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2021-08-02

Ok

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2021-08-15

Like my post pls!

These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>

2021-08-01

Ok

Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>

2021-08-01

.

Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>

2021-10-28

To the moon

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pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830339661","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</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>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</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\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">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":{"BAH":"博思艾伦咨询公司","VAC":"万豪度假环球","UPWK":"Upwork Inc.","STAA":"STAAR Surgical Company","AMRS":"阿米瑞斯","SITE":"SiteOne Landscape Supply, Inc.","AMED":"阿米斯医疗","TREX":"Trex Co Inc","SFIX":"Stitch Fix Inc.","JBHT":"JB Hunt运输服务"},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"AMED":0.9,"UPWK":0.9,"AMRS":0.9,"JBHT":0.9,"VAC":0.9,"BAH":0.9,"SITE":0.9,"SFIX":0.9,"TREX":0.9,"STAA":0.9}},"isVote":1,"tweetType":1,"viewCount":179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805912018,"gmtCreate":1627835071034,"gmtModify":1633756047240,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"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/805912018","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802884722,"gmtCreate":1627752157266,"gmtModify":1633756653284,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"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/802884722","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802884620,"gmtCreate":1627752093460,"gmtModify":1633756653647,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802884620","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohu8.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":805912018,"gmtCreate":1627835071034,"gmtModify":1633756047240,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"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/805912018","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830339661,"gmtCreate":1629008622153,"gmtModify":1633687977861,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"themes":[],"htmlText":"Like my post pls!&nbsp;","listText":"Like my post pls!&nbsp;","text":"Like my post pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830339661","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</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>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</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\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">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":{"BAH":"博思艾伦咨询公司","VAC":"万豪度假环球","UPWK":"Upwork Inc.","STAA":"STAAR Surgical Company","AMRS":"阿米瑞斯","SITE":"SiteOne Landscape Supply, Inc.","AMED":"阿米斯医疗","TREX":"Trex Co Inc","SFIX":"Stitch Fix Inc.","JBHT":"JB Hunt运输服务"},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"AMED":0.9,"UPWK":0.9,"AMRS":0.9,"JBHT":0.9,"VAC":0.9,"BAH":0.9,"SITE":0.9,"SFIX":0.9,"TREX":0.9,"STAA":0.9}},"isVote":1,"tweetType":1,"viewCount":179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802884722,"gmtCreate":1627752157266,"gmtModify":1633756653284,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"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/802884722","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802884620,"gmtCreate":1627752093460,"gmtModify":1633756653647,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802884620","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohu8.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":855878959,"gmtCreate":1635357292086,"gmtModify":1635357292251,"author":{"id":"3581744559890119","authorId":"3581744559890119","name":"ECSY18","avatar":"https://static.tigerbbs.com/c82b687f17b46a946636efe965fa74e2","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581744559890119","idStr":"3581744559890119"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855878959","isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}