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R2D2
R2D2
·
2021-12-21
Always go for value
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R2D2
R2D2
·
2021-10-20
SG portfolio can also include other stocks
@keke006：
If this empire fall, I willing go together... just hold your breath, foresee 20% return shouldn’t be problem, anytime better than current FD rate, isn’t it?$GENTING SINGAPORE LIMITED(G13.SI)$
If this empire fall, I willing go together... just hold your breath, foresee 20% return shouldn’t be problem, anytime better than current FD rate, isn’t it?$GENTING SINGAPORE LIMITED(G13.SI)$
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R2D2
R2D2
·
2021-10-19
Agree
Apple: The Past Decade Can't Be Repeated<blockquote>苹果：过去十年不能重演</blockquote>
Summary A return of more than 860% in 10 years made many shareholders happy. This return was based
Apple: The Past Decade Can't Be Repeated<blockquote>苹果：过去十年不能重演</blockquote>
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R2D2
R2D2
·
2021-09-30
Had this stock.
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R2D2
R2D2
·
2021-08-03
Follow her for the new new things
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R2D2
R2D2
·
2021-08-03
All the best to them in their personal lives. May they continue to donate generously.
Bill and Melinda Gates have finalized their divorce<blockquote>比尔和梅林达·盖茨已经完成了离婚</blockquote>
New York (CNN Business) - Bill Gates and Melinda French Gates are officially divorced, after a judge
Bill and Melinda Gates have finalized their divorce<blockquote>比尔和梅林达·盖茨已经完成了离婚</blockquote>
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R2D2
R2D2
·
2021-07-18
Agree
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R2D2
R2D2
·
2021-07-14
Overpriced
Why Tesla Stock Just Gave Back Half of Yesterday's Gains<blockquote>为什么特斯拉股票刚刚回吐了昨天涨幅的一半</blockquote>
What happened Afterracing upwardby more than 4% in Monday trading,Tesla(NASDAQ:TSLA)give back half o
Why Tesla Stock Just Gave Back Half of Yesterday's Gains<blockquote>为什么特斯拉股票刚刚回吐了昨天涨幅的一半</blockquote>
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R2D2
R2D2
·
2021-07-14
They would stay our of the game
Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次经济衰退中避免负利率？</blockquote>
The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced
Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次经济衰退中避免负利率？</blockquote>
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R2D2
R2D2
·
2021-06-27
👍
Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>
Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,wh
Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>
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10:22","market":"us","language":"en","title":"Apple: The Past Decade Can't Be Repeated<blockquote>苹果：过去十年不能重演</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175707103","media":"Seeking Alpha","summary":"Summary\n\nA return of more than 860% in 10 years made many shareholders happy.\nThis return was based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>A return of more than 860% in 10 years made many shareholders happy.</li> <li>This return was based on double-digit growth rates, aggressive buybacks and a solid customer base.</li> <li>However, slowing growth, a worsened balance sheet, competition and, most important, Apple's valuation will likely lead to decreasing returns in the near future.</li> <li>Even if new products are excellent and stand out from competitors, it will be very hard to achieve similar returns for the stock.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c48faf1320d58a68f652bbf7b8e93adf\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>10年超过860%的回报率让不少股民欣喜不已。</li><li>这一回报是基于两位数的增长率、积极的回购和坚实的客户群。</li><li>然而，增长放缓、资产负债表恶化、竞争以及最重要的苹果估值可能会在不久的将来导致回报下降。</li><li>即使新产品非常优秀，从竞争对手中脱颖而出，股票也很难获得类似的回报。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>1. Looking back at an impressive decade</b></p><p><blockquote><b>1. 回顾令人印象深刻的十年</b></blockquote></p><p> Apple's (AAPL) stock showed a stunning performance over the last 10 years.</p><p><blockquote>苹果 (AAPL) 股票在过去 10 年中表现出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f670db7ff8b0f2f186fa8dad803627f7\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The stock returned 861% or 25.4% annually, which is an above average return compared to the S&P 500 with just about 263%. Apple has a stunning growth record over the past decade which is one reason for the long rally. Revenues grew from $108 bn. in 2011 to expected revenues in 2021 of $365 bn. (+238%) while net income increased from $26 bn. to $95 bn. in 2021 (+265%).</p><p><blockquote>该股的年回报率为 861% 或 25.4%，高于标普500约 263% 的平均回报率。苹果在过去十年中有着惊人的增长记录，这是长期反弹的原因之一。收入从 1080 亿美元增长。2011 年至 2021 年收入预计为 3650 亿美元。（+238%），而净利润则从 260 亿美元增长。高达950亿美元。2021年（+265%）。</blockquote></p><p> <table> <tbody> <tr> <td><b>2011</b></td> <td><b>2012</b></td> <td><b>2013</b></td> <td><b>2014</b></td> <td><b>2015</b></td> <td><b>2016</b></td> <td><b>2017</b></td> <td><b>2018</b></td> <td><b>2019</b></td> <td><b>2020</b></td> <td><b>2021 (e)</b></td> </tr> <tr> <td><b>Revenue (bn. USD)</b></td> <td>108</td> <td>156</td> <td>171</td> <td>183</td> <td>231</td> <td>214</td> <td>229</td> <td>266</td> <td>260</td> <td>274</td> <td>365</td> </tr> <tr> <td><b>Net income (bn. USD)</b></td> <td>26</td> <td>42</td> <td>37</td> <td>40</td> <td>53</td> <td>46</td> <td>48</td> <td>60</td> <td>55</td> <td>57</td> <td>95</td> </tr> <tr> <td><b>EPS*(USD)</b></td> <td>1.56</td> <td>2.51</td> <td>2.22</td> <td>2.38</td> <td>3.21</td> <td>2.75</td> <td>2.91</td> <td>3.57</td> <td>3.33</td> <td>3.45</td> <td>5.7</td> </tr> </tbody> </table> [*EPS numbers adjusted for stock splits in 2015 (7:1) and 2020 (4:1), calculation with 16.63 billion shares]</p><p><blockquote><table><tbody><tr><td><b>2011</b></td><td><b>2012</b></td><td><b>2013</b></td><td><b>2014</b></td><td><b>2015</b></td><td><b>2016</b></td><td><b>2017</b></td><td><b>2018</b></td><td><b>2019</b></td><td><b>2020</b></td><td><b>2021年(e)</b></td></tr><tr><td><b>收入（十亿美元）</b></td><td>108</td><td>156</td><td>171</td><td>183</td><td>231</td><td>214</td><td>229</td><td>266</td><td>260</td><td>274</td><td>365</td></tr><tr><td><b>净利润（十亿美元）</b></td><td>26</td><td>42</td><td>37</td><td>40</td><td>53</td><td>46</td><td>48</td><td>60</td><td>55</td><td>57</td><td>95</td></tr><tr><td><b>每股收益*（美元）</b></td><td>1.56</td><td>2.51</td><td>2.22</td><td>2.38</td><td>3.21</td><td>2.75</td><td>2.91</td><td>3.57</td><td>3.33</td><td>3.45</td><td>5.7</td></tr></tbody></table>[*2015 年 (7:1) 和 2020 年 (4:1) 股票分割调整后的每股收益数据，以 166.3 亿股计算]</blockquote></p><p> <b>2. Aggressive buybacks</b></p><p><blockquote><b>2. 积极回购</b></blockquote></p><p> Although the company's fundamental growth was great, the stock's gain was even more phenomenal. A second reason were permanent and aggressive stock buybacks by Apple. In2011, Apple had 926 million shares outstanding, according to the quarterly report from June. Adjusted for the two stock splits, the number should have increased to 25.93 bn. shares. Surprisingly, Apple had just 16.63 bn. shares outstanding at the end of June 2021, which means that share count was reduced by nearly 36% in just one decade. The buybacks definitely contributed to the stock's stellar performance, but the higher the stock climbed over the years, the more Apple had to pay to buy back shares. The buybacks are reflected in the company's balance sheet which has worsened significantly.</p><p><blockquote>尽管公司的基本面增长很大，但股票的涨幅更为惊人。第二个原因是苹果永久而积极的股票回购。根据 6 月份的季度报告，2011 年苹果有 9.26 亿股流通股。根据两次股票分割进行调整后，这个数字应该会增加到259.3亿。股份。令人惊讶的是，苹果只有166.3亿。截至 2021 年 6 月底，已发行股票，这意味着股票数量在短短十年内减少了近 36%。回购无疑对该股的出色表现做出了贡献，但多年来该股涨幅越高，苹果回购股票所需支付的费用就越多。回购反映在公司的资产负债表上，而资产负债表已经显着恶化。