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amazinggrace

amazinggrace

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2022-06-02

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2022-06-01

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2022-05-31

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2022-05-30

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2022-05-29

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2022-05-28

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2022-05-27

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2022-05-26

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2022-05-25

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2022-05-24

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2022-05-23

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2022-05-22

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2022-05-21

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2022-05-20

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2022-05-19

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2022-05-18

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2022-05-17

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Apple: One Big Time Sale<blockquote>苹果：一次大促销</blockquote>

2022-05-16

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2022-05-15

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2022-05-14

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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/615989067","repostId":"2235798704","repostType":4,"repost":{"id":"2235798704","kind":"news","pubTimestamp":1652714308,"share":"https://www.laohu8.com/m/news/2235798704?lang=zh_CN&edition=full","pubTime":"2022-05-16 23:18","market":"us","language":"en","title":"Apple: One Big Time Sale<blockquote>苹果：一次大促销</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2235798704","media":"Seeking Alpha","summary":"Investment ThesisApple (NASDAQ:AAPL) designs, manufactures, and distributes smartphones, personal co","content":"<p><html><head></head><body><h2>Investment Thesis</h2>Apple (NASDAQ:AAPL) designs, manufactures, and distributes smartphones, personal computers, wearables, and related services. Apple has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most valuable companies in the world for a while and has leadership positions in numerous fields. Its massive installed device base (1.8B active devices) is pushing Apple&#39;s service revenue upwards at a rapid pace, and the overall company&#39;s profit margin is also improving. Furthermore, Apple is moving to become self-sufficient to reduce costs and mitigate supply chain disruptions, and the effort has been paying off. I expect Apple to continue its success well into the future, and the current volatility in the tech sector is presenting a huge opportunity to grab Apple shares at a discount because:</p><p><blockquote><html><head></head><body><h2>投资论文</h2>苹果（纳斯达克股票代码：AAPL）设计、制造和分销智能手机、个人电脑、可穿戴设备和相关服务。苹果已经<a href=\"https://laohu8.com/S/AONE.U\">一</a>并在众多领域占据领导地位。其庞大的安装设备基础（1.8 B活跃设备）正在推动苹果的服务收入快速上升，公司整体利润率也在改善。此外，苹果正在走向自给自足，以降低成本并缓解供应链中断，这一努力已经得到了回报。我预计苹果将在未来继续取得成功，而当前科技行业的波动为以折扣价抢购苹果股票提供了巨大的机会，因为：</body></html></blockquote></p><p><ul><li>Apple&#39;s high margin businesses (Mac and Service segments) are growing at a rapid pace, contributing to great revenue growth and margin expansion.</li><li>Revenue growth trajectory remains solid with an increasing subscription base and new product releases (iPad Air, iPhone SE, and etc.).</li><li>The market volatility and tech sector sell-off dragged Apple&#39;s stock down, and it is now being sold under its pre-pandemic level. This presents a great opportunity.</li></ul><h3>Growing in Right Segments</h3>Since I wrote my last article, Apple reported quarterly earnings in late April, and the results continue to demonstrate that Apple is focusing on the correct segments for growth and profitability. Overall revenue grew 9% YoY to $97.3 B, and they generated a whopping $28 B operating cash flow. Particularly, their Mac segment and services segment led the charge.</p><p><blockquote><ul><li>苹果的高利润业务（Mac和服务部门）正在快速增长，为收入增长和利润扩张做出了巨大贡献。</li><li>随着订阅基础的增加和新产品的发布（iPad Air、iPhone SE等），收入增长轨迹保持稳健。</li><li>市场波动和科技行业抛售拖累苹果股价下跌，目前其售价低于大流行前的水平。这提供了一个很好的机会。</li></ul><h3>在正确的细分市场增长</h3>自从我写上一篇文章以来，苹果于四月下旬公布了季度收益，结果继续表明苹果正在专注于正确的增长和盈利领域。整体收入同比增长9%至$97.3 B，并产生了高达$28B的运营现金流。特别是，他们的Mac部门和服务部门处于领先地位。</blockquote></p><p>Apple has been working on becoming self-sufficient and manufacturing key product components internally. A couple of years ago Apple took the noteworthy action of severing ties with Intel and making their own computer chips. The effort has been paying a great dividend. The Apple M1 (their own chip) has been performing very well against Intel and other chips on the market, and Mac sales have been very strong. Additionally, producing their own chips boosted the profit margins on Mac products.</p><p><blockquote>苹果一直致力于实现自给自足，并在内部制造关键产品部件。几年前，苹果采取了一项值得注意的行动，切断了与英特尔的联系，并制造了自己的计算机芯片。这一努力获得了巨大的回报。苹果M1（他们自己的芯片）与英特尔和市场上的其他芯片相比表现非常好，Mac的销售也非常强劲。此外，生产自己的芯片提高了Mac产品的利润率。</blockquote></p><p>Strong performance by Apple Services segment (advertising, AppleCare, Cloud, Digital Content, Payment) is also welcome news for investors. The services segment is a 2x higher gross margin business (72.6%) than the products segment (36.4%), and it has higher growth potential from cloud and digital content. Assisted by its massive installed device base (1.8 B active devices), AppleCare has great potential for increasing revenue as well. Overall, the strong performance from Mac and Services shows that there are good days ahead.</p><p><blockquote>苹果服务部门（广告、AppleCare、云、数字内容、支付）的强劲表现对投资者来说也是个好消息。服务部门的毛利率（72.6%）是产品部门（36.4%）的两倍，并且云和数字内容具有更高的增长潜力。得益于其庞大的已安装设备基础（1.8 B活跃设备），AppleCare也具有巨大的收入增长潜力。总体而言，Mac和服务的强劲表现表明未来的日子会很好。</blockquote></p><p><img src=\"https://static.tigerbbs.com/141d5a91e5df23365dae251e9bab5e0b\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Performance by Segments (SEC Filings)</p><p><blockquote>按部门划分的业绩（SEC文件）</blockquote></p><p><img src=\"https://static.tigerbbs.com/121762b45f7dec13cf921113a187da10\" tg-width=\"640\" tg-height=\"184\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Gross Margins of Apple by Segments (SEC Filings)</p><p><blockquote>按细分市场划分的苹果毛利率（SEC文件）</blockquote></p><p><h4>Strong Revenue Growth Trajectory</h4>Apple has been growing at a solid pace (10% per year, 5-year average) in the past several years, and the revenue growth is accelerating. This acceleration is due to multiple factors. The first one is the continuing strong performance from new products, and there is no sign that this trend is going to end. During the last quarter, Apple released iPhone SE with 5 G technology, iPad Air with M1 chip, all-new Mac Studio, and all-new Apple Studio Display.</p><p><blockquote><h4>强劲的收入增长轨迹</h4>苹果在过去几年中一直以稳健的速度增长（每年10%，5年平均），并且收入增长正在加速。这种加速是由多种因素造成的。首先是新产品的持续强劲表现，而且没有迹象表明这种趋势即将结束。上个季度，苹果发布了采用5G技术的iPhone SE、采用M1芯片的iPad Air、全新的Mac Studio和全新的苹果Studio显示屏。</blockquote></p><p>As mentioned before, Apple currently has 1.8 B active device bases, and the number is expected to grow with the release of new products. The active base has been growing at about 100-150 million per year (1.4 B, 1.5 B, 1.65 B, and 1.8 B in 2019, 2020, 2021, and 2022, respectively). Also, this larger installed base will translate into greater revenue growth from AppleCare, advertising, and cloud services. Currently, Apple has about 785 M subscribers to these services.