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- Strider88Strider88
  ·2021-09-11
  What a dumb article
  非常抱歉，此主贴已删除
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- Strider88Strider88
  ·2021-06-18
  Funny how you guys keep posting the same shiz this week
  AMC: Danger Signals For Investors And Speculators<blockquote>AMC：投资者和投机者的危险信号</blockquote>
  Summary I stand on the shoulder of giants to guide you on AMC. For investors, the gravitational pul
  AMC: Danger Signals For Investors And Speculators<blockquote>AMC：投资者和投机者的危险信号</blockquote>
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- Strider88Strider88
  ·2021-03-18
  Agreed
  7 Reasons to Avoid the Reddit Stocks Like the Plague<blockquote>像躲避瘟疫一样避开Reddit股票的7个理由</blockquote>
  GameStop, AMC, Sundial, and many more Reddit stocks are bad news for investors.No matter how long yo
  7 Reasons to Avoid the Reddit Stocks Like the Plague<blockquote>像躲避瘟疫一样避开Reddit股票的7个理由</blockquote>
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- Strider88Strider88
  ·2021-03-18
  Nice
  2 Tech Stocks That Could Make You Rich<blockquote>2只可以让你致富的科技股</blockquote>
  These tech companies are disrupting the status quo -- that could mean big gains for investors. As t
  2 Tech Stocks That Could Make You Rich<blockquote>2只可以让你致富的科技股</blockquote>
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a dumb article","listText":"What a dumb article","text":"What a dumb article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881327742","repostId":"1105230157","repostType":2,"isVote":1,"tweetType":1,"viewCount":936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166679425,"gmtCreate":1624008672967,"gmtModify":1631892153608,"author":{"id":"3579088932518063","authorId":"3579088932518063","name":"Strider88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579088932518063","idStr":"3579088932518063"},"themes":[],"htmlText":"Funny how you guys keep posting the same shiz this week","listText":"Funny how you guys keep posting the same shiz this week","text":"Funny how you guys keep posting the same shiz this week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166679425","repostId":"1131310015","repostType":2,"repost":{"id":"1131310015","kind":"news","pubTimestamp":1623987347,"share":"https://www.laohu8.com/m/news/1131310015?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:35","market":"us","language":"en","title":"AMC: Danger Signals For Investors And Speculators<blockquote>AMC：投资者和投机者的危险信号</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131310015","media":"seekingalpha","summary":"Summary\n\nI stand on the shoulder of giants to guide you on AMC.\nFor investors, the gravitational pul","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I stand on the shoulder of giants to guide you on AMC.</li>  <li>For investors, the gravitational pull of no earning prospects provides little support to the stock.</li>  <li>A century-old cautionary tale for speculators counting on a short squeeze.</li>  <li>Sell before the other speculators do.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabb985556b9f549dd561bf919495d08\" tg-width=\"768\" tg-height=\"513\"><span>RgStudio/E+ via Getty Images</span></p><p><blockquote><ul><li>我站在巨人的肩膀上，在AMC上指导你。</li><li>对于投资者来说，没有盈利前景的引力对该股几乎没有支撑。</li><li>对于指望轧空的投机者来说，这是一个百年的警示故事。</li><li>在其他投机者之前卖出。</li></ul><p class=\"t-img-caption\"><span>RgStudio/E+来自Getty Images</span></p></blockquote></p><p> What are we to make of the meme stock phenomena? I tookone stab at itwith AMC Entertainment Holdings, Inc.