn't covered last year).\nFor next year, analysts expect earnings of nearly $12, but their revenue estimates are far more subdued, calling for about only a two-percent increase. There are a lot of things that companies can do to make earnings temporarily better, but revenue and revenue per share are much harder numbers to smooth out. To this point, I don't love IBM's accounting, the whole thing has a feel to it like they're robbing Peter to pay Paul, every quarter, for years on end.\nWhere Will IBM Be in 5 Years?\nOne thing we know is that IBM is highly likely to be two companies instead of one. IBM itself could likely trade for a higher multiple, perhaps in line with the S&P's P/E ratio in the low 20s, while Kyndryl is likely to trade somewhere below 10x earnings. Of the two, IBM is likely to be the better investment. I would expect that the earnings per share would slowly decline for Kyndryl while growing 5-10 percent annually for IBM. One wild card here is how the debt for the two companies is split up. There is going to be a temptation to place more of the debt in Kyndryl to turn the new IBM into a star performer. This is the stuff of corporate law firms who make a lot more money per hour than I do, but my feeling is that the long-term bonds issued by IBM probably are going to have to be guaranteed by both companies going forward in some capacity, depending on the debt covenants. Some recent debt covenant cases with Hewlett Packard(NYSE:HPQ)and Penn National(NASDAQ:PENN)are worth reading.\nJust ballparking the combined company and recent earnings, my best estimate for 5-year returns is 0-2 percent annually if you hold both. Kyndryl probably will have to cut its dividend at some point if revenue doesn't start growing, while IBM itself can grow earnings handsomely on the software side and could possibly become a dividend growth stock. After the spinoff, I would expect high-single-digit annual returns for IBM proper and low-single-digit negative returns for Kyndryl. These would be subject to the valuations of both companies, but that's my best estimate at this point. What are your thoughts? Feel free to share your take in the comment section!","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":3806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837443887,"gmtCreate":1629908000149,"gmtModify":1631891268978,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Thanks for sharing&nbsp;","listText":"Thanks for sharing&nbsp;","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837443887","repostId":"1195052190","repostType":4,"isVote":1,"tweetType":1,"viewCount":4501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834457988,"gmtCreate":1629821900044,"gmtModify":1631891268991,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Alibaba will be a better pick","listText":"Alibaba will be a better pick","text":"Alibaba will be a better pick","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834457988","repostId":"1189203464","repostType":4,"isVote":1,"tweetType":1,"viewCount":4199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831453747,"gmtCreate":1629342833889,"gmtModify":1631891269002,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/831453747","repostId":"2160314917","repostType":4,"isVote":1,"tweetType":1,"viewCount":2448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833400982,"gmtCreate":1629252612846,"gmtModify":1631891269024,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Thanks for sharing&nbsp;","listText":"Thanks for sharing&nbsp;","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/833400982","repostId":"2160880977","repostType":4,"isVote":1,"tweetType":1,"viewCount":3692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830898070,"gmtCreate":1629040277290,"gmtModify":1631891269044,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Clean energy 👍","listText":"Clean energy 👍","text":"Clean energy 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830898070","repostId":"1138531277","repostType":4,"isVote":1,"tweetType":1,"viewCount":3947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897902009,"gmtCreate":1628866031901,"gmtModify":1631891269048,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"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/897902009","repostId":"1122574836","repostType":4,"isVote":1,"tweetType":1,"viewCount":2383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897906836,"gmtCreate":1628866014525,"gmtModify":1631891269052,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897906836","repostId":"1107799045","repostType":4,"repost":{"id":"1107799045","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":1628842218,"share":"https://www.laohunote.com/m/news/1107799045?lang=zh_CN&edition=full","pubTime":"2021-08-13 16:10","market":"us","language":"en","title":"Romeo Power shares jumped more than 13% in premarket trading.<blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107799045","media":"Tiger Newspress","summary":"Romeo Power shares jumped more than 13% in premarket trading.\nRomeo Power, Inc. , an energy technolo","content":"<p>Romeo Power&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;13%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/90bb3e8674cf7aa43830e60ef577052c\" tg-width=\"901\" tg-height=\"602\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/RMO\">Romeo Power, Inc.</a> , an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd. (\"LG Energy\"), a Tier 1 battery cell and materials manufacturer.</p><p><blockquote><a href=\"https://laohu8.com/S/RMO\">罗密欧电力公司。</a>为复杂商用车应用提供先进电气化解决方案的能源技术领导者，已与LG Energy Solution, Ltd.（“LG Energy”）签订锂离子电池长期供应协议，LG Energy Solution, Ltd.（“LG Energy”）是一家一级电池和材料制造商。</blockquote></p><p> Under the long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.</p><p><blockquote>根据长期供应协议，LG Energy 承诺到 2028 年向 Romeo Power 供应相当于 8GWh 能源的电池。Romeo Power 预计将使用分配的电池为其客户销售或运营的约 29,000 辆电动汽车制造电池组。</blockquote></p><p> Romeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on August 10, 2021.</p><p><blockquote>罗密欧电力公司将通过可收回的预付款 6470 万美元，为 LG Energy 在韩国欧昌增建一条装配线提供便利。该协议已获双方董事会批准，并于2021年8月10日生效。</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>Romeo Power shares jumped more than 13% in premarket trading.<blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</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\">\nRomeo Power shares jumped more than 13% in premarket trading.<blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</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\">2021-08-13 16:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Romeo Power&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;13%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>罗密欧电力公司股价在盘前交易中上涨超过 13%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/90bb3e8674cf7aa43830e60ef577052c\" tg-width=\"901\" tg-height=\"602\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/RMO\">Romeo Power, Inc.</a> , an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd. (\"LG Energy\"), a Tier 1 battery cell and materials manufacturer.</p><p><blockquote><a href=\"https://laohu8.com/S/RMO\">罗密欧电力公司。</a>为复杂商用车应用提供先进电气化解决方案的能源技术领导者，已与LG Energy Solution, Ltd.（“LG Energy”）签订锂离子电池长期供应协议，LG Energy Solution, Ltd.（“LG Energy”）是一家一级电池和材料制造商。</blockquote></p><p> Under the long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.</p><p><blockquote>根据长期供应协议，LG Energy 承诺到 2028 年向 Romeo Power 供应相当于 8GWh 能源的电池。Romeo Power 预计将使用分配的电池为其客户销售或运营的约 29,000 辆电动汽车制造电池组。</blockquote></p><p> Romeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on August 10, 2021.</p><p><blockquote>罗密欧电力公司将通过可收回的预付款 6470 万美元，为 LG Energy 在韩国欧昌增建一条装配线提供便利。该协议已获双方董事会批准，并于2021年8月10日生效。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RMO":"Romeo Power, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107799045","content_text":"Romeo Power shares jumped more than 13% in premarket trading.\nRomeo Power, Inc. , an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd. (\"LG Energy\"), a Tier 1 battery cell and materials manufacturer.\nUnder the long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.\nRomeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on August 10, 2021.","news_type":1,"symbols_score_info":{"RMO":0.9}},"isVote":1,"tweetType":1,"viewCount":3731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892843849,"gmtCreate":1628650373881,"gmtModify":1631891269066,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892843849","repostId":"2158048475","repostType":4,"isVote":1,"tweetType":1,"viewCount":3316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896251542,"gmtCreate":1628587134686,"gmtModify":1631891269078,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"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/896251542","repostId":"1127196790","repostType":4,"isVote":1,"tweetType":1,"viewCount":2995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893132907,"gmtCreate":1628244613009,"gmtModify":1633752295542,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893132907","repostId":"1128779869","repostType":4,"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899347440,"gmtCreate":1628164780780,"gmtModify":1633753034775,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899347440","repostId":"1121665544","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899347142,"gmtCreate":1628164737286,"gmtModify":1633753035143,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Thanks for sharing&nbsp;","listText":"Thanks for sharing&nbsp;","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899347142","repostId":"1162240698","repostType":4,"repost":{"id":"1162240698","kind":"news","pubTimestamp":1628163800,"share":"https://www.laohunote.com/m/news/1162240698?lang=zh_CN&edition=full","pubTime":"2021-08-05 19:43","market":"us","language":"en","title":"10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162240698","media":"MarketWatch","summary":"Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combin","content":"<p>  <b>Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.