</p><p><blockquote>如前所述，苹果目前拥有1.8 B个有源器件底座，预计随着新产品的发布，数量还会增长。活跃基数一直在以每年约1亿至1.5亿的速度增长（2019年、2020年、2021年和2022年分别为1.4 B、1.5 B、16.5 B和1.8 B）。此外，更大的安装基础将转化为AppleCare、广告和云服务的更大收入增长。目前，苹果拥有约7.85亿这些服务的用户。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac35dc5d8146da0ab3d88270dbc0b6db\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p><blockquote>数据来自YCharts</blockquote></p><p><h4>Favorable Valuation Thanks to Volatility</h4>Ongoing volatility caused by supply chain disruption, inflation, war, and Federal Reserve&#39;s changing policies dragged the whole tech sector severely down. Nasdaq index is down from 16,000 in November 2021 to below 12,000. This volatility dragged great companies like Apple along, and now Apple stock is trading below its pre-pandemic level (current P/E ratio of 23.8x vs. pre-pandemic P/E around 25.5x). This presents a great opportunity for investors to grab Apple shares at a bargain.</p><p><blockquote><h4>波动性带来有利的估值</h4>供应链中断、通货膨胀、战争和美联储政策变化造成的持续波动严重拖累了整个科技行业。纳斯达克指数从2021年11月的16,000点降至12,000点以下。这种波动拖累了像苹果这样的伟大公司，现在苹果股票的交易价格低于大流行前的水平（当前市盈率为23.8倍，而大流行前市盈率约为25.5倍）。这为投资者提供了低价买入苹果股票的绝佳机会。</blockquote></p><p><img src=\"https://static.tigerbbs.com/60f28dab37b8c21b885a326a9994c721\" tg-width=\"640\" tg-height=\"386\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Nasdaq Index (CNBC)</p><p><blockquote>纳斯达克指数(CNBC)</blockquote></p><p></p><p><h2>Intrinsic Value Estimation</h2>I used DCF model to estimate the intrinsic value of Apple. For the estimation, I utilized current EBITDA ($130 B) as a proxy for cash flow and WACC of 9.0% as the discount rate. For the base case, I assumed EBITDA growth of 20% (Sector median) for the next 5 years and zero growth afterwards (zero terminal growth). For the bullish and very bullish case, I assumed EBITDA growth of 22% and 24%, respectively, for the next 5 years and zero growth afterwards.</p><p><blockquote><h2>内在价值估计</h2>我使用DCF模型来估计苹果的内在价值。为了进行估计，我使用当前的EBITDA($130 B)作为现金流的代表，并使用9.0%的WACC作为贴现率。对于基本情况，我假设未来5年EBITDA增长20%（行业中位数），之后为零增长（终端零增长）。对于看涨和非常看涨的情况，我假设未来5年EBITDA分别增长22%和24%，之后为零增长。</blockquote></p><p>The estimation revealed that the current stock price presents 20-30% upside. Given their technological superiority, organic/inorganic growth, and market dominance, I expect them to achieve this upside with ease.</p><p><blockquote>估计显示，目前股价有20-30%的上涨空间。鉴于他们的技术优势、有机/无机增长和市场主导地位，我预计他们将轻松实现这一优势。</blockquote></p><p><table><tbody><tr><td></td><td>Price Target</p><p><blockquote><table><tbody><tr><td></td><td>价格目标</td></tr></tbody></table></blockquote></p><p></td><td>Upside</p><p><blockquote><td>上行</td></blockquote></p><p></td></tr><tr><td>Base Case</p><p><blockquote><tr><td>基本情况</td></tr></blockquote></p><p></td><td>$170.23</p><p><blockquote><td>$170.23</td></blockquote></p><p></td><td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td></tr><tr><td>Bullish Case</p><p><blockquote><tr><td>看涨案例</td></tr></blockquote></p><p></td><td>$182.92</p><p><blockquote><td>$182.92</td></blockquote></p><p></td><td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td></tr><tr><td>Very Bullish Case</p><p><blockquote><tr><td>非常乐观的案例</td></tr></blockquote></p><p></td><td>$196.41</p><p><blockquote><td>$196.41</td></blockquote></p><p></td><td>34%</p><p><blockquote><td>34%</td></blockquote></p><p></td></tr></tbody></table>The assumptions and data used for the price target estimation are summarized below:</p><p><blockquote>用于价格目标估计的假设及数据概述如下：</blockquote></p><p><ul><li>WACC: 9.0%</li><li>EBITDA Growth Rate: 20% (Base Case), 22% (Bullish Case), 24% (Very Bullish Case)</li><li>Current EBITDA: $130 B</li><li>Current Stock Price: $147.11 (05/14/2022)</li><li>Tax rate: 20%</li></ul><h2>Cappuccino Stock Rating</h2>The details of the metric is explained in this article.</p><p><blockquote><ul><li>WACC：9.0%</li><li>EBITDA增长率：20%（基本情况）、22%（看涨情况）、24%（非常看涨情况）</li><li>当前EBITDA：$130 B</li><li>现时股价：$147.11(05/14/2022)</li><li>税率：20%</li></ul><h2>卡布奇诺股票评级</h2>本文解释了该指标的细节。</blockquote></p><p><table><colgroup></colgroup><tbody><tr><td></td><td>Weighting</td><td>AAPL</td></tr><tr><td>Economic Moat Strength</td><td>30%</td><td>5</td></tr><tr><td>Financial Strength</td><td>30%</td><td>4</td></tr><tr><td>Growth Rate vs. Sector</td><td>15%</td><td>3</td></tr><tr><td>Margin of Safety</td><td>15%</td><td>5</td></tr><tr><td>Sector Outlook</td><td>10%</td><td>4</td></tr><tr><td><b>Overall</b></td><td></td><td><b>4.3</b></td></tr></tbody></table><h4><b>Economic Moat Strength - 5/5</b></h4>Apple gets 5 out of 5. Apple is a clear leader with exceptional competitive edge. Their competitive edge stems from technological superiority, switching costs, and network effects.</p><p><blockquote><table><colgroup></colgroup><tbody><tr><td></td><td>权重</td><td>AAPL</td></tr><tr><td>经济护城河实力</td><td>30%</td><td>5</td></tr><tr><td>财务实力</td><td>30%</td><td>4</td></tr><tr><td>增长率与行业</td><td>15%</td><td>3</td></tr><tr><td>安全边际</td><td>15%</td><td>5</td></tr><tr><td>行业展望</td><td>10%</td><td>4</td></tr><tr><td><b>总的</b></td><td></td><td><b>4.3</b></td></tr></tbody></table><h4><b>经济护城河实力–5/5</b></h4>苹果得了5分。苹果是一个明显的领导者，具有非凡的竞争优势。他们的竞争优势源于技术优势、转换成本和网络效应。</blockquote></p><p><h4><b>Financial Strength - 4/5</b></h4>Apple has $51.5 B in cash and a high covered ratio (45.13x), but their liquidity (current ratio at 0.93x and quick ratio of 0.76x) is in line with the sector.</p><p><blockquote><h4><b>财务实力–4/5</b></h4>苹果拥有$51.5 B现金和较高的覆盖率(45.13倍)，但其流动性（流动比率为0.93倍，速动比率为0.76倍）与行业一致。</blockquote></p><p><h4><b>Growth Rate - 3/5</b></h4>Apple is growing at a pace consistent with their overall industry. Apple’s most recent annual revenue growth was 18.63% (vs. sector median of 19.98%). Given their leadership position and strong revenue, these revenue growth numbers are great. However, compared to hyper growth companies in the start-up or ramping-up phase with 50-60% growth rates, it’s hard to give out 4 or 5 stars.</p><p><blockquote><h4><b>增长率-3/5</b></h4>苹果的增长速度与整个行业一致。苹果最近的年收入增长率为18.63%（行业中位数为19.98%）。鉴于他们的领导地位和强劲的收入，这些收入增长数字非常可观。然而，与处于初创或加速阶段、增长率为50-60%的高速增长公司相比，很难给出4星或5星。</blockquote></p><p><h4><b>Margin of Safety - 5/5</b></h4>Apple is trading ~25% under intrinsic value at this point. The ongoing market volatility and tech sector struggles are providing a great opportunity to grab Apple’s shares under intrinsic value. Their P/E ratio is below pre-pandemic level, which just doesn&#39;t make sense.</p><p><blockquote><h4><b>安全裕度-5/5</b></h4>目前，苹果的交易价格比内在价值低约25%。持续的市场波动和科技行业的困境为以内在价值抢占苹果股票提供了绝佳机会。他们的市盈率低于大流行前的水平，这没有意义。</blockquote></p><p><h4><b>Sector Outlook - 4/5</b></h4>The tech sector will keep on growing at a rapid pace with new technology and markets, but the smartphone and laptop segments won’t be the fastest growing segment in tech. There will be adequate, but not exceptional, growth.</p><p><blockquote><h4><b>行业展望-4/5</b></h4>随着新技术和市场的出现，科技行业将继续快速增长，但智能手机和笔记本电脑领域不会是科技领域增长最快的领域。将会有足够的增长，但不是异常的增长。</blockquote></p><p><h2>Risk</h2>Apple&#39;s main segment is still the iPhone, and competition within the smartphone market is only increasing and getting complex. Also, consumer preference is diversifying in terms of preferred features (camera quality, computing/memory performance, weight/size, etc.). The iPhone family still commands a leadership position based on technological superiority, switching cost, and brand image, so I don&#39;t expect Apple to struggle. However, I wouldn&#39;t expect large growth from the iPhone segment in the future.</p><p><blockquote><h2>风险</h2>苹果的主要细分市场仍然是iPhone，智能手机市场的竞争只会越来越复杂。此外，消费者偏好在优选特征（相机质量、计算/内存性能、重量/尺寸等）方面正在多样化。基于技术优势、转换成本和品牌形象，iPhone家族仍然占据着领导地位，所以我不认为苹果会陷入困境。