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2021-10-03

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2021-07-15

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Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says<blockquote>马斯克称特斯拉Powerwall积压订单超过产能</blockquote>

2021-12-21

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Yatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</blockquote>

2021-07-22

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2021-10-17

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2021-10-12

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2021-10-07

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2021-09-28

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AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>

2021-10-31

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2021-08-22

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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":1640701946,"share":"https://www.laohu8.com/m/news/1125505230?lang=zh_CN&edition=full","pubTime":"2021-12-28 22:32","market":"us","language":"en","title":"S&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡Omicron威胁，标普500勉强创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125505230","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the fin","content":"<p>U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.</p><p><blockquote>美国股市周二基本持平，主要股指有望在今年最后一周创下历史新高。</blockquote></p><p> The Dow Jones Industrial Average traded up 0.1%. The S&amp;P 500 gained less than 0.1%. The Nasdaq Composite was flat.</p><p><blockquote>道琼斯工业平均指数上涨0.1%。标普500涨幅不到0.1%。纳斯达克综合指数持平。</blockquote></p><p> The move in futures comes after stocks rallied in Monday’s regular session, with the S&amp;P 500 closing at its 69th record high of the year.</p><p><blockquote>期货走势是在周一常规交易中股市上涨之后发生的，标普500收于今年第69个历史新高。</blockquote></p><p> Markets continued to look to pandemic news for direction.</p><p><blockquote>市场继续从大流行新闻中寻找方向。</blockquote></p><p> The Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.</p><p><blockquote>美国疾病控制与预防中心周一宣布，如果检测呈阳性的人没有症状，将把隔离建议从10天缩短至5天。</blockquote></p><p> Research out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.</p><p><blockquote>南非的研究还表明，奥密克戎感染有助于增强对早期新冠病毒delta毒株的免疫力。</blockquote></p><p> Pharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.</p><p><blockquote>在疫情相对乐观的消息传出后，医药股早盘下跌。周二上午，Moderna股价下跌1.1%，辉瑞股价在清淡的盘前交易中小幅走低。</blockquote></p><p> Stocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.</p><p><blockquote>11月下旬，股市下跌，部分原因是奥密克戎变种Covid-19的兴起，但由于各国政府基本上避免恢复封锁和严格的社交距离措施，股市随后反弹。</blockquote></p><p> Stocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.</p><p><blockquote>在一年的最后几天，股市往往会在清淡的交易中上涨，通常被称为“圣诞老人反弹”。然而，许多华尔街专业人士预测，在经历了两年的强劲表现后，2022年股市涨幅相对较小。</blockquote></p><p> “If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”</p><p><blockquote>摩根士丹利财富管理公司高级副总裁吉姆·拉坎普(Jim Lacamp)在“收盘钟声”节目中表示：“如果你环顾华尔街，你会发现预期非常平淡，这可能反映出我们可能处于周期的后期。”</blockquote></p><p> For the year, the S&amp;P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.</p><p><blockquote>今年，标普500上涨27.6%，纳斯达克上涨23.1%。道琼斯指数表现落后，上涨18.6%。</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>S&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡Omicron威胁，标普500勉强创下历史新高</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\">\nS&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡Omicron威胁，标普500勉强创下历史新高</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\">2021-12-28 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.</p><p><blockquote>美国股市周二基本持平，主要股指有望在今年最后一周创下历史新高。</blockquote></p><p> The Dow Jones Industrial Average traded up 0.1%. The S&amp;P 500 gained less than 0.1%. The Nasdaq Composite was flat.</p><p><blockquote>道琼斯工业平均指数上涨0.1%。标普500涨幅不到0.1%。纳斯达克综合指数持平。</blockquote></p><p> The move in futures comes after stocks rallied in Monday’s regular session, with the S&amp;P 500 closing at its 69th record high of the year.</p><p><blockquote>期货走势是在周一常规交易中股市上涨之后发生的，标普500收于今年第69个历史新高。</blockquote></p><p> Markets continued to look to pandemic news for direction.</p><p><blockquote>市场继续从大流行新闻中寻找方向。</blockquote></p><p> The Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.</p><p><blockquote>美国疾病控制与预防中心周一宣布，如果检测呈阳性的人没有症状，将把隔离建议从10天缩短至5天。</blockquote></p><p> Research out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.</p><p><blockquote>南非的研究还表明，奥密克戎感染有助于增强对早期新冠病毒delta毒株的免疫力。</blockquote></p><p> Pharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.</p><p><blockquote>在疫情相对乐观的消息传出后，医药股早盘下跌。周二上午，Moderna股价下跌1.1%，辉瑞股价在清淡的盘前交易中小幅走低。</blockquote></p><p> Stocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.</p><p><blockquote>11月下旬，股市下跌，部分原因是奥密克戎变种Covid-19的兴起，但由于各国政府基本上避免恢复封锁和严格的社交距离措施，股市随后反弹。</blockquote></p><p> Stocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.</p><p><blockquote>在一年的最后几天，股市往往会在清淡的交易中上涨，通常被称为“圣诞老人反弹”。然而，许多华尔街专业人士预测，在经历了两年的强劲表现后，2022年股市涨幅相对较小。</blockquote></p><p> “If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”</p><p><blockquote>摩根士丹利财富管理公司高级副总裁吉姆·拉坎普(Jim Lacamp)在“收盘钟声”节目中表示：“如果你环顾华尔街，你会发现预期非常平淡，这可能反映出我们可能处于周期的后期。”</blockquote></p><p> For the year, the S&amp;P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.</p><p><blockquote>今年，标普500上涨27.6%，纳斯达克上涨23.1%。道琼斯指数表现落后，上涨18.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125505230","content_text":"U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.\n\nThe Dow Jones Industrial Average traded up 0.1%. The S&P 500 gained less than 0.1%. The Nasdaq Composite was flat.\n\nThe move in futures comes after stocks rallied in Monday’s regular session, with the S&P 500 closing at its 69th record high of the year.\n\nMarkets continued to look to pandemic news for direction.\n\nThe Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.\n\nResearch out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.\n\nPharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.\n\nStocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.\n\nStocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.\n\n“If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”\n\nFor the year, the S&P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698768413,"gmtCreate":1640560573063,"gmtModify":1640560909562,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698768413","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohu8.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</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\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY.AU":"SPDR® S&P 500® ETF Trust","FCEL":"燃料电池能源","BK4096":"电气部件与设备","BK4541":"氢能源"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":2642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698736720,"gmtCreate":1640533112866,"gmtModify":1640533113113,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698736720","repostId":"2193178197","repostType":4,"isVote":1,"tweetType":1,"viewCount":3017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698532180,"gmtCreate":1640442400783,"gmtModify":1640442401038,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698532180","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":3875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698810445,"gmtCreate":1640335987693,"gmtModify":1640335987934,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698810445","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":2660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691569137,"gmtCreate":1640221417829,"gmtModify":1640221418027,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691569137","repostId":"2193113147","repostType":4,"isVote":1,"tweetType":1,"viewCount":3116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691132839,"gmtCreate":1640145966835,"gmtModify":1640145967045,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691132839","repostId":"1157657338","repostType":4,"repost":{"id":"1157657338","kind":"news","pubTimestamp":1640144039,"share":"https://www.laohu8.com/m/news/1157657338?lang=zh_CN&edition=full","pubTime":"2021-12-22 11:33","market":"us","language":"en","title":"3 Stocks to Buy in a Heartbeat If There's a Stock Market Crash in 2022<blockquote>如果2022年股市崩盘，值得立即买入的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157657338","media":"Motley Fool","summary":"Each has an excellent future, and a stock market crash could give investors a chance to buy them at lower prices.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Airbnb is arguably a better business now than before the pandemic.</li>  <li>Apple's iPhone is capturing new customers for its ecosystem.</li>  <li>Amazon's more profitable segments are growing faster.</li> </ul> Stock market crashes are nearly impossible to predict with any precision. However, investors can prepare for a crash by setting aside extra cash in their portfolios in anticipation. That way, if there is a market crash, investors have cash on hand and are ready to deploy it in buying excellent stocks at lower prices.</p><p><blockquote><ul><li>爱彼迎现在的业务可以说比大流行之前更好。</li><li>苹果的iPhone正在为其生态系统吸引新客户。</li><li>亚马逊利润更高的细分市场增长更快。</li></ul>股市崩盘几乎不可能精确预测。然而，投资者可以通过在投资组合中留出额外现金来应对崩盘。这样，如果市场崩盘，投资者手头就有现金，并准备好以较低的价格购买优质股票。</blockquote></p><p> In that regard, if there is a stock market crash in 2022,<b>Airbnb</b>(NASDAQ:ABNB),<b>Apple</b>(NASDAQ:AAPL), and&nbsp;<b>Amazon</b>(NASDAQ:AMZN)&nbsp;are three stocks you can buy in a heartbeat. Let's look closer at the case for why each stock deserves a spot in your portfolio.</p><p><blockquote>就此而言，如果2022年出现股灾，<b>爱彼迎</b>（纳斯达克：ABNB），<b>苹果</b>（纳斯达克：AAPL），以及<b>亚马逊</b>（纳斯达克：AMZN）是您可以立即购买的三只股票。让我们仔细看看为什么每只股票都值得在您的投资组合中占有一席之地。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3131619f7941ecc473ad8787d0fa380d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Airbnb</b></p><p><blockquote><b>爱彼迎</b></blockquote></p><p> The worldwide facilitator of travel, Airbnb is steadily recovering from the devastation caused by the&nbsp;coronavirus pandemic. After two years of growth, Airbnb's revenue decreased 30% to $3.4 billion in 2020.</p><p><blockquote>作为全球旅行的推动者，爱彼迎正在从冠状病毒疫情造成的破坏中稳步恢复。经过两年的增长，爱彼迎的收入在2020年下降了30%，至34亿美元。</blockquote></p><p> Thankfully, several effective vaccines have been developed against COVID-19, and that's made folks more willing to travel again in 2021. So sales are bouncing back at Airbnb. In its most recent fiscal quarter ended Sept. 30, revenue was up 36% over the comparable pre-pandemic quarter in 2019. Even more impressively, net income increased to $834 million in the third quarter, up from $267 million in Q3 of 2019.</p><p><blockquote>值得庆幸的是，已经开发出了几种针对新冠肺炎的有效疫苗，这使得人们更愿意在2021年再次旅行。因此，爱彼迎的销售额正在反弹。在截至9月30日的最近一个财季中，收入比2019年大流行前的可比季度增长了36%。更令人印象深刻的是，第三季度净利润从2019年第三季度的2.67亿美元增至8.34亿美元。</blockquote></p><p> The company is gaining traction&nbsp;in the lucrative travel and resort industry that could be worth over $1 trillion in sales annually. Folks can often find places to stay on Airbnb's platform that are better fitted to their needs compared to hotels, which are less customizable.</p><p><blockquote>该公司在利润丰厚的旅游和度假村行业越来越受欢迎，年销售额可能超过1万亿美元。与定制性较差的酒店相比，人们通常可以在爱彼迎的平台上找到更适合他们需求的住宿地点。</blockquote></p><p> Airbnb's stock is trading at a price-to-free-cash-flow ratio of 59 -- its lowest all year -- and a stock market crash could cause it to sell at an even lower price.</p><p><blockquote>爱彼迎的股价与自由现金流比率为59，为全年最低水平，股市崩盘可能会导致其以更低的价格出售。</blockquote></p><p> <b>Apple</b></p><p><blockquote><b>苹果</b></blockquote></p><p> Unlike Airbnb, Apple's business has been thriving since the pandemic's onset. The company's products are more valuable to people working, learning, and entertaining themselves at home.</p><p><blockquote>与Airbnb不同的是，自疫情爆发以来，苹果的业务一直蓬勃发展。该公司的产品对在家工作、学习和娱乐的人更有价值。</blockquote></p><p> But that's not the only factor driving sales higher for Apple. The tech giant has done a masterful job updating legacy products like the iPhone in a fashion that keeps consumers interested. The most recent iPhone update has increased sales of the product to $192 billion in its latest fiscal year ended Sept. 25, up from $138 billion a year ago.</p><p><blockquote>但这并不是推动苹果销量上升的唯一因素。这家科技巨头在更新iPhone等传统产品方面做得非常出色，让消费者保持兴趣。最新的iPhone更新使该产品在截至9月25日的最新财年的销售额从一年前的1380亿美元增至1920亿美元。</blockquote></p><p> Apple has proven this capability for years. In the past decade alone, its revenue has grown at a compound annual rate of 12.9%. That's a difficult feat for a company the size of Apple with sales of $366 billion in its fiscal 2021.</p><p><blockquote>苹果多年来已经证明了这种能力。仅在过去十年，其收入就以12.9%的复合年增长率增长。对于像苹果这样规模、2021财年销售额为3660亿美元的公司来说，这是一项艰巨的壮举。</blockquote></p><p> What's more, sales of its products are bringing customers into its ecosystem -- and once with Apple, consumers tend to stick around. Indeed, sales from its services segment totaled $54 billion in 2021, and those sales produce a higher profit margin than its products do.</p><p><blockquote>更重要的是，其产品的销售正在将客户带入其生态系统——一旦有了苹果，消费者往往会留下来。事实上，2021年其服务部门的销售额总计540亿美元，这些销售额产生的利润率高于其产品。</blockquote></p><p> One of the only downsides to Apple's stock is its price. The company is&nbsp;approaching a $3 trillion market cap&nbsp;and is trading at a price-to-free-cash-flow ratio of 31 -- near the highs of the past decade. A stock market crash could alleviate some valuation concerns and allow you to buy Apple stock at a lower price.</p><p><blockquote>苹果股票唯一的缺点之一是其价格。该公司市值接近3万亿美元，市盈率与自由现金流比率为31，接近过去十年的高点。股市崩盘可能会缓解一些估值担忧，并让您以较低的价格购买苹果股票。</blockquote></p><p> <b>Amazon</b></p><p><blockquote><b>亚马逊</b></blockquote></p><p> Sales at Amazon, the titan of online retailers, have been surging throughout the pandemic. The company stepped up and delivered while hundreds of millions of folks were looking to avoid shopping in person for fear of contracting COVID-19. Indeed, from fiscal 2019 to 2020, Amazon's sales rose by more than $100 billion. The 37.6% increase in year-over-year sales drove operating profits from $14.5 billion to $22.9 billion. Amazon has gained millions of customers during the pandemic, and undoubtedly many of them will stick around long after.</p><p><blockquote>在线零售商巨头亚马逊的销售额在整个疫情期间一直在飙升。当数亿人因担心感染COVID-19而避免亲自购物时，该公司挺身而出并交付了产品。事实上，从2019财年到2020财年，亚马逊的销售额增长了超过1000亿美元。销售额同比增长37.6%，营业利润从145亿美元增至229亿美元。亚马逊在疫情期间赢得了数百万客户，毫无疑问，他们中的许多人会在很长一段时间后留下来。</blockquote></p><p> Interestingly, Amazon's more profitable segments are growing faster than the company overall. In the most recent quarter ended Sept. 30, revenue from its Amazon Web Services segment (which provides cloud computing to businesses) rose 39% year over year to $16.1 billion while the category that includes advertising revenue jumped 49% to $8.1 billion. In fact, since Q2 2020, the ad revenue category has nearly doubled.</p><p><blockquote>有趣的是，亚马逊利润更高的部门的增长速度快于公司整体。在截至9月30日的最近一个季度，亚马逊网络服务部门（为企业提供云计算）的收入同比增长39%，达到161亿美元，而包括广告收入在内的类别增长49%，达到81亿美元。事实上，自2020年第二季度以来，广告收入类别几乎翻了一番。</blockquote></p><p> Amazon is riding multiple tailwinds, including increased shopping online as well as greater&nbsp;advertising online. These trends could propel sales growth for several more years. Amazon's stock is not cheap, trading at a price-to-free-cash flow ratio of 239 and a price-to-earnings ratio of 66, but a stock market crash could give investors a chance to buy it at a lower price.</p><p><blockquote>亚马逊正乘着多种顺风车，包括在线购物的增加以及在线广告的增加。这些趋势可能会推动销售增长几年。亚马逊的股票并不便宜，市盈率为239，市盈率为66，但股市崩盘可能会让投资者有机会以更低的价格买入。</blockquote></p><p></p><p> Airbnb, Apple, and Amazon are all excellent businesses with solid prospects over several years. If there's a stock market crash in 2022 that sends these&nbsp;stocks&nbsp;lower, investors should jump at the opportunity to buy them.</p><p><blockquote>Airbnb、苹果和Amazon都是优秀的企业，未来几年前景良好。如果2022年股市崩盘导致这些股票走低，投资者应该抓住机会买入。