</blockquote></p><p></p><p> <table> <tbody> <tr> <td><b>2011</b></td> <td><b>2012</b></td> <td><b>2013</b></td> <td><b>2014</b></td> <td><b>2015</b></td> <td><b>2016</b></td> <td><b>2017</b></td> <td><b>2018</b></td> <td><b>2019</b></td> <td><b>2020</b></td> <td><b>2021</b></td> </tr> <tr> <td><b>Equity (bn. USD)</b></td> <td>70</td> <td>118</td> <td>124</td> <td>111</td> <td>119</td> <td>128</td> <td>134</td> <td>107</td> <td>90</td> <td>65</td> <td>64</td> </tr> <tr> <td><b>Liabilities (bn. USD)</b></td> <td>37</td> <td>58</td> <td>83</td> <td>120</td> <td>171</td> <td>193</td> <td>241</td> <td>259</td> <td>248</td> <td>259</td> <td>265</td> </tr> <tr> <td><b>Equity ratio (%)</b></td> <td>65</td> <td>67</td> <td>60</td> <td>48</td> <td>41</td> <td>40</td> <td>36</td> <td>29</td> <td>27</td> <td>20</td> <td>19.5</td> </tr> </tbody> </table> Equity and equity ratio are in an obvious downward trend while liabilities have increased. However, the deterioration of the balance sheet hasn't had an impact yet on Apple's power to generate and increase revenues and earnings. With $95 bn. net income this year, Apple shows a return on equity (ROE) of 148% (!), a number not many companies achieve. So while the balance sheet is nothing to worry about in regard to Apple's business, it will have an impact on the company's ability to buy back shares. Even if Apple spends all its net income on buybacks (which would be a new annual buyback record), this number would just represent 3.9% of Apple's total market cap of $2.41 trillion. As a result, the company must spend more cash in the future to buy back the same percentage of shares as it did during the last ten years.</p><p><blockquote><table><tbody><tr><td><b>2011</b></td><td><b>2012</b></td><td><b>2013</b></td><td><b>2014</b></td><td><b>2015</b></td><td><b>2016</b></td><td><b>2017</b></td><td><b>2018</b></td><td><b>2019</b></td><td><b>2020</b></td><td><b>2021</b></td></tr><tr><td><b>权益（十亿美元）</b></td><td>70</td><td>118</td><td>124</td><td>111</td><td>119</td><td>128</td><td>134</td><td>107</td><td>90</td><td>65</td><td>64</td></tr><tr><td><b>负债（十亿美元）</b></td><td>37</td><td>58</td><td>83</td><td>120</td><td>171</td><td>193</td><td>241</td><td>259</td><td>248</td><td>259</td><td>265</td></tr><tr><td><b>权益比率（%）</b></td><td>65</td><td>67</td><td>60</td><td>48</td><td>41</td><td>40</td><td>36</td><td>29</td><td>27</td><td>20</td><td>19.5</td></tr></tbody></table>权益和权益比率呈明显下降趋势，而负债则有所增加。然而，资产负债表的恶化尚未对苹果产生和增加收入和盈利的能力产生影响。950亿美元。净利润 今年，苹果的股本回报率 (ROE) 为 148% (!)，这是很多公司都没有达到的数字。因此，虽然资产负债表对于苹果的业务来说没什么好担心的，但它将对该公司回购股票的能力产生影响。即使苹果将所有净收入用于回购（这将创下新的年度回购记录），这个数字也仅占苹果2.41万亿美元总市值的3.9%。因此，该公司未来必须花费更多现金来回购与过去十年相同比例的股票。</blockquote></p><p> <b>3. Valuation</b></p><p><blockquote><b>3.估值</b></blockquote></p><p> Apple currently trades for $145 per share (as of 10/18/21) and has a total market cap of $2.41 trillion. EPS for 2021 is about $5.7, so the P/E ratio is 25.4. The P/B ratio climbed to a whopping 37.6 (which can be partly explained by buybacks). High P/B ratios are not unusual for tech companies (many patents, intangible assets and brand value do not count for equity), but the number for Apple is really extreme. Cash flow per share of around $6.5 per share results in a P/CF ratio of 22. The average EPS of the last decade was $3.2. Hence, the CAPE ratio for Apple is 45.3, a number which also indicates an ambitious valuation.</p><p><blockquote>苹果目前的交易价格为每股 145 美元（截至 2021 年 10 月 18 日），总市值为 2.41 万亿美元。2021年每股收益约为5.7美元，因此市盈率为25.4。市净率攀升至高达 37.6（部分原因可以用回购来解释）。高市净率对于科技公司来说并不罕见（许多专利、无形资产和品牌价值不计入股权），但苹果的这个数字确实非常极端。每股现金流约为每股 6.5 美元，市盈率为 22。过去十年的平均每股收益为 3.2 美元。因此，苹果的 CAPE 比率为 45.3，这个数字也表明了雄心勃勃的估值。</blockquote></p><p> All these numbers indicate that future returns are likely to be lower than the returns of the past decade.</p><p><blockquote>所有这些数字都表明，未来的回报很可能低于过去十年的回报。</blockquote></p><p> <b>4. Growth perspectives and product pipeline</b></p><p><blockquote><b>4.增长前景和产品管线</b></blockquote></p><p> In the past decade, Apple grew its net income by 13.8% annually and expects an increase of more than 66% this year. In the third quarter 2021, Apple increased its computer sales by 7.4% and increased its market share to 8.6% of worldwide sales. Smartphone sales decreased in the third quarter 2021 by 6% because of the chip shortage, but Apple increased its market share from 12% to 15% due to strong demand for the iPhone 13, which means that shipments grew by ca. 17% YoY. All in all, the market data shows that consumers strongly demand Apple products (MacBook, iPhone, iPad etc.) and also accept higher expenditures for high-quality products. However, the chip shortage will likely hurt Apple's sales in the quarters to come. Hence, it will be difficult for Apple to grow next year as revenues will take a hit. In the long term, Apple must differentiate from its competitors Samsung (OTC:SSNLF), Lenovo (OTCPK:LNVGY,OTCPK:LNVGF),HP Inc. (HPQ) andXiaomi(OTCPK:XIACF,OTCPK:XIACY) with special features and design, because some consumers (who are not pure Apple fans) will prefer price over features and design. I expect revenues to be flat next year or even lower than 2021 when the post-pandemic computer boom will flatten. The average growth rate for net income and revenue in the next decade is probably lower than in the past decade.</p><p><blockquote>过去十年，苹果的净利润每年增长13.8%，预计今年将增长66%以上。2021年第三季度，苹果电脑销量增长7.4%，市场份额占全球销量的8.6%。由于芯片短缺，2021年第三季度智能手机销量下降了6%，但由于对iPhone 13的强劲需求，苹果将其市场份额从12%增加到15%，这意味着出货量同比增长约17%。总而言之，市场数据显示消费者对苹果产品（MacBook、iPhone、iPad等）的需求强烈，同时也接受了高质量产品的更高支出。然而，芯片短缺可能会损害苹果未来几个季度的销售。因此，由于收入将受到打击，苹果明年将很难增长。从长远来看，苹果必须通过特殊功能和设计与其竞争对手三星（OTC:SSNLF）、联想（OTCPK:LNVGY、OTCPK:LNVGF）、惠普公司（HPQ）和小米（OTCPK:XIACF、OTCPK:XIACY）区分开来，因为一些消费者（不是纯粹的苹果粉丝）会更喜欢价格而不是功能和设计。我预计明年收入将持平，甚至低于 2021 年，届时大流行后的计算机繁荣将持平。未来十年净利润和收入的平均增长率可能低于过去十年。</blockquote></p><p> <b>5. Conclusion</b></p><p><blockquote><b>5. 结论</b></blockquote></p><p> Since Apple's total market cap is already very high, it will be harder to boost share performance via buybacks. Consequently, the stock's total performance in the next decade (2022-2032) will be lower than the performance in the 2010s, especially because the stock has already outperformed Apple's fundamental performance.</p><p><blockquote>由于苹果的总市值已经很高，通过回购来提升股票表现将更加困难。因此，该股未来十年（2022-2032年）的整体表现将低于2010年代的表现，特别是因为该股的表现已经超过了苹果的基本面表现。</blockquote></p><p> My conservative estimate is a net income growth rate of 5-7% p.a. and a buyback yield of just 1.5-2.0%. The earnings yield for the stock is currently 4% (P/E ratio of 25). Hence, the total annual return for the next ten years will possibly be between 5.5-9.0% which is significantly lower than the 25.4% from 2011-2021.</p><p><blockquote>我的保守估计是每年净利润增长率为5-7%，回购收益率仅为1.5-2.0%。该股目前的市盈率为4%（市盈率为25）。因此，未来十年的总年回报率可能在5.5-9.0%之间，远低于2011-2021年的25.4%。</blockquote></p><p></p><p> All in all, even at a current stock price of $145 per share, shareholders can expect a positive return, but adjusted for inflation, Apple will disappoint in the future compared to the last ten years. Due to a combination of lower growth (high competition, chip shortage), a lower buyback yield and a higher inflation which will increase the company's costs, Apple's stock will no longer outperform the market despite a promising product pipeline and a loyal customer base. The share price is the most important factor for future returns, and $145 per share is currently not very attractive.</p><p><blockquote>总而言之，即使目前股价为每股 145 美元，股东也可以预期正回报，但经通货膨胀调整后，与过去十年相比，苹果未来将令人失望。由于较低的增长（激烈的竞争、芯片短缺）、较低的回购收益率和较高的通胀将增加公司的成本，尽管苹果拥有有前途的产品线和忠诚的客户群，但其股票将不再跑赢市场。股价是未来回报最重要的因素，每股145美元目前吸引力不大。</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: The Past Decade Can't Be Repeated<blockquote>苹果：过去十年不能重演</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: The Past Decade Can't Be Repeated<blockquote>苹果：过去十年不能重演</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-19 10:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>A return of more than 860% in 10 years made many shareholders happy.</li> <li>This return was based on double-digit growth rates, aggressive buybacks and a solid customer base.</li> <li>However, slowing growth, a worsened balance sheet, competition and, most important, Apple's valuation will likely lead to decreasing returns in the near future.</li> <li>Even if new products are excellent and stand out from competitors, it will be very hard to achieve similar returns for the stock.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c48faf1320d58a68f652bbf7b8e93adf\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>10年超过860%的回报率让不少股民欣喜不已。