然而，我预计iPhone市场未来不会出现大幅增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5030495bf9b76a7a51f6dd535431666c\" tg-width=\"640\" tg-height=\"370\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Global Smartphone Market Share (Counterpoint)</p><p><blockquote>全球智能手机市场份额（Counterpoint）</blockquote></p><p>As mentioned before, Apple has been moving towards self-sufficiency by manufacturing their own parts. So far, the effort has impacted the business in a positive way by improving margins and mitigating supply chain disruption. However, relying on their own parts can result in isolation, lower technological development, and less market penetration. One example is the Japanese cellphone makers (Panasonic, Sharp, or NEC). They were way ahead in terms of innovation, but they failed to achieve global success. This is an extreme case, and I don&#39;t expect this will be the problem for Apple. However, investors should monitor whether Apple is maintaining its cutting-edge technology as they transition towards being more self-sufficient.</p><p><blockquote>如前所述，苹果一直在通过制造自己的零部件走向自给自足。到目前为止，这一努力通过提高利润率和缓解供应链中断对业务产生了积极影响。然而，依赖自己的零件会导致孤立、技术发展较低和市场渗透率较低。一个例子是日本手机制造商（松下、夏普或NEC）。他们在创新方面遥遥领先，但未能取得全球成功。这是一个极端的案例，我不认为这会是苹果的问题。然而，投资者应该关注苹果在向更加自给自足过渡的过程中是否保持了其尖端技术。</blockquote></p><p></p><p><h2>Conclusion</h2>Apple has been an outstanding investment for a couple of decades at this point. Their technological superiority, brand image, and switching cost provide a great economic moat, and new products and services will keep their growth engine running. Based on their strong financials and market leading position, I expect Apple to excel in the foreseeable future. I expect 20-30% upside.</p><p><blockquote><h2>结论</h2>几十年来，苹果一直是一项出色的投资。他们的技术优势、品牌形象和转换成本提供了巨大的经济护城河，新产品和服务将使他们的增长引擎保持运转。基于其强大的财务状况和市场领先地位，我预计苹果在可预见的未来将表现出色。我预计有20-30%的上涨空间。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: One Big Time Sale<blockquote>苹果：一次大促销</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\">\nApple: One Big Time Sale<blockquote>苹果：一次大促销</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-05-16 23:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h2>Investment Thesis</h2>Apple (NASDAQ:AAPL) designs, manufactures, and distributes smartphones, personal computers, wearables, and related services. Apple has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most valuable companies in the world for a while and has leadership positions in numerous fields. Its massive installed device base (1.8B active devices) is pushing Apple&#39;s service revenue upwards at a rapid pace, and the overall company&#39;s profit margin is also improving. Furthermore, Apple is moving to become self-sufficient to reduce costs and mitigate supply chain disruptions, and the effort has been paying off. I expect Apple to continue its success well into the future, and the current volatility in the tech sector is presenting a huge opportunity to grab Apple shares at a discount because:</p><p><blockquote><html><head></head><body><h2>投资论文</h2>苹果（纳斯达克股票代码：AAPL）设计、制造和分销智能手机、个人电脑、可穿戴设备和相关服务。苹果已经<a href=\"https://laohu8.com/S/AONE.U\">一</a>并在众多领域占据领导地位。其庞大的安装设备基础（1.8 B活跃设备）正在推动苹果的服务收入快速上升，公司整体利润率也在改善。此外，苹果正在走向自给自足，以降低成本并缓解供应链中断，这一努力已经得到了回报。我预计苹果将在未来继续取得成功，而当前科技行业的波动为以折扣价抢购苹果股票提供了巨大的机会，因为：</body></html></blockquote></p><p><ul><li>Apple&#39;s high margin businesses (Mac and Service segments) are growing at a rapid pace, contributing to great revenue growth and margin expansion.</li><li>Revenue growth trajectory remains solid with an increasing subscription base and new product releases (iPad Air, iPhone SE, and etc.).</li><li>The market volatility and tech sector sell-off dragged Apple&#39;s stock down, and it is now being sold under its pre-pandemic level. This presents a great opportunity.</li></ul><h3>Growing in Right Segments</h3>Since I wrote my last article, Apple reported quarterly earnings in late April, and the results continue to demonstrate that Apple is focusing on the correct segments for growth and profitability. Overall revenue grew 9% YoY to $97.3 B, and they generated a whopping $28 B operating cash flow. Particularly, their Mac segment and services segment led the charge.</p><p><blockquote><ul><li>苹果的高利润业务（Mac和服务部门）正在快速增长，为收入增长和利润扩张做出了巨大贡献。</li><li>随着订阅基础的增加和新产品的发布（iPad Air、iPhone SE等），收入增长轨迹保持稳健。</li><li>市场波动和科技行业抛售拖累苹果股价下跌，目前其售价低于大流行前的水平。这提供了一个很好的机会。</li></ul><h3>在正确的细分市场增长</h3>自从我写上一篇文章以来，苹果于四月下旬公布了季度收益，结果继续表明苹果正在专注于正确的增长和盈利领域。整体收入同比增长9%至$97.3 B，并产生了高达$28B的运营现金流。特别是，他们的Mac部门和服务部门处于领先地位。</blockquote></p><p>Apple has been working on becoming self-sufficient and manufacturing key product components internally. A couple of years ago Apple took the noteworthy action of severing ties with Intel and making their own computer chips. The effort has been paying a great dividend. The Apple M1 (their own chip) has been performing very well against Intel and other chips on the market, and Mac sales have been very strong. Additionally, producing their own chips boosted the profit margins on Mac products.</p><p><blockquote>苹果一直致力于实现自给自足，并在内部制造关键产品部件。几年前，苹果采取了一项值得注意的行动，切断了与英特尔的联系，并制造了自己的计算机芯片。这一努力获得了巨大的回报。苹果M1（他们自己的芯片）与英特尔和市场上的其他芯片相比表现非常好，Mac的销售也非常强劲。此外，生产自己的芯片提高了Mac产品的利润率。</blockquote></p><p>Strong performance by Apple Services segment (advertising, AppleCare, Cloud, Digital Content, Payment) is also welcome news for investors. The services segment is a 2x higher gross margin business (72.6%) than the products segment (36.4%), and it has higher growth potential from cloud and digital content. Assisted by its massive installed device base (1.8 B active devices), AppleCare has great potential for increasing revenue as well. Overall, the strong performance from Mac and Services shows that there are good days ahead.</p><p><blockquote>苹果服务部门（广告、AppleCare、云、数字内容、支付）的强劲表现对投资者来说也是个好消息。服务部门的毛利率（72.6%）是产品部门（36.4%）的两倍，并且云和数字内容具有更高的增长潜力。得益于其庞大的已安装设备基础（1.8 B活跃设备），AppleCare也具有巨大的收入增长潜力。总体而言，Mac和服务的强劲表现表明未来的日子会很好。</blockquote></p><p><img src=\"https://static.tigerbbs.com/141d5a91e5df23365dae251e9bab5e0b\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Performance by Segments (SEC Filings)</p><p><blockquote>按部门划分的业绩（SEC文件）</blockquote></p><p><img src=\"https://static.tigerbbs.com/121762b45f7dec13cf921113a187da10\" tg-width=\"640\" tg-height=\"184\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Gross Margins of Apple by Segments (SEC Filings)</p><p><blockquote>按细分市场划分的苹果毛利率（SEC文件）</blockquote></p><p><h4>Strong Revenue Growth Trajectory</h4>Apple has been growing at a solid pace (10% per year, 5-year average) in the past several years, and the revenue growth is accelerating. This acceleration is due to multiple factors. The first one is the continuing strong performance from new products, and there is no sign that this trend is going to end. During the last quarter, Apple released iPhone SE with 5 G technology, iPad Air with M1 chip, all-new Mac Studio, and all-new Apple Studio Display.</p><p><blockquote><h4>强劲的收入增长轨迹</h4>苹果在过去几年中一直以稳健的速度增长（每年10%，5年平均），并且收入增长正在加速。这种加速是由多种因素造成的。首先是新产品的持续强劲表现，而且没有迹象表明这种趋势即将结束。上个季度，苹果发布了采用5G技术的iPhone SE、采用M1芯片的iPad Air、全新的Mac Studio和全新的苹果Studio显示屏。</blockquote></p><p>As mentioned before, Apple currently has 1.8 B active device bases, and the number is expected to grow with the release of new products. The active base has been growing at about 100-150 million per year (1.4 B, 1.5 B, 1.65 B, and 1.8 B in 2019, 2020, 2021, and 2022, respectively). Also, this larger installed base will translate into greater revenue growth from AppleCare, advertising, and cloud services. Currently, Apple has about 785 M subscribers to these services.