(NYSE:AMC)a few weeks ago. I’m back for more, after reading two interesting pieces. As Isaac Newton said in 1676, “<i>If I have seen a little further it is by standing on the shoulders of Giants.</i>” Now I’m no Isaac Newton. For one, I’m far better looking. But like Zeke – a nickname Isaac’s friends probably never used – I too stand on the shoulders of giants. In this case the shoulders of Jason Zweig, a wonderful financial markets writer for<i>The Wall Street Journal</i>, and John Brooks, author of “<i>Business Adventures</i>”, a book recommended by Bill Gates. I will quote liberally from both in this article, then draw the line for you to AMC.</p><p><blockquote>我们如何看待模因股票现象？几周前，我与AMC院线控股公司（纽约证券交易所股票代码：AMC）一起尝试了一下。在读了两篇有趣的文章后，我回来看更多。正如艾萨克·牛顿在1676年所说，“<i>如果说我看得更远了一点，那就是站在巨人的肩膀上。</i>“现在我不是艾萨克·牛顿了。首先，我看起来好多了。但就像齐克一样——艾萨克的朋友们可能从未使用过这个昵称——我也站在巨人的肩膀上。在这种情况下，杰森·茨威格（Jason Zweig）是一位出色的金融市场作家<i>华尔街日报</i>，以及约翰·布鲁克斯，《<i>商业冒险</i>》，比尔盖茨推荐的一本书。我将在本文中大量引用两者，然后为您与AMC划清界限。</blockquote></p><p> <b>Investor vs. trader vs. speculator</b></p><p><blockquote><b>投资者、交易者、投机者</b></blockquote></p><p> Jason Zweig graphically distinguished between these three types of stock buyers in hisJune 11, 2021<i>Wall Street Journal</i>column:</p><p><blockquote>Jason Zweig在他的2021年6月11日以图形方式区分了这三种类型的股票买家<i>华尔街日报</i>柱：</blockquote></p><p>   “  <i>Whenever you buy any financial asset because you have a hunch or just for kicks, or because somebody famous is hyping the heck out of it, or everybody else seems to be buying it too, you aren’t investing.You’re definitely a trader: someone who has just bought an asset. And you may be a speculator: someone who thinks other people will pay more for it than you did.”“An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarily whether somebody else will pay more, regardless of fundamental value.”</i>  So why has AMC’s stock price been on a tear? I have one informal data source, namely the 300+ comments on my June 4 AMC article. Earnings, income, growth in the value of assets<i>never</i>came up. What did come up was “short squeeze” and stock charts. So I expect Mr. Zweig would describe AMC’s stock as driven by traders and speculators.</p><p><blockquote>“<i>每当你因为有预感或只是为了好玩而购买任何金融资产，或者因为某个名人正在大肆宣传，或者其他人似乎也在购买它，你就不是在投资。你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你支付更多的钱。”“投资者依赖内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。”</i>那么为什么AMC的股价一直在上涨呢？我有一个非正式的数据来源，即我6月4日AMC文章的300多条评论。收益，收入，资产价值的增长<i>没有</i>上来了。出现的是“轧空”和股票图表。因此，我预计茨威格先生会将AMC的股票描述为由交易员和投机者推动的。</blockquote></p><p> Mr. Zweig also made me realize that my AMC article left out an earnings forecast. I gave lots of data on historic trends, which only implied a future direction. I correct that omission here.</p><p><blockquote>茨威格先生还让我意识到，我的AMC文章遗漏了盈利预测。我给出了很多关于历史趋势的数据，这些数据只是暗示了未来的方向。我在这里纠正这个遗漏。</blockquote></p><p> <b>A 2022 AMC earnings forecast</b></p><p><blockquote><b>2022年AMC盈利预测</b></blockquote></p><p> I start with the key assumptions:</p><p><blockquote>我从关键假设开始：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f5311cb0ff00c046d122c2c84fc3aea\" tg-width=\"640\" tg-height=\"168\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>My time frame for reference</i>&nbsp;is 2017 to 2019. Earlier data is less relevant because AMC made a big acquisition in 2016, and 2020 and 2021 data is even less relevant because of COVID.</p><p><blockquote><i>我的参考时间框架</i>是2017年到2019年。