</li><li>这一回报是基于两位数的增长率、积极的回购和坚实的客户群。</li><li>然而，增长放缓、资产负债表恶化、竞争以及最重要的苹果估值可能会在不久的将来导致回报下降。</li><li>即使新产品非常优秀，从竞争对手中脱颖而出，股票也很难获得类似的回报。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>1. Looking back at an impressive decade</b></p><p><blockquote><b>1. 回顾令人印象深刻的十年</b></blockquote></p><p> Apple's (AAPL) stock showed a stunning performance over the last 10 years.</p><p><blockquote>苹果 (AAPL) 股票在过去 10 年中表现出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f670db7ff8b0f2f186fa8dad803627f7\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The stock returned 861% or 25.4% annually, which is an above average return compared to the S&P 500 with just about 263%. Apple has a stunning growth record over the past decade which is one reason for the long rally. Revenues grew from $108 bn. in 2011 to expected revenues in 2021 of $365 bn. (+238%) while net income increased from $26 bn. to $95 bn. in 2021 (+265%).</p><p><blockquote>该股的年回报率为 861% 或 25.4%，高于标普500约 263% 的平均回报率。苹果在过去十年中有着惊人的增长记录，这是长期反弹的原因之一。收入从 1080 亿美元增长。2011 年至 2021 年收入预计为 3650 亿美元。（+238%），而净利润则从 260 亿美元增长。高达950亿美元。2021年（+265%）。</blockquote></p><p> <table> <tbody> <tr> <td><b>2011</b></td> <td><b>2012</b></td> <td><b>2013</b></td> <td><b>2014</b></td> <td><b>2015</b></td> <td><b>2016</b></td> <td><b>2017</b></td> <td><b>2018</b></td> <td><b>2019</b></td> <td><b>2020</b></td> <td><b>2021 (e)</b></td> </tr> <tr> <td><b>Revenue (bn. USD)</b></td> <td>108</td> <td>156</td> <td>171</td> <td>183</td> <td>231</td> <td>214</td> <td>229</td> <td>266</td> <td>260</td> <td>274</td> <td>365</td> </tr> <tr> <td><b>Net income (bn. USD)</b></td> <td>26</td> <td>42</td> <td>37</td> <td>40</td> <td>53</td> <td>46</td> <td>48</td> <td>60</td> <td>55</td> <td>57</td> <td>95</td> </tr> <tr> <td><b>EPS*(USD)</b></td> <td>1.56</td> <td>2.51</td> <td>2.22</td> <td>2.38</td> <td>3.21</td> <td>2.75</td> <td>2.91</td> <td>3.57</td> <td>3.33</td> <td>3.45</td> <td>5.7</td> </tr> </tbody> </table> [*EPS numbers adjusted for stock splits in 2015 (7:1) and 2020 (4:1), calculation with 16.63 billion shares]</p><p><blockquote><table><tbody><tr><td><b>2011</b></td><td><b>2012</b></td><td><b>2013</b></td><td><b>2014</b></td><td><b>2015</b></td><td><b>2016</b></td><td><b>2017</b></td><td><b>2018</b></td><td><b>2019</b></td><td><b>2020</b></td><td><b>2021年(e)</b></td></tr><tr><td><b>收入（十亿美元）</b></td><td>108</td><td>156</td><td>171</td><td>183</td><td>231</td><td>214</td><td>229</td><td>266</td><td>260</td><td>274</td><td>365</td></tr><tr><td><b>净利润（十亿美元）</b></td><td>26</td><td>42</td><td>37</td><td>40</td><td>53</td><td>46</td><td>48</td><td>60</td><td>55</td><td>57</td><td>95</td></tr><tr><td><b>每股收益*（美元）</b></td><td>1.56</td><td>2.51</td><td>2.22</td><td>2.38</td><td>3.21</td><td>2.75</td><td>2.91</td><td>3.57</td><td>3.33</td><td>3.45</td><td>5.7</td></tr></tbody></table>[*2015 年 (7:1) 和 2020 年 (4:1) 股票分割调整后的每股收益数据，以 166.3 亿股计算]</blockquote></p><p> <b>2. Aggressive buybacks</b></p><p><blockquote><b>2. 积极回购</b></blockquote></p><p> Although the company's fundamental growth was great, the stock's gain was even more phenomenal. A second reason were permanent and aggressive stock buybacks by Apple. In2011, Apple had 926 million shares outstanding, according to the quarterly report from June. Adjusted for the two stock splits, the number should have increased to 25.93 bn. shares. Surprisingly, Apple had just 16.63 bn. shares outstanding at the end of June 2021, which means that share count was reduced by nearly 36% in just one decade. The buybacks definitely contributed to the stock's stellar performance, but the higher the stock climbed over the years, the more Apple had to pay to buy back shares. The buybacks are reflected in the company's balance sheet which has worsened significantly.</p><p><blockquote>尽管公司的基本面增长很大，但股票的涨幅更为惊人。第二个原因是苹果永久而积极的股票回购。根据 6 月份的季度报告，2011 年苹果有 9.26 亿股流通股。根据两次股票分割进行调整后，这个数字应该会增加到259.3亿。股份。令人惊讶的是，苹果只有166.3亿。截至 2021 年 6 月底，已发行股票，这意味着股票数量在短短十年内减少了近 36%。回购无疑对该股的出色表现做出了贡献，但多年来该股涨幅越高，苹果回购股票所需支付的费用就越多。回购反映在公司的资产负债表上，而资产负债表已经显着恶化。</blockquote></p><p></p><p> <table> <tbody> <tr> <td><b>2011</b></td> <td><b>2012</b></td> <td><b>2013</b></td> <td><b>2014</b></td> <td><b>2015</b></td> <td><b>2016</b></td> <td><b>2017</b></td> <td><b>2018</b></td> <td><b>2019</b></td> <td><b>2020</b></td> <td><b>2021</b></td> </tr> <tr> <td><b>Equity (bn. USD)</b></td> <td>70</td> <td>118</td> <td>124</td> <td>111</td> <td>119</td> <td>128</td> <td>134</td> <td>107</td> <td>90</td> <td>65</td> <td>64</td> </tr> <tr> <td><b>Liabilities (bn. USD)</b></td> <td>37</td> <td>58</td> <td>83</td> <td>120</td> <td>171</td> <td>193</td> <td>241</td> <td>259</td> <td>248</td> <td>259</td> <td>265</td> </tr> <tr> <td><b>Equity ratio (%)</b></td> <td>65</td> <td>67</td> <td>60</td> <td>48</td> <td>41</td> <td>40</td> <td>36</td> <td>29</td> <td>27</td> <td>20</td> <td>19.5</td> </tr> </tbody> </table> Equity and equity ratio are in an obvious downward trend while liabilities have increased. However, the deterioration of the balance sheet hasn't had an impact yet on Apple's power to generate and increase revenues and earnings. With $95 bn. net income this year, Apple shows a return on equity (ROE) of 148% (!), a number not many companies achieve. So while the balance sheet is nothing to worry about in regard to Apple's business, it will have an impact on the company's ability to buy back shares. Even if Apple spends all its net income on buybacks (which would be a new annual buyback record), this number would just represent 3.9% of Apple's total market cap of $2.41 trillion. As a result, the company must spend more cash in the future to buy back the same percentage of shares as it did during the last ten years.</p><p><blockquote><table><tbody><tr><td><b>2011</b></td><td><b>2012</b></td><td><b>2013</b></td><td><b>2014</b></td><td><b>2015</b></td><td><b>2016</b></td><td><b>2017</b></td><td><b>2018</b></td><td><b>2019</b></td><td><b>2020</b></td><td><b>2021</b></td></tr><tr><td><b>权益（十亿美元）</b></td><td>70</td><td>118</td><td>124</td><td>111</td><td>119</td><td>128</td><td>134</td><td>107</td><td>90</td><td>65</td><td>64</td></tr><tr><td><b>负债（十亿美元）</b></td><td>37</td><td>58</td><td>83</td><td>120</td><td>171</td><td>193</td><td>241</td><td>259</td><td>248</td><td>259</td><td>265</td></tr><tr><td><b>权益比率（%）</b></td><td>65</td><td>67</td><td>60</td><td>48</td><td>41</td><td>40</td><td>36</td><td>29</td><td>27</td><td>20</td><td>19.5</td></tr></tbody></table>权益和权益比率呈明显下降趋势，而负债则有所增加。然而，资产负债表的恶化尚未对苹果产生和增加收入和盈利的能力产生影响。950亿美元。净利润 今年，苹果的股本回报率 (ROE) 为 148% (!)，这是很多公司都没有达到的数字。因此，虽然资产负债表对于苹果的业务来说没什么好担心的，但它将对该公司回购股票的能力产生影响。即使苹果将所有净收入用于回购（这将创下新的年度回购记录），这个数字也仅占苹果2.41万亿美元总市值的3.9%。因此，该公司未来必须花费更多现金来回购与过去十年相同比例的股票。</blockquote></p><p> <b>3. Valuation</b></p><p><blockquote><b>3.估值</b></blockquote></p><p> Apple currently trades for $145 per share (as of 10/18/21) and has a total market cap of $2.41 trillion. EPS for 2021 is about $5.7, so the P/E ratio is 25.4. The P/B ratio climbed to a whopping 37.6 (which can be partly explained by buybacks). High P/B ratios are not unusual for tech companies (many patents, intangible assets and brand value do not count for equity), but the number for Apple is really extreme. Cash flow per share of around $6.5 per share results in a P/CF ratio of 22. The average EPS of the last decade was $3.2. Hence, the CAPE ratio for Apple is 45.3, a number which also indicates an ambitious valuation.</p><p><blockquote>苹果目前的交易价格为每股 145 美元（截至 2021 年 10 月 18 日），总市值为 2.41 万亿美元。2021年每股收益约为5.7美元，因此市盈率为25.4。市净率攀升至高达 37.6（部分原因可以用回购来解释）。高市净率对于科技公司来说并不罕见（许多专利、无形资产和品牌价值不计入股权），但苹果的这个数字确实非常极端。每股现金流约为每股 6.5 美元，市盈率为 22。过去十年的平均每股收益为 3.2 美元。因此，苹果的 CAPE 比率为 45.3，这个数字也表明了雄心勃勃的估值。</blockquote></p><p> All these numbers indicate that future returns are likely to be lower than the returns of the past decade.</p><p><blockquote>所有这些数字都表明，未来的回报很可能低于过去十年的回报。</blockquote></p><p> <b>4. Growth perspectives and product pipeline</b></p><p><blockquote><b>4.