</p><p><blockquote>如前所述，苹果目前拥有1.8 B个有源器件底座，预计随着新产品的发布，数量还会增长。活跃基数一直在以每年约1亿至1.5亿的速度增长（2019年、2020年、2021年和2022年分别为1.4 B、1.5 B、16.5 B和1.8 B）。此外，更大的安装基础将转化为AppleCare、广告和云服务的更大收入增长。目前，苹果拥有约7.85亿这些服务的用户。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac35dc5d8146da0ab3d88270dbc0b6db\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p><blockquote>数据来自YCharts</blockquote></p><p><h4>Favorable Valuation Thanks to Volatility</h4>Ongoing volatility caused by supply chain disruption, inflation, war, and Federal Reserve&#39;s changing policies dragged the whole tech sector severely down. Nasdaq index is down from 16,000 in November 2021 to below 12,000. This volatility dragged great companies like Apple along, and now Apple stock is trading below its pre-pandemic level (current P/E ratio of 23.8x vs. pre-pandemic P/E around 25.5x). This presents a great opportunity for investors to grab Apple shares at a bargain.</p><p><blockquote><h4>波动性带来有利的估值</h4>供应链中断、通货膨胀、战争和美联储政策变化造成的持续波动严重拖累了整个科技行业。纳斯达克指数从2021年11月的16,000点降至12,000点以下。这种波动拖累了像苹果这样的伟大公司，现在苹果股票的交易价格低于大流行前的水平（当前市盈率为23.8倍，而大流行前市盈率约为25.5倍）。这为投资者提供了低价买入苹果股票的绝佳机会。</blockquote></p><p><img src=\"https://static.tigerbbs.com/60f28dab37b8c21b885a326a9994c721\" tg-width=\"640\" tg-height=\"386\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Nasdaq Index (CNBC)</p><p><blockquote>纳斯达克指数(CNBC)</blockquote></p><p></p><p><h2>Intrinsic Value Estimation</h2>I used DCF model to estimate the intrinsic value of Apple. For the estimation, I utilized current EBITDA ($130 B) as a proxy for cash flow and WACC of 9.0% as the discount rate. For the base case, I assumed EBITDA growth of 20% (Sector median) for the next 5 years and zero growth afterwards (zero terminal growth). For the bullish and very bullish case, I assumed EBITDA growth of 22% and 24%, respectively, for the next 5 years and zero growth afterwards.</p><p><blockquote><h2>内在价值估计</h2>我使用DCF模型来估计苹果的内在价值。为了进行估计，我使用当前的EBITDA($130 B)作为现金流的代表，并使用9.0%的WACC作为贴现率。对于基本情况，我假设未来5年EBITDA增长20%（行业中位数），之后为零增长（终端零增长）。对于看涨和非常看涨的情况，我假设未来5年EBITDA分别增长22%和24%，之后为零增长。</blockquote></p><p>The estimation revealed that the current stock price presents 20-30% upside. Given their technological superiority, organic/inorganic growth, and market dominance, I expect them to achieve this upside with ease.</p><p><blockquote>估计显示，目前股价有20-30%的上涨空间。鉴于他们的技术优势、有机/无机增长和市场主导地位，我预计他们将轻松实现这一优势。</blockquote></p><p><table><tbody><tr><td></td><td>Price Target</p><p><blockquote><table><tbody><tr><td></td><td>价格目标</td></tr></tbody></table></blockquote></p><p></td><td>Upside</p><p><blockquote><td>上行</td></blockquote></p><p></td></tr><tr><td>Base Case</p><p><blockquote><tr><td>基本情况</td></tr></blockquote></p><p></td><td>$170.23</p><p><blockquote><td>$170.23</td></blockquote></p><p></td><td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td></tr><tr><td>Bullish Case</p><p><blockquote><tr><td>看涨案例</td></tr></blockquote></p><p></td><td>$182.92</p><p><blockquote><td>$182.92</td></blockquote></p><p></td><td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td></tr><tr><td>Very Bullish Case</p><p><blockquote><tr><td>非常乐观的案例</td></tr></blockquote></p><p></td><td>$196.41</p><p><blockquote><td>$196.41</td></blockquote></p><p></td><td>34%</p><p><blockquote><td>34%</td></blockquote></p><p></td></tr></tbody></table>The assumptions and data used for the price target estimation are summarized below:</p><p><blockquote>用于价格目标估计的假设及数据概述如下：</blockquote></p><p><ul><li>WACC: 9.0%</li><li>EBITDA Growth Rate: 20% (Base Case), 22% (Bullish Case), 24% (Very Bullish Case)</li><li>Current EBITDA: $130 B</li><li>Current Stock Price: $147.11 (05/14/2022)</li><li>Tax rate: 20%</li></ul><h2>Cappuccino Stock Rating</h2>The details of the metric is explained in this article.</p><p><blockquote><ul><li>WACC：9.0%</li><li>EBITDA增长率：20%（基本情况）、22%（看涨情况）、24%（非常看涨情况）</li><li>当前EBITDA：$130 B</li><li>现时股价：$147.11(05/14/2022)</li><li>税率：20%</li></ul><h2>卡布奇诺股票评级</h2>本文解释了该指标的细节。</blockquote></p><p><table><colgroup></colgroup><tbody><tr><td></td><td>Weighting</td><td>AAPL</td></tr><tr><td>Economic Moat Strength</td><td>30%</td><td>5</td></tr><tr><td>Financial Strength</td><td>30%</td><td>4</td></tr><tr><td>Growth Rate vs. Sector</td><td>15%</td><td>3</td></tr><tr><td>Margin of Safety</td><td>15%</td><td>5</td></tr><tr><td>Sector Outlook</td><td>10%</td><td>4</td></tr><tr><td><b>Overall</b></td><td></td><td><b>4.3</b></td></tr></tbody></table><h4><b>Economic Moat Strength - 5/5</b></h4>Apple gets 5 out of 5. Apple is a clear leader with exceptional competitive edge. Their competitive edge stems from technological superiority, switching costs, and network effects.</p><p><blockquote><table><colgroup></colgroup><tbody><tr><td></td><td>权重</td><td>AAPL</td></tr><tr><td>经济护城河实力</td><td>30%</td><td>5</td></tr><tr><td>财务实力</td><td>30%</td><td>4</td></tr><tr><td>增长率与行业</td><td>15%</td><td>3</td></tr><tr><td>安全边际</td><td>15%</td><td>5</td></tr><tr><td>行业展望</td><td>10%</td><td>4</td></tr><tr><td><b>总的</b></td><td></td><td><b>4.3</b></td></tr></tbody></table><h4><b>经济护城河实力–5/5</b></h4>苹果得了5分。苹果是一个明显的领导者，具有非凡的竞争优势。他们的竞争优势源于技术优势、转换成本和网络效应。</blockquote></p><p><h4><b>Financial Strength - 4/5</b></h4>Apple has $51.5 B in cash and a high covered ratio (45.13x), but their liquidity (current ratio at 0.93x and quick ratio of 0.76x) is in line with the sector.</p><p><blockquote><h4><b>财务实力–4/5</b></h4>苹果拥有$51.5 B现金和较高的覆盖率(45.13倍)，但其流动性（流动比率为0.93倍，速动比率为0.76倍）与行业一致。</blockquote></p><p><h4><b>Growth Rate - 3/5</b></h4>Apple is growing at a pace consistent with their overall industry. Apple’s most recent annual revenue growth was 18.63% (vs. sector median of 19.98%). Given their leadership position and strong revenue, these revenue growth numbers are great. However, compared to hyper growth companies in the start-up or ramping-up phase with 50-60% growth rates, it’s hard to give out 4 or 5 stars.</p><p><blockquote><h4><b>增长率-3/5</b></h4>苹果的增长速度与整个行业一致。苹果最近的年收入增长率为18.63%（行业中位数为19.98%）。鉴于他们的领导地位和强劲的收入，这些收入增长数字非常可观。然而，与处于初创或加速阶段、增长率为50-60%的高速增长公司相比，很难给出4星或5星。</blockquote></p><p><h4><b>Margin of Safety - 5/5</b></h4>Apple is trading ~25% under intrinsic value at this point. The ongoing market volatility and tech sector struggles are providing a great opportunity to grab Apple’s shares under intrinsic value. Their P/E ratio is below pre-pandemic level, which just doesn&#39;t make sense.</p><p><blockquote><h4><b>安全裕度-5/5</b></h4>目前，苹果的交易价格比内在价值低约25%。持续的市场波动和科技行业的困境为以内在价值抢占苹果股票提供了绝佳机会。他们的市盈率低于大流行前的水平，这没有意义。</blockquote></p><p><h4><b>Sector Outlook - 4/5</b></h4>The tech sector will keep on growing at a rapid pace with new technology and markets, but the smartphone and laptop segments won’t be the fastest growing segment in tech. There will be adequate, but not exceptional, growth.</p><p><blockquote><h4><b>行业展望-4/5</b></h4>随着新技术和市场的出现，科技行业将继续快速增长，但智能手机和笔记本电脑领域不会是科技领域增长最快的领域。将会有足够的增长，但不是异常的增长。</blockquote></p><p><h2>Risk</h2>Apple&#39;s main segment is still the iPhone, and competition within the smartphone market is only increasing and getting complex. Also, consumer preference is diversifying in terms of preferred features (camera quality, computing/memory performance, weight/size, etc.). The iPhone family still commands a leadership position based on technological superiority, switching cost, and brand image, so I don&#39;t expect Apple to struggle. However, I wouldn&#39;t expect large growth from the iPhone segment in the future.</p><p><blockquote><h2>风险</h2>苹果的主要细分市场仍然是iPhone，智能手机市场的竞争只会越来越复杂。此外，消费者偏好在优选特征（相机质量、计算/内存性能、重量/尺寸等）方面正在多样化。基于技术优势、转换成本和品牌形象，iPhone家族仍然占据着领导地位，所以我不认为苹果会陷入困境。