早期的数据相关性较低，因为AMC在2016年进行了一项大型收购，而2020年和2021年的数据则因为新冠疫情而相关性更低。</blockquote></p><p> <i>The national box office</i>is the major assumption.My June 4 articleshows that movie attendance has been declining since 2002. What will box office be next year? The steady growth in streaming, both in subscribers and content, certainly is a headwind. And COVID logically should increase the shift from offsite (theater) entertainment to home entertainment, as it has for shopping and working. Holding movie attendance near its ’19 level would be a minor miracle. A 10%, or even a 20%, decline is far more likely. As you can see in the table above, I make 2022 AMC EPS forecasts using all three box office assumptions.</p><p><blockquote><i>全国票房</i>是主要假设。我6月4日的文章显示，自2002年以来，电影上座率一直在下降。明年票房会是多少？流媒体在订户和内容方面的稳定增长无疑是一个阻力。从逻辑上讲，COVID应该增加从场外（剧院）娱乐到家庭娱乐的转变，就像购物和工作一样。保持电影上座率接近19年的水平将是一个小小的奇迹。下降10%，甚至20%的可能性要大得多。如上表所示，我使用所有三种票房假设对2022年AMC每股收益进行预测。</blockquote></p><p> <b><i>AMC market share.</i></b>I assume a share increase from AMC’s ’17-’19 level because some competing theaters must have dropped out because of COVID financial pressures.</p><p><blockquote><b><i>AMC市场份额。</i></b>我假设AMC的份额会比17-19年的水平有所增加，因为一些竞争影院肯定因新冠疫情的财务压力而退出。</blockquote></p><p> <b><i>Admissions gross margin.</i></b>This is the profit from ticket sales less the cost of licensing movies from their producers. I hold AMC steady with ’17-’19, but I can also imagine that movie producers seek better terms because AMC has to bid against a growing pool of streaming services desperate for content.</p><p><blockquote><b><i>招生毛利率。</i></b>这是门票销售的利润减去制片人授权电影的成本。我认为AMC在17-19年保持稳定，但我也可以想象电影制片人会寻求更好的条款，因为AMC必须与越来越多渴望内容的流媒体服务竞标。</blockquote></p><p> <b><i>Food expenses as a percent of sales.</i></b>I carry forward the shockingly low number. AMC, and presumably its peers, take their food and beverage costs and<i>multiply them by 7 in their pricing to us moviegoers.</i>Smuggle in your own Jujifruits and save a bundle. My best financial advice for the year.</p><p><blockquote><b><i>食品费用占销售额的百分比。</i></b>我继承了低得惊人的数字。AMC，大概还有它的同行，承担他们的食品和饮料成本<i>将它们对美国电影观众的定价乘以7。</i>走私你自己的Jujifruits，省下一捆。我今年最好的理财建议。</blockquote></p><p> <b><i>Food and beverage sales as a percent of ticket prices.</i></b>I assume that AMC’s trend of modest increases continues.</p><p><blockquote><b><i>食品和饮料销售额占票价的百分比。</i></b>我认为AMC小幅上涨的趋势仍在继续。</blockquote></p><p> <b><i>Operating expenses</i></b>are the cost of the theater personnel, utilities, etc. I assume the gradual uptrend in the operating expense ratio continues, for two reasons. One, these operating expenses are largely fixed, and revenues will be under pressure. Second, it seems logical that the current labor shortage will pressure pay levels for low-end theater jobs.</p><p><blockquote><b><i>营业费用</i></b>是剧院人员、公用事业等的成本。我认为运营费用率的逐步上升趋势仍在继续，原因有二。第一，这些运营费用基本上是固定的，收入将面临压力。其次，当前的劳动力短缺将给低端剧院工作的薪酬水平带来压力，这似乎是合乎逻辑的。</blockquote></p><p></p><p> We’re now ready for my earnings and cash flow models:</p><p><blockquote>我们现在已经为我的盈利和现金流模型做好了准备：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b8a5ce8ad10adb3336126cdb0a5e598\" tg-width=\"537\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The ’22 forecasts are set by the assumptions above through the “gross profit” line. My overhead expense forecast assumes that AMC is working hard to limit expenses through its challenging times:</p><p><blockquote>22年的预测是根据上述假设通过“毛利润”线设定的。