增长前景和产品管线</b></blockquote></p><p> In the past decade, Apple grew its net income by 13.8% annually and expects an increase of more than 66% this year. In the third quarter 2021, Apple increased its computer sales by 7.4% and increased its market share to 8.6% of worldwide sales. Smartphone sales decreased in the third quarter 2021 by 6% because of the chip shortage, but Apple increased its market share from 12% to 15% due to strong demand for the iPhone 13, which means that shipments grew by ca. 17% YoY. All in all, the market data shows that consumers strongly demand Apple products (MacBook, iPhone, iPad etc.) and also accept higher expenditures for high-quality products. However, the chip shortage will likely hurt Apple's sales in the quarters to come. Hence, it will be difficult for Apple to grow next year as revenues will take a hit. In the long term, Apple must differentiate from its competitors Samsung (OTC:SSNLF), Lenovo (OTCPK:LNVGY,OTCPK:LNVGF),HP Inc. (HPQ) andXiaomi(OTCPK:XIACF,OTCPK:XIACY) with special features and design, because some consumers (who are not pure Apple fans) will prefer price over features and design. I expect revenues to be flat next year or even lower than 2021 when the post-pandemic computer boom will flatten. The average growth rate for net income and revenue in the next decade is probably lower than in the past decade.</p><p><blockquote>过去十年，苹果的净利润每年增长13.8%，预计今年将增长66%以上。2021年第三季度，苹果电脑销量增长7.4%，市场份额占全球销量的8.6%。由于芯片短缺，2021年第三季度智能手机销量下降了6%，但由于对iPhone 13的强劲需求，苹果将其市场份额从12%增加到15%，这意味着出货量同比增长约17%。总而言之，市场数据显示消费者对苹果产品（MacBook、iPhone、iPad等）的需求强烈，同时也接受了高质量产品的更高支出。然而，芯片短缺可能会损害苹果未来几个季度的销售。因此，由于收入将受到打击，苹果明年将很难增长。从长远来看，苹果必须通过特殊功能和设计与其竞争对手三星（OTC:SSNLF）、联想（OTCPK:LNVGY、OTCPK:LNVGF）、惠普公司（HPQ）和小米（OTCPK:XIACF、OTCPK:XIACY）区分开来，因为一些消费者（不是纯粹的苹果粉丝）会更喜欢价格而不是功能和设计。我预计明年收入将持平，甚至低于 2021 年，届时大流行后的计算机繁荣将持平。未来十年净利润和收入的平均增长率可能低于过去十年。</blockquote></p><p> <b>5. Conclusion</b></p><p><blockquote><b>5. 结论</b></blockquote></p><p> Since Apple's total market cap is already very high, it will be harder to boost share performance via buybacks. Consequently, the stock's total performance in the next decade (2022-2032) will be lower than the performance in the 2010s, especially because the stock has already outperformed Apple's fundamental performance.</p><p><blockquote>由于苹果的总市值已经很高，通过回购来提升股票表现将更加困难。因此，该股未来十年（2022-2032年）的整体表现将低于2010年代的表现，特别是因为该股的表现已经超过了苹果的基本面表现。</blockquote></p><p> My conservative estimate is a net income growth rate of 5-7% p.a. and a buyback yield of just 1.5-2.0%. The earnings yield for the stock is currently 4% (P/E ratio of 25). Hence, the total annual return for the next ten years will possibly be between 5.5-9.0% which is significantly lower than the 25.4% from 2011-2021.</p><p><blockquote>我的保守估计是每年净利润增长率为5-7%，回购收益率仅为1.5-2.0%。该股目前的市盈率为4%（市盈率为25）。因此，未来十年的总年回报率可能在5.5-9.0%之间，远低于2011-2021年的25.4%。</blockquote></p><p></p><p> All in all, even at a current stock price of $145 per share, shareholders can expect a positive return, but adjusted for inflation, Apple will disappoint in the future compared to the last ten years. Due to a combination of lower growth (high competition, chip shortage), a lower buyback yield and a higher inflation which will increase the company's costs, Apple's stock will no longer outperform the market despite a promising product pipeline and a loyal customer base. The share price is the most important factor for future returns, and $145 per share is currently not very attractive.</p><p><blockquote>总而言之，即使目前股价为每股 145 美元，股东也可以预期正回报，但经通货膨胀调整后，与过去十年相比，苹果未来将令人失望。由于较低的增长（激烈的竞争、芯片短缺）、较低的回购收益率和较高的通胀将增加公司的成本，尽管苹果拥有有前途的产品线和忠诚的客户群，但其股票将不再跑赢市场。股价是未来回报最重要的因素，每股145美元目前吸引力不大。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4460481-apple-stock-past-decade-cant-be-repeated\">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/4460481-apple-stock-past-decade-cant-be-repeated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175707103","content_text":"Summary\n\nA return of more than 860% in 10 years made many shareholders happy.\nThis return was based on double-digit growth rates, aggressive buybacks and a solid customer base.\nHowever, slowing growth, a worsened balance sheet, competition and, most important, Apple's valuation will likely lead to decreasing returns in the near future.\nEven if new products are excellent and stand out from competitors, it will be very hard to achieve similar returns for the stock.\n\nNikada/iStock Unreleased via Getty Images\n1. Looking back at an impressive decade\nApple's (AAPL) stock showed a stunning performance over the last 10 years.\nData by YCharts\nThe stock returned 861% or 25.4% annually, which is an above average return compared to the S&P 500 with just about 263%. Apple has a stunning growth record over the past decade which is one reason for the long rally. Revenues grew from $108 bn. in 2011 to expected revenues in 2021 of $365 bn. (+238%) while net income increased from $26 bn. to $95 bn. in 2021 (+265%).\n\n\n\n2011\n2012\n2013\n2014\n2015\n2016\n2017\n2018\n2019\n2020\n2021 (e)\n\n\nRevenue (bn. USD)\n108\n156\n171\n183\n231\n214\n229\n266\n260\n274\n365\n\n\nNet income (bn. USD)\n26\n42\n37\n40\n53\n46\n48\n60\n55\n57\n95\n\n\nEPS*(USD)\n1.56\n2.51\n2.22\n2.38\n3.21\n2.75\n2.91\n3.57\n3.33\n3.45\n5.7\n\n\n\n[*EPS numbers adjusted for stock splits in 2015 (7:1) and 2020 (4:1), calculation with 16.63 billion shares]\n2. Aggressive buybacks\nAlthough the company's fundamental growth was great, the stock's gain was even more phenomenal. A second reason were permanent and aggressive stock buybacks by Apple. In2011, Apple had 926 million shares outstanding, according to the quarterly report from June. Adjusted for the two stock splits, the number should have increased to 25.93 bn. shares. Surprisingly, Apple had just 16.63 bn. shares outstanding at the end of June 2021, which means that share count was reduced by nearly 36% in just one decade. The buybacks definitely contributed to the stock's stellar performance, but the higher the stock climbed over the years, the more Apple had to pay to buy back shares. The buybacks are reflected in the company's balance sheet which has worsened significantly.\n\n\n\n2011\n2012\n2013\n2014\n2015\n2016\n2017\n2018\n2019\n2020\n2021\n\n\nEquity (bn. USD)\n70\n118\n124\n111\n119\n128\n134\n107\n90\n65\n64\n\n\nLiabilities (bn. USD)\n37\n58\n83\n120\n171\n193\n241\n259\n248\n259\n265\n\n\nEquity ratio (%)\n65\n67\n60\n48\n41\n40\n36\n29\n27\n20\n19.5\n\n\n\nEquity and equity ratio are in an obvious downward trend while liabilities have increased. However, the deterioration of the balance sheet hasn't had an impact yet on Apple's power to generate and increase revenues and earnings. With $95 bn. net income this year, Apple shows a return on equity (ROE) of 148% (!), a number not many companies achieve. So while the balance sheet is nothing to worry about in regard to Apple's business, it will have an impact on the company's ability to buy back shares. Even if Apple spends all its net income on buybacks (which would be a new annual buyback record), this number would just represent 3.9% of Apple's total market cap of $2.41 trillion. As a result, the company must spend more cash in the future to buy back the same percentage of shares as it did during the last ten years.\n3. Valuation\nApple currently trades for $145 per share (as of 10/18/21) and has a total market cap of $2.41 trillion. EPS for 2021 is about $5.7, so the P/E ratio is 25.4. The P/B ratio climbed to a whopping 37.6 (which can be partly explained by buybacks). High P/B ratios are not unusual for tech companies (many patents, intangible assets and brand value do not count for equity), but the number for Apple is really extreme. Cash flow per share of around $6.5 per share results in a P/CF ratio of 22. The average EPS of the last decade was $3.2. Hence, the CAPE ratio for Apple is 45.3, a number which also indicates an ambitious valuation.\nAll these numbers indicate that future returns are likely to be lower than the returns of the past decade.