</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>3 Stocks to Buy in a Heartbeat If There's a Stock Market Crash in 2022<blockquote>如果2022年股市崩盘，值得立即买入的3只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks to Buy in a Heartbeat If There's a Stock Market Crash in 2022<blockquote>如果2022年股市崩盘，值得立即买入的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-22 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Airbnb is arguably a better business now than before the pandemic.</li>  <li>Apple's iPhone is capturing new customers for its ecosystem.</li>  <li>Amazon's more profitable segments are growing faster.</li> </ul> Stock market crashes are nearly impossible to predict with any precision. However, investors can prepare for a crash by setting aside extra cash in their portfolios in anticipation. That way, if there is a market crash, investors have cash on hand and are ready to deploy it in buying excellent stocks at lower prices.</p><p><blockquote><ul><li>爱彼迎现在的业务可以说比大流行之前更好。</li><li>苹果的iPhone正在为其生态系统吸引新客户。</li><li>亚马逊利润更高的细分市场增长更快。</li></ul>股市崩盘几乎不可能精确预测。然而，投资者可以通过在投资组合中留出额外现金来应对崩盘。这样，如果市场崩盘，投资者手头就有现金，并准备好以较低的价格购买优质股票。</blockquote></p><p> In that regard, if there is a stock market crash in 2022,<b>Airbnb</b>(NASDAQ:ABNB),<b>Apple</b>(NASDAQ:AAPL), and&nbsp;<b>Amazon</b>(NASDAQ:AMZN)&nbsp;are three stocks you can buy in a heartbeat. Let's look closer at the case for why each stock deserves a spot in your portfolio.</p><p><blockquote>就此而言，如果2022年出现股灾，<b>爱彼迎</b>（纳斯达克：ABNB），<b>苹果</b>（纳斯达克：AAPL），以及<b>亚马逊</b>（纳斯达克：AMZN）是您可以立即购买的三只股票。让我们仔细看看为什么每只股票都值得在您的投资组合中占有一席之地。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3131619f7941ecc473ad8787d0fa380d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Airbnb</b></p><p><blockquote><b>爱彼迎</b></blockquote></p><p> The worldwide facilitator of travel, Airbnb is steadily recovering from the devastation caused by the&nbsp;coronavirus pandemic. After two years of growth, Airbnb's revenue decreased 30% to $3.4 billion in 2020.</p><p><blockquote>作为全球旅行的推动者，爱彼迎正在从冠状病毒疫情造成的破坏中稳步恢复。经过两年的增长，爱彼迎的收入在2020年下降了30%，至34亿美元。</blockquote></p><p> Thankfully, several effective vaccines have been developed against COVID-19, and that's made folks more willing to travel again in 2021. So sales are bouncing back at Airbnb. In its most recent fiscal quarter ended Sept. 30, revenue was up 36% over the comparable pre-pandemic quarter in 2019. Even more impressively, net income increased to $834 million in the third quarter, up from $267 million in Q3 of 2019.</p><p><blockquote>值得庆幸的是，已经开发出了几种针对新冠肺炎的有效疫苗，这使得人们更愿意在2021年再次旅行。因此，爱彼迎的销售额正在反弹。在截至9月30日的最近一个财季中，收入比2019年大流行前的可比季度增长了36%。更令人印象深刻的是，第三季度净利润从2019年第三季度的2.67亿美元增至8.34亿美元。</blockquote></p><p> The company is gaining traction&nbsp;in the lucrative travel and resort industry that could be worth over $1 trillion in sales annually. Folks can often find places to stay on Airbnb's platform that are better fitted to their needs compared to hotels, which are less customizable.</p><p><blockquote>该公司在利润丰厚的旅游和度假村行业越来越受欢迎，年销售额可能超过1万亿美元。与定制性较差的酒店相比，人们通常可以在爱彼迎的平台上找到更适合他们需求的住宿地点。</blockquote></p><p> Airbnb's stock is trading at a price-to-free-cash-flow ratio of 59 -- its lowest all year -- and a stock market crash could cause it to sell at an even lower price.</p><p><blockquote>爱彼迎的股价与自由现金流比率为59，为全年最低水平，股市崩盘可能会导致其以更低的价格出售。</blockquote></p><p> <b>Apple</b></p><p><blockquote><b>苹果</b></blockquote></p><p> Unlike Airbnb, Apple's business has been thriving since the pandemic's onset. The company's products are more valuable to people working, learning, and entertaining themselves at home.</p><p><blockquote>与Airbnb不同的是，自疫情爆发以来，苹果的业务一直蓬勃发展。该公司的产品对在家工作、学习和娱乐的人更有价值。</blockquote></p><p> But that's not the only factor driving sales higher for Apple. The tech giant has done a masterful job updating legacy products like the iPhone in a fashion that keeps consumers interested. The most recent iPhone update has increased sales of the product to $192 billion in its latest fiscal year ended Sept. 25, up from $138 billion a year ago.</p><p><blockquote>但这并不是推动苹果销量上升的唯一因素。这家科技巨头在更新iPhone等传统产品方面做得非常出色，让消费者保持兴趣。最新的iPhone更新使该产品在截至9月25日的最新财年的销售额从一年前的1380亿美元增至1920亿美元。</blockquote></p><p> Apple has proven this capability for years. In the past decade alone, its revenue has grown at a compound annual rate of 12.9%. That's a difficult feat for a company the size of Apple with sales of $366 billion in its fiscal 2021.</p><p><blockquote>苹果多年来已经证明了这种能力。仅在过去十年，其收入就以12.9%的复合年增长率增长。对于像苹果这样规模、2021财年销售额为3660亿美元的公司来说，这是一项艰巨的壮举。</blockquote></p><p> What's more, sales of its products are bringing customers into its ecosystem -- and once with Apple, consumers tend to stick around. Indeed, sales from its services segment totaled $54 billion in 2021, and those sales produce a higher profit margin than its products do.</p><p><blockquote>更重要的是，其产品的销售正在将客户带入其生态系统——一旦有了苹果，消费者往往会留下来。事实上，2021年其服务部门的销售额总计540亿美元，这些销售额产生的利润率高于其产品。</blockquote></p><p> One of the only downsides to Apple's stock is its price. The company is&nbsp;approaching a $3 trillion market cap&nbsp;and is trading at a price-to-free-cash-flow ratio of 31 -- near the highs of the past decade. A stock market crash could alleviate some valuation concerns and allow you to buy Apple stock at a lower price.</p><p><blockquote>苹果股票唯一的缺点之一是其价格。该公司市值接近3万亿美元，市盈率与自由现金流比率为31，接近过去十年的高点。股市崩盘可能会缓解一些估值担忧，并让您以较低的价格购买苹果股票。</blockquote></p><p> <b>Amazon</b></p><p><blockquote><b>亚马逊</b></blockquote></p><p> Sales at Amazon, the titan of online retailers, have been surging throughout the pandemic. The company stepped up and delivered while hundreds of millions of folks were looking to avoid shopping in person for fear of contracting COVID-19. Indeed, from fiscal 2019 to 2020, Amazon's sales rose by more than $100 billion. The 37.6% increase in year-over-year sales drove operating profits from $14.5 billion to $22.9 billion. Amazon has gained millions of customers during the pandemic, and undoubtedly many of them will stick around long after.</p><p><blockquote>在线零售商巨头亚马逊的销售额在整个疫情期间一直在飙升。当数亿人因担心感染COVID-19而避免亲自购物时，该公司挺身而出并交付了产品。事实上，从2019财年到2020财年，亚马逊的销售额增长了超过1000亿美元。销售额同比增长37.6%，营业利润从145亿美元增至229亿美元。亚马逊在疫情期间赢得了数百万客户，毫无疑问，他们中的许多人会在很长一段时间后留下来。</blockquote></p><p> Interestingly, Amazon's more profitable segments are growing faster than the company overall. In the most recent quarter ended Sept. 30, revenue from its Amazon Web Services segment (which provides cloud computing to businesses) rose 39% year over year to $16.1 billion while the category that includes advertising revenue jumped 49% to $8.1 billion. In fact, since Q2 2020, the ad revenue category has nearly doubled.</p><p><blockquote>有趣的是，亚马逊利润更高的部门的增长速度快于公司整体。在截至9月30日的最近一个季度，亚马逊网络服务部门（为企业提供云计算）的收入同比增长39%，达到161亿美元，而包括广告收入在内的类别增长49%，达到81亿美元。事实上，自2020年第二季度以来，广告收入类别几乎翻了一番。</blockquote></p><p> Amazon is riding multiple tailwinds, including increased shopping online as well as greater&nbsp;advertising online. These trends could propel sales growth for several more years. Amazon's stock is not cheap, trading at a price-to-free-cash flow ratio of 239 and a price-to-earnings ratio of 66, but a stock market crash could give investors a chance to buy it at a lower price.</p><p><blockquote>亚马逊正乘着多种顺风车，包括在线购物的增加以及在线广告的增加。这些趋势可能会推动销售增长几年。亚马逊的股票并不便宜，市盈率为239，市盈率为66，但股市崩盘可能会让投资者有机会以更低的价格买入。</blockquote></p><p></p><p> Airbnb, Apple, and Amazon are all excellent businesses with solid prospects over several years. If there's a stock market crash in 2022 that sends these&nbsp;stocks&nbsp;lower, investors should jump at the opportunity to buy them.</p><p><blockquote>Airbnb、苹果和Amazon都是优秀的企业，未来几年前景良好。如果2022年股市崩盘导致这些股票走低，投资者应该抓住机会买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/21/3-stocks-to-buy-in-stockmarket-crash-in-2022/\">Motley Fool</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":{"AAPL":"苹果","ABNB":"爱彼迎","AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2021/12/21/3-stocks-to-buy-in-stockmarket-crash-in-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157657338","content_text":"Key Points\n\nAirbnb is arguably a better business now than before the pandemic.\nApple's iPhone is capturing new customers for its ecosystem.\nAmazon's more profitable segments are growing faster.\n\nStock market crashes are nearly impossible to predict with any precision. However, investors can prepare for a crash by setting aside extra cash in their portfolios in anticipation. That way, if there is a market crash, investors have cash on hand and are ready to deploy it in buying excellent stocks at lower prices.\nIn that regard, if there is a stock market crash in 2022,Airbnb(NASDAQ:ABNB),Apple(NASDAQ:AAPL), and Amazon(NASDAQ:AMZN) are three stocks you can buy in a heartbeat. Let's look closer at the case for why each stock deserves a spot in your portfolio.\nIMAGE SOURCE: GETTY IMAGES.\nAirbnb\nThe worldwide facilitator of travel, Airbnb is steadily recovering from the devastation caused by the coronavirus pandemic. After two years of growth, Airbnb's revenue decreased 30% to $3.4 billion in 2020.\nThankfully, several effective vaccines have been developed against COVID-19, and that's made folks more willing to travel again in 2021. So sales are bouncing back at Airbnb. In its most recent fiscal quarter ended Sept. 30, revenue was up 36% over the comparable pre-pandemic quarter in 2019. Even more impressively, net income increased to $834 million in the third quarter, up from $267 million in Q3 of 2019.\nThe company is gaining traction in the lucrative travel and resort industry that could be worth over $1 trillion in sales annually. Folks can often find places to stay on Airbnb's platform that are better fitted to their needs compared to hotels, which are less customizable.\nAirbnb's stock is trading at a price-to-free-cash-flow ratio of 59 -- its lowest all year -- and a stock market crash could cause it to sell at an even lower price.\nApple\nUnlike Airbnb, Apple's business has been thriving since the pandemic's onset. The company's products are more valuable to people working, learning, and entertaining themselves at home.\nBut that's not the only factor driving sales higher for Apple. The tech giant has done a masterful job updating legacy products like the iPhone in a fashion that keeps consumers interested. The most recent iPhone update has increased sales of the product to $192 billion in its latest fiscal year ended Sept. 25, up from $138 billion a year ago.\nApple has proven this capability for years. In the past decade alone, its revenue has grown at a compound annual rate of 12.9%. That's a difficult feat for a company the size of Apple with sales of $366 billion in its fiscal 2021.\nWhat's more, sales of its products are bringing customers into its ecosystem -- and once with Apple, consumers tend to stick around. Indeed, sales from its services segment totaled $54 billion in 2021, and those sales produce a higher profit margin than its products do.\nOne of the only downsides to Apple's stock is its price. The company is approaching a $3 trillion market cap and is trading at a price-to-free-cash-flow ratio of 31 -- near the highs of the past decade. A stock market crash could alleviate some valuation concerns and allow you to buy Apple stock at a lower price.\nAmazon\nSales at Amazon, the titan of online retailers, have been surging throughout the pandemic. The company stepped up and delivered while hundreds of millions of folks were looking to avoid shopping in person for fear of contracting COVID-19. Indeed, from fiscal 2019 to 2020, Amazon's sales rose by more than $100 billion. The 37.6% increase in year-over-year sales drove operating profits from $14.5 billion to $22.9 billion. Amazon has gained millions of customers during the pandemic, and undoubtedly many of them will stick around long after.\nInterestingly, Amazon's more profitable segments are growing faster than the company overall. In the most recent quarter ended Sept. 30, revenue from its Amazon Web Services segment (which provides cloud computing to businesses) rose 39% year over year to $16.1 billion while the category that includes advertising revenue jumped 49% to $8.1 billion. In fact, since Q2 2020, the ad revenue category has nearly doubled.\nAmazon is riding multiple tailwinds, including increased shopping online as well as greater advertising online. These trends could propel sales growth for several more years. Amazon's stock is not cheap, trading at a price-to-free-cash flow ratio of 239 and a price-to-earnings ratio of 66, but a stock market crash could give investors a chance to buy it at a lower price.\nAirbnb, Apple, and Amazon are all excellent businesses with solid prospects over several years. If there's a stock market crash in 2022 that sends these stocks lower, investors should jump at the opportunity to buy them.","news_type":1,"symbols_score_info":{"AAPL":0.9,"ABNB":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691315155,"gmtCreate":1640136373670,"gmtModify":1640136373872,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691315155","repostId":"1105194440","repostType":2,"repost":{"id":"1105194440","kind":"news","pubTimestamp":1640072985,"share":"https://www.laohu8.com/m/news/1105194440?lang=zh_CN&edition=full","pubTime":"2021-12-21 15:49","market":"us","language":"en","title":"Activision Blizzard Given New $77.00 Price Target at Stifel Nicolaus<blockquote>动视暴雪给予Stifel Nicolaus 77.00美元的新目标价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105194440","media":"Marketbeat","summary":"Activision Blizzard (NASDAQ:ATVI)had its price objective reduced by equities researchers at Stifel N","content":"<p>Activision Blizzard (NASDAQ:ATVI)had its price objective reduced by equities researchers at Stifel Nicolaus from $95.00 to $77.00 in a research report issued to clients and investors on Monday,Price Targets.comreports. The brokerage currently has a \"buy\" rating on the stock. Stifel Nicolaus' price objective would indicate a potential upside of 24.92% from the stock's previous close.</p><p><blockquote>Stifel Nicolaus的股票研究人员在周一向客户和投资者发布的一份研究报告中，将动视暴雪（纳斯达克股票代码：ATVI）的价格目标从95美元下调至77美元。该券商目前对该股给予“买入”评级。Stifel Nicolaus的价格目标表明该股较前收盘价可能上涨24.92%。</blockquote></p><p> Other analysts have also recently issued research reports about the stock. Barclays reduced their price objective on shares of Activision Blizzard from $107.00 to $95.00 and set an \"overweight\" rating for the company in a research note on Wednesday, November 3rd. Benchmark reduced their price target on shares of Activision Blizzard from $115.00 to $86.00 and set a \"hold\" rating on the stock in a research report on Wednesday, November 17th. Truist Securities lowered their target price on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a research note on Monday, November 22nd. MKM Partners lowered shares of Activision Blizzard from a \"neutral\" rating to a \"sell\" rating and lowered their price target for the stock from $75.00 to $54.00 in a research report on Monday, November 22nd. Finally, Truist reduced their price objective on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a report on Monday, November 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Activision Blizzard has a consensus rating of \"Buy\" and an average target price of $95.57.</p><p><blockquote>其他分析师近期也发布了有关该股的研究报告。巴克莱将动视暴雪股票的目标价从107.00美元下调至95.00美元，并在11月3日星期三的一份研究报告中对该公司设定了“跑赢大盘”评级。Benchmark在11月17日星期三的一份研究报告中将动视暴雪股票的目标价从115.00美元下调至86.00美元，并对该股设定了“持有”评级。Truist Securities在11月22日星期一的一份研究报告中将动视暴雪股票的目标价从101.00美元下调至74.00美元，并对该公司设定了“买入”评级。MKM Partners在11月22日周一的一份研究报告中将动视暴雪的股票从“中性”评级下调至“卖出”评级，并将该股目标价从75.00美元下调至54.00美元。最后，Truist将动视暴雪股票的目标价从101.00美元下调至74.00美元，并在11月22日星期一的一份报告中对该公司设定了“买入”评级。两名股票研究分析师对该股给予卖出评级，七名分析师给予持有评级，十七名分析师给予买入评级。