我的管理费用预测假设AMC正在努力限制费用度过充满挑战的时期：</blockquote></p><p> <ul>  <li><i>Depreciation/amortization</i>is a combination of accounting expenses for real estate and acquisitions. Write-downs taken during the pandemic should have reduced these expenses.</li>  <li><i>Interest expense</i>should decline as AMC pays down some debt with the equity it has been raising.</li> </ul> <b>The gravitational pull of earnings</b></p><p><blockquote><ul><li><i>折旧/摊销</i>是房地产和收购的会计费用的组合。疫情期间进行的减记本应减少这些费用。</li><li><i>利息支出</i>随着AMC用其筹集的股权偿还部分债务，这一数字应该会下降。</li></ul><b>盈利的引力</b></blockquote></p><p> We arrive at the bottom line. The best-case scenario I can see for 2022 EPS is roughly breakeven. More likely is a modest loss. Cash flow should be somewhat worse, because the cash capital spending needed by AMC to keep its theaters attractive to a shrinking audience should exceed its non-cash depreciation/amortization expenses. If capital spending is much lower than I forecast, it is probably because AMC management is conceding that it is in a death spiral and wants to milk what cash it can.</p><p><blockquote>我们到达了底线。我能看到的2022年每股收益的最佳情况是大致盈亏平衡。更有可能的是适度的损失。现金流应该会更糟，因为AMC保持影院对不断萎缩的观众的吸引力所需的现金资本支出应该超过其非现金折旧/摊销费用。如果资本支出远低于我的预测，可能是因为AMC管理层承认自己正处于死亡螺旋之中，并希望尽可能榨取现金。</blockquote></p><p> <i>The bottom line - no support for investors.</i>AMC’s book value is negative. It appears incapable of earning any material money post-COVID. Its business is in long-term decline due to technology changes, and its new competitors are monster companies – Netflix, Disney, Comcast, etc. – with huge resources. An investor can only look at AMC’s current $55 stock price and with a shudder say, in the immortal words of<i>Trading Places</i>, “Sell Mortimer, sell!”</p><p><blockquote><i>底线是——不支持投资者。</i>AMC的账面价值为负。在COVID之后，它似乎无法赚取任何物质收入。其业务因技术变革而长期下滑，新的竞争对手是拥有巨大资源的怪兽公司——Netflix、迪士尼、康卡斯特等。投资者只能看着AMC目前55美元的股价，不寒而栗地说，用不朽的话来说<i>交易场所</i>、“卖莫蒂默，卖！”</blockquote></p><p> <b>The speculative play - a short squeeze: A historical cautionary tale</b></p><p><blockquote><b>投机游戏——轧空：历史警示</b></blockquote></p><p> Millennials did not invent the short squeeze. It has been around almost as long financial markets have existed. The book<i>Business Adventures</i>by John Brooks<i>,</i>published way back in 1969, tells a vivid tale of a short squeeze even farther back, in the early 1920s. Literally a century ago. I’m going to quote from the book to suggest how the story ends for speculations with no investor support. So pour yourself some illegal hooch (we’re heading to the Prohibition Era) and read on. This is the story of Clarence Saunders, the founder of Piggly Wiggly Stores, the first supermarket; the Amazon of his day.</p><p><blockquote>千禧一代并没有发明轧空。它几乎和金融市场存在的时间一样长。这本书<i>商业冒险</i>约翰·布鲁克斯<i>,</i>早在1969年就出版了，生动地讲述了20世纪20年代初的空头挤压故事。一个世纪前。我将引用书中的话来说明在没有投资者支持的情况下，投机的故事将如何结束。所以，给自己倒点非法烈酒（我们正走向禁酒令时代），继续读下去。这是第一家超市Piggly Wiggly Stores的创始人克拉伦斯·桑德斯的故事；他那个时代的亚马逊。</blockquote></p><p> Shorts went after Clarence’s stock in 1922, driving it from $50 to below $40. Saunders vowed revenge with a short squeeze. Here are excerpts of Mr. Brooks’ recounting of the story:</p><p><blockquote>1922年，空头追捧克拉伦斯的股票，将其从50美元推至40美元以下。桑德斯发誓要用空头挤压进行报复。以下是布鲁克斯先生讲述这个故事的摘录：</blockquote></p><p>   “  <i>Saunders…bought 33,000 shares of Piggly Wiggly, mostly from short sellers; within a week he had brought the total to 105,000 – more than half of the 200,000 shares outstanding. The effectiveness of Saunders’ buying campaign was readily apparent; by late January of 1923 it had driven he price up over $