然而，我预计iPhone市场未来不会出现大幅增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5030495bf9b76a7a51f6dd535431666c\" tg-width=\"640\" tg-height=\"370\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Global Smartphone Market Share (Counterpoint)</p><p><blockquote>全球智能手机市场份额（Counterpoint）</blockquote></p><p>As mentioned before, Apple has been moving towards self-sufficiency by manufacturing their own parts. So far, the effort has impacted the business in a positive way by improving margins and mitigating supply chain disruption. However, relying on their own parts can result in isolation, lower technological development, and less market penetration. One example is the Japanese cellphone makers (Panasonic, Sharp, or NEC). They were way ahead in terms of innovation, but they failed to achieve global success. This is an extreme case, and I don&#39;t expect this will be the problem for Apple. However, investors should monitor whether Apple is maintaining its cutting-edge technology as they transition towards being more self-sufficient.</p><p><blockquote>如前所述，苹果一直在通过制造自己的零部件走向自给自足。到目前为止，这一努力通过提高利润率和缓解供应链中断对业务产生了积极影响。然而，依赖自己的零件会导致孤立、技术发展较低和市场渗透率较低。一个例子是日本手机制造商（松下、夏普或NEC）。他们在创新方面遥遥领先，但未能取得全球成功。这是一个极端的案例，我不认为这会是苹果的问题。然而，投资者应该关注苹果在向更加自给自足过渡的过程中是否保持了其尖端技术。</blockquote></p><p></p><p><h2>Conclusion</h2>Apple has been an outstanding investment for a couple of decades at this point. Their technological superiority, brand image, and switching cost provide a great economic moat, and new products and services will keep their growth engine running. Based on their strong financials and market leading position, I expect Apple to excel in the foreseeable future. I expect 20-30% upside.</p><p><blockquote><h2>结论</h2>几十年来，苹果一直是一项出色的投资。他们的技术优势、品牌形象和转换成本提供了巨大的经济护城河，新产品和服务将使他们的增长引擎保持运转。基于其强大的财务状况和市场领先地位，我预计苹果在可预见的未来将表现出色。我预计有20-30%的上涨空间。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4511930-apple-one-big-time-sale\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4511930-apple-one-big-time-sale","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2235798704","content_text":"Investment ThesisApple (NASDAQ:AAPL) designs, manufactures, and distributes smartphones, personal computers, wearables, and related services. Apple has been one of the most valuable companies in the world for a while and has leadership positions in numerous fields. Its massive installed device base (1.8B active devices) is pushing Apple's service revenue upwards at a rapid pace, and the overall company's profit margin is also improving. Furthermore, Apple is moving to become self-sufficient to reduce costs and mitigate supply chain disruptions, and the effort has been paying off. I expect Apple to continue its success well into the future, and the current volatility in the tech sector is presenting a huge opportunity to grab Apple shares at a discount because:Apple's high margin businesses (Mac and Service segments) are growing at a rapid pace, contributing to great revenue growth and margin expansion.Revenue growth trajectory remains solid with an increasing subscription base and new product releases (iPad Air, iPhone SE, and etc.).The market volatility and tech sector sell-off dragged Apple's stock down, and it is now being sold under its pre-pandemic level. This presents a great opportunity.Growing in Right SegmentsSince I wrote my last article, Apple reported quarterly earnings in late April, and the results continue to demonstrate that Apple is focusing on the correct segments for growth and profitability. Overall revenue grew 9% YoY to $97.3 B, and they generated a whopping $28 B operating cash flow. Particularly, their Mac segment and services segment led the charge.Apple has been working on becoming self-sufficient and manufacturing key product components internally. A couple of years ago Apple took the noteworthy action of severing ties with Intel and making their own computer chips. The effort has been paying a great dividend. The Apple M1 (their own chip) has been performing very well against Intel and other chips on the market, and Mac sales have been very strong. Additionally, producing their own chips boosted the profit margins on Mac products.Strong performance by Apple Services segment (advertising, AppleCare, Cloud, Digital Content, Payment) is also welcome news for investors. The services segment is a 2x higher gross margin business (72.6%) than the products segment (36.4%), and it has higher growth potential from cloud and digital content. Assisted by its massive installed device base (1.8 B active devices), AppleCare has great potential for increasing revenue as well. Overall, the strong performance from Mac and Services shows that there are good days ahead.Performance by Segments (SEC Filings)Gross Margins of Apple by Segments (SEC Filings)Strong Revenue Growth TrajectoryApple has been growing at a solid pace (10% per year, 5-year average) in the past several years, and the revenue growth is accelerating. This acceleration is due to multiple factors. The first one is the continuing strong performance from new products, and there is no sign that this trend is going to end. During the last quarter, Apple released iPhone SE with 5 G technology, iPad Air with M1 chip, all-new Mac Studio, and all-new Apple Studio Display.As mentioned before, Apple currently has 1.8 B active device bases, and the number is expected to grow with the release of new products. The active base has been growing at about 100-150 million per year (1.4 B, 1.5 B, 1.65 B, and 1.8 B in 2019, 2020, 2021, and 2022, respectively). Also, this larger installed base will translate into greater revenue growth from AppleCare, advertising, and cloud services. Currently, Apple has about 785 M subscribers to these services.Data by YChartsFavorable Valuation Thanks to VolatilityOngoing volatility caused by supply chain disruption, inflation, war, and Federal Reserve's changing policies dragged the whole tech sector severely down. Nasdaq index is down from 16,000 in November 2021 to below 12,000. This volatility dragged great companies like Apple along, and now Apple stock is trading below its pre-pandemic level (current P/E ratio of 23.8x vs. pre-pandemic P/E around 25.5x). This presents a great opportunity for investors to grab Apple shares at a bargain.Nasdaq Index (CNBC)Intrinsic Value EstimationI used DCF model to estimate the intrinsic value of Apple. For the estimation, I utilized current EBITDA ($130 B) as a proxy for cash flow and WACC of 9.0% as the discount rate. For the base case, I assumed EBITDA growth of 20% (Sector median) for the next 5 years and zero growth afterwards (zero terminal growth). For the bullish and very bullish case, I assumed EBITDA growth of 22% and 24%, respectively, for the next 5 years and zero growth afterwards.The estimation revealed that the current stock price presents 20-30% upside. Given their technological superiority, organic/inorganic growth, and market dominance, I expect them to achieve this upside with ease.Price TargetUpsideBase Case$170.2316%Bullish Case$182.9224%Very Bullish Case$196.4134%The assumptions and data used for the price target estimation are summarized below:WACC: 9.0%EBITDA Growth Rate: 20% (Base Case), 22% (Bullish Case), 24% (Very Bullish Case)Current EBITDA: $130 BCurrent Stock Price: $147.11 (05/14/2022)Tax rate: 20%Cappuccino Stock RatingThe details of the metric is explained in this article.WeightingAAPLEconomic Moat Strength30%5Financial Strength30%4Growth Rate vs. Sector15%3Margin of Safety15%5Sector Outlook10%4Overall4.3Economic Moat Strength - 5/5Apple