</b>  My recent column describing&nbsp;the “perfect company”&nbsp;elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及位置感和目标感是成功组合的一部分。</b>我最近发表的描述 “完美公司 ”的专栏文章引起了读者的几位提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美的公司定义为不需要增量资本，产生功能上无限的回报，并保持长远的眼光。一个完美的公司领导者必须善于分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>承认这样的公司很少见，读者提出了许多例子。下面按字母顺序排列的这10个例子被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE，+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>BRK.A，-0.88% BRK.B，-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌 STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6. 费尔法克斯金融控股公司 FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程 ITW，-1.31%</li><li>8. 强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL，+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>技术 ROP,-0.44%</li></ul>这些公司所在的行业通常不需要增量资本或适度增量资本——保险、科学、技术和软件。这满足了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导是强大的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>几十年来，费尔法克斯公司的马克-伦纳德（Mark Leonard）和费尔法克斯公司的普雷姆-瓦特萨（Prem Watsa）一直是各自公司的化身，他们都培养了一批志同道合的管理者。其他所有公司都由一连串令人印象深刻的领导者管理，比如丹纳赫公司的拉莱斯兄弟和同名公司的马克尔家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>收购纪律体现在高资本回报率、公司的机会主义性质以及相对默默无闻上。至于后者，在这 10 家公司进行的数千起收购中，只有少数是 Adobe 的 Photoshop、<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或伯克希尔的乳制品女王。大多数人都没听说过这些公司收购的大部分企业。ISCAR、Pall、Quipp、Vertafore 还有谁？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation 已经进行了数百次小型收购，而 Illinois Tool Works 则进行了大约 1,000 次收购。Adobe、Danaher、Fairfax 和 Markel 已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者有一个共同点，那就是他们等待推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织起来的。总部将大量自主权授予各业务负责人。信任渗透到他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持印象。例如，这些公司在完美公司的属性排名中一再领先，如资本配置能力和分散的基于信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还以长期的领导力和内部持股而闻名（尤其是董事，这表明他们 “得到 ”了完美的公司）。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有 10 家公司在吸引长期专注（“优质 ”）股东方面都排名靠前。他们的股东沟通水平也很高--从股东的角度来看，这是一家完美公司的合乎逻辑的附加物。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者们对我的同事所描述的 “完美公司”很有帮助。这些公司是否是完美的投资取决于它们的当前股价。但它们当然值得仔细研究。</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>10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</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\">\n10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-05 19:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.</b>  My recent column describing&nbsp;the “perfect company”&nbsp;elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及位置感和目标感是成功组合的一部分。</b>我最近发表的描述 “完美公司 ”的专栏文章引起了读者的几位提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美的公司定义为不需要增量资本，产生功能上无限的回报，并保持长远的眼光。一个完美的公司领导者必须善于分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>承认这样的公司很少见，读者提出了许多例子。下面按字母顺序排列的这10个例子被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE，+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>BRK.A，-0.88% BRK.B，-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌 STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6. 费尔法克斯金融控股公司 FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程 ITW，-1.31%</li><li>8. 强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL，+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>技术 ROP,-0.44%</li></ul>这些公司所在的行业通常不需要增量资本或适度增量资本——保险、科学、技术和软件。这满足了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导是强大的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>几十年来，费尔法克斯公司的马克-伦纳德（Mark Leonard）和费尔法克斯公司的普雷姆-瓦特萨（Prem Watsa）一直是各自公司的化身，他们都培养了一批志同道合的管理者。其他所有公司都由一连串令人印象深刻的领导者管理，比如丹纳赫公司的拉莱斯兄弟和同名公司的马克尔家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>收购纪律体现在高资本回报率、公司的机会主义性质以及相对默默无闻上。至于后者，在这 10 家公司进行的数千起收购中，只有少数是 Adobe 的 Photoshop、<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或伯克希尔的乳制品女王。大多数人都没听说过这些公司收购的大部分企业。ISCAR、Pall、Quipp、Vertafore 还有谁？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation 已经进行了数百次小型收购，而 Illinois Tool Works 则进行了大约 1,000 次收购。Adobe、Danaher、Fairfax 和 Markel 已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者有一个共同点，那就是他们等待推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织起来的。总部将大量自主权授予各业务负责人。信任渗透到他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持印象。例如，这些公司在完美公司的属性排名中一再领先，如资本配置能力和分散的基于信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还以长期的领导力和内部持股而闻名（尤其是董事，这表明他们 “得到 ”了完美的公司）。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有 10 家公司在吸引长期专注（“优质 ”）股东方面都排名靠前。