根据MarketBeat.com的数据，动视暴雪的一致评级为“买入”，平均目标价为95.57美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Activision Blizzard Given New $77.00 Price Target at Stifel Nicolaus<blockquote>动视暴雪给予Stifel Nicolaus 77.00美元的新目标价</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nActivision Blizzard Given New $77.00 Price Target at Stifel Nicolaus<blockquote>动视暴雪给予Stifel Nicolaus 77.00美元的新目标价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketbeat</strong><span class=\"h-time small\">2021-12-21 15:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Activision Blizzard (NASDAQ:ATVI)had its price objective reduced by equities researchers at Stifel Nicolaus from $95.00 to $77.00 in a research report issued to clients and investors on Monday,Price Targets.comreports. The brokerage currently has a \"buy\" rating on the stock. Stifel Nicolaus' price objective would indicate a potential upside of 24.92% from the stock's previous close.</p><p><blockquote>Stifel Nicolaus的股票研究人员在周一向客户和投资者发布的一份研究报告中，将动视暴雪（纳斯达克股票代码：ATVI）的价格目标从95美元下调至77美元。该券商目前对该股给予“买入”评级。Stifel Nicolaus的价格目标表明该股较前收盘价可能上涨24.92%。</blockquote></p><p> Other analysts have also recently issued research reports about the stock. Barclays reduced their price objective on shares of Activision Blizzard from $107.00 to $95.00 and set an \"overweight\" rating for the company in a research note on Wednesday, November 3rd. Benchmark reduced their price target on shares of Activision Blizzard from $115.00 to $86.00 and set a \"hold\" rating on the stock in a research report on Wednesday, November 17th. Truist Securities lowered their target price on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a research note on Monday, November 22nd. MKM Partners lowered shares of Activision Blizzard from a \"neutral\" rating to a \"sell\" rating and lowered their price target for the stock from $75.00 to $54.00 in a research report on Monday, November 22nd. Finally, Truist reduced their price objective on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a report on Monday, November 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Activision Blizzard has a consensus rating of \"Buy\" and an average target price of $95.57.</p><p><blockquote>其他分析师近期也发布了有关该股的研究报告。巴克莱将动视暴雪股票的目标价从107.00美元下调至95.00美元，并在11月3日星期三的一份研究报告中对该公司设定了“跑赢大盘”评级。Benchmark在11月17日星期三的一份研究报告中将动视暴雪股票的目标价从115.00美元下调至86.00美元，并对该股设定了“持有”评级。Truist Securities在11月22日星期一的一份研究报告中将动视暴雪股票的目标价从101.00美元下调至74.00美元，并对该公司设定了“买入”评级。MKM Partners在11月22日周一的一份研究报告中将动视暴雪的股票从“中性”评级下调至“卖出”评级，并将该股目标价从75.00美元下调至54.00美元。最后，Truist将动视暴雪股票的目标价从101.00美元下调至74.00美元，并在11月22日星期一的一份报告中对该公司设定了“买入”评级。两名股票研究分析师对该股给予卖出评级，七名分析师给予持有评级，十七名分析师给予买入评级。根据MarketBeat.com的数据，动视暴雪的一致评级为“买入”，平均目标价为95.57美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketbeat.com/instant-alerts/nasdaq-atvi-a-buy-or-sell-right-now-2021-12-2-3/\">Marketbeat</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":{"ATVI":"动视暴雪"},"source_url":"https://www.marketbeat.com/instant-alerts/nasdaq-atvi-a-buy-or-sell-right-now-2021-12-2-3/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105194440","content_text":"Activision Blizzard (NASDAQ:ATVI)had its price objective reduced by equities researchers at Stifel Nicolaus from $95.00 to $77.00 in a research report issued to clients and investors on Monday,Price Targets.comreports. The brokerage currently has a \"buy\" rating on the stock. Stifel Nicolaus' price objective would indicate a potential upside of 24.92% from the stock's previous close.\nOther analysts have also recently issued research reports about the stock. Barclays reduced their price objective on shares of Activision Blizzard from $107.00 to $95.00 and set an \"overweight\" rating for the company in a research note on Wednesday, November 3rd. Benchmark reduced their price target on shares of Activision Blizzard from $115.00 to $86.00 and set a \"hold\" rating on the stock in a research report on Wednesday, November 17th. Truist Securities lowered their target price on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a research note on Monday, November 22nd. MKM Partners lowered shares of Activision Blizzard from a \"neutral\" rating to a \"sell\" rating and lowered their price target for the stock from $75.00 to $54.00 in a research report on Monday, November 22nd. Finally, Truist reduced their price objective on shares of Activision Blizzard from $101.00 to $74.00 and set a \"buy\" rating for the company in a report on Monday, November 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Activision Blizzard has a consensus rating of \"Buy\" and an average target price of $95.57.","news_type":1,"symbols_score_info":{"ATVI":0.9}},"isVote":1,"tweetType":1,"viewCount":3009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691094678,"gmtCreate":1640095681112,"gmtModify":1640095681314,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691094678","repostId":"2193152065","repostType":4,"repost":{"id":"2193152065","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1640094891,"share":"https://www.laohu8.com/m/news/2193152065?lang=zh_CN&edition=full","pubTime":"2021-12-21 21:54","market":"us","language":"en","title":"Yatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2193152065","media":"Benzinga","summary":"\n","content":"<p><ul>  <li><b>Yatra Online Inc</b>&nbsp;(NASDAQ:YTRA)&nbsp;reported second-quarter FY22 adjusted revenue growth&nbsp;of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.</li>  <li>Adjusted revenue<b>&nbsp;</b>from Air ticketing rose 100.9% Y/Y, and Hotels &amp; Packages climbed 259.0%.</li>  <li>Total gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.</li>  <li>The operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.</li>  <li>The company held $25 million in cash and equivalents as of September 30, 2021.</li>  <li>Adjusted EPS loss of $(0.02) was in line with the consensus.</li>  <li>\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.</li>  <li>During November 2021, gross booking for corporates grew 81.4% compared to September 2021.</li>  <li><b>Price Action:</b>&nbsp;YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.</li> </ul></p><p><blockquote><ul><li><b>Yatra在线公司</b>（纳斯达克股票代码：YTRA）报告称，2022财年第二季度调整后收入同比增长108.8%，达到1064万美元，低于分析师预期的1068万美元。</li><li>调整后收入<b> </b>机票同比增长100.9%，酒店及套餐同比增长259.0%。</li><li>总预订量达1.141亿美元，同比增长348.2%。</li><li>该季度的运营亏损为(190万)美元，而去年同期为(390万)美元。调整后EBITDA环比下降40%至30万美元。</li><li>截至2021年9月30日，该公司持有2500万美元现金及等价物。</li><li>调整后每股收益损失为(0.02)美元，符合共识。</li><li>首席执行官Dhruv Shringi表示：“随着大量员工全面接种疫苗，我们也开始看到商务旅行复苏的迹象。”</li><li>与2021年9月相比，2021年11月，企业总预订量增长了81.4%。</li><li><b>价格走势：</b>周二最后一次盘前检查时，YTRA股价上涨6.74%，至1.90美元。</li></ul></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>Yatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</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\">\nYatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-12-21 21:54</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>Yatra Online Inc</b>&nbsp;(NASDAQ:YTRA)&nbsp;reported second-quarter FY22 adjusted revenue growth&nbsp;of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.</li>  <li>Adjusted revenue<b>&nbsp;</b>from Air ticketing rose 100.9% Y/Y, and Hotels &amp; Packages climbed 259.0%.</li>  <li>Total gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.</li>  <li>The operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.</li>  <li>The company held $25 million in cash and equivalents as of September 30, 2021.</li>  <li>Adjusted EPS loss of $(0.02) was in line with the consensus.</li>  <li>\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.</li>  <li>During November 2021, gross booking for corporates grew 81.4% compared to September 2021.</li>  <li><b>Price Action:</b>&nbsp;YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.</li> </ul></p><p><blockquote><ul><li><b>Yatra在线公司</b>（纳斯达克股票代码：YTRA）报告称，2022财年第二季度调整后收入同比增长108.8%，达到1064万美元，低于分析师预期的1068万美元。</li><li>调整后收入<b> </b>机票同比增长100.9%，酒店及套餐同比增长259.0%。</li><li>总预订量达1.141亿美元，同比增长348.2%。</li><li>该季度的运营亏损为(190万)美元，而去年同期为(390万)美元。调整后EBITDA环比下降40%至30万美元。</li><li>截至2021年9月30日，该公司持有2500万美元现金及等价物。</li><li>调整后每股收益损失为(0.02)美元，符合共识。</li><li>首席执行官Dhruv Shringi表示：“随着大量员工全面接种疫苗，我们也开始看到商务旅行复苏的迹象。”</li><li>与2021年9月相比，2021年11月，企业总预订量增长了81.4%。</li><li><b>价格走势：</b>周二最后一次盘前检查时，YTRA股价上涨6.74%，至1.90美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YTRA":"Yatra Online, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2193152065","content_text":"Yatra Online Inc (NASDAQ:YTRA) reported second-quarter FY22 adjusted revenue growth of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.\nAdjusted revenue from Air ticketing rose 100.9% Y/Y, and Hotels & Packages climbed 259.0%.\nTotal gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.\nThe operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.\nThe company held $25 million in cash and equivalents as of September 30, 2021.\nAdjusted EPS loss of $(0.02) was in line with the consensus.\n\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.\nDuring November 2021, gross booking for corporates grew 81.4% compared to September 2021.\nPrice Action: YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.","news_type":1,"symbols_score_info":{"YTRA":0.9}},"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693913123,"gmtCreate":1639959832157,"gmtModify":1639959832398,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693913123","repostId":"1130704419","repostType":4,"repost":{"id":"1130704419","kind":"news","pubTimestamp":1639953553,"share":"https://www.laohu8.com/m/news/1130704419?lang=zh_CN&edition=full","pubTime":"2021-12-20 06:39","market":"us","language":"en","title":"Nike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130704419","media":"Barrons","summary":"Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday break,Nike and Micron Technology report on Monday,BlackBerry and General Mills on Tuesday, and CarMax,Cintas,and Paychex on Wednesday.It will be a busy week of economic data releases. On Monday, the Conference Board publishes its Leading Economic Index for November, followed by its Consumer Confidence Index for December on Wednesday.On Thursday, the Bureau of Economic Analysis reports per","content":"<p>Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday&nbsp;break,Nike&nbsp;and&nbsp;Micron Technology&nbsp;report on Monday,BlackBerry&nbsp;and&nbsp;General Mills&nbsp;on Tuesday, and&nbsp;CarMax,Cintas,and&nbsp;Paychex&nbsp;on Wednesday.</p><p><blockquote>世界各地的股票和债券市场将于周五休市以庆祝圣诞节。假期前，Nike和Micron Technology将于周一发布报告，黑莓和通用磨坊将于周二发布报告，CarMax、Cintas和Paychex将于周三发布报告。</blockquote></p><p> It will be a busy week of economic data releases. On Monday, the&nbsp;Conference Board publishes its Leading Economic Index for November, followed&nbsp;by its Consumer Confidence Index for December on Wednesday.</p><p><blockquote>这将是经济数据发布繁忙的一周。周一，世界大型企业联合会将公布11月份领先经济指数，随后将于周三公布12月份消费者信心指数。</blockquote></p><p> On Thursday, the&nbsp;Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core&nbsp;PCE price index, is expected to have spiked 4.5% in November.</p><p><blockquote>周四，经济分析局将公布11月份个人收入和消费支出。消费者收入预计将增长0.6%，而支出预计将增长0.5%。美联储首选的通胀指标核心PCE物价指数预计11月份将飙升4.5%。</blockquote></p><p> Also Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.</p><p><blockquote>同样在周四，人口普查局发布了11月份耐用品报告，这将为了解经济中的投资支出提供一个窗口。新订单预计将增长2.1%。本周公布的房地产市场指标包括周三公布的11月份成屋销售和周四公布的11月份新房销售。</blockquote></p><p> <b>Monday 12/20</b></p><p><blockquote><b>星期一12/20</b></blockquote></p><p> Micron Technology and Nike report quarterly results.</p><p><blockquote>美光科技和耐克公布季度业绩。</blockquote></p><p> <b>The Conference Board</b> releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布11月份领先经济指数。普遍估计读数为119，比10月份的水平高出0.6%。世界大型企业联合会目前预计第四季度国内生产总值增长率为5%，2022年增长率较慢但仍强劲的2.6%。</blockquote></p><p> <b>Tuesday 12/21</b></p><p><blockquote><b>星期二12/21</b></blockquote></p><p> BlackBerry,FactSet Research Systems,and General Mills announce earnings.</p><p><blockquote>黑莓、FactSet Research Systems和通用磨坊公布财报。</blockquote></p><p> <b>Wednesday 12/22</b></p><p><blockquote><b>星期三12/22</b></blockquote></p><p> <b>The NAR reports</b> existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.</p><p><blockquote><b>NAR报告</b>11月份现房销售。经济学家预测，经季节调整后的房屋销售量年率为640万套，略高于10月份，为年初以来的最高水平。</blockquote></p><p> CarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.</p><p><blockquote>CarMax、Cintas和Paychex评级召开会议讨论季度业绩。</blockquote></p><p> <b>The Bureau of Economic</b> Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.</p><p><blockquote><b>经济局</b>分析报告了对第三季度GDP的第三次也是最终估计。经济学家预测，经季节调整后的年增长率为2.1%，与11月的第二次估计持平。</blockquote></p><p> <b>The Conference Board</b> releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.</p><p><blockquote><b>世界大型企业联合会</b>发布12月份消费者信心指数。预期读数为110，与11月数据大致持平。该指数比今年6月达到的大流行后峰值低15%，原因是对价格上涨以及较小程度上对Covid-19变种的担忧。</blockquote></p><p> <b>Thursday 12/23</b></p><p><blockquote><b>星期四12/23</b></blockquote></p><p> <b>The Department of Labor</b> reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至12月18日当周首次申请失业救济人数。11月和12月平均每周申请失业救济人数为225,667人，最终达到了大流行前的水平。</blockquote></p><p> <b>The Census Bureau</b> reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.</p><p><blockquote><b>人口普查局</b>报告11月份新房销售。市场普遍估计，经季节调整后的新单户住宅年增长率为77万套，比10月份增加2.5万套。10月份售出的新房销售价格中位数为40.77万美元，而平均销售价格为47.78万美元——均创历史新高。</blockquote></p><p> <b>The BEA reports</b> personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.</p><p><blockquote><b>东亚银行报告</b>11月份个人收入和消费支出。经济学家预测收入每月增长0.6%，消费每月增长0.5%。相比之下，10月份的涨幅分别为0.5%和1.3%。美联储首选的通胀指标核心PCE价格指数10月份同比上涨4.1%，为1991年以来最快增速。预计11月份将飙升4.6%。</blockquote></p><p> <b>The Census Bureau</b> releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.</p><p><blockquote><b>人口普查局</b>发布11月份耐用品报告。耐用品新订单预计将增长2.1%，达到2656亿美元。不包括运输，新订单预计将增长0.6%，而10月份为增长0.5%。</blockquote></p><p> <b>Friday 12/24</b></p><p><blockquote><b>星期五12/24</b></blockquote></p><p> <b>U.S. equity</b>&nbsp;and fixed-income markets are closed in observance of Christmas.</p><p><blockquote><b>美国股票</b>固定收益市场因圣诞节而休市。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-20 06:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday&nbsp;break,Nike&nbsp;and&nbsp;Micron Technology&nbsp;report on Monday,BlackBerry&nbsp;and&nbsp;General Mills&nbsp;on Tuesday, and&nbsp;CarMax,Cintas,and&nbsp;Paychex&nbsp;on Wednesday.</p><p><blockquote>世界各地的股票和债券市场将于周五休市以庆祝圣诞节。假期前，Nike和Micron Technology将于周一发布报告，黑莓和通用磨坊将于周二发布报告，CarMax、Cintas和Paychex将于周三发布报告。</blockquote></p><p> It will be a busy week of economic data releases. On Monday, the&nbsp;Conference Board publishes its Leading Economic Index for November, followed&nbsp;by its Consumer Confidence Index for December on Wednesday.</p><p><blockquote>这将是经济数据发布繁忙的一周。周一，世界大型企业联合会将公布11月份领先经济指数，随后将于周三公布12月份消费者信心指数。</blockquote></p><p> On Thursday, the&nbsp;Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core&nbsp;PCE price index, is expected to have spiked 4.5% in November.</p><p><blockquote>周四，经济分析局将公布11月份个人收入和消费支出。消费者收入预计将增长0.6%，而支出预计将增长0.5%。美联储首选的通胀指标核心PCE物价指数预计11月份将飙升4.5%。</blockquote></p><p> Also Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.</p><p><blockquote>同样在周四，人口普查局发布了11月份耐用品报告，这将为了解经济中的投资支出提供一个窗口。新订单预计将增长2.1%。本周公布的房地产市场指标包括周三公布的11月份成屋销售和周四公布的11月份新房销售。</blockquote></p><p> <b>Monday 12/20</b></p><p><blockquote><b>星期一12/20</b></blockquote></p><p> Micron Technology and Nike report quarterly results.</p><p><blockquote>美光科技和耐克公布季度业绩。</blockquote></p><p> <b>The Conference Board</b> releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布11月份领先经济指数。普遍估计读数为119，比10月份的水平高出0.6%。世界大型企业联合会目前预计第四季度国内生产总值增长率为5%，2022年增长率较慢但仍强劲的2.6%。</blockquote></p><p> <b>Tuesday 12/21</b></p><p><blockquote><b>星期二12/21</b></blockquote></p><p> BlackBerry,FactSet Research Systems,and General Mills announce earnings.</p><p><blockquote>黑莓、FactSet Research Systems和通用磨坊公布财报。</blockquote></p><p> <b>Wednesday 12/22</b></p><p><blockquote><b>星期三12/22</b></blockquote></p><p> <b>The NAR reports</b> existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.</p><p><blockquote><b>NAR报告</b>11月份现房销售。经济学家预测，经季节调整后的房屋销售量年率为640万套，略高于10月份，为年初以来的最高水平。</blockquote></p><p> CarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.</p><p><blockquote>CarMax、Cintas和Paychex评级召开会议讨论季度业绩。</blockquote></p><p> <b>The Bureau of Economic</b> Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.</p><p><blockquote><b>经济局</b>分析报告了对第三季度GDP的第三次也是最终估计。