\n4. Growth perspectives and product pipeline\nIn the past decade, Apple grew its net income by 13.8% annually and expects an increase of more than 66% this year. In the third quarter 2021, Apple increased its computer sales by 7.4% and increased its market share to 8.6% of worldwide sales. Smartphone sales decreased in the third quarter 2021 by 6% because of the chip shortage, but Apple increased its market share from 12% to 15% due to strong demand for the iPhone 13, which means that shipments grew by ca. 17% YoY. All in all, the market data shows that consumers strongly demand Apple products (MacBook, iPhone, iPad etc.) and also accept higher expenditures for high-quality products. However, the chip shortage will likely hurt Apple's sales in the quarters to come. Hence, it will be difficult for Apple to grow next year as revenues will take a hit. In the long term, Apple must differentiate from its competitors Samsung (OTC:SSNLF), Lenovo (OTCPK:LNVGY,OTCPK:LNVGF),HP Inc. (HPQ) andXiaomi(OTCPK:XIACF,OTCPK:XIACY) with special features and design, because some consumers (who are not pure Apple fans) will prefer price over features and design. I expect revenues to be flat next year or even lower than 2021 when the post-pandemic computer boom will flatten. The average growth rate for net income and revenue in the next decade is probably lower than in the past decade.\n5. Conclusion\nSince Apple's total market cap is already very high, it will be harder to boost share performance via buybacks. Consequently, the stock's total performance in the next decade (2022-2032) will be lower than the performance in the 2010s, especially because the stock has already outperformed Apple's fundamental performance.\nMy conservative estimate is a net income growth rate of 5-7% p.a. and a buyback yield of just 1.5-2.0%. The earnings yield for the stock is currently 4% (P/E ratio of 25). Hence, the total annual return for the next ten years will possibly be between 5.5-9.0% which is significantly lower than the 25.4% from 2011-2021.\nAll in all, even at a current stock price of $145 per share, shareholders can expect a positive return, but adjusted for inflation, Apple will disappoint in the future compared to the last ten years. Due to a combination of lower growth (high competition, chip shortage), a lower buyback yield and a higher inflation which will increase the company's costs, Apple's stock will no longer outperform the market despite a promising product pipeline and a loyal customer base. The share price is the most important factor for future returns, and $145 per share is currently not very attractive.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865891602,"gmtCreate":1632965463016,"gmtModify":1632965525499,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"Had this stock.","listText":"Had this stock.","text":"Had this stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865891602","repostId":"2171626987","repostType":4,"isVote":1,"tweetType":1,"viewCount":2640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804624628,"gmtCreate":1627955102264,"gmtModify":1633754927960,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"Follow her for the new new things","listText":"Follow her for the new new things","text":"Follow her for the new new things","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804624628","repostId":"1141584423","repostType":4,"isVote":1,"tweetType":1,"viewCount":2206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804626714,"gmtCreate":1627955004138,"gmtModify":1633754929348,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"All the best to them in their personal lives. May they continue to donate generously.","listText":"All the best to them in their personal lives. May they continue to donate generously.","text":"All the best to them in their personal lives. May they continue to donate generously.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804626714","repostId":"1176403881","repostType":4,"repost":{"id":"1176403881","kind":"news","pubTimestamp":1627950766,"share":"https://www.laohu8.com/m/news/1176403881?lang=zh_CN&edition=full","pubTime":"2021-08-03 08:32","market":"us","language":"en","title":"Bill and Melinda Gates have finalized their divorce<blockquote>比尔和梅林达·盖茨已经完成了离婚</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176403881","media":"CNN Business","summary":"New York (CNN Business) - Bill Gates and Melinda French Gates are officially divorced, after a judge","content":"<p><b>New York (CNN Business) </b>- Bill Gates and Melinda French Gates are officially divorced, after a judge approved their split on Monday.</p><p><blockquote><b>纽约（CNN 商业频道）</b>- 法官周一批准比尔-盖茨和梅林达-弗伦奇-盖茨正式离婚。</blockquote></p><p> The powerhouse couple — who met at Microsoft(MSFT) in 1987 and married in 1994 — announced in May that they would be ending their marriage after 27 years, saying, \"we no longer believe we can grow together as a couple in this next phase of our lives.\" French Gates filed the petition for divorce in King County, Washington.、</p><p><blockquote>这对权贵夫妇于 1987 年在微软 (MSFT) 相识，并于 1994 年结婚，他们于 5 月宣布将在 27 年后结束婚姻，并表示：“我们不再相信我们可以在下一阶段作为一对夫妇一起成长。”我们生活的下一阶段。”弗伦奇·盖茨在华盛顿州金县提出离婚申请。</blockquote></p><p> The couple's divorce agreement was pursuant to a separation contract, which is not public. Neither person will pay spousal support, according to court documents filed Monday. No other financial details are included in publicly available documents.</p><p><blockquote>这对夫妇的离婚协议是根据一份不公开的分居合同达成的。根据周一提交的法庭文件，两人都不会支付配偶抚养费。公开文件中没有包含其他财务细节。</blockquote></p><p> As of Monday, Gates' net worth was around $152 billion, according to the Bloomberg Billionaires Index, which means he and French Gates could each be worth around $76 billion following the divorce.</p><p><blockquote>根据彭博亿万富翁指数，截至周一，盖茨的净资产约为 1,520 亿美元，这意味着他和弗伦奇·盖茨离婚后的净资产可能分别约为 760 亿美元。</blockquote></p><p> French Gates does not plan to change her name, according to court documents.</p><p><blockquote>根据法庭文件，弗伦奇·盖茨不打算改名。</blockquote></p><p> When the couple first announced their divorce, they said they would continue to jointly run their charity, the Bill and Melinda Gates Foundation, which had an endowment of roughly $50 billion at the end of 2020. However, the foundation said last month that the organization was planning a two-year trial period to see if the pair could continue working together effectively.</p><p><blockquote>当这对夫妇首次宣布离婚时，他们表示将继续共同经营他们的慈善机构比尔及梅琳达·盖茨基金会，该基金会在2020年底拥有约500亿美元的捐赠。然而，该基金会上个月表示，该组织正在计划一个为期两年的试用期，看看两人是否可以继续有效地合作。</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>Bill and Melinda Gates have finalized their divorce<blockquote>比尔和梅林达·盖茨已经完成了离婚</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\">\nBill and Melinda Gates have finalized their divorce<blockquote>比尔和梅林达·盖茨已经完成了离婚</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-08-03 08:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business) </b>- Bill Gates and Melinda French Gates are officially divorced, after a judge approved their split on Monday.</p><p><blockquote><b>纽约（CNN 商业频道）</b>- 法官周一批准比尔-盖茨和梅林达-弗伦奇-盖茨正式离婚。</blockquote></p><p> The powerhouse couple — who met at Microsoft(MSFT) in 1987 and married in 1994 — announced in May that they would be ending their marriage after 27 years, saying, \"we no longer believe we can grow together as a couple in this next phase of our lives.\" French Gates filed the petition for divorce in King County, Washington.、</p><p><blockquote>这对权贵夫妇于 1987 年在微软 (MSFT) 相识，并于 1994 年结婚，他们于 5 月宣布将在 27 年后结束婚姻，并表示：“我们不再相信我们可以在下一阶段作为一对夫妇一起成长。”我们生活的下一阶段。”弗伦奇·盖茨在华盛顿州金县提出离婚申请。</blockquote></p><p> The couple's divorce agreement was pursuant to a separation contract, which is not public. Neither person will pay spousal support, according to court documents filed Monday. No other financial details are included in publicly available documents.</p><p><blockquote>这对夫妇的离婚协议是根据一份不公开的分居合同达成的。根据周一提交的法庭文件，两人都不会支付配偶抚养费。公开文件中没有包含其他财务细节。</blockquote></p><p> As of Monday, Gates' net worth was around $152 billion, according to the Bloomberg Billionaires Index, which means he and French Gates could each be worth around $76 billion following the divorce.</p><p><blockquote>根据彭博亿万富翁指数，截至周一，盖茨的净资产约为 1,520 亿美元，这意味着他和弗伦奇·盖茨离婚后的净资产可能分别约为 760 亿美元。