他们的股东沟通水平也很高--从股东的角度来看，这是一家完美公司的合乎逻辑的附加物。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者们对我的同事所描述的 “完美公司”很有帮助。这些公司是否是完美的投资取决于它们的当前股价。但它们当然值得仔细研究。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click\">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":{"ITW":"伊利诺伊机械","GOOG":"谷歌","JNJ":"强生","MKL":"Markel Corp","ROP":"儒博实业","DHR":"丹纳赫","BRK.A":"伯克希尔","FAXRF":"Fairfax Financial Holdings Ltd.","STZ":"星座品牌","ADBE":"Adobe"},"source_url":"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162240698","content_text":"Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.\n\nMy recent column describing the “perfect company” elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.\nAs a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.\nAcknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:\n\n1. Adobe ADBE,+0.71%\n2. Alphabet (Google) GOOGL,-0.37%\n3. Berkshire Hathaway BRK.A,-0.88% BRK.B,-1.07%\n4. Constellation Brands STZ,-0.88%\n5. Danaher DHR,+1.09%\n6. Fairfax Financial Holdings FFH,+4.70%\n7. Illinois Tool Works ITW,-1.31%\n8. Johnson & Johnson JNJ,-0.59%\n9. Markel MKL,+0.30%\n10. Roper Technologies ROP,-0.44%\n\nThese companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.  That meets the first hurdle.\nTheir leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, Constellation’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.  A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.\nAcquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.  As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, Alphabet’s YouTube, or Berkshire’s Dairy Queen.  Most people haven’t heard of the majority of the businesses these companies have acquired.  ISCAR, Pall, Quipp, Vertafore anyone?\nAcquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.\nAll of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.\nThe data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as capital allocation prowess and decentralized trust-based cultures.\nThey are also notable for the longevity of their leadership and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).\nNot coincidentally, all 10 companies rank high in attracting long-term focused (“quality”) shareholders. They also rank high in the caliber of their shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.\nIn short, readers have helpfully identified “perfect companies” in the sense my colleague described.  Whether these companies are perfect investments depends on their prevailing stock price.  But they certainly warrant a close look.","news_type":1,"symbols_score_info":{"DHR":0.9,"FAXRF":0.9,"JNJ":0.9,"GOOG":0.9,"ITW":0.9,"STZ":0.9,"ADBE":0.9,"MKL":0.9,"ROP":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804533080,"gmtCreate":1627963025340,"gmtModify":1633754819320,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804533080","repostId":"2156116066","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804530333,"gmtCreate":1627962889422,"gmtModify":1633754820815,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Shall monitor the trend","listText":"Shall monitor the trend","text":"Shall monitor the trend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804530333","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":1076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805435439,"gmtCreate":1627897757921,"gmtModify":1633755497280,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Good move","listText":"Good move","text":"Good move","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805435439","repostId":"1185600084","repostType":4,"isVote":1,"tweetType":1,"viewCount":759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802126814,"gmtCreate":1627737179338,"gmtModify":1633756724761,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Fantastic&nbsp;","listText":"Fantastic&nbsp;","text":"Fantastic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802126814","repostId":"1194710219","repostType":4,"repost":{"id":"1194710219","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":1627652868,"share":"https://www.laohunote.com/m/news/1194710219?lang=zh_CN&edition=full","pubTime":"2021-07-30 21:47","market":"us","language":"en","title":"EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194710219","media":"Tiger Newspress","summary":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.","content":"<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</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\">2021-07-30 21:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","NIU":"小牛电动","TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194710219","content_text":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.","news_type":1,"symbols_score_info":{"NIO":0.9,"LI":0.9,"NIU":0.9,"TSLA":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808380174,"gmtCreate":1627556773398,"gmtModify":1633763838548,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"Fantastic&nbsp;","listText":"Fantastic&nbsp;","text":"Fantastic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808380174","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809695705,"gmtCreate":1627363429607,"gmtModify":1633765696007,"author":{"id":"3576720131456704","authorId":"3576720131456704","name":"StephanieCCH","avatar":"https://static.tigerbbs.com/92b6ecf9837c466df852858bfcbddfdf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576720131456704","idStr":"3576720131456704"},"themes":[],"title":"","htmlText":"NIO","listText":"NIO","text":"NIO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809695705","repostId":"1150818931","repostType":4,"repost":{"id":"1150818931","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":1627309255,"share":"https://www.laohunote.com/m/news/1150818931?lang=zh_CN&edition=full","pubTime":"2021-07-26 22:20","market":"us","language":"en","title":"EV stocks surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150818931","media":"Tiger Newspress","summary":"EV stocks surged in Monday morning trading.Lucid Motors spikes 12%,Xpeng Motors and Li Auto jumped 4","content":"<p>EV stocks surged in Monday morning trading.Lucid Motors spikes&nbsp;12%,Xpeng Motors and Li Auto&nbsp;jumped&nbsp;4%,Tesla&nbsp;and&nbsp;Nio&nbsp;rose&nbsp;2%.</p><p><blockquote>电动汽车股票在周一早盘交易中飙升.Lucid Motors 飙升 12%，小鹏汽车和理想汽车上涨 4%，特斯拉和蔚来上涨 2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68b40eae8375c009ccfbb5d7183d05ce\" tg-width=\"354\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</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; 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stocks surged in Monday morning trading.Lucid Motors spikes&nbsp;12%,Xpeng Motors and Li Auto&nbsp;jumped&nbsp;4%,Tesla&nbsp;and&nbsp;Nio&nbsp;rose&nbsp;2%.</p><p><blockquote>电动汽车股票在周一早盘交易中飙升.Lucid Motors 飙升 12%，小鹏汽车和理想汽车上涨 4%，特斯拉和蔚来上涨 2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68b40eae8375c009ccfbb5d7183d05ce\" tg-width=\"354\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc","LI":"理想汽车","TSLA":"特斯拉","FSR":"菲斯克","NIO":"蔚来","XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150818931","content_text":"EV stocks surged in Monday morning trading.Lucid Motors spikes 12%,Xpeng Motors and Li 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They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及位置感和目标感是成功组合的一部分。</b>我最近发表的描述 “完美公司 ”的专栏文章引起了读者的几位提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美的公司定义为不需要增量资本，产生功能上无限的回报，并保持长远的眼光。一个完美的公司领导者必须善于分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>承认这样的公司很少见，读者提出了许多例子。下面按字母顺序排列的这10个例子被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE，+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>BRK.A，-0.88% BRK.B，-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌 STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6. 费尔法克斯金融控股公司 FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程 ITW，-1.31%</li><li>8. 强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL，+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>技术 ROP,-0.44%</li></ul>这些公司所在的行业通常不需要增量资本或适度增量资本——保险、科学、技术和软件。这满足了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导是强大的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>几十年来，费尔法克斯公司的马克-伦纳德（Mark Leonard）和费尔法克斯公司的普雷姆-瓦特萨（Prem Watsa）一直是各自公司的化身，他们都培养了一批志同道合的管理者。其他所有公司都由一连串令人印象深刻的领导者管理，比如丹纳赫公司的拉莱斯兄弟和同名公司的马克尔家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>收购纪律体现在高资本回报率、公司的机会主义性质以及相对默默无闻上。至于后者，在这 10 家公司进行的数千起收购中，只有少数是 Adobe 的 Photoshop、<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或伯克希尔的乳制品女王。大多数人都没听说过这些公司收购的大部分企业。ISCAR、Pall、Quipp、Vertafore 还有谁？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation 已经进行了数百次小型收购，而 Illinois Tool Works 则进行了大约 1,000 次收购。Adobe、Danaher、Fairfax 和 Markel 已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者有一个共同点，那就是他们等待推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织起来的。总部将大量自主权授予各业务负责人。信任渗透到他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持印象。例如，这些公司在完美公司的属性排名中一再领先，如资本配置能力和分散的基于信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还以长期的领导力和内部持股而闻名（尤其是董事，这表明他们 “得到 ”了完美的公司）。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有 10 家公司在吸引长期专注（“优质 ”）股东方面都排名靠前。他们的股东沟通水平也很高--从股东的角度来看，这是一家完美公司的合乎逻辑的附加物。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者们对我的同事所描述的 “完美公司”很有帮助。这些公司是否是完美的投资取决于它们的当前股价。但它们当然值得仔细研究。</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>10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</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\">\n10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10 只股票具备成为“完美”公司的条件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-05 19:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.