经济学家预测，经季节调整后的年增长率为2.1%，与11月的第二次估计持平。</blockquote></p><p> <b>The Conference Board</b> releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.</p><p><blockquote><b>世界大型企业联合会</b>发布12月份消费者信心指数。预期读数为110，与11月数据大致持平。该指数比今年6月达到的大流行后峰值低15%，原因是对价格上涨以及较小程度上对Covid-19变种的担忧。</blockquote></p><p> <b>Thursday 12/23</b></p><p><blockquote><b>星期四12/23</b></blockquote></p><p> <b>The Department of Labor</b> reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至12月18日当周首次申请失业救济人数。11月和12月平均每周申请失业救济人数为225,667人，最终达到了大流行前的水平。</blockquote></p><p> <b>The Census Bureau</b> reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.</p><p><blockquote><b>人口普查局</b>报告11月份新房销售。市场普遍估计，经季节调整后的新单户住宅年增长率为77万套，比10月份增加2.5万套。10月份售出的新房销售价格中位数为40.77万美元，而平均销售价格为47.78万美元——均创历史新高。</blockquote></p><p> <b>The BEA reports</b> personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.</p><p><blockquote><b>东亚银行报告</b>11月份个人收入和消费支出。经济学家预测收入每月增长0.6%，消费每月增长0.5%。相比之下，10月份的涨幅分别为0.5%和1.3%。美联储首选的通胀指标核心PCE价格指数10月份同比上涨4.1%，为1991年以来最快增速。预计11月份将飙升4.6%。</blockquote></p><p> <b>The Census Bureau</b> releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.</p><p><blockquote><b>人口普查局</b>发布11月份耐用品报告。耐用品新订单预计将增长2.1%，达到2656亿美元。不包括运输，新订单预计将增长0.6%，而10月份为增长0.5%。</blockquote></p><p> <b>Friday 12/24</b></p><p><blockquote><b>星期五12/24</b></blockquote></p><p> <b>U.S. equity</b>&nbsp;and fixed-income markets are closed in observance of Christmas.</p><p><blockquote><b>美国股票</b>固定收益市场因圣诞节而休市。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-micron-blackberry-carmax-and-other-stocks-for-investors-to-watch-this-week-51639944183?mod=hp_LEAD_5\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KMX":"车美仕","MU":"美光科技","GIS":"通用磨坊",".SPX":"S&P 500 Index","PAYX":"沛齐",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","CTAS":"信达思"},"source_url":"https://www.barrons.com/articles/nike-micron-blackberry-carmax-and-other-stocks-for-investors-to-watch-this-week-51639944183?mod=hp_LEAD_5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130704419","content_text":"Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday break,Nike and Micron Technology report on Monday,BlackBerry and General Mills on Tuesday, and CarMax,Cintas,and Paychex on Wednesday.\nIt will be a busy week of economic data releases. On Monday, the Conference Board publishes its Leading Economic Index for November, followed by its Consumer Confidence Index for December on Wednesday.\nOn Thursday, the Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core PCE price index, is expected to have spiked 4.5% in November.\nAlso Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.\nMonday 12/20\nMicron Technology and Nike report quarterly results.\nThe Conference Board releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.\nTuesday 12/21\nBlackBerry,FactSet Research Systems,and General Mills announce earnings.\nWednesday 12/22\nThe NAR reports existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.\nCarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.\nThe Bureau of Economic Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.\nThe Conference Board releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.\nThursday 12/23\nThe Department of Labor reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.\nThe Census Bureau reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.\nThe BEA reports personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.\nThe Census Bureau releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.\nFriday 12/24\nU.S. equity and fixed-income markets are closed in observance of Christmas.","news_type":1,"symbols_score_info":{".DJI":0.9,"KMX":0.9,"PAYX":0.9,".SPX":0.9,"CTAS":0.9,"GIS":0.9,"MU":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699749842,"gmtCreate":1639910440909,"gmtModify":1639910441189,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699749842","repostId":"2192035909","repostType":4,"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699591360,"gmtCreate":1639831846728,"gmtModify":1639831846941,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699591360","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohu8.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699195886,"gmtCreate":1639754136566,"gmtModify":1639754136755,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699195886","repostId":"2192597562","repostType":4,"isVote":1,"tweetType":1,"viewCount":912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690343503,"gmtCreate":1639642143816,"gmtModify":1639642205605,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690343503","repostId":"1129001294","repostType":4,"repost":{"id":"1129001294","kind":"news","pubTimestamp":1639641362,"share":"https://www.laohu8.com/m/news/1129001294?lang=zh_CN&edition=full","pubTime":"2021-12-16 15:56","market":"us","language":"en","title":"5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中5只最有价值的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129001294","media":"Insider Monkey","summary":"In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.\nBillionaire Warr","content":"<p>In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>在本文中，我们讨论沃伦·巴菲特投资组合中10只最有价值的股票。</blockquote></p><p> Billionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.</p><p><blockquote>亿万富翁沃伦·巴菲特是美国商业大亨、传奇价值投资者和慈善家，他以其控股公司伯克希尔·哈撒韦公司（纽约证券交易所股票代码：BRK-A）而闻名，他与副董事长查理·芒格一起管理该公司，也是巴菲特最亲密的同事。</blockquote></p><p> Buffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.</p><p><blockquote>巴菲特通过他的对冲基金伯克希尔哈撒韦公司管理他的投资，该基金第三季度管理了约2934亿美元的13F证券，与去年同期相比增加了约570亿美元。巴菲特的投资组合主要集中在信息技术、金融和必需消费品领域。这位亿万富翁以追随本杰明·格雷厄姆学派而闻名，主要关注价值股。</blockquote></p><p> The legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&amp;P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.</p><p><blockquote>这位传奇投资者向大多数投资者推荐低成本指数基金，因为一些主动型基金经理收取高额管理费和绩效费，而且他不相信他们能够持续击败市场。他认为，业余和被动投资者最好长期押注标普500指数基金，因为它在十年内产生的回报将高于对冲基金后一篮子多元化对冲基金的回报。基金经理支付他们应得的管理费。</blockquote></p><p> Since Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.</p><p><blockquote>由于巴菲特是一位长期投资者，他建议刚刚开始投资之旅的人逢低买入股票，因为市场最终会再次上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95c29fa4a746a9be0316155793ff359c\" tg-width=\"767\" tg-height=\"843\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.</p><p><blockquote>沃伦·巴菲特第三季度投资组合中最著名的股票包括苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）），以及下面详细提到的其他股票。</blockquote></p><p> <b><i>Our Methodology</i></b></p><p><blockquote><b><i>我们的方法论</i></b></blockquote></p><p> We used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.</p><p><blockquote>我们使用沃伦·巴菲特旗下伯克希尔·哈撒韦公司的第三季度投资组合来选择他的十大价值股票。我们选择了这位亿万富翁投资组合中市盈率最低的股票，并根据巴菲特在每只股票中的持股价值对证券进行排名。</blockquote></p><p> <b>Best Value Stocks in Warren Buffett’s Portfolio</b></p><p><blockquote><b>沃伦·巴菲特投资组合中最有价值的股票</b></blockquote></p><p> <b>10. Wells Fargo &amp; Company (NYSE:WFC)</b></p><p><blockquote><b>10.富国银行公司（纽约证券交易所代码：WFC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $31,329,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：31,329,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.01%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.01%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 88</i></b></p><p><blockquote><b><i>对冲基金持有人数量：88</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.98</i></b></p><p><blockquote><b><i>市盈率：11.98</i></b></blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）于10月14日公布了第三季度收益。本季度每股收益总计1.22美元，超出预期0.28美元。该期间的收入为188.3亿美元，比分析师普遍预期高出5.4217亿美元。</blockquote></p><p> Warren Buffett holds 675,054 shares in Wells Fargo &amp; Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo &amp; Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo &amp; Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>截至今年9月，沃伦·巴菲特持有美国跨国金融服务公司富国银行（NYSE：WFC）675,054股股票。巴菲特持有富国银行（纽约证券交易所股票代码：WFC）的股份达3132万美元，占这位亿万富翁第三季度投资组合的0.01%。富国银行公司（纽约证券交易所股票代码：WFC）的市盈率为11.98，是沃伦·巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> On December 9, UBS analyst Erika Najarian called Wells Fargo &amp; Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.</p><p><blockquote>12月9日，瑞银分析师埃里卡·纳贾里安(Erika Najarian)称富国银行(NYSE：WFC)是她“最坚定的买入想法”之一，假设该股的评级为买入，目标价为65美元。分析师认为，利率上升和费用计划的执行推动了平均有形普通股股东权益回报率，是有吸引力的催化剂。</blockquote></p><p> A total of 88 hedge funds were bullish on Wells Fargo &amp; Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo &amp; Company (NYSE:WFC) in the previous quarter.</p><p><blockquote>截至第三季度末，共有88家对冲基金看好富国银行（NYSE：WFC），持有价值61.8亿美元的股份。与上一季度持有富国银行公司（纽约证券交易所股票代码：WFC）价值超过70亿美元股份的94只基金相比。</blockquote></p><p> Boykin Curry’s&nbsp;Eagle Capital Management&nbsp;is the largest Wells Fargo &amp; Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.</p><p><blockquote>截至第三季度，博伊金·库里(Boykin Curry)的Eagle Capital Management是富国银行(NYSE：WFC)最大的股东，持有3374万股，价值15.6亿美元。</blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）是沃伦·巴菲特第三季度投资组合中的一只著名股票，此外还有苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）。</blockquote></p><p> Hereis what Davis Global Fund has to say about Wells Fargo &amp; Company (NYSE:WFC) in its Q3 2021 investor letter:</p><p><blockquote>以下是戴维斯全球基金在其2021年第三季度投资者信中对富国银行(NYSE：WFC)的评价：</blockquote></p><p></p><p>   “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.    Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”  <b>9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)</b></p><p><blockquote>“……第二张图表强调，金融股仍然是当今市场上最便宜的部分，并且仍然极具吸引力。强劲的资本比率、保守的贷款做法、已经创纪录的低利率以及现在正在走强的经济，所有这些都与低估值相结合，预示着未来的回报。以我们持有的富国银行的顶级金融股为例。富国银行的交易价格是有形账面价值的1.3倍，而我们预计随着时间的推移，股本回报率(ROE)将处于中高水平。即使在这种低利率环境下，目前的市盈率也仅为2021年所有者收益的12倍，我们的IRR估计为12-13%。富国银行今年表现良好，今年迄今上涨了51%，但看起来仍然非常有吸引力，这说明了它的价值是多么被低估，以及为什么在投资以低价交易的优质公司时保持耐心如此重要估值。我们宁愿在收益和现金增加时保持耐心，而不是根据不可预测的近期催化剂进行投资，即使股价不能立即反映经济现实。我们继续看好我们在金融股的头寸。”<b>9.梯瓦制药工业有限公司（纽约证券交易所代码：TEVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $416,768,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：416,768,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.14%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.14%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 22</i></b></p><p><blockquote><b><i>对冲基金持有人数量：22</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.63</i></b></p><p><blockquote><b><i>市盈率：12.63</i></b></blockquote></p><p> Teva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.</p><p><blockquote>梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）是一家来自以色列的专注于仿制药和生物制药的制药公司，于10月27日公布了第三季度业绩。梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）公布的每股收益为0.59美元，比预期低0.06美元。第三季度营收总计38.9亿美元，同比下降2.29%，比预期低1.632亿美元。</blockquote></p><p> Warren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.</p><p><blockquote>截至2021年9月，沃伦·巴菲特持有梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）价值4.1676亿美元的头寸，占这位亿万富翁第三季度投资组合总额的0.14%。</blockquote></p><p> Abrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.</p><p><blockquote>艾布拉姆斯资本管理公司是梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）第三季度的主要股东之一，拥有超过2400万股股票，价值2.342亿美元。</blockquote></p><p> Hedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.</p><p><blockquote>对冲基金在第三季度增持了梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的股份，有22只基金持有该公司价值9.506亿美元的股份，而同样数量的基金看好梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA），持股总价值为9.471亿美元。</blockquote></p><p> Raymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.</p><p><blockquote>Raymond James分析师Elliot Wilbur于10月27日将梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的评级从跑赢大盘下调至大盘表现，但没有设定价格目标，称与该公司的业绩预期相比，近期基本面未达到预期。</blockquote></p><p> <b>8. Globe Life Inc. (NYSE:GL)</b></p><p><blockquote><b>8.环球人寿公司（纽约证券交易所代码：GL）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $565,672,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：565,672,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.19%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.19%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 27</i></b></p><p><blockquote><b><i>对冲基金持有人数量：27</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.45</i></b></p><p><blockquote><b><i>市盈率：12.45</i></b></blockquote></p><p> Billionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.</p><p><blockquote>截至今年9月，亿万富翁沃伦·巴菲特持有Globe Life Inc.（纽约证券交易所股票代码：GL）635万股，价值5.656亿美元，占其第三季度13F投资组合总额的0.19%。Globe Life Inc.（纽约证券交易所股票代码：GL）是一家总部位于德克萨斯州的金融服务控股公司，专门从事人寿保险、年金和补充健康保险产品。</blockquote></p><p> Credit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.</p><p><blockquote>瑞士信贷分析师Andrew Kligerman于10月19日将Globe Life Inc.(NYSE：GL)的目标股价从135美元下调至130美元，并维持该股跑赢大盘的评级，并表示尽管该股面临COVID-19压力，Globe Life Inc.(NYSE：GL)的交易估值颇具吸引力。根据沃伦·巴菲特的伯克希尔·哈撒韦公司的说法，环球人寿公司（纽约证券交易所股票代码：GL）是最有价值的股票之一。</blockquote></p><p> Globe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.</p><p><blockquote>Globe Life Inc.（纽约证券交易所股票代码：GL）于10月20日公布了第三季度收益，每股收益为1.78美元，比预期低0.11美元。季度营收增长6.93%至12.8亿美元，超出预期1597万美元。</blockquote></p><p> Insider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.</p><p><blockquote>截至第三季度，Insider Monkey追踪了867只精英对冲基金的动向，其中共有27只基金报告持有Globe Life Inc.（纽约证券交易所股票代码：GL）的股份，价值7.7577亿美元。相比之下，上一季度有28只基金看好Globe Life Inc.（纽约证券交易所股票代码：GL），持股总价值约为7.95亿美元。</blockquote></p><p> In addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).</p><p><blockquote>除了苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）之外，精英对冲基金也纷纷涌入Globe Life Inc.（纽约证券交易所股票代码：GL）。</blockquote></p><p> <b>7. General Motors Company (NYSE:GM)</b></p><p><blockquote><b>7.通用汽车公司（纽约证券交易所代码：GM）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,162,600,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,162,600,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.07%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.07%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 77</i></b></p><p><blockquote><b><i>对冲基金持有人数量：77</i></b></blockquote></p><p> <b><i>P/E Ratio: 8.45</i></b></p><p><blockquote><b><i>市盈率：8.45</i></b></blockquote></p><p></p><p> General Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）股票占伯克希尔哈撒韦公司第三季度投资组合的1.07%，该对冲基金持有该公司31.6亿美元的头寸。通用汽车公司（NYSE：GM）是一家美国跨国汽车制造商，旗下拥有雪佛兰、别克、GMC、凯迪拉克等四大核心汽车品牌。通用汽车公司（纽约证券交易所股票代码：GM）是巴菲特第三季度投资组合中的一只著名价值股，也在积极开发电动汽车，准备与电动汽车市场领导者特斯拉公司（纳斯达克股票代码：TSLA）竞争。</blockquote></p><p> General Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）10月27日公布了第三季度业绩，每股收益为1.52美元，超出预期0.55美元。营收同比下降24.52%，为267.8亿美元，比预期低11亿美元。</blockquote></p><p> On November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.</p><p><blockquote>11月15日，Wedbush分析师Daniel Ives维持通用汽车公司（NYSE：GM）股票跑赢大盘的评级和85美元的目标价。该分析师表示，通用汽车公司（纽约证券交易所股票代码：GM）的垂直整合能力以及未来几年其庞大客户群向电动汽车的转变为该公司未来的转型机遇。</blockquote></p><p> Harris Associates&nbsp;is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.</p><p><blockquote>Harris Associates是通用汽车公司（纽约证券交易所股票代码：GM）第三季度的主要股东之一，在第三季度看好该股的总共77只基金中，持有该公司18.2亿美元的股份。</blockquote></p><p> Here&nbsp;is what&nbsp;Miller Value Partners&nbsp;has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:</p><p><blockquote>以下是Miller Value Partners在其2021年第三季度投资者信中对通用汽车公司（纽约证券交易所股票代码：GM）的评价：</blockquote></p><p>   “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.    Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&amp;P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.    Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.    Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.    Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.    GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.    The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”  <b>6. The Bank of New York Mellon Corporation (NYSE:BK)</b></p><p><blockquote>“我们最近购买了另一个名字，并对此感到非常兴奋：通用汽车（GM）。通用汽车在许多层面上都很有趣。我们认为它是一个有吸引力的投资机会，它可能是当前市场的一个缩影，包括过去和未来。特斯拉在过去十年中击败了通用汽车。特斯拉上涨了15,797%，超过了通用汽车238%的涨幅，落后于标普500的365%。特斯拉不知从哪里冒出来，创造了许多人说是有史以来最好的汽车。十年前，没有人预见到这一点，包括通用汽车。通用汽车的历史实力导致了傲慢。它完全排除了任何新来者的威胁。我们现在在哪里？期望完全不同。特斯拉目前的价格嵌入了18年的增长，而通用汽车嵌入了不到一年的增长（看到我们喜欢的模式了吗？！）。当你考虑到在第18个年头，特斯拉预计将以非常高的法拉利式利润率赚取1.35万亿美元的收入时，特斯拉的期望看起来就更高了。如今，最大的汽车制造商创造了约2500亿美元的收入，而利润率还不到一半。特斯拉被定价去没有男人（或女人！）以前去过。特斯拉不可能仅靠汽车制造来满足这些期望。它需要更多的东西。看多者认为，特斯拉可以主导自动驾驶的未来，并通过软件订阅赚大钱。除了特斯拉需要这样做才能在当前价格下具有吸引力之外，我们对此没有任何看法。