</blockquote></p><p> French Gates does not plan to change her name, according to court documents.</p><p><blockquote>根据法庭文件，弗伦奇·盖茨不打算改名。</blockquote></p><p> When the couple first announced their divorce, they said they would continue to jointly run their charity, the Bill and Melinda Gates Foundation, which had an endowment of roughly $50 billion at the end of 2020. However, the foundation said last month that the organization was planning a two-year trial period to see if the pair could continue working together effectively.</p><p><blockquote>当这对夫妇首次宣布离婚时，他们表示将继续共同经营他们的慈善机构比尔及梅琳达·盖茨基金会，该基金会在2020年底拥有约500亿美元的捐赠。然而，该基金会上个月表示，该组织正在计划一个为期两年的试用期，看看两人是否可以继续有效地合作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/08/02/tech/bill-melinda-gates-divorce-finalized/index.html\">CNN Business</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":{"MSFT":"微软"},"source_url":"https://edition.cnn.com/2021/08/02/tech/bill-melinda-gates-divorce-finalized/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176403881","content_text":"New York (CNN Business) - Bill Gates and Melinda French Gates are officially divorced, after a judge approved their split on Monday.\nThe powerhouse couple — who met at Microsoft(MSFT) in 1987 and married in 1994 — announced in May that they would be ending their marriage after 27 years, saying, \"we no longer believe we can grow together as a couple in this next phase of our lives.\" French Gates filed the petition for divorce in King County, Washington.、\nThe couple's divorce agreement was pursuant to a separation contract, which is not public. Neither person will pay spousal support, according to court documents filed Monday. No other financial details are included in publicly available documents.\nAs of Monday, Gates' net worth was around $152 billion, according to the Bloomberg Billionaires Index, which means he and French Gates could each be worth around $76 billion following the divorce.\nFrench Gates does not plan to change her name, according to court documents.\nWhen the couple first announced their divorce, they said they would continue to jointly run their charity, the Bill and Melinda Gates Foundation, which had an endowment of roughly $50 billion at the end of 2020. However, the foundation said last month that the organization was planning a two-year trial period to see if the pair could continue working together effectively.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179477849,"gmtCreate":1626574583381,"gmtModify":1631888361007,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179477849","repostId":"1149577900","repostType":4,"isVote":1,"tweetType":1,"viewCount":2210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145270711,"gmtCreate":1626227579433,"gmtModify":1633928837812,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"Overpriced","listText":"Overpriced","text":"Overpriced","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145270711","repostId":"1120920517","repostType":4,"repost":{"id":"1120920517","kind":"news","pubTimestamp":1626221377,"share":"https://www.laohu8.com/m/news/1120920517?lang=zh_CN&edition=full","pubTime":"2021-07-14 08:09","market":"us","language":"en","title":"Why Tesla Stock Just Gave Back Half of Yesterday's Gains<blockquote>为什么特斯拉股票刚刚回吐了昨天涨幅的一半</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120920517","media":"Motley Fool","summary":"What happened\nAfterracing upwardby more than 4% in Monday trading,Tesla(NASDAQ:TSLA)give back half o","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Afterracing upwardby more than 4% in Monday trading,<b>Tesla</b>(NASDAQ:TSLA)give back half of its stock price gains Tuesday.</p><p><blockquote>周一交易中飙升超过 4%，<b>特斯拉</b>（纳斯达克股票代码：TSLA）周二回吐了一半的股价涨幅。</blockquote></p><p> As of 2:52 p.m. EDT, shares of theelectric carmanufacturer were down by 2.5% from Monday's close.</p><p><blockquote>截至下午 2:52美国东部时间，这家电动汽车制造商的股价较周一收盘下跌 2.5%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> So what was troubling Tesla on Tuesday? Well, for one thing, there's theongoing trialquestioning the propriety of its $2.6 billion acquisition of SolarCity in 2016. Plaintiffs in the case allege that CEO Elon Musk put his own financial interests ahead of those of Tesla's shareholders. That's obviously not a good look for the company.</p><p><blockquote>那么周二是什么困扰着特斯拉呢？首先，目前正在进行一项审判，质疑其在 2016 年以 26 亿美元收购 SolarCity 的适当性。该案的原告声称，首席执行官埃隆·马斯克将自己的财务利益置于特斯拉股东的利益之上。这对公司来说显然不是一个好兆头。</blockquote></p><p> Meanwhile, Wall Street is still digesting the import of recent pricing moves, and of Tesla's weekend rollout of \"FSD v.9.0 Beta,\" the latest iteration of the software that's supposed to help make Tesla cars autonomous and usher in an age of robo-taxis.</p><p><blockquote>与此同时，华尔街仍在消化最近的定价变动以及特斯拉周末推出的“FSD v.9.0 Beta”的影响，这是该软件的最新版本，旨在帮助特斯拉汽车实现自动驾驶，并迎来机器人出租车时代。</blockquote></p><p> In a note it put out Tuesday morning, Goldman Sachs asserted that increased sales and higher prices on Teslas sold will help the company earn an above-consensus $5 a share in 2021. On the other hand, notesTheFly.com, Goldman does worry thatchip shortagesin theautomotive industrycould curtail Tesla's production numbers this quarter. If Tesla isn't able to sell as many higher-priced Model S and Model X cars as Wall Street expects, that could weigh on profits.</p><p><blockquote>高盛在周二上午发布的一份报告中声称，销量的增加和特斯拉售价的上涨将帮助该公司在 2021 年每股收益高于市场预期 5 美元。另一方面，据testhefly.com报道，高盛确实担心汽车行业的芯片短缺可能会削减特斯拉本季度的产量。如果特斯拉无法像华尔街预期的那样销售那么多价格较高的 Model S 和 Model X 汽车，这可能会影响利润。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Rumors of a price hike on the FSD feature (which some speculate could rise from $10,000 currently to $14,000) could help boost Tesla's profits, of course. On the other hand, in a note released Monday, analysts at Citigroup warned that as far as autonomous driving goes, the new FSD software \"doesn't appear very different than\" the software that preceded it, and certainly falls short of the level of independence that would permit transforming Teslas into robo-taxis, as Musk has predicted.</p><p><blockquote>当然，有关 FSD 功能价格上涨的传言（一些人猜测可能会从目前的 10,000 美元上涨至 14,000 美元）可能有助于提高特斯拉的利润。另一方面，花旗集团分析师在周一发布的一份报告中警告称，就自动驾驶而言，新的 FSD 软件“看起来与”之前的软件没有太大不同，而且肯定达不到马斯克预测的允许将特斯拉转变为机器人出租车的独立性。</blockquote></p><p> In short, even with share prices down 24% from their highs earlier this year, Citi sees Tesla stock as overpriced. Unlike Goldman Sachs, which thinks Tesla is a \"buy,\" Citi still argues it's a \"sell\" -- and worthno more than $175 a share.</p><p><blockquote>简而言之，即使股价较今年早些时候的高点下跌了 24%，花旗仍认为特斯拉股票定价过高。与认为特斯拉是“买入”的高盛不同，花旗仍然认为这是“卖出”的股票，每股价值不超过 175 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Just Gave Back Half of Yesterday's Gains<blockquote>为什么特斯拉股票刚刚回吐了昨天涨幅的一半</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\">\nWhy Tesla Stock Just Gave Back Half of Yesterday's Gains<blockquote>为什么特斯拉股票刚刚回吐了昨天涨幅的一半</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-07-14 08:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Afterracing upwardby more than 4% in Monday trading,<b>Tesla</b>(NASDAQ:TSLA)give back half of its stock price gains Tuesday.</p><p><blockquote>周一交易中飙升超过 4%，<b>特斯拉</b>（纳斯达克股票代码：TSLA）周二回吐了一半的股价涨幅。</blockquote></p><p> As of 2:52 p.m. EDT, shares of theelectric carmanufacturer were down by 2.5% from Monday's close.</p><p><blockquote>截至下午 2:52美国东部时间，这家电动汽车制造商的股价较周一收盘下跌 2.5%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> So what was troubling Tesla on Tuesday? Well, for one thing, there's theongoing trialquestioning the propriety of its $2.6 billion acquisition of SolarCity in 2016. Plaintiffs in the case allege that CEO Elon Musk put his own financial interests ahead of those of Tesla's shareholders. That's obviously not a good look for the company.</p><p><blockquote>那么周二是什么困扰着特斯拉呢？首先，目前正在进行一项审判，质疑其在 2016 年以 26 亿美元收购 SolarCity 的适当性。该案的原告声称，首席执行官埃隆·马斯克将自己的财务利益置于特斯拉股东的利益之上。这对公司来说显然不是一个好兆头。</blockquote></p><p> Meanwhile, Wall Street is still digesting the import of recent pricing moves, and of Tesla's weekend rollout of \"FSD v.9.0 Beta,\" the latest iteration of the software that's supposed to help make Tesla cars autonomous and usher in an age of robo-taxis.