</b>  My recent column describing&nbsp;the “perfect company”&nbsp;elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及位置感和目标感是成功组合的一部分。</b>我最近发表的描述 “完美公司 ”的专栏文章引起了读者的几位提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美的公司定义为不需要增量资本，产生功能上无限的回报，并保持长远的眼光。一个完美的公司领导者必须善于分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>承认这样的公司很少见，读者提出了许多例子。下面按字母顺序排列的这10个例子被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE，+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>BRK.A，-0.88% BRK.B，-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌 STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6. 费尔法克斯金融控股公司 FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程 ITW，-1.31%</li><li>8. 强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL，+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>技术 ROP,-0.44%</li></ul>这些公司所在的行业通常不需要增量资本或适度增量资本——保险、科学、技术和软件。这满足了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导是强大的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>几十年来，费尔法克斯公司的马克-伦纳德（Mark Leonard）和费尔法克斯公司的普雷姆-瓦特萨（Prem Watsa）一直是各自公司的化身，他们都培养了一批志同道合的管理者。其他所有公司都由一连串令人印象深刻的领导者管理，比如丹纳赫公司的拉莱斯兄弟和同名公司的马克尔家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>收购纪律体现在高资本回报率、公司的机会主义性质以及相对默默无闻上。至于后者，在这 10 家公司进行的数千起收购中，只有少数是 Adobe 的 Photoshop、<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或伯克希尔的乳制品女王。大多数人都没听说过这些公司收购的大部分企业。ISCAR、Pall、Quipp、Vertafore 还有谁？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation 已经进行了数百次小型收购，而 Illinois Tool Works 则进行了大约 1,000 次收购。Adobe、Danaher、Fairfax 和 Markel 已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者有一个共同点，那就是他们等待推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织起来的。总部将大量自主权授予各业务负责人。信任渗透到他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持印象。例如，这些公司在完美公司的属性排名中一再领先，如资本配置能力和分散的基于信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还以长期的领导力和内部持股而闻名（尤其是董事，这表明他们 “得到 ”了完美的公司）。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有 10 家公司在吸引长期专注（“优质 ”）股东方面都排名靠前。他们的股东沟通水平也很高--从股东的角度来看，这是一家完美公司的合乎逻辑的附加物。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者们对我的同事所描述的 “完美公司”很有帮助。这些公司是否是完美的投资取决于它们的当前股价。但它们当然值得仔细研究。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click\">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":{"ITW":"伊利诺伊机械","GOOG":"谷歌","JNJ":"强生","MKL":"Markel Corp","ROP":"儒博实业","DHR":"丹纳赫","BRK.A":"伯克希尔","FAXRF":"Fairfax Financial Holdings Ltd.","STZ":"星座品牌","ADBE":"Adobe"},"source_url":"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162240698","content_text":"Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.\n\nMy recent column describing the “perfect company” elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.\nAs a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.\nAcknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:\n\n1. Adobe ADBE,+0.71%\n2. Alphabet (Google) GOOGL,-0.37%\n3. Berkshire Hathaway BRK.A,-0.88% BRK.B,-1.07%\n4. Constellation Brands STZ,-0.88%\n5. Danaher DHR,+1.09%\n6. Fairfax Financial Holdings FFH,+4.70%\n7. Illinois Tool Works ITW,-1.31%\n8. Johnson & Johnson JNJ,-0.59%\n9. Markel MKL,+0.30%\n10. Roper Technologies ROP,-0.44%\n\nThese companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.  That meets the first hurdle.\nTheir leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, Constellation’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.  A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.\nAcquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.  As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, Alphabet’s YouTube, or Berkshire’s Dairy Queen.  Most people haven’t heard of the majority of the businesses these companies have acquired.  ISCAR, Pall, Quipp, Vertafore anyone?\nAcquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.\nAll of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.\nThe data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as capital allocation prowess and decentralized trust-based cultures.\nThey are also notable for the longevity of their leadership and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).\nNot coincidentally, all 10 companies rank high in attracting long-term focused (“quality”) shareholders. They also rank high in the caliber of their shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.\nIn short, readers have helpfully identified “perfect companies” in the sense my colleague described.  Whether these companies are perfect investments depends on their prevailing stock price.  But they certainly warrant a close look.","news_type":1,"symbols_score_info":{"DHR":0.9,"FAXRF":0.9,"JNJ":0.9,"GOOG":0.9,"ITW":0.9,"STZ":0.9,"ADBE":0.9,"MKL":0.9,"ROP":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}