另一方面，市场对通用汽车的预期却很低。该股的定价似乎没有创新或增长。然而，通用汽车计划到2025年在全球推出30款EV（电动汽车）车型（特斯拉总共推出了4款）。通用汽车的新型电动汽车，如悍马和凯迪拉克Lyric，令人印象深刻。它正在将其制造生产改造为模块化，从而实现更快的速度和适应性。整个文化已经从一个乏味、官僚的老制造商转变为一个更快、更具创新性的软件驱动的汽车制造商。通用汽车目前雇佣了25,000名软件工程师。通用汽车相信，到2030年，它可以将收入翻一番，并通过软件和服务提高利润率。通用汽车目前的高利润软件和服务收入为20亿美元，超过了特斯拉。通用汽车控股的自动驾驶公司Cruise最近详细介绍了为什么它认为Origin汽车在2023年推出后的6-8年内有可能实现500亿美元的收入。其自动驾驶商用车部门BrightDrop看起来也很有前途，收入潜力达到100亿美元。我们认为这种可选性并没有反映在当前的价格中。在通用汽车最近的分析师日之后，投资者开始看到潜力。我们可以轻松获得通用汽车目前58美元价格的两倍多的价值。通用汽车和特斯拉之间的对比说明了我们在市场上更广泛地看到的情况，这就是为什么我们在经典价值品牌中看到比长期增长品牌更多的机会。在经历了十年的主导地位后，人们对创新和颠覆性公司的期望相当高。许多经典价值公司措手不及，但已投入巨资迎头赶上。低迷的预期并不反映他们前景的改善。”<b>6.纽约梅隆银行（纽约证券交易所代码：BK）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,751,012,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,751,012,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.27%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.27%</i></b></blockquote></p><p></p><p> <b><i>Number of Hedge Fund Holders: 46</i></b></p><p><blockquote><b><i>对冲基金持有人数量：46</i></b></blockquote></p><p> <b><i>P/E Ratio: 14.48</i></b></p><p><blockquote><b><i>市盈率：14.48</i></b></blockquote></p><p> Warren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.</p><p><blockquote>沃伦·巴菲特持有纽约梅隆银行公司（NYSE：BK）7235万股股票，截至第三季度末价值37.5亿美元，占伯克希尔·哈撒韦公司总投资组合的1.27%。纽约梅隆银行公司（纽约证券交易所股票代码：BK）是一家金融服务控股公司，提供一系列服务，包括企业银行、投资银行、全球财富管理、财务分析和私募股权。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.</p><p><blockquote>纽约梅隆银行公司（纽约证券交易所股票代码：BK）于10月19日公布了第三季度财报。期内每股收益总计1.04美元，超出预期0.04美元。40.4亿美元的收入同比增长4.89%，超出预期8843万美元。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.</p><p><blockquote>摩根士丹利分析师Betsy Graseck 12月6日将纽约梅隆银行(NYSE：BK)的评级从同等权重下调至跑输大盘，目标价为59美元，理由是该股估值、低贷款敞口和负运营杠杆是下调的原因。</blockquote></p><p> First Eagle Investment Management&nbsp;is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.</p><p><blockquote>First Eagle Investment Management是纽约梅隆银行公司（NYSE：BK）第三季度最大的股东之一，持有1610万股股票，价值超过8.37亿美元。总体而言，Insider Monkey监测的46只对冲基金在第三季度看好纽约梅隆银行公司（NYSE：BK），低于上一季度的52只基金。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>纽约梅隆银行（纽约证券交易所代码：BK）是沃伦·巴菲特第三季度投资组合中的一只著名股票，就像苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所代码：AXP）、可口可乐公司（纽约证券交易所代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）一样。</blockquote></p><p> <b>5. DaVita Inc. (NYSE:DVA)</b></p><p><blockquote><b>5.DaVita Inc.（纽约证券交易所代码：DVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $4,196,471,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：4,196,471,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.43%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.43%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 39</i></b></p><p><blockquote><b><i>对冲基金持有人数量：39</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.37</i></b></p><p><blockquote><b><i>市盈率：12.37</i></b></blockquote></p><p> DaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）跻身沃伦·巴菲特投资组合中最具价值股票名单，该公司于10月28日公布了稳健的第三季度收益，每股收益为2.36美元，超出预期0.10美元。该期间的收入也超出预期2355万美元。</blockquote></p><p> Deutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.</p><p><blockquote>德意志银行分析师Pito Chickering于11月17日将DaVita Inc.（纽约证券交易所股票代码：DVA）的目标股价从164美元下调至150美元，并在资本市场日之后维持对该股的买入评级，称该公司提供了更长期的投资前景比许多投资者都感到满意。</blockquote></p><p> DaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）是一家主要专注于肾脏疾病和透析支持的医疗保健公司，除美国外，还在九个国家开展业务。截至今年9月，沃伦·巴菲特持有DaVita Inc.（纽约证券交易所代码：DVA）41.9亿美元的头寸，DaVita Inc.（纽约证券交易所代码：DVA）股票占这位亿万富翁总投资的1.43%。</blockquote></p><p> At the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.</p><p><blockquote>截至第三季度末，Insider Monkey追踪的39家对冲基金报告称持有DaVita Inc.（纽约证券交易所股票代码：DVA）价值48.1亿美元的股份。相比之下，上一季度持有DaVita Inc.（纽约证券交易所股票代码：DVA）股票的基金数量相同，总持股价值约为51.3亿美元。</blockquote></p><p> Gates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.</p><p><blockquote>盖茨资本管理公司在第三季度增持了DaVita Inc.（纽约证券交易所股票代码：DVA）5%的股份，是该公司的主要股东之一，持仓量为1.741亿美元。</blockquote></p><p> <b>4. U.S. Bancorp (NYSE:USB)</b></p><p><blockquote><b>4.美国合众银行（纽约证券交易所代码：USB）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $7,514,279,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：7,514,279,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.52%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：2.52%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 42</i></b></p><p><blockquote><b><i>对冲基金持有人数量：42</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.60</i></b></p><p><blockquote><b><i>市盈率：11.60</i></b></blockquote></p><p> U.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.</p><p><blockquote>美国合众银行（纽约证券交易所股票代码：USB）是一家总部位于明尼苏达州的银行控股公司，通过其全资子公司美国银行全国协会运营，为客户提供银行、投资、抵押贷款、信托和支付服务。作为沃伦·巴菲特第三季度投资组合中最具价值的股票之一，美国合众银行（纽约证券交易所股票代码：USB）占这位亿万富翁总投资的2.52%。伯克希尔哈撒韦公司拥有超过1.26亿股美国合众银行（纽约证券交易所股票代码：USB）股票，价值75.1亿美元。</blockquote></p><p> On December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.</p><p><blockquote>12月9日，瑞银(UBS)分析师Erika Najarian首次对U.S.Bancorp(NYSE：USB)给予买入评级和70美元的目标价，此前该公司的ROTCE表现优于300个基点。</blockquote></p><p> U.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.</p><p><blockquote>美国合众银行(NYSE：USB)于10月14日公布了第三季度业绩，每股收益为1.30美元，超出预期0.14美元。58.6亿美元的收入也超出预期1.0532亿美元。</blockquote></p><p> In Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.</p><p><blockquote>2021年第三季度，Insider Monkey数据库中有42家对冲基金做多U.S.Bancorp(NYSE：USB)，高于上一季度的41家基金。Yacktman Asset Management是U.S.Bancorp(NYSE：USB)的主要利益相关者之一），持有该银行控股公司价值2.793亿美元的股份。</blockquote></p><p> Hereis what Mairs &amp; Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:</p><p><blockquote>以下是Mairs&amp;Power在2020年第四季度投资者信中对U.S.Bancorp(NYSE：USB)的评价：</blockquote></p><p></p><p>   “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”  <b>3. Verizon Communications Inc. (NYSE:VZ)</b></p><p><blockquote>“从负面来看，该基金在2020年最大的诋毁者之一是美国合众银行(USB)。与所有银行一样，合众银行也受到了困难的利率环境和信贷周期担忧的伤害。我们相信银行足够强大，能够度过当前的行业低迷，它们仍然是市场上最有吸引力的机会之一。”<b>3.威瑞森通信公司（纽约证券交易所代码：VZ）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $8,578,115,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：8,578,115,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.92%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：2.92%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 9.43</i></b></p><p><blockquote><b><i>市盈率：9.43</i></b></blockquote></p><p> With a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的市盈率为9.43，是沃伦·巴菲特第三季度最有价值的股票之一，这位亿万富翁持有该公司85.7亿美元的头寸。美国跨国电信集团Verizon Communications Inc.（纽约证券交易所股票代码：VZ）于12月2日宣布派发每股0.64美元的季度股息，将于2月1日支付给1月10日登记在册的股东。Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的远期股息率为5.10%。</blockquote></p><p> On October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.</p><p><blockquote>10月20日，Verizon Communications Inc.（纽约证券交易所股票代码：VZ）公布了第三季度业绩，每股收益为1.41美元，超出预期0.05美元。季度营收为329.2亿美元，比预期低3.0193亿美元。继第三季度业绩公布后，Cowen分析师Colby Synesael将Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的目标股价从68美元上调至71美元，并维持该股跑赢大盘的评级。</blockquote></p><p> Verizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）获得美国授予的两份价值3460万美元的合同。能源部。这些任务订单于12月1日通过联邦政府的企业基础设施解决方案合同工具授予。</blockquote></p><p> By the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s&nbsp;Skye Global Management&nbsp;is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.</p><p><blockquote>截至第三季度末，有57家对冲基金看好Verizon Communications Inc.（纽约证券交易所股票代码：VZ），低于上一季度的63家。Jaime Sterne的Skye Global Management是Verizon Communications Inc.（纽约证券交易所股票代码：VZ）第三季度的主要股东之一，持有该公司2.823亿美元的股份。</blockquote></p><p> Hereis what&nbsp;Miller/Howard Investments&nbsp;has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:</p><p><blockquote>以下是Miller/Howard Investments在其2021年第一季度投资者信中对Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的评价：</blockquote></p><p>   “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”  <b>2. American Express Company (NYSE:AXP)</b></p><p><blockquote>“我们出售Verizon(VZ)是出于对他们在正在进行的频谱拍卖中可能花费多少钱的担忧。管理层可能合理地认为花费数十亿美元来扩大频谱持有量是必要的，但我们认为回报将是缓慢的，并且将使其具有挑战性以良好的速度增长股息。”<b>2.美国运通公司（纽约证券交易所代码：AXP）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $25,399,340,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：25,399,340,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 8.65%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：8.65%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 17.45</i></b></p><p><blockquote><b><i>市盈率：17.45</i></b></blockquote></p><p> American Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.</p><p><blockquote>跨国支付卡服务公司美国运通公司（纽约证券交易所股票代码：AXP）于10月22日公布了第三季度业绩。该期间每股收益为2.27美元，超出预期0.52美元。营收109.3亿美元，同比增长24.88%，超出预期3.8239亿美元。</blockquote></p><p> 8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>伯克希尔哈撒韦公司第三季度投资的8.65%是美国运通公司（NYSE：AXP）股票，沃伦·巴菲特持有该公司1.516亿股股票，截至今年9月底价值253.9亿美元。美国运通公司（纽约证券交易所股票代码：AXP）是沃伦·巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> The smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management&nbsp;is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.</p><p><blockquote>聪明的资金在第三季度对美国运通公司（纽约证券交易所股票代码：AXP）产生了更大的兴趣，截至9月底，有57家对冲基金看好该股，高于持有美国运通公司（纽约证券交易所股票代码：AXP）股份的52家基金在上一季度。费舍尔资产管理公司是美国运通公司（纽约证券交易所股票代码：AXP）第三季度的著名股东，持有1560万股，价值26.1亿美元。</blockquote></p><p> After the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.</p><p><blockquote>在第三季度盈利超出预期后，BMO Capital分析师James Fotheringham于10月25日将美国运通公司(NYSE：AXP)的目标股价从147美元上调至151美元，但维持该股的市场表现评级。除了强劲的第三季度收益外，分析师还修改了美国运通公司（纽约证券交易所股票代码：AXP）的模型，预测净利息收入增加、贷款损失准备金减少和股票数量减少。</blockquote></p><p> Hereis what&nbsp;ClearBridge Investments&nbsp;has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:</p><p><blockquote>以下是ClearBridge Investments在其2021年第二季度投资者信中对美国运通公司（纽约证券交易所股票代码：AXP）的评价：</blockquote></p><p></p><p>   “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”  <b>1. Bank of America Corporation (NYSE:BAC)</b></p><p><blockquote>“在财务方面，美国运通出色地展示了其特许经营权在全球大流行导致其核心旅游和娱乐业务下降60%的情况下的弹性。该公司以支出为中心的模式得到了财政刺激的帮助确保了消费者的富裕，而管理层继续通过增加数百万新的消费者和中小企业账户来执行良好，这应该会使特许经营权在中长期内受益。随着旅游和娱乐活动的反弹，我们对公司的前景保持乐观，这增加了我们在本季度的地位。”<b>1.美国银行公司（纽约证券交易所代码：BAC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $42,878,771,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：42,878,771,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 14.61%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：14.61%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 72</i></b></p><p><blockquote><b><i>对冲基金持有人数量：72</i></b></blockquote></p><p> <b><i>P/E Ratio: 13.32</i></b></p><p><blockquote><b><i>市盈率：13.32</i></b></blockquote></p><p> Ranking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.</p><p><blockquote>在我们的沃伦·巴菲特投资组合中最具价值股票名单中排名第一的是美国银行公司（纽约证券交易所股票代码：BAC），截至9月底，这位亿万富翁持有超过10亿股股票，价值428亿美元。美国银行公司（纽约证券交易所股票代码：BAC）股票占沃伦·巴菲特第三季度证券总额的14.61%。</blockquote></p><p> UBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.</p><p><blockquote>瑞银(UBS)分析师Erika Najarian于12月9日对美国银行公司(NYSE：BAC)给予买入评级和64美元的目标价。这位分析师将美国银行公司（纽约证券交易所股票代码：BAC）列为她在美国大型银行中的首选。</blockquote></p><p> Bank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.</p><p><blockquote>美国银行公司（纽约证券交易所股票代码：BAC）10月14日公布第三季度收益，每股收益为0.85美元，超出预期0.15美元。营收同比增长11.33%，达到227.7亿美元，超出预期11.6亿美元。</blockquote></p><p> In the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.</p><p><blockquote>第三季度，72家对冲基金看好美国银行公司（NYSE：BAC），持有总价值464.8亿美元的股份。iHarris Associates是美国银行公司（纽约证券交易所股票代码：BAC）第三季度的主要利益相关者之一，在该公司持有25.2亿美元的股份。</blockquote></p><p> Here&nbsp;is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:</p><p><blockquote>以下是Oakmark Funds在其2021年第三季度投资者信中对美国银行公司（纽约证券交易所股票代码：BAC）的评价：</blockquote></p><p>   “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees  <i>and</i>for shareholders.    If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders  <i>and</i>stakeholders.” </p><p><blockquote>“今年早些时候，我们控股的美国银行宣布将最低时薪从15美元提高到20美元，并将在2025年提高到25美元。该公司因将员工的福利置于利润之上而受到广泛关注。但这真的是非此即彼吗？美国银行首席人力资源官谈到了大局：“负责任增长的核心原则是我们致力于成为一个伟大的工作场所……这包括提供丰厚的薪酬和有竞争力的福利来帮助他们及其家人，以便我们继续吸引并留住最优秀的人才。”美国银行明白，敬业、高素质的员工生产力更高，不容易离职，因此从长远来看成本更低。增加员工薪酬并没有将员工提升到股东之上；这对员工来说是正确的做法<i>和</i>对于股东来说。如果涨到20美元是好事，为什么要止步于此呢？为什么不是每小时50美元？因为企业以50美元获得的收益并不值得花费。该银行将不再能够为其产品定价具有竞争力，并将失去业务。员工将在短期内“获胜”，但最终失去的业务将导致裁员，这意味着员工和股东都将遭受损失。利益相关者越权的负面影响与首席执行官越权夸大短期利润没有什么不同。两者都伤害了股东<i>和</i>利益相关者。”</blockquote></p><p></p>","source":"lsy1606273129822","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>5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中5只最有价值的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中5只最有价值的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Insider Monkey</strong><span class=\"h-time small\">2021-12-16 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>在本文中，我们讨论沃伦·巴菲特投资组合中10只最有价值的股票。</blockquote></p><p> Billionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.</p><p><blockquote>亿万富翁沃伦·巴菲特是美国商业大亨、传奇价值投资者和慈善家，他以其控股公司伯克希尔·哈撒韦公司（纽约证券交易所股票代码：BRK-A）而闻名，他与副董事长查理·芒格一起管理该公司，也是巴菲特最亲密的同事。</blockquote></p><p> Buffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.</p><p><blockquote>巴菲特通过他的对冲基金伯克希尔哈撒韦公司管理他的投资，该基金第三季度管理了约2934亿美元的13F证券，与去年同期相比增加了约570亿美元。巴菲特的投资组合主要集中在信息技术、金融和必需消费品领域。这位亿万富翁以追随本杰明·格雷厄姆学派而闻名，主要关注价值股。</blockquote></p><p> The legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&amp;P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.</p><p><blockquote>这位传奇投资者向大多数投资者推荐低成本指数基金，因为一些主动型基金经理收取高额管理费和绩效费，而且他不相信他们能够持续击败市场。他认为，业余和被动投资者最好长期押注标普500指数基金，因为它在十年内产生的回报将高于对冲基金后一篮子多元化对冲基金的回报。基金经理支付他们应得的管理费。</blockquote></p><p> Since Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.</p><p><blockquote>由于巴菲特是一位长期投资者，他建议刚刚开始投资之旅的人逢低买入股票，因为市场最终会再次上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95c29fa4a746a9be0316155793ff359c\" tg-width=\"767\" tg-height=\"843\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.</p><p><blockquote>沃伦·巴菲特第三季度投资组合中最著名的股票包括苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）），以及下面详细提到的其他股票。</blockquote></p><p> <b><i>Our Methodology</i></b></p><p><blockquote><b><i>我们的方法论</i></b></blockquote></p><p> We used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.</p><p><blockquote>我们使用沃伦·巴菲特旗下伯克希尔·哈撒韦公司的第三季度投资组合来选择他的十大价值股票。我们选择了这位亿万富翁投资组合中市盈率最低的股票，并根据巴菲特在每只股票中的持股价值对证券进行排名。</blockquote></p><p> <b>Best Value Stocks in Warren Buffett’s Portfolio</b></p><p><blockquote><b>沃伦·巴菲特投资组合中最有价值的股票</b></blockquote></p><p> <b>10. Wells Fargo &amp; Company (NYSE:WFC)</b></p><p><blockquote><b>10.富国银行公司（纽约证券交易所代码：WFC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $31,329,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：31,329,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.01%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.01%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 88</i></b></p><p><blockquote><b><i>对冲基金持有人数量：88</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.98</i></b></p><p><blockquote><b><i>市盈率：11.98</i></b></blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）于10月14日公布了第三季度收益。本季度每股收益总计1.22美元，超出预期0.28美元。该期间的收入为188.3亿美元，比分析师普遍预期高出5.4217亿美元。</blockquote></p><p> Warren Buffett holds 675,054 shares in Wells Fargo &amp; Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo &amp; Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo &amp; Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>截至今年9月，沃伦·巴菲特持有美国跨国金融服务公司富国银行（NYSE：WFC）675,054股股票。巴菲特持有富国银行（纽约证券交易所股票代码：WFC）的股份达3132万美元，占这位亿万富翁第三季度投资组合的0.01%。富国银行公司（纽约证券交易所股票代码：WFC）的市盈率为11.98，是沃伦·巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> On December 9, UBS analyst Erika Najarian called Wells Fargo &amp; Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.</p><p><blockquote>12月9日，瑞银分析师埃里卡·纳贾里安(Erika Najarian)称富国银行(NYSE：WFC)是她“最坚定的买入想法”之一，假设该股的评级为买入，目标价为65美元。分析师认为，利率上升和费用计划的执行推动了平均有形普通股股东权益回报率，是有吸引力的催化剂。</blockquote></p><p> A total of 88 hedge funds were bullish on Wells Fargo &amp; Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo &amp; Company (NYSE:WFC) in the previous quarter.</p><p><blockquote>截至第三季度末，共有88家对冲基金看好富国银行（NYSE：WFC），持有价值61.8亿美元的股份。与上一季度持有富国银行公司（纽约证券交易所股票代码：WFC）价值超过70亿美元股份的94只基金相比。</blockquote></p><p> Boykin Curry’s&nbsp;Eagle Capital Management&nbsp;is the largest Wells Fargo &amp; Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.</p><p><blockquote>截至第三季度，博伊金·库里(Boykin Curry)的Eagle Capital Management是富国银行(NYSE：WFC)最大的股东，持有3374万股，价值15.6亿美元。</blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）是沃伦·巴菲特第三季度投资组合中的一只著名股票，此外还有苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）。