</p><p><blockquote>与此同时，华尔街仍在消化最近的定价变动以及特斯拉周末推出的“FSD v.9.0 Beta”的影响，这是该软件的最新版本，旨在帮助特斯拉汽车实现自动驾驶，并迎来机器人出租车时代。</blockquote></p><p> In a note it put out Tuesday morning, Goldman Sachs asserted that increased sales and higher prices on Teslas sold will help the company earn an above-consensus $5 a share in 2021. On the other hand, notesTheFly.com, Goldman does worry thatchip shortagesin theautomotive industrycould curtail Tesla's production numbers this quarter. If Tesla isn't able to sell as many higher-priced Model S and Model X cars as Wall Street expects, that could weigh on profits.</p><p><blockquote>高盛在周二上午发布的一份报告中声称，销量的增加和特斯拉售价的上涨将帮助该公司在 2021 年每股收益高于市场预期 5 美元。另一方面，据testhefly.com报道，高盛确实担心汽车行业的芯片短缺可能会削减特斯拉本季度的产量。如果特斯拉无法像华尔街预期的那样销售那么多价格较高的 Model S 和 Model X 汽车，这可能会影响利润。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Rumors of a price hike on the FSD feature (which some speculate could rise from $10,000 currently to $14,000) could help boost Tesla's profits, of course. On the other hand, in a note released Monday, analysts at Citigroup warned that as far as autonomous driving goes, the new FSD software \"doesn't appear very different than\" the software that preceded it, and certainly falls short of the level of independence that would permit transforming Teslas into robo-taxis, as Musk has predicted.</p><p><blockquote>当然，有关 FSD 功能价格上涨的传言（一些人猜测可能会从目前的 10,000 美元上涨至 14,000 美元）可能有助于提高特斯拉的利润。另一方面，花旗集团分析师在周一发布的一份报告中警告称，就自动驾驶而言，新的 FSD 软件“看起来与”之前的软件没有太大不同，而且肯定达不到马斯克预测的允许将特斯拉转变为机器人出租车的独立性。</blockquote></p><p> In short, even with share prices down 24% from their highs earlier this year, Citi sees Tesla stock as overpriced. Unlike Goldman Sachs, which thinks Tesla is a \"buy,\" Citi still argues it's a \"sell\" -- and worthno more than $175 a share.</p><p><blockquote>简而言之，即使股价较今年早些时候的高点下跌了 24%，花旗仍认为特斯拉股票定价过高。与认为特斯拉是“买入”的高盛不同，花旗仍然认为这是“卖出”的股票，每股价值不超过 175 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/13/why-tesla-stock-just-gave-back-half-its-gains/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/07/13/why-tesla-stock-just-gave-back-half-its-gains/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120920517","content_text":"What happened\nAfterracing upwardby more than 4% in Monday trading,Tesla(NASDAQ:TSLA)give back half of its stock price gains Tuesday.\nAs of 2:52 p.m. EDT, shares of theelectric carmanufacturer were down by 2.5% from Monday's close.\nSo what\nSo what was troubling Tesla on Tuesday? Well, for one thing, there's theongoing trialquestioning the propriety of its $2.6 billion acquisition of SolarCity in 2016. Plaintiffs in the case allege that CEO Elon Musk put his own financial interests ahead of those of Tesla's shareholders. That's obviously not a good look for the company.\nMeanwhile, Wall Street is still digesting the import of recent pricing moves, and of Tesla's weekend rollout of \"FSD v.9.0 Beta,\" the latest iteration of the software that's supposed to help make Tesla cars autonomous and usher in an age of robo-taxis.\nIn a note it put out Tuesday morning, Goldman Sachs asserted that increased sales and higher prices on Teslas sold will help the company earn an above-consensus $5 a share in 2021. On the other hand, notesTheFly.com, Goldman does worry thatchip shortagesin theautomotive industrycould curtail Tesla's production numbers this quarter. If Tesla isn't able to sell as many higher-priced Model S and Model X cars as Wall Street expects, that could weigh on profits.\nNow what\nRumors of a price hike on the FSD feature (which some speculate could rise from $10,000 currently to $14,000) could help boost Tesla's profits, of course. On the other hand, in a note released Monday, analysts at Citigroup warned that as far as autonomous driving goes, the new FSD software \"doesn't appear very different than\" the software that preceded it, and certainly falls short of the level of independence that would permit transforming Teslas into robo-taxis, as Musk has predicted.\nIn short, even with share prices down 24% from their highs earlier this year, Citi sees Tesla stock as overpriced. Unlike Goldman Sachs, which thinks Tesla is a \"buy,\" Citi still argues it's a \"sell\" -- and worthno more than $175 a share.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145244447,"gmtCreate":1626227474789,"gmtModify":1633928839310,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"They would stay our of the game","listText":"They would stay our of the game","text":"They would stay our of the game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145244447","repostId":"1171237961","repostType":4,"repost":{"id":"1171237961","kind":"news","pubTimestamp":1626221936,"share":"https://www.laohu8.com/m/news/1171237961?lang=zh_CN&edition=full","pubTime":"2021-07-14 08:18","market":"us","language":"en","title":"Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次经济衰退中避免负利率？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171237961","media":"yahoo","summary":"The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced","content":"<p>The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?</p><p><blockquote>美联储在2020年疫情引发的经济衰退中设法避免了转向负利率。但如果经济再次面临低迷，央行是否会被支持将短期借贷利率降至零以下？</blockquote></p><p> In aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.</p><p><blockquote>在aUBS对全球近30家央行的调查中，21%的受访者表示，如有必要，他们可能会看到美联储转向负利率。</blockquote></p><p> The concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.</p><p><blockquote>令人担忧的是：随着美国短期利率再次回升至接近于零，可能放慢加息速度的美联储将没有空间在下一次危机中再次降息。</blockquote></p><p> But Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.</p><p><blockquote>但美联储官员通过前所未有的规模经济停摆成功避免了这一工具，他们明确表示，负利率在他们的首选政策工具清单中排名较低。</blockquote></p><p> “Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.</p><p><blockquote>“纽约联储主席约翰-威廉姆斯（John Williams）周一上午对记者说：”我认为，与我们现有的其他工具相比，负利率的成本效益关系更差。</blockquote></p><p> AnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.</p><p><blockquote>2019 年 10 月关于负利率的讨论指出，美联储的所有政策制定成员都不喜欢在美国实施负利率政策。</blockquote></p><p> “The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.</p><p><blockquote>“委员会对负利率的看法确实没有改变。鲍威尔在 2020 年 5 月说：”这不是我们正在考虑的问题。</blockquote></p><p> Still, the central bank hasn’t explicitly ruled out its possible use in the future.</p><p><blockquote>尽管如此，央行并未明确排除未来可能使用它的可能性。</blockquote></p><p> <b>‘Rather stay out of that game’</b></p><p><blockquote><b>与其置身事外</b></blockquote></p><p> Negative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.</p><p><blockquote>欧洲央行和日本央行等负利率政策试图通过惩罚将资金存放在央行的银行来刺激经济。这个想法是通过进一步抑制储蓄来推动银行向经济放贷。</blockquote></p><p> But Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.</p><p><blockquote>但美联储官员担心美国短期负利率可能带来的扭曲，美国政府债务市场和美元的重要性可能会对国际金融稳定产生广泛影响。</blockquote></p><p> “You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”</p><p><blockquote>“圣路易斯联储主席詹姆斯-布拉德（James Bullard）5月24日对雅虎财经说：”日本和欧洲陷入了负利率的泥潭。“我们宁愿不参加那场比赛。”</blockquote></p><p> UBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.</p><p><blockquote>瑞银指出，4.5万亿美元的货币市场严重依赖短期利率，规模太大，与公共和私营部门的相互关联太大，不容忽视。</blockquote></p><p> “Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.</p><p><blockquote>“瑞银首席投资官索利塔-马塞利（Solita Marcelli）写道：”在美国实施负利率政策会造成太大的干扰（海外则不是同样的问题）。</blockquote></p><p> The playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.</p><p><blockquote>因此，下一次危机的剧本可能看起来与去年使用的剧本相似：接近于零的利率、积极的资产购买以及支持各种金融市场的大量流动性工具。</blockquote></p><p> Williams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.</p><p><blockquote>威廉姆斯特别表示，美联储购买美国国债和机构抵押贷款支持证券“至关重要”。随着美联储的资产负债表飙升至 8 万亿美元大关，美联储最近才开始讨论放缓这些购买步伐。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7accbdd2071471c525d7cd6ecce430ae\" tg-width=\"705\" tg-height=\"272\"></p><p><blockquote></blockquote></p><p> “These tools, they’re not really as unconventional as they used to be,” Williams said Monday.</p><p><blockquote>“威廉姆斯周一说：”这些工具并不像以前那样标新立异。</blockquote></p><p> The UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.</p><p><blockquote>瑞银的调查指出，如果需要的话，美联储仍然可以发挥创造力。约 45% 的受访者表示，他们可能会看到美联储购买股票，约 65% 的受访者表示，他们可能会看到美联储在下一次危机中瞄准中长期债券收益率（通过一种称为收益率曲线控制的工具）。</blockquote></p><p></p>","source":"lsy1584348713084","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>Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次经济衰退中避免负利率？