gets 5 out of 5. Apple is a clear leader with exceptional competitive edge. Their competitive edge stems from technological superiority, switching costs, and network effects.Financial Strength - 4/5Apple has $51.5 B in cash and a high covered ratio (45.13x), but their liquidity (current ratio at 0.93x and quick ratio of 0.76x) is in line with the sector.Growth Rate - 3/5Apple is growing at a pace consistent with their overall industry. Apple’s most recent annual revenue growth was 18.63% (vs. sector median of 19.98%). Given their leadership position and strong revenue, these revenue growth numbers are great. However, compared to hyper growth companies in the start-up or ramping-up phase with 50-60% growth rates, it’s hard to give out 4 or 5 stars.Margin of Safety - 5/5Apple is trading ~25% under intrinsic value at this point. The ongoing market volatility and tech sector struggles are providing a great opportunity to grab Apple’s shares under intrinsic value. Their P/E ratio is below pre-pandemic level, which just doesn't make sense.Sector Outlook - 4/5The tech sector will keep on growing at a rapid pace with new technology and markets, but the smartphone and laptop segments won’t be the fastest growing segment in tech. There will be adequate, but not exceptional, growth.RiskApple's main segment is still the iPhone, and competition within the smartphone market is only increasing and getting complex. Also, consumer preference is diversifying in terms of preferred features (camera quality, computing/memory performance, weight/size, etc.). The iPhone family still commands a leadership position based on technological superiority, switching cost, and brand image, so I don't expect Apple to struggle. However, I wouldn't expect large growth from the iPhone segment in the future.Global Smartphone Market Share (Counterpoint)As mentioned before, Apple has been moving towards self-sufficiency by manufacturing their own parts. So far, the effort has impacted the business in a positive way by improving margins and mitigating supply chain disruption. However, relying on their own parts can result in isolation, lower technological development, and less market penetration. One example is the Japanese cellphone makers (Panasonic, Sharp, or NEC). They were way ahead in terms of innovation, but they failed to achieve global success. This is an extreme case, and I don't expect this will be the problem for Apple. However, investors should monitor whether Apple is maintaining its cutting-edge technology as they transition towards being more self-sufficient.ConclusionApple has been an outstanding investment for a couple of decades at this point. Their technological superiority, brand image, and switching cost provide a great economic moat, and new products and services will keep their growth engine running. Based on their strong financials and market leading position, I expect Apple to excel in the foreseeable future. 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Professional money managers are turning up the heat on Warren Buffett’sBerkshire Hathaway Inc.BRK.B-0.95%. California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive. While many of the complaints aren’t new and none of the shareholder proposals are","content":"<p>Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerate</p><p><blockquote>机构股东正在敦促这家位于内布拉斯加州奥马哈的企业集团在气候和治理方面进行变革</blockquote></p><p>Professional money managers are turning up the heat on Warren Buffett’s<u>Berkshire Hathaway</u>&nbsp;Inc.BRK.B -0.95%</p><p><blockquote>专业基金经理正在加大对沃伦·巴菲特的压力<u>伯克希尔哈撒韦</u>公司BRK.B-0.95%</blockquote></p><p>California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive<img src=\"https://static.tigerbbs.com/1dd969e4b237144cd02112f41464d169\" tg-width=\"824\" tg-height=\"1396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>加州公共雇员退休系统和路博迈要求这家位于内布拉斯加州奥马哈的企业集团引入新董事，并提供更多有关气候风险和高管的信息</blockquote></p><p>Leading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis &amp; Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.</p><p><blockquote>在周六伯克希尔年会之前，代理顾问Glass Lewis&amp;Co.和Institutional Shareholder Services Inc.建议投资者保留对董事会成员的投票。</blockquote></p><p>While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.</p><p><blockquote>尽管许多投诉并不新鲜，股东提案也不太可能获得通过，但在投资者对企业可持续发展问题的兴趣日益浓厚的情况下，伯克希尔近年来低迷的回报使其更容易受到批评。</blockquote></p><p>The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging as<u>a key selling point for money managers in their efforts to keep client money</u>.</p><p><blockquote>在美国，股东就气候变化、社会进步和治理问题向公司施压的运动继续升温，并成为<u>基金经理努力留住客户资金的一个关键卖点</u>.</blockquote></p><p>Under Mr. Buffett’s leadership,<u>the firm boasts 20% compounded annualized gains from 1965 to 2020</u>, outperforming the S&amp;P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.</p><p><blockquote>在巴菲特先生的领导下，<u>该公司拥有1965年至2020年20%的复合年化收益</u>，跑赢标普500期内含股息10.2%的涨幅。伯克希尔过去三年和五年的总回报率分别为12%和14%，而该指数的总回报率为19%和18%。</blockquote></p><p>“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.</p><p><blockquote>Calpers公司治理主管Simiso Nzima表示：“伯克希尔获得通过的部分原因是其历史上强劲的财务业绩。”</blockquote></p><p>Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built up<u>a diverse portfolio of mostly U.S. businesses and investments meant to perform over decades</u>, not to compete with a volatile market buoyed by booming tech stocks.</p><p><blockquote>伯克希尔哈撒韦公司继续强调其对长期发展的持续关注。巴菲特先生是该公司的首席执行官兼董事长，他建立了<u>主要由美国企业和投资组成的多元化投资组合，预计将持续数十年</u>，而不是与由蓬勃发展的科技股提振的波动市场竞争。</blockquote></p><p>Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.</p><p><blockquote>拥有4440亿美元资产的美国最大公共养老基金Calpers共同发起了一项股东提案，恳求伯克希尔提供更多有关气候相关风险和机遇的信息。</blockquote></p><p>The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.</p><p><blockquote>该养老基金还拒绝投票连任董事会审计和治理委员会成员，理由是未能满足股东对气候风险披露的要求。该公司表示，担心董事会缺乏新成员，不与股东接触，也不让投资者对高管薪酬计划进行投票。</blockquote></p><p>“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.</p><p><blockquote>“如果不更新董事会，下一代董事就无法在长期任职的董事离开董事会之前向他们学习，”恩齐马先生说。</blockquote></p><p>Berkshire declined to comment ahead of the company’s Saturday meeting.</p><p><blockquote>伯克希尔拒绝在公司周六会议前发表评论。</blockquote></p><p>Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.</p><p><blockquote>拥有超过4290亿美元资产的私人基金管理公司Neuberger也表示，将投票支持几项与环境、社会和公司治理问题（通常缩写为ESG）相关的股东主导的提案。</blockquote></p><p>“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”</p><p><blockquote>跟踪该公司的路博迈分析师米歇尔·佐丹奴(Michelle Giordano)表示：“人们可能会认为，如果公司有责任保护环境或在社会问题和治理方面提供良好服务，那么伯克希尔可能会成为这些领域的领导者。”“但好像不是。”</blockquote></p><p>Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage&nbsp;climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already produces<u>a sustainability report</u>.</p><p><blockquote>伯克希尔在其年度委托书中表示，虽然它同意公司有责任管理气候风险，但它更愿意让其各个运营部门致力于自己的环境政策。该公司写道，小型公司办公室的授权将侵犯帮助这些企业在伯克希尔旗下蓬勃发展的自主权。例如，伯克希尔哈撒韦能源公司已经生产<u>可持续发展报告</u>.</blockquote></p><p>Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.</p><p><blockquote>Calpers还承诺支持一项提案，要求该公司报告其员工多元化的努力。</blockquote></p><p>Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”</p><p><blockquote>伯克希尔表示，多元化报告提案不恰当地暗示“伯克希尔60多家运营业务中的每一家都有一种标准化技术来解决多元化、公平性和包容性问题。”</blockquote></p><p>“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.</p><p><blockquote>伯克希尔写道：“为了比较不同地理位置的此类不同业务而要求统一的定量报告是不合理的。”</blockquote></p><p>Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.</p><p><blockquote>Glass Lewis和ISS建议股东投票支持ESG提案，并对某些董事弃权。</blockquote></p><p>“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.</p><p><blockquote>Glass Lewis ESG研究高级总监Courteney Keatinge表示：“今年主流投资者对ESG问题给予了更多关注。”</blockquote></p><p>Another factor is at play: Berkshire shares are slowly changing hands.</p><p><blockquote>另一个因素在起作用：伯克希尔的股票正在慢慢易手。