</blockquote></p><p> Hereis what Davis Global Fund has to say about Wells Fargo &amp; Company (NYSE:WFC) in its Q3 2021 investor letter:</p><p><blockquote>以下是戴维斯全球基金在其2021年第三季度投资者信中对富国银行(NYSE：WFC)的评价：</blockquote></p><p></p><p>   “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.    Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”  <b>9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)</b></p><p><blockquote>“……第二张图表强调，金融股仍然是当今市场上最便宜的部分，并且仍然极具吸引力。强劲的资本比率、保守的贷款做法、已经创纪录的低利率以及现在正在走强的经济，所有这些都与低估值相结合，预示着未来的回报。以我们持有的富国银行的顶级金融股为例。富国银行的交易价格是有形账面价值的1.3倍，而我们预计随着时间的推移，股本回报率(ROE)将处于中高水平。即使在这种低利率环境下，目前的市盈率也仅为2021年所有者收益的12倍，我们的IRR估计为12-13%。富国银行今年表现良好，今年迄今上涨了51%，但看起来仍然非常有吸引力，这说明了它的价值是多么被低估，以及为什么在投资以低价交易的优质公司时保持耐心如此重要估值。我们宁愿在收益和现金增加时保持耐心，而不是根据不可预测的近期催化剂进行投资，即使股价不能立即反映经济现实。我们继续看好我们在金融股的头寸。”<b>9.梯瓦制药工业有限公司（纽约证券交易所代码：TEVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $416,768,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：416,768,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.14%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.14%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 22</i></b></p><p><blockquote><b><i>对冲基金持有人数量：22</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.63</i></b></p><p><blockquote><b><i>市盈率：12.63</i></b></blockquote></p><p> Teva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.</p><p><blockquote>梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）是一家来自以色列的专注于仿制药和生物制药的制药公司，于10月27日公布了第三季度业绩。梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）公布的每股收益为0.59美元，比预期低0.06美元。第三季度营收总计38.9亿美元，同比下降2.29%，比预期低1.632亿美元。</blockquote></p><p> Warren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.</p><p><blockquote>截至2021年9月，沃伦·巴菲特持有梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）价值4.1676亿美元的头寸，占这位亿万富翁第三季度投资组合总额的0.14%。</blockquote></p><p> Abrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.</p><p><blockquote>艾布拉姆斯资本管理公司是梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）第三季度的主要股东之一，拥有超过2400万股股票，价值2.342亿美元。</blockquote></p><p> Hedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.</p><p><blockquote>对冲基金在第三季度增持了梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的股份，有22只基金持有该公司价值9.506亿美元的股份，而同样数量的基金看好梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA），持股总价值为9.471亿美元。</blockquote></p><p> Raymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.</p><p><blockquote>Raymond James分析师Elliot Wilbur于10月27日将梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的评级从跑赢大盘下调至大盘表现，但没有设定价格目标，称与该公司的业绩预期相比，近期基本面未达到预期。</blockquote></p><p> <b>8. Globe Life Inc. (NYSE:GL)</b></p><p><blockquote><b>8.环球人寿公司（纽约证券交易所代码：GL）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $565,672,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：565,672,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.19%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：0.19%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 27</i></b></p><p><blockquote><b><i>对冲基金持有人数量：27</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.45</i></b></p><p><blockquote><b><i>市盈率：12.45</i></b></blockquote></p><p> Billionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.</p><p><blockquote>截至今年9月，亿万富翁沃伦·巴菲特持有Globe Life Inc.（纽约证券交易所股票代码：GL）635万股，价值5.656亿美元，占其第三季度13F投资组合总额的0.19%。Globe Life Inc.（纽约证券交易所股票代码：GL）是一家总部位于德克萨斯州的金融服务控股公司，专门从事人寿保险、年金和补充健康保险产品。</blockquote></p><p> Credit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.</p><p><blockquote>瑞士信贷分析师Andrew Kligerman于10月19日将Globe Life Inc.(NYSE：GL)的目标股价从135美元下调至130美元，并维持该股跑赢大盘的评级，并表示尽管该股面临COVID-19压力，Globe Life Inc.(NYSE：GL)的交易估值颇具吸引力。根据沃伦·巴菲特的伯克希尔·哈撒韦公司的说法，环球人寿公司（纽约证券交易所股票代码：GL）是最有价值的股票之一。</blockquote></p><p> Globe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.</p><p><blockquote>Globe Life Inc.（纽约证券交易所股票代码：GL）于10月20日公布了第三季度收益，每股收益为1.78美元，比预期低0.11美元。季度营收增长6.93%至12.8亿美元，超出预期1597万美元。</blockquote></p><p> Insider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.</p><p><blockquote>截至第三季度，Insider Monkey追踪了867只精英对冲基金的动向，其中共有27只基金报告持有Globe Life Inc.（纽约证券交易所股票代码：GL）的股份，价值7.7577亿美元。相比之下，上一季度有28只基金看好Globe Life Inc.（纽约证券交易所股票代码：GL），持股总价值约为7.95亿美元。</blockquote></p><p> In addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).</p><p><blockquote>除了苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）之外，精英对冲基金也纷纷涌入Globe Life Inc.（纽约证券交易所股票代码：GL）。</blockquote></p><p> <b>7. General Motors Company (NYSE:GM)</b></p><p><blockquote><b>7.通用汽车公司（纽约证券交易所代码：GM）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,162,600,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,162,600,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.07%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.07%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 77</i></b></p><p><blockquote><b><i>对冲基金持有人数量：77</i></b></blockquote></p><p> <b><i>P/E Ratio: 8.45</i></b></p><p><blockquote><b><i>市盈率：8.45</i></b></blockquote></p><p></p><p> General Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）股票占伯克希尔哈撒韦公司第三季度投资组合的1.07%，该对冲基金持有该公司31.6亿美元的头寸。通用汽车公司（NYSE：GM）是一家美国跨国汽车制造商，旗下拥有雪佛兰、别克、GMC、凯迪拉克等四大核心汽车品牌。通用汽车公司（纽约证券交易所股票代码：GM）是巴菲特第三季度投资组合中的一只著名价值股，也在积极开发电动汽车，准备与电动汽车市场领导者特斯拉公司（纳斯达克股票代码：TSLA）竞争。</blockquote></p><p> General Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）10月27日公布了第三季度业绩，每股收益为1.52美元，超出预期0.55美元。营收同比下降24.52%，为267.8亿美元，比预期低11亿美元。</blockquote></p><p> On November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.</p><p><blockquote>11月15日，Wedbush分析师Daniel Ives维持通用汽车公司（NYSE：GM）股票跑赢大盘的评级和85美元的目标价。该分析师表示，通用汽车公司（纽约证券交易所股票代码：GM）的垂直整合能力以及未来几年其庞大客户群向电动汽车的转变为该公司未来的转型机遇。</blockquote></p><p> Harris Associates&nbsp;is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.</p><p><blockquote>Harris Associates是通用汽车公司（纽约证券交易所股票代码：GM）第三季度的主要股东之一，在第三季度看好该股的总共77只基金中，持有该公司18.2亿美元的股份。</blockquote></p><p> Here&nbsp;is what&nbsp;Miller Value Partners&nbsp;has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:</p><p><blockquote>以下是Miller Value Partners在其2021年第三季度投资者信中对通用汽车公司（纽约证券交易所股票代码：GM）的评价：</blockquote></p><p>   “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.    Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&amp;P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.    Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.    Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.    Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.    GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.    The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”  <b>6. The Bank of New York Mellon Corporation (NYSE:BK)</b></p><p><blockquote>“我们最近购买了另一个名字，并对此感到非常兴奋：通用汽车（GM）。通用汽车在许多层面上都很有趣。我们认为它是一个有吸引力的投资机会，它可能是当前市场的一个缩影，包括过去和未来。特斯拉在过去十年中击败了通用汽车。特斯拉上涨了15,797%，超过了通用汽车238%的涨幅，落后于标普500的365%。特斯拉不知从哪里冒出来，创造了许多人说是有史以来最好的汽车。十年前，没有人预见到这一点，包括通用汽车。通用汽车的历史实力导致了傲慢。它完全排除了任何新来者的威胁。我们现在在哪里？期望完全不同。特斯拉目前的价格嵌入了18年的增长，而通用汽车嵌入了不到一年的增长（看到我们喜欢的模式了吗？！）。当你考虑到在第18个年头，特斯拉预计将以非常高的法拉利式利润率赚取1.35万亿美元的收入时，特斯拉的期望看起来就更高了。如今，最大的汽车制造商创造了约2500亿美元的收入，而利润率还不到一半。特斯拉被定价去没有男人（或女人！）以前去过。特斯拉不可能仅靠汽车制造来满足这些期望。它需要更多的东西。看多者认为，特斯拉可以主导自动驾驶的未来，并通过软件订阅赚大钱。除了特斯拉需要这样做才能在当前价格下具有吸引力之外，我们对此没有任何看法。另一方面，市场对通用汽车的预期却很低。该股的定价似乎没有创新或增长。然而，通用汽车计划到2025年在全球推出30款EV（电动汽车）车型（特斯拉总共推出了4款）。通用汽车的新型电动汽车，如悍马和凯迪拉克Lyric，令人印象深刻。它正在将其制造生产改造为模块化，从而实现更快的速度和适应性。整个文化已经从一个乏味、官僚的老制造商转变为一个更快、更具创新性的软件驱动的汽车制造商。通用汽车目前雇佣了25,000名软件工程师。通用汽车相信，到2030年，它可以将收入翻一番，并通过软件和服务提高利润率。通用汽车目前的高利润软件和服务收入为20亿美元，超过了特斯拉。通用汽车控股的自动驾驶公司Cruise最近详细介绍了为什么它认为Origin汽车在2023年推出后的6-8年内有可能实现500亿美元的收入。其自动驾驶商用车部门BrightDrop看起来也很有前途，收入潜力达到100亿美元。我们认为这种可选性并没有反映在当前的价格中。在通用汽车最近的分析师日之后，投资者开始看到潜力。我们可以轻松获得通用汽车目前58美元价格的两倍多的价值。通用汽车和特斯拉之间的对比说明了我们在市场上更广泛地看到的情况，这就是为什么我们在经典价值品牌中看到比长期增长品牌更多的机会。在经历了十年的主导地位后，人们对创新和颠覆性公司的期望相当高。许多经典价值公司措手不及，但已投入巨资迎头赶上。低迷的预期并不反映他们前景的改善。”<b>6.纽约梅隆银行（纽约证券交易所代码：BK）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,751,012,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,751,012,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.27%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.27%</i></b></blockquote></p><p></p><p> <b><i>Number of Hedge Fund Holders: 46</i></b></p><p><blockquote><b><i>对冲基金持有人数量：46</i></b></blockquote></p><p> <b><i>P/E Ratio: 14.48</i></b></p><p><blockquote><b><i>市盈率：14.48</i></b></blockquote></p><p> Warren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.</p><p><blockquote>沃伦·巴菲特持有纽约梅隆银行公司（NYSE：BK）7235万股股票，截至第三季度末价值37.5亿美元，占伯克希尔·哈撒韦公司总投资组合的1.27%。纽约梅隆银行公司（纽约证券交易所股票代码：BK）是一家金融服务控股公司，提供一系列服务，包括企业银行、投资银行、全球财富管理、财务分析和私募股权。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.</p><p><blockquote>纽约梅隆银行公司（纽约证券交易所股票代码：BK）于10月19日公布了第三季度财报。期内每股收益总计1.04美元，超出预期0.04美元。40.4亿美元的收入同比增长4.89%，超出预期8843万美元。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.</p><p><blockquote>摩根士丹利分析师Betsy Graseck 12月6日将纽约梅隆银行(NYSE：BK)的评级从同等权重下调至跑输大盘，目标价为59美元，理由是该股估值、低贷款敞口和负运营杠杆是下调的原因。</blockquote></p><p> First Eagle Investment Management&nbsp;is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.</p><p><blockquote>First Eagle Investment Management是纽约梅隆银行公司（NYSE：BK）第三季度最大的股东之一，持有1610万股股票，价值超过8.37亿美元。总体而言，Insider Monkey监测的46只对冲基金在第三季度看好纽约梅隆银行公司（NYSE：BK），低于上一季度的52只基金。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>纽约梅隆银行（纽约证券交易所代码：BK）是沃伦·巴菲特第三季度投资组合中的一只著名股票，就像苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所代码：AXP）、可口可乐公司（纽约证券交易所代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）一样。</blockquote></p><p> <b>5. DaVita Inc. (NYSE:DVA)</b></p><p><blockquote><b>5.DaVita Inc.（纽约证券交易所代码：DVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $4,196,471,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：4,196,471,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.43%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：1.43%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 39</i></b></p><p><blockquote><b><i>对冲基金持有人数量：39</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.37</i></b></p><p><blockquote><b><i>市盈率：12.37</i></b></blockquote></p><p> DaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）跻身沃伦·巴菲特投资组合中最具价值股票名单，该公司于10月28日公布了稳健的第三季度收益，每股收益为2.36美元，超出预期0.10美元。该期间的收入也超出预期2355万美元。</blockquote></p><p> Deutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.</p><p><blockquote>德意志银行分析师Pito Chickering于11月17日将DaVita Inc.（纽约证券交易所股票代码：DVA）的目标股价从164美元下调至150美元，并在资本市场日之后维持对该股的买入评级，称该公司提供了更长期的投资前景比许多投资者都感到满意。</blockquote></p><p> DaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）是一家主要专注于肾脏疾病和透析支持的医疗保健公司，除美国外，还在九个国家开展业务。截至今年9月，沃伦·巴菲特持有DaVita Inc.（纽约证券交易所代码：DVA）41.9亿美元的头寸，DaVita Inc.（纽约证券交易所代码：DVA）股票占这位亿万富翁总投资的1.43%。</blockquote></p><p> At the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.</p><p><blockquote>截至第三季度末，Insider Monkey追踪的39家对冲基金报告称持有DaVita Inc.（纽约证券交易所股票代码：DVA）价值48.1亿美元的股份。相比之下，上一季度持有DaVita Inc.（纽约证券交易所股票代码：DVA）股票的基金数量相同，总持股价值约为51.3亿美元。</blockquote></p><p> Gates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.</p><p><blockquote>盖茨资本管理公司在第三季度增持了DaVita Inc.（纽约证券交易所股票代码：DVA）5%的股份，是该公司的主要股东之一，持仓量为1.741亿美元。</blockquote></p><p> <b>4. U.S. Bancorp (NYSE:USB)</b></p><p><blockquote><b>4.美国合众银行（纽约证券交易所代码：USB）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $7,514,279,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：7,514,279,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.52%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：2.52%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 42</i></b></p><p><blockquote><b><i>对冲基金持有人数量：42</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.60</i></b></p><p><blockquote><b><i>市盈率：11.60</i></b></blockquote></p><p> U.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.</p><p><blockquote>美国合众银行（纽约证券交易所股票代码：USB）是一家总部位于明尼苏达州的银行控股公司，通过其全资子公司美国银行全国协会运营，为客户提供银行、投资、抵押贷款、信托和支付服务。作为沃伦·巴菲特第三季度投资组合中最具价值的股票之一，美国合众银行（纽约证券交易所股票代码：USB）占这位亿万富翁总投资的2.52%。伯克希尔哈撒韦公司拥有超过1.26亿股美国合众银行（纽约证券交易所股票代码：USB）股票，价值75.1亿美元。</blockquote></p><p> On December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.</p><p><blockquote>12月9日，瑞银(UBS)分析师Erika Najarian首次对U.S.Bancorp(NYSE：USB)给予买入评级和70美元的目标价，此前该公司的ROTCE表现优于300个基点。</blockquote></p><p> U.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.</p><p><blockquote>美国合众银行(NYSE：USB)于10月14日公布了第三季度业绩，每股收益为1.30美元，超出预期0.14美元。58.6亿美元的收入也超出预期1.0532亿美元。</blockquote></p><p> In Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.</p><p><blockquote>2021年第三季度，Insider Monkey数据库中有42家对冲基金做多U.S.Bancorp(NYSE：USB)，高于上一季度的41家基金。Yacktman Asset Management是U.S.Bancorp(NYSE：USB)的主要利益相关者之一），持有该银行控股公司价值2.793亿美元的股份。</blockquote></p><p> Hereis what Mairs &amp; Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:</p><p><blockquote>以下是Mairs&amp;Power在2020年第四季度投资者信中对U.S.Bancorp(NYSE：USB)的评价：</blockquote></p><p></p><p>   “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”  <b>3. Verizon Communications Inc. (NYSE:VZ)</b></p><p><blockquote>“从负面来看，该基金在2020年最大的诋毁者之一是美国合众银行(USB)。与所有银行一样，合众银行也受到了困难的利率环境和信贷周期担忧的伤害。我们相信银行足够强大，能够度过当前的行业低迷，它们仍然是市场上最有吸引力的机会之一。”<b>3.威瑞森通信公司（纽约证券交易所代码：VZ）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $8,578,115,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：8,578,115,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.92%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：2.92%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 9.43</i></b></p><p><blockquote><b><i>市盈率：9.43</i></b></blockquote></p><p> With a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的市盈率为9.43，是沃伦·巴菲特第三季度最有价值的股票之一，这位亿万富翁持有该公司85.7亿美元的头寸。美国跨国电信集团Verizon Communications Inc.（纽约证券交易所股票代码：VZ）于12月2日宣布派发每股0.64美元的季度股息，将于2月1日支付给1月10日登记在册的股东。Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的远期股息率为5.10%。</blockquote></p><p> On October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.</p><p><blockquote>10月20日，Verizon Communications Inc.（纽约证券交易所股票代码：VZ）公布了第三季度业绩，每股收益为1.41美元，超出预期0.05美元。季度营收为329.2亿美元，比预期低3.0193亿美元。继第三季度业绩公布后，Cowen分析师Colby Synesael将Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的目标股价从68美元上调至71美元，并维持该股跑赢大盘的评级。</blockquote></p><p> Verizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）获得美国授予的两份价值3460万美元的合同。能源部。这些任务订单于12月1日通过联邦政府的企业基础设施解决方案合同工具授予。</blockquote></p><p> By the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s&nbsp;Skye Global Management&nbsp;is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.</p><p><blockquote>截至第三季度末，有57家对冲基金看好Verizon Communications Inc.（纽约证券交易所股票代码：VZ），低于上一季度的63家。Jaime Sterne的Skye Global Management是Verizon Communications Inc.（纽约证券交易所股票代码：VZ）第三季度的主要股东之一，持有该公司2.823亿美元的股份。</blockquote></p><p> Hereis what&nbsp;Miller/Howard Investments&nbsp;has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:</p><p><blockquote>以下是Miller/Howard Investments在其2021年第一季度投资者信中对Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的评价：</blockquote></p><p>   “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”  <b>2. American Express Company (NYSE:AXP)</b></p><p><blockquote>“我们出售Verizon(VZ)是出于对他们在正在进行的频谱拍卖中可能花费多少钱的担忧。管理层可能合理地认为花费数十亿美元来扩大频谱持有量是必要的，但我们认为回报将是缓慢的，并且将使其具有挑战性以良好的速度增长股息。”<b>2.美国运通公司（纽约证券交易所代码：AXP）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $25,399,340,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：25,399,340,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 8.65%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：8.65%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 17.45</i></b></p><p><blockquote><b><i>市盈率：17.45</i></b></blockquote></p><p> American Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.</p><p><blockquote>跨国支付卡服务公司美国运通公司（纽约证券交易所股票代码：AXP）于10月22日公布了第三季度业绩。该期间每股收益为2.27美元，超出预期0.52美元。营收109.3亿美元，同比增长24.88%，超出预期3.8239亿美元。</blockquote></p><p> 8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>伯克希尔哈撒韦公司第三季度投资的8.65%是美国运通公司（NYSE：AXP）股票，沃伦·巴菲特持有该公司1.516亿股股票，截至今年9月底价值253.9亿美元。美国运通公司（纽约证券交易所股票代码：AXP）是沃伦·巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> The smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management&nbsp;is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.</p><p><blockquote>聪明的资金在第三季度对美国运通公司（纽约证券交易所股票代码：AXP）产生了更大的兴趣，截至9月底，有57家对冲基金看好该股，高于持有美国运通公司（纽约证券交易所股票代码：AXP）股份的52家基金在上一季度。