</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\">\nCan the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次经济衰退中避免负利率？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-07-14 08:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?</p><p><blockquote>美联储在2020年疫情引发的经济衰退中设法避免了转向负利率。但如果经济再次面临低迷，央行是否会被支持将短期借贷利率降至零以下？</blockquote></p><p> In aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.</p><p><blockquote>在aUBS对全球近30家央行的调查中，21%的受访者表示，如有必要，他们可能会看到美联储转向负利率。</blockquote></p><p> The concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.</p><p><blockquote>令人担忧的是：随着美国短期利率再次回升至接近于零，可能放慢加息速度的美联储将没有空间在下一次危机中再次降息。</blockquote></p><p> But Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.</p><p><blockquote>但美联储官员通过前所未有的规模经济停摆成功避免了这一工具，他们明确表示，负利率在他们的首选政策工具清单中排名较低。</blockquote></p><p> “Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.</p><p><blockquote>“纽约联储主席约翰-威廉姆斯（John Williams）周一上午对记者说：”我认为，与我们现有的其他工具相比，负利率的成本效益关系更差。</blockquote></p><p> AnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.</p><p><blockquote>2019 年 10 月关于负利率的讨论指出，美联储的所有政策制定成员都不喜欢在美国实施负利率政策。</blockquote></p><p> “The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.</p><p><blockquote>“委员会对负利率的看法确实没有改变。鲍威尔在 2020 年 5 月说：”这不是我们正在考虑的问题。</blockquote></p><p> Still, the central bank hasn’t explicitly ruled out its possible use in the future.</p><p><blockquote>尽管如此，央行并未明确排除未来可能使用它的可能性。</blockquote></p><p> <b>‘Rather stay out of that game’</b></p><p><blockquote><b>与其置身事外</b></blockquote></p><p> Negative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.</p><p><blockquote>欧洲央行和日本央行等负利率政策试图通过惩罚将资金存放在央行的银行来刺激经济。这个想法是通过进一步抑制储蓄来推动银行向经济放贷。</blockquote></p><p> But Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.</p><p><blockquote>但美联储官员担心美国短期负利率可能带来的扭曲，美国政府债务市场和美元的重要性可能会对国际金融稳定产生广泛影响。</blockquote></p><p> “You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”</p><p><blockquote>“圣路易斯联储主席詹姆斯-布拉德（James Bullard）5月24日对雅虎财经说：”日本和欧洲陷入了负利率的泥潭。“我们宁愿不参加那场比赛。”</blockquote></p><p> UBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.</p><p><blockquote>瑞银指出，4.5万亿美元的货币市场严重依赖短期利率，规模太大，与公共和私营部门的相互关联太大，不容忽视。</blockquote></p><p> “Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.</p><p><blockquote>“瑞银首席投资官索利塔-马塞利（Solita Marcelli）写道：”在美国实施负利率政策会造成太大的干扰（海外则不是同样的问题）。</blockquote></p><p> The playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.</p><p><blockquote>因此，下一次危机的剧本可能看起来与去年使用的剧本相似：接近于零的利率、积极的资产购买以及支持各种金融市场的大量流动性工具。</blockquote></p><p> Williams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.</p><p><blockquote>威廉姆斯特别表示，美联储购买美国国债和机构抵押贷款支持证券“至关重要”。随着美联储的资产负债表飙升至 8 万亿美元大关，美联储最近才开始讨论放缓这些购买步伐。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7accbdd2071471c525d7cd6ecce430ae\" tg-width=\"705\" tg-height=\"272\"></p><p><blockquote></blockquote></p><p> “These tools, they’re not really as unconventional as they used to be,” Williams said Monday.</p><p><blockquote>“威廉姆斯周一说：”这些工具并不像以前那样标新立异。</blockquote></p><p> The UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.</p><p><blockquote>瑞银的调查指出，如果需要的话，美联储仍然可以发挥创造力。约 45% 的受访者表示，他们可能会看到美联储购买股票，约 65% 的受访者表示，他们可能会看到美联储在下一次危机中瞄准中长期债券收益率（通过一种称为收益率曲线控制的工具）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/can-the-fed-avoid-negative-interest-rates-in-the-next-downturn-133021653.html\">yahoo</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",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://finance.yahoo.com/news/can-the-fed-avoid-negative-interest-rates-in-the-next-downturn-133021653.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171237961","content_text":"The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?\nIn aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.\nThe concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.\nBut Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.\n“Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.\nAnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.\n“The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.\nStill, the central bank hasn’t explicitly ruled out its possible use in the future.\n‘Rather stay out of that game’\nNegative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.\nBut Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.\n“You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”\nUBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.\n“Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.\nThe playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.\nWilliams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.\n\n“These tools, they’re not really as unconventional as they used to be,” Williams said Monday.\nThe UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124517788,"gmtCreate":1624772358144,"gmtModify":1633948761449,"author":{"id":"3577945319352371","authorId":"3577945319352371","name":"R2D2","avatar":"https://static.tigerbbs.com/0b82ed09a21fdbec2d56ea0aca3b5342","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577945319352371","authorIdStr":"3577945319352371"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124517788","repostId":"1104974895","repostType":4,"repost":{"id":"1104974895","kind":"news","pubTimestamp":1624764940,"share":"https://www.laohu8.com/m/news/1104974895?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:35","market":"us","language":"en","title":"Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104974895","media":"Barrons","summary":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,wh","content":"<p>Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.</p><p><blockquote>微软现在是继去年8月突破这一水平的苹果之后第二家市值达到2万亿美元的公司。微软可能会走得更高。</blockquote></p><p> Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p><p><blockquote>Wedbush分析师丹尼尔·艾夫斯(Daniel Ives)上周重申了对这家软件巨头的跑赢大盘评级，将该股目标价从310美元上调至325美元。这意味着潜在涨幅超过20%，这将使该公司的市值达到2.4万亿美元。他对该股的热情是由微软的云业务Azure推动的。</blockquote></p><p> On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p><p><blockquote>周三，微软股价小幅上涨0.1%，至265.79美元，创下新高，市值增至2.004万亿美元。（苹果的市值约为2.2万亿美元。）Ives指出，6月份的渠道检查发现对Azure的需求有所改善。“Azure云的增长故事正在进入下一个增长阶段，”他写道。“随着企业范围内数字化转型的加速，我们看到交易规模继续显着增加，首席信息官都专注于让各自的企业为云驱动架构做好准备。”</blockquote></p><p> Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p><p><blockquote>Ives写道，华尔街担心云增长将因疫情而放缓，这与微软看到的交易活动背道而驰，并指出6月份季度的业绩似乎“强劲”。他认为微软在将其已安装的应用程序基础向云的转换方面仍仅完成了约35%。</blockquote></p><p> Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p><p><blockquote>Ives认为持续的全球“数字化转型”是一个1万亿美元的机会，并表示微软将不成比例地受益。“微软仍然是我们最喜欢的大盘云股票，我们相信该股将在未来几个季度开始走高……”他写道。“微软的增长故事并没有放缓。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p><p><blockquote></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>Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</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\">\nMicrosoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-27 11:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.</p><p><blockquote>微软现在是继去年8月突破这一水平的苹果之后第二家市值达到2万亿美元的公司。微软可能会走得更高。</blockquote></p><p> Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p><p><blockquote>Wedbush分析师丹尼尔·艾夫斯(Daniel Ives)上周重申了对这家软件巨头的跑赢大盘评级，将该股目标价从310美元上调至325美元。这意味着潜在涨幅超过20%，这将使该公司的市值达到2.4万亿美元。他对该股的热情是由微软的云业务Azure推动的。</blockquote></p><p> On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p><p><blockquote>周三，微软股价小幅上涨0.1%，至265.79美元，创下新高，市值增至2.004万亿美元。（苹果的市值约为2.2万亿美元。）Ives指出，6月份的渠道检查发现对Azure的需求有所改善。“Azure云的增长故事正在进入下一个增长阶段，”他写道。“随着企业范围内数字化转型的加速，我们看到交易规模继续显着增加，首席信息官都专注于让各自的企业为云驱动架构做好准备。”</blockquote></p><p> Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p><p><blockquote>Ives写道，华尔街担心云增长将因疫情而放缓，这与微软看到的交易活动背道而驰，并指出6月份季度的业绩似乎“强劲”。他认为微软在将其已安装的应用程序基础向云的转换方面仍仅完成了约35%。</blockquote></p><p> Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p><p><blockquote>Ives认为持续的全球“数字化转型”是一个1万亿美元的机会，并表示微软将不成比例地受益。“微软仍然是我们最喜欢的大盘云股票，我们相信该股将在未来几个季度开始走高……”他写道。“微软的增长故事并没有放缓。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104974895","content_text":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.\nOn Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”\nWall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.\nIves sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}