</blockquote></p><p></p><p>Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.</p><p><blockquote>乔治华盛顿大学法学教授劳伦斯·坎宁安(Lawrence Cunningham)撰写了大量有关该公司的文章，他表示，随着时间的推移，巴菲特减持该公司股份的长期计划已将更多伯克希尔股票转移到大型机构投资者手中。</blockquote></p><p>About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.</p><p><blockquote>坎宁安表示，伯克希尔约70%的股票由个人持有，其中许多人是忠于巴菲特的长期持有者。许多人并不关心伯克希尔是否缺乏企业可持续发展报告或随时准备回答他们问题的投资者关系团队。</blockquote></p><p>“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”</p><p><blockquote>巴菲特在最近致股东的信中写道：“伯克希尔不同寻常且有价值的个人股东家族可能会加深您对我们不愿讨好华尔街分析师和机构投资者的理解。”“我们已经拥有了我们想要的投资者，总的来说，我认为他们不会通过替代者来升级。”</blockquote></p><p>The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters.&nbsp;When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.</p><p><blockquote>不过，机构持股比例的逐步上升可能已经让职业经理人有能力在治理问题上向伯克希尔施压。坎宁安说，当巴菲特和他的遗产出售剩余股份时，这些基金经理很可能会持有该公司更多的股份。</blockquote></p><p>“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.</p><p><blockquote>坎宁安表示：“重大领导力和结构性变革将会出现，这些持有者正在为这场战斗做准备。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nWarren Buffett Faces Impatient Investors as Berkshire Hathaway Returns Decline<blockquote>伯克希尔哈撒韦公司回报下滑，沃伦·巴菲特面临不耐烦的投资者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-05-02 03:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerate</p><p><blockquote>机构股东正在敦促这家位于内布拉斯加州奥马哈的企业集团在气候和治理方面进行变革</blockquote></p><p>Professional money managers are turning up the heat on Warren Buffett’s<u>Berkshire Hathaway</u>&nbsp;Inc.BRK.B -0.95%</p><p><blockquote>专业基金经理正在加大对沃伦·巴菲特的压力<u>伯克希尔哈撒韦</u>公司BRK.B-0.95%</blockquote></p><p>California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive<img src=\"https://static.tigerbbs.com/1dd969e4b237144cd02112f41464d169\" tg-width=\"824\" tg-height=\"1396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>加州公共雇员退休系统和路博迈要求这家位于内布拉斯加州奥马哈的企业集团引入新董事，并提供更多有关气候风险和高管的信息</blockquote></p><p>Leading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis &amp; Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.</p><p><blockquote>在周六伯克希尔年会之前，代理顾问Glass Lewis&amp;Co.和Institutional Shareholder Services Inc.建议投资者保留对董事会成员的投票。</blockquote></p><p>While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.</p><p><blockquote>尽管许多投诉并不新鲜，股东提案也不太可能获得通过，但在投资者对企业可持续发展问题的兴趣日益浓厚的情况下，伯克希尔近年来低迷的回报使其更容易受到批评。</blockquote></p><p>The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging as<u>a key selling point for money managers in their efforts to keep client money</u>.</p><p><blockquote>在美国，股东就气候变化、社会进步和治理问题向公司施压的运动继续升温，并成为<u>基金经理努力留住客户资金的一个关键卖点</u>.</blockquote></p><p>Under Mr. Buffett’s leadership,<u>the firm boasts 20% compounded annualized gains from 1965 to 2020</u>, outperforming the S&amp;P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.</p><p><blockquote>在巴菲特先生的领导下，<u>该公司拥有1965年至2020年20%的复合年化收益</u>，跑赢标普500期内含股息10.2%的涨幅。伯克希尔过去三年和五年的总回报率分别为12%和14%，而该指数的总回报率为19%和18%。</blockquote></p><p>“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.</p><p><blockquote>Calpers公司治理主管Simiso Nzima表示：“伯克希尔获得通过的部分原因是其历史上强劲的财务业绩。”</blockquote></p><p>Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built up<u>a diverse portfolio of mostly U.S. businesses and investments meant to perform over decades</u>, not to compete with a volatile market buoyed by booming tech stocks.</p><p><blockquote>伯克希尔哈撒韦公司继续强调其对长期发展的持续关注。巴菲特先生是该公司的首席执行官兼董事长，他建立了<u>主要由美国企业和投资组成的多元化投资组合，预计将持续数十年</u>，而不是与由蓬勃发展的科技股提振的波动市场竞争。</blockquote></p><p>Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.</p><p><blockquote>拥有4440亿美元资产的美国最大公共养老基金Calpers共同发起了一项股东提案，恳求伯克希尔提供更多有关气候相关风险和机遇的信息。</blockquote></p><p>The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.</p><p><blockquote>该养老基金还拒绝投票连任董事会审计和治理委员会成员，理由是未能满足股东对气候风险披露的要求。该公司表示，担心董事会缺乏新成员，不与股东接触，也不让投资者对高管薪酬计划进行投票。</blockquote></p><p>“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.</p><p><blockquote>“如果不更新董事会，下一代董事就无法在长期任职的董事离开董事会之前向他们学习，”恩齐马先生说。</blockquote></p><p>Berkshire declined to comment ahead of the company’s Saturday meeting.</p><p><blockquote>伯克希尔拒绝在公司周六会议前发表评论。</blockquote></p><p>Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.</p><p><blockquote>拥有超过4290亿美元资产的私人基金管理公司Neuberger也表示，将投票支持几项与环境、社会和公司治理问题（通常缩写为ESG）相关的股东主导的提案。</blockquote></p><p>“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”</p><p><blockquote>跟踪该公司的路博迈分析师米歇尔·佐丹奴(Michelle Giordano)表示：“人们可能会认为，如果公司有责任保护环境或在社会问题和治理方面提供良好服务，那么伯克希尔可能会成为这些领域的领导者。”“但好像不是。”</blockquote></p><p>Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage&nbsp;climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already produces<u>a sustainability report</u>.</p><p><blockquote>伯克希尔在其年度委托书中表示，虽然它同意公司有责任管理气候风险，但它更愿意让其各个运营部门致力于自己的环境政策。该公司写道，小型公司办公室的授权将侵犯帮助这些企业在伯克希尔旗下蓬勃发展的自主权。例如，伯克希尔哈撒韦能源公司已经生产<u>可持续发展报告</u>.</blockquote></p><p>Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.</p><p><blockquote>Calpers还承诺支持一项提案，要求该公司报告其员工多元化的努力。</blockquote></p><p>Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”</p><p><blockquote>伯克希尔表示，多元化报告提案不恰当地暗示“伯克希尔60多家运营业务中的每一家都有一种标准化技术来解决多元化、公平性和包容性问题。”</blockquote></p><p>“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.</p><p><blockquote>伯克希尔写道：“为了比较不同地理位置的此类不同业务而要求统一的定量报告是不合理的。”</blockquote></p><p>Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.</p><p><blockquote>Glass Lewis和ISS建议股东投票支持ESG提案，并对某些董事弃权。</blockquote></p><p>“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.</p><p><blockquote>Glass Lewis ESG研究高级总监Courteney Keatinge表示：“今年主流投资者对ESG问题给予了更多关注。”</blockquote></p><p>Another factor is at play: Berkshire shares are slowly changing hands.</p><p><blockquote>另一个因素在起作用：伯克希尔的股票正在慢慢易手。</blockquote></p><p></p><p>Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.</p><p><blockquote>乔治华盛顿大学法学教授劳伦斯·坎宁安(Lawrence Cunningham)撰写了大量有关该公司的文章，他表示，随着时间的推移，巴菲特减持该公司股份的长期计划已将更多伯克希尔股票转移到大型机构投资者手中。</blockquote></p><p>About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.</p><p><blockquote>坎宁安表示，伯克希尔约70%的股票由个人持有，其中许多人是忠于巴菲特的长期持有者。许多人并不关心伯克希尔是否缺乏企业可持续发展报告或随时准备回答他们问题的投资者关系团队。</blockquote></p><p>“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”</p><p><blockquote>巴菲特在最近致股东的信中写道：“伯克希尔不同寻常且有价值的个人股东家族可能会加深您对我们不愿讨好华尔街分析师和机构投资者的理解。”“我们已经拥有了我们想要的投资者，总的来说，我认为他们不会通过替代者来升级。”</blockquote></p><p>The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters.&nbsp;When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.</p><p><blockquote>不过，机构持股比例的逐步上升可能已经让职业经理人有能力在治理问题上向伯克希尔施压。坎宁安说，当巴菲特和他的遗产出售剩余股份时，这些基金经理很可能会持有该公司更多的股份。</blockquote></p><p>“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.</p><p><blockquote>坎宁安表示：“重大领导力和结构性变革将会出现，这些持有者正在为这场战斗做准备。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/warren-buffett-faces-impatient-investors-as-berkshire-hathaway-returns-decline-11619794480\">WSJ</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":"https://static.tigerbbs.com/daaa666333c3b9bf0b940ffed4c1c369","relate_stocks":{"BRK.B":"伯克希尔B"},"source_url":"https://www.wsj.com/articles/warren-buffett-faces-impatient-investors-as-berkshire-hathaway-returns-decline-11619794480","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105099718","content_text":"Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerateProfessional money managers are turning up the heat on Warren Buffett’sBerkshire Hathaway Inc.BRK.B -0.95%California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executiveLeading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis & Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging asa key selling point for money managers in their efforts to keep client money.Under Mr. Buffett’s leadership,the firm boasts 20% compounded annualized gains from 1965 to 2020, outperforming the S&P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built upa diverse portfolio of mostly U.S. businesses and investments meant to perform over decades, not to compete with a volatile market buoyed by booming tech stocks.Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.Berkshire declined to comment ahead of the company’s Saturday meeting.Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already producesa sustainability report.Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.Another factor is at play: Berkshire shares are slowly changing hands.Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters. When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.","news_type":1,"symbols_score_info":{"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":636642415,"gmtCreate":1645830974889,"gmtModify":1645830975499,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like thanks","listText":"Please like thanks","text":"Please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/636642415","repostId":"2214433184","repostType":4,"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":871396575,"gmtCreate":1637024252301,"gmtModify":1637024252500,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like thanks","listText":"Please like thanks","text":"Please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/871396575","repostId":"2183282074","repostType":4,"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887719942,"gmtCreate":1632098772086,"gmtModify":1632802881568,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like too thanks&nbsp;","listText":"Please like too thanks&nbsp;","text":"Please like too thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/887719942","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohu8.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_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":{".IXIC":"NASDAQ Composite","FDX":"联邦快递",".DJI":"道琼斯",".SPX":"S&P 500 Index","CRM":"赛富时","ADBE":"Adobe","NKE":"耐克","COST":"好市多"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"ADBE":0.9,"COST":0.9,".IXIC":0.9,"CRM":0.9,"FDX":0.9,"NKE":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814170442,"gmtCreate":1630801532786,"gmtModify":1631885565338,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like thank you","listText":"Please like thank you","text":"Please like thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814170442","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177540760,"gmtCreate":1627255081650,"gmtModify":1633766940128,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Good morning, please like thanks","listText":"Good morning, please like thanks","text":"Good morning, please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/177540760","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185162847,"gmtCreate":1623637206689,"gmtModify":1634030846624,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Good morning, please like and comment thanks","listText":"Good morning, please like and comment thanks","text":"Good morning, please like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/185162847","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131053809,"gmtCreate":1621817973201,"gmtModify":1634186411704,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like and comment thanks all","listText":"Please like and comment thanks all","text":"Please like and comment thanks all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/131053809","repostId":"1142753520","repostType":4,"repost":{"id":"1142753520","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1621816950,"share":"https://www.laohu8.com/m/news/1142753520?lang=zh_CN&edition=full","pubTime":"2021-05-24 08:42","market":"us","language":"en","title":"IPO Previews For The Week<blockquote>本周IPO预览</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142753520","media":"Benzinga","summary":"With the start of a new week comes the excitement surrounding a new set of companies looking to make","content":"<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，人们兴奋不已。据Benzinga Pro报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在16.0美元至19.0美元之间，内部锁定期为180天。无花果公司将以每股17.5美元的价格发行22,500，000股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>FLYWIRE</b>（纳斯达克：FLYW）于2021年5月26日上午06:32开始公开上市。该公司的价格范围设定在22.0美元至24.0美元之间，锁定期为180天。FLYWIRE CORPORATION将以每股22.99美元的价格发行8,700,000股。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>Paymentus控股公司。</b>（纽约证券交易所代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在19.0美元至21.0美元之间，内部锁定期为180天。Paymentus Holdings，Inc.将以每股20.0美元的价格发行10,000，000股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻里药房公司</b>(TSX：NBLY)将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc将以每股17.0美元的价格发行10,295,000股股票，内部锁定期为180天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私人公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。在公司公开上市之前，它必须满足SEC的要求，并通过审计与投资银行合作，以确定发行前的定价、发行日期和其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定该股票的预期出售价格范围。这就是所谓的产品范围。一旦公司上市，其股票就会有开盘价。内部人士禁售期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO Previews For The Week<blockquote>本周IPO预览</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\">\nIPO Previews For The Week<blockquote>本周IPO预览</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-24 08:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，人们兴奋不已。据Benzinga Pro报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在16.0美元至19.0美元之间，内部锁定期为180天。无花果公司将以每股17.5美元的价格发行22,500，000股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>FLYWIRE</b>（纳斯达克：FLYW）于2021年5月26日上午06:32开始公开上市。该公司的价格范围设定在22.0美元至24.0美元之间，锁定期为180天。FLYWIRE CORPORATION将以每股22.99美元的价格发行8,700,000股。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>Paymentus控股公司。</b>（纽约证券交易所代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在19.0美元至21.0美元之间，内部锁定期为180天。Paymentus Holdings，Inc.将以每股20.0美元的价格发行10,000，000股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻里药房公司</b>(TSX：NBLY)将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc将以每股17.0美元的价格发行10,295,000股股票，内部锁定期为180天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私人公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。在公司公开上市之前，它必须满足SEC的要求，并通过审计与投资银行合作，以确定发行前的定价、发行日期和其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定该股票的预期出售价格范围。这就是所谓的产品范围。一旦公司上市，其股票就会有开盘价。内部人士禁售期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PAY":"Paymentus Holdings, Inc.","FLYW":"Flywire Corp.","FIGS":"FIGS, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142753520","content_text":"With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.FIGS, Inc(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.FLYWIRE CORPORATION(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.Paymentus Holdings, Inc.(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.Neighbourly Pharmacy Inc(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.What Are IPOs?An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.","news_type":1,"symbols_score_info":{"PAY":0.9,"FIGS":0.9,"FLYW":0.9}},"isVote":1,"tweetType":1,"viewCount":527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139589666,"gmtCreate":1621644665455,"gmtModify":1634187481921,"author":{"id":"3581927793488898","authorId":"3581927793488898","name":"amazinggrace","avatar":"https://static.tigerbbs.com/101230c6fb2ec15140a58f9488ad7396","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581927793488898","idStr":"3581927793488898"},"themes":[],"htmlText":"Please like and comment!","listText":"Please like and comment!","text":"Please like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/139589666","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}