费舍尔资产管理公司是美国运通公司（纽约证券交易所股票代码：AXP）第三季度的著名股东，持有1560万股，价值26.1亿美元。</blockquote></p><p> After the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.</p><p><blockquote>在第三季度盈利超出预期后，BMO Capital分析师James Fotheringham于10月25日将美国运通公司(NYSE：AXP)的目标股价从147美元上调至151美元，但维持该股的市场表现评级。除了强劲的第三季度收益外，分析师还修改了美国运通公司（纽约证券交易所股票代码：AXP）的模型，预测净利息收入增加、贷款损失准备金减少和股票数量减少。</blockquote></p><p> Hereis what&nbsp;ClearBridge Investments&nbsp;has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:</p><p><blockquote>以下是ClearBridge Investments在其2021年第二季度投资者信中对美国运通公司（纽约证券交易所股票代码：AXP）的评价：</blockquote></p><p></p><p>   “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”  <b>1. Bank of America Corporation (NYSE:BAC)</b></p><p><blockquote>“在财务方面，美国运通出色地展示了其特许经营权在全球大流行导致其核心旅游和娱乐业务下降60%的情况下的弹性。该公司以支出为中心的模式得到了财政刺激的帮助确保了消费者的富裕，而管理层继续通过增加数百万新的消费者和中小企业账户来执行良好，这应该会使特许经营权在中长期内受益。随着旅游和娱乐活动的反弹，我们对公司的前景保持乐观，这增加了我们在本季度的地位。”<b>1.美国银行公司（纽约证券交易所代码：BAC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $42,878,771,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：42,878,771,000美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 14.61%</i></b></p><p><blockquote><b><i>占伯克希尔哈撒韦公司13F投资组合的百分比：14.61%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 72</i></b></p><p><blockquote><b><i>对冲基金持有人数量：72</i></b></blockquote></p><p> <b><i>P/E Ratio: 13.32</i></b></p><p><blockquote><b><i>市盈率：13.32</i></b></blockquote></p><p> Ranking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.</p><p><blockquote>在我们的沃伦·巴菲特投资组合中最具价值股票名单中排名第一的是美国银行公司（纽约证券交易所股票代码：BAC），截至9月底，这位亿万富翁持有超过10亿股股票，价值428亿美元。美国银行公司（纽约证券交易所股票代码：BAC）股票占沃伦·巴菲特第三季度证券总额的14.61%。</blockquote></p><p> UBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.</p><p><blockquote>瑞银(UBS)分析师Erika Najarian于12月9日对美国银行公司(NYSE：BAC)给予买入评级和64美元的目标价。这位分析师将美国银行公司（纽约证券交易所股票代码：BAC）列为她在美国大型银行中的首选。</blockquote></p><p> Bank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.</p><p><blockquote>美国银行公司（纽约证券交易所股票代码：BAC）10月14日公布第三季度收益，每股收益为0.85美元，超出预期0.15美元。营收同比增长11.33%，达到227.7亿美元，超出预期11.6亿美元。</blockquote></p><p> In the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.</p><p><blockquote>第三季度，72家对冲基金看好美国银行公司（NYSE：BAC），持有总价值464.8亿美元的股份。iHarris Associates是美国银行公司（纽约证券交易所股票代码：BAC）第三季度的主要利益相关者之一，在该公司持有25.2亿美元的股份。</blockquote></p><p> Here&nbsp;is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:</p><p><blockquote>以下是Oakmark Funds在其2021年第三季度投资者信中对美国银行公司（纽约证券交易所股票代码：BAC）的评价：</blockquote></p><p>   “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees  <i>and</i>for shareholders.    If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders  <i>and</i>stakeholders.” </p><p><blockquote>“今年早些时候，我们控股的美国银行宣布将最低时薪从15美元提高到20美元，并将在2025年提高到25美元。该公司因将员工的福利置于利润之上而受到广泛关注。但这真的是非此即彼吗？美国银行首席人力资源官谈到了大局：“负责任增长的核心原则是我们致力于成为一个伟大的工作场所……这包括提供丰厚的薪酬和有竞争力的福利来帮助他们及其家人，以便我们继续吸引并留住最优秀的人才。”美国银行明白，敬业、高素质的员工生产力更高，不容易离职，因此从长远来看成本更低。增加员工薪酬并没有将员工提升到股东之上；这对员工来说是正确的做法<i>和</i>对于股东来说。如果涨到20美元是好事，为什么要止步于此呢？为什么不是每小时50美元？因为企业以50美元获得的收益并不值得花费。该银行将不再能够为其产品定价具有竞争力，并将失去业务。员工将在短期内“获胜”，但最终失去的业务将导致裁员，这意味着员工和股东都将遭受损失。利益相关者越权的负面影响与首席执行官越权夸大短期利润没有什么不同。两者都伤害了股东<i>和</i>利益相关者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.insidermonkey.com/blog/5-best-value-stocks-in-warren-buffetts-portfolio-1013929/5/\">Insider Monkey</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":{"WFC":"富国银行","BAC":"美国银行","VZ":"Verizon Comms","USB":"美国合众银行","GL":"Globe Life Inc.","DVA":"达维塔保健","BK":"纽约梅隆银行","AXP":"美国运通","GM":"通用汽车","TEVA":"梯瓦制药"},"source_url":"https://www.insidermonkey.com/blog/5-best-value-stocks-in-warren-buffetts-portfolio-1013929/5/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129001294","content_text":"In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.\nBillionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.\nBuffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.\nThe legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.\nSince Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.\n\nThe most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.\nOur Methodology\nWe used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.\nBest Value Stocks in Warren Buffett’s Portfolio\n10. Wells Fargo & Company (NYSE:WFC)\nBerkshire Hathaway’s Stake Value: $31,329,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.01%\nNumber of Hedge Fund Holders: 88\nP/E Ratio: 11.98\nWells Fargo & Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.\nWarren Buffett holds 675,054 shares in Wells Fargo & Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo & Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo & Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.\nOn December 9, UBS analyst Erika Najarian called Wells Fargo & Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.\nA total of 88 hedge funds were bullish on Wells Fargo & Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo & Company (NYSE:WFC) in the previous quarter.\nBoykin Curry’s Eagle Capital Management is the largest Wells Fargo & Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.\nWells Fargo & Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).\nHereis what Davis Global Fund has to say about Wells Fargo & Company (NYSE:WFC) in its Q3 2021 investor letter:\n\n “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.\n\n\n Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”\n\n9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)\nBerkshire Hathaway’s Stake Value: $416,768,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.14%\nNumber of Hedge Fund Holders: 22\nP/E Ratio: 12.63\nTeva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.\nWarren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.\nAbrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.\nHedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.\nRaymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.\n8. Globe Life Inc. (NYSE:GL)\nBerkshire Hathaway’s Stake Value: $565,672,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.19%\nNumber of Hedge Fund Holders: 27\nP/E Ratio: 12.45\nBillionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.\nCredit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.\nGlobe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.\nInsider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.\nIn addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).\n7. General Motors Company (NYSE:GM)\nBerkshire Hathaway’s Stake Value: $3,162,600,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.07%\nNumber of Hedge Fund Holders: 77\nP/E Ratio: 8.45\nGeneral Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).\nGeneral Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.\nOn November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.\nHarris Associates is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.\nHere is what Miller Value Partners has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:\n\n “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.\n\n\n Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.\n\n\n Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.\n\n\n Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.\n\n\n Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.\n\n\n GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.\n\n\n The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”\n\n6. The Bank of New York Mellon Corporation (NYSE:BK)\nBerkshire Hathaway’s Stake Value: $3,751,012,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.27%\nNumber of Hedge Fund Holders: 46\nP/E Ratio: 14.48\nWarren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.\nThe Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.\nMorgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.\nFirst Eagle Investment Management is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.\nThe Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).\n5. DaVita Inc. (NYSE:DVA)\nBerkshire Hathaway’s Stake Value: $4,196,471,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.43%\nNumber of Hedge Fund Holders: 39\nP/E Ratio: 12.37\nDaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.\nDeutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.\nDaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.\nAt the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.\nGates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.\n4. U.S. Bancorp (NYSE:USB)\nBerkshire Hathaway’s Stake Value: $7,514,279,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 2.52%\nNumber of Hedge Fund Holders: 42\nP/E Ratio: 11.60\nU.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.\nOn December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.\nU.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.\nIn Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.\nHereis what Mairs & Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:\n\n “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”\n\n3. Verizon Communications Inc. (NYSE:VZ)\nBerkshire Hathaway’s Stake Value: $8,578,115,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 2.92%\nNumber of Hedge Fund Holders: 57\nP/E Ratio: 9.43\nWith a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.\nOn October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.\nVerizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.\nBy the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s Skye Global Management is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.\nHereis what Miller/Howard Investments has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:\n\n “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”\n\n2. American Express Company (NYSE:AXP)\nBerkshire Hathaway’s Stake Value: $25,399,340,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 8.65%\nNumber of Hedge Fund Holders: 57\nP/E Ratio: 17.45\nAmerican Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.\n8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.\nThe smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.\nAfter the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.\nHereis what ClearBridge Investments has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:\n\n “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”\n\n1. Bank of America Corporation (NYSE:BAC)\nBerkshire Hathaway’s Stake Value: $42,878,771,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 14.61%\nNumber of Hedge Fund Holders: 72\nP/E Ratio: 13.32\nRanking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.\nUBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.\nBank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.\nIn the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.\nHere is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:\n\n “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees\n andfor shareholders.\n\n\n If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders\n andstakeholders.”","news_type":1,"symbols_score_info":{"WFC":0.9,"BAC":0.9,"BK":0.9,"USB":0.9,"VZ":0.9,"AXP":0.9,"GM":0.9,"TEVA":0.9,"GL":0.9,"DVA":0.9}},"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607695430,"gmtCreate":1639530893750,"gmtModify":1639530893955,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607695430","repostId":"2191784951","repostType":4,"isVote":1,"tweetType":1,"viewCount":1695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607088669,"gmtCreate":1639457861284,"gmtModify":1639458111290,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607088669","repostId":"1120286910","repostType":4,"repost":{"id":"1120286910","kind":"news","pubTimestamp":1639453388,"share":"https://www.laohu8.com/m/news/1120286910?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:43","market":"us","language":"en","title":"PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120286910","media":"Seeking Alpha","summary":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI wa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜测的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</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>PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</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\">\nPayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-14 11:43</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>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜测的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120286910","content_text":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.\nThat warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.\nPayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.\n\nBsWei/iStock via Getty Images\nIntroduction\nBack on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&P 500 (SPY).\nData by YCharts\nThe stock price is down about -30% since I warned investors and down about -38% off its high price of the year.\nThe truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.\nThis should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.\nThe difficultly for a stock writer like myself is that investorslovenarratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.\nIn this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.\nFull-Cycle Earnings Analysis\nAs part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.\nBefore I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.\n\nWe can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.\nMarket Sentiment Return Expectations\nIn order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.\n\nPayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of-1.75%. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.\nBusiness Earnings Expectations\nWe previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.\nThere are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.\nThe next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).\nData by YCharts\nDue to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.\nNow, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.\nNext, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a+5.85%10-year CAGR estimate for the expected business earnings returns.\n10-Year, Full-Cycle CAGR Estimate\nPotential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of+4.10%at today's price.\nMy Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.\nAdditional Considerations\nI consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.\nFirst, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.\nOnce we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.\nThe Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.\nWhen I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.\nConclusion\nI think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604874740,"gmtCreate":1639378795354,"gmtModify":1639378795570,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604874740","repostId":"1171271872","repostType":4,"repost":{"id":"1171271872","kind":"news","pubTimestamp":1639348466,"share":"https://www.laohu8.com/m/news/1171271872?lang=zh_CN&edition=full","pubTime":"2021-12-13 06:34","market":"us","language":"en","title":"Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171271872","media":"Barrons","summary":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.Earnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and","content":"<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-13 06:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LEN":"莱纳建筑公司","RIVN":"Rivian Automotive, Inc.","SCS":"Steelcase Inc.","HEI":"海科航空",".SPX":"S&P 500 Index","FDX":"联邦快递","ADBE":"Adobe","ACN":"埃森哲",".IXIC":"NASDAQ Composite","JILL":"J.Jill Inc.",".DJI":"道琼斯","CPB":"金宝汤","PHX":"潘汉德尔油气","DRI":"达登饭店"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171271872","content_text":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.\nThe Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.\nEarnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and Darden Restaurants on Friday.\nEconomic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.\nOther data releases include the National Federation of Independent Businesses’ sentiment index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.\nMonday 12/13\nJ.Jill and PHX Minerals host earnings conference calls.\nTuesday 12/14\nCampbell Soup, Barnes Group, and Avaya Holdings host investor days.\nThe Bureau of Labor Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.\nThe National Federation of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.\nWednesday 12/15\nThe Federal Open Market Committee concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.\nThe BLS reports export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.\nThe Census Bureau reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.\nThursday 12/16\nHeico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.\nThe Census Bureaureleases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.\nThe Bank of England announces its interest-rate decision and publishes the minutes of the meeting.\nThe Federal Reserve releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.\nFriday 12/17\nSteelcase,Darden Restaurants, and Quanex Building Products host earnings conference calls.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SCS":0.9,"AVYA":0.9,"ACN":0.9,"DRI":0.9,"CPB":0.9,"LEN":0.9,"HEI":0.9,".DJI":0.9,"JILL":0.9,"PHX":0.9,".SPX":0.9,"RIVN":0.9,"ADBE":0.9,"FDX":0.9}},"isVote":1,"tweetType":1,"viewCount":1000,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605499951,"gmtCreate":1639205210174,"gmtModify":1639205210356,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605499951","repostId":"2190767366","repostType":4,"isVote":1,"tweetType":1,"viewCount":1243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605306111,"gmtCreate":1639108010078,"gmtModify":1639108507824,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580732020483404","idStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605306111","repostId":"2190964556","repostType":4,"isVote":1,"tweetType":1,"viewCount":1276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":867677749,"gmtCreate":1633265591417,"gmtModify":1633265591617,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/867677749","repostId":"2172647479","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":147153375,"gmtCreate":1626343847297,"gmtModify":1633927693445,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/147153375","repostId":"1131130245","repostType":4,"repost":{"id":"1131130245","kind":"news","pubTimestamp":1626340636,"share":"https://www.laohu8.com/m/news/1131130245?lang=zh_CN&edition=full","pubTime":"2021-07-15 17:17","market":"us","language":"en","title":"Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says<blockquote>马斯克称特斯拉Powerwall积压订单超过产能</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131130245","media":"Thestreet","summary":"Tesla Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than","content":"<p>Tesla&nbsp;Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.</p><p><blockquote>特斯拉首席执行官Elon Musk表示，他的公司Powerwall家用太阳能储能系统积压了8万份订单，价值超过5亿美元。</blockquote></p><p> But Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter.&nbsp;The company says it can't ramp up production to meet demand due to the global chip shortage.</p><p><blockquote>但Musk也表示，特斯拉本季度只能生产3万至3.5万个Powerwalls，该公司表示，由于全球芯片短缺，无法提高产量以满足需求。</blockquote></p><p> CEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.</p><p><blockquote>据Electrek报道，首席执行官埃隆·马斯克昨天在法庭上就积压订单发表了评论。</blockquote></p><p> Musk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.</p><p><blockquote>2016年，马斯克因该公司收购SolarCity而被某些特斯拉股东起诉。</blockquote></p><p> The case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity,saving it and Musk's investment in the company from bankruptcy.</p><p><blockquote>该案件在特拉华州威尔明顿的衡平法院审理。，让马斯克与一些养老基金和资产管理公司展开竞争。他们声称，马斯克利用他对特斯拉的控制，在2016年迫使这家电动汽车公司救助太阳能电池板制造商SolarCity，使其和马斯克对该公司的投资免于破产。</blockquote></p><p> The pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock.</p><p><blockquote>主导此案的养老基金和资产管理公司希望马斯克向特斯拉偿还26亿美元交易的成本，并交出马斯克购买SolarCity股票的利润。</blockquote></p><p> Electrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year.</p><p><blockquote>Electrek报告称，特斯拉在大约五年内部署了首批100,000个Powerwalls，然后在过去一年又部署了100,000个。</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>Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says<blockquote>马斯克称特斯拉Powerwall积压订单超过产能</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\">\nTesla's Powerwall Backlog Exceeds Production Capacity, Musk Says<blockquote>马斯克称特斯拉Powerwall积压订单超过产能</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-15 17:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.</p><p><blockquote>特斯拉首席执行官Elon Musk表示，他的公司Powerwall家用太阳能储能系统积压了8万份订单，价值超过5亿美元。</blockquote></p><p> But Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter.&nbsp;The company says it can't ramp up production to meet demand due to the global chip shortage.</p><p><blockquote>但Musk也表示，特斯拉本季度只能生产3万至3.5万个Powerwalls，该公司表示，由于全球芯片短缺，无法提高产量以满足需求。</blockquote></p><p> CEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.</p><p><blockquote>据Electrek报道，首席执行官埃隆·马斯克昨天在法庭上就积压订单发表了评论。</blockquote></p><p> Musk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.</p><p><blockquote>2016年，马斯克因该公司收购SolarCity而被某些特斯拉股东起诉。</blockquote></p><p> The case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity,saving it and Musk's investment in the company from bankruptcy.</p><p><blockquote>该案件在特拉华州威尔明顿的衡平法院审理。，让马斯克与一些养老基金和资产管理公司展开竞争。他们声称，马斯克利用他对特斯拉的控制，在2016年迫使这家电动汽车公司救助太阳能电池板制造商SolarCity，使其和马斯克对该公司的投资免于破产。</blockquote></p><p> The pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock.</p><p><blockquote>主导此案的养老基金和资产管理公司希望马斯克向特斯拉偿还26亿美元交易的成本，并交出马斯克购买SolarCity股票的利润。</blockquote></p><p> Electrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year.</p><p><blockquote>Electrek报告称，特斯拉在大约五年内部署了首批100,000个Powerwalls，然后在过去一年又部署了100,000个。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/tesla-powerwall-backlog-exceeds-production-capacity?puc=yahoo&cm_ven=YAHOO\">Thestreet</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":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/tesla-powerwall-backlog-exceeds-production-capacity?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131130245","content_text":"Tesla Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.\nBut Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter. The company says it can't ramp up production to meet demand due to the global chip shortage.\nCEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.\nMusk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.\nThe case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity,saving it and Musk's investment in the company from bankruptcy.\nThe pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock.\nElectrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":691094678,"gmtCreate":1640095681112,"gmtModify":1640095681314,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691094678","repostId":"2193152065","repostType":4,"repost":{"id":"2193152065","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1640094891,"share":"https://www.laohu8.com/m/news/2193152065?lang=zh_CN&edition=full","pubTime":"2021-12-21 21:54","market":"us","language":"en","title":"Yatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2193152065","media":"Benzinga","summary":"\n","content":"<p><ul>  <li><b>Yatra Online Inc</b>&nbsp;(NASDAQ:YTRA)&nbsp;reported second-quarter FY22 adjusted revenue growth&nbsp;of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.</li>  <li>Adjusted revenue<b>&nbsp;</b>from Air ticketing rose 100.9% Y/Y, and Hotels &amp; Packages climbed 259.0%.</li>  <li>Total gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.</li>  <li>The operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.</li>  <li>The company held $25 million in cash and equivalents as of September 30, 2021.</li>  <li>Adjusted EPS loss of $(0.02) was in line with the consensus.</li>  <li>\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.</li>  <li>During November 2021, gross booking for corporates grew 81.4% compared to September 2021.</li>  <li><b>Price Action:</b>&nbsp;YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.</li> </ul></p><p><blockquote><ul><li><b>Yatra在线公司</b>（纳斯达克股票代码：YTRA）报告称，2022财年第二季度调整后收入同比增长108.8%，达到1064万美元，低于分析师预期的1068万美元。</li><li>调整后收入<b> </b>机票同比增长100.9%，酒店及套餐同比增长259.0%。</li><li>总预订量达1.141亿美元，同比增长348.2%。</li><li>该季度的运营亏损为(190万)美元，而去年同期为(390万)美元。调整后EBITDA环比下降40%至30万美元。</li><li>截至2021年9月30日，该公司持有2500万美元现金及等价物。</li><li>调整后每股收益损失为(0.02)美元，符合共识。</li><li>首席执行官Dhruv Shringi表示：“随着大量员工全面接种疫苗，我们也开始看到商务旅行复苏的迹象。”</li><li>与2021年9月相比，2021年11月，企业总预订量增长了81.4%。</li><li><b>价格走势：</b>周二最后一次盘前检查时，YTRA股价上涨6.74%，至1.90美元。</li></ul></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>Yatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</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\">\nYatra Online Clocks 109% Adjusted Revenue Growth In Q2<blockquote>Yatra Online第二季度调整后收入增长109%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-12-21 21:54</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>Yatra Online Inc</b>&nbsp;(NASDAQ:YTRA)&nbsp;reported second-quarter FY22 adjusted revenue growth&nbsp;of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.</li>  <li>Adjusted revenue<b>&nbsp;</b>from Air ticketing rose 100.9% Y/Y, and Hotels &amp; Packages climbed 259.0%.</li>  <li>Total gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.</li>  <li>The operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.</li>  <li>The company held $25 million in cash and equivalents as of September 30, 2021.</li>  <li>Adjusted EPS loss of $(0.02) was in line with the consensus.</li>  <li>\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.</li>  <li>During November 2021, gross booking for corporates grew 81.4% compared to September 2021.</li>  <li><b>Price Action:</b>&nbsp;YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.</li> </ul></p><p><blockquote><ul><li><b>Yatra在线公司</b>（纳斯达克股票代码：YTRA）报告称，2022财年第二季度调整后收入同比增长108.8%，达到1064万美元，低于分析师预期的1068万美元。</li><li>调整后收入<b> </b>机票同比增长100.9%，酒店及套餐同比增长259.0%。</li><li>总预订量达1.141亿美元，同比增长348.2%。</li><li>该季度的运营亏损为(190万)美元，而去年同期为(390万)美元。调整后EBITDA环比下降40%至30万美元。</li><li>截至2021年9月30日，该公司持有2500万美元现金及等价物。</li><li>调整后每股收益损失为(0.02)美元，符合共识。</li><li>首席执行官Dhruv Shringi表示：“随着大量员工全面接种疫苗，我们也开始看到商务旅行复苏的迹象。”</li><li>与2021年9月相比，2021年11月，企业总预订量增长了81.4%。</li><li><b>价格走势：</b>周二最后一次盘前检查时，YTRA股价上涨6.74%，至1.90美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YTRA":"Yatra Online, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2193152065","content_text":"Yatra Online Inc (NASDAQ:YTRA) reported second-quarter FY22 adjusted revenue growth of 108.8% year-on-year, to $10.64 million, missing the analyst consensus of $10.68 million.\nAdjusted revenue from Air ticketing rose 100.9% Y/Y, and Hotels & Packages climbed 259.0%.\nTotal gross bookings amounted to $114.1 million, a 348.2% growth Y/Y.\nThe operating loss for the quarter was $(1.9) million versus $(3.9) million a year earlier. The adjusted EBITDA fell 40% Q/Q to $0.3 million.\nThe company held $25 million in cash and equivalents as of September 30, 2021.\nAdjusted EPS loss of $(0.02) was in line with the consensus.\n\"We are also beginning to see signs of recovery in corporate travel, as a large number of employees get fully vaccinated,\" said CEO Dhruv Shringi.\nDuring November 2021, gross booking for corporates grew 81.4% compared to September 2021.\nPrice Action: YTRA shares are trading higher by 6.74% at $1.90 in premarket on the last check Tuesday.","news_type":1,"symbols_score_info":{"YTRA":0.9}},"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172156996,"gmtCreate":1626945724315,"gmtModify":1633769497048,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172156996","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":827286367,"gmtCreate":1634479102135,"gmtModify":1634479102338,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/827286367","repostId":"2175146556","repostType":4,"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826627896,"gmtCreate":1634016114955,"gmtModify":1634016115022,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/826627896","repostId":"2174854361","repostType":4,"isVote":1,"tweetType":1,"viewCount":1048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823866884,"gmtCreate":1633613613195,"gmtModify":1633613613414,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/823866884","repostId":"1178328655","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862191837,"gmtCreate":1632841633948,"gmtModify":1632841634034,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862191837","repostId":"1171210263","repostType":4,"repost":{"id":"1171210263","kind":"news","pubTimestamp":1632841539,"share":"https://www.laohu8.com/m/news/1171210263?lang=zh_CN&edition=full","pubTime":"2021-09-28 23:05","market":"us","language":"en","title":"AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171210263","media":"Seeking Alpha","summary":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</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>AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</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\">\nAMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 23:05</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>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171210263","content_text":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.\nINTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.\nThe two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.\n\nHQuality Video/iStock via Getty Images\nArticle Thesis\nDespite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.\nI do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.\nTotal Return Forecast\nInvestors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of $5.65.\nRight now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.\nData by YCharts\nConsidering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.\nIntel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.\nBalance Sheet And Shareholder Returns\nIntel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:\nData by YCharts\nThis is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.\nAMD has a pretty clean balance sheet, with $3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its 10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.\nWhat Risks Do You Want To Take On?\nIntel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.\nIntel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration in favor of onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does have a very solid outlook and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.\nGeopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip delay but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.\nAMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.\nAnother important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.\nIn some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.\nI do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.","news_type":1,"symbols_score_info":{"INTC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840156868,"gmtCreate":1635609861055,"gmtModify":1635609861156,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/840156868","repostId":"2179223688","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832248749,"gmtCreate":1629644786581,"gmtModify":1631892155176,"author":{"id":"3580732020483404","authorId":"3580732020483404","name":"Olympous","avatar":"https://static.tigerbbs.com/3a8af001d967b1e9c67ad207e8390558","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580732020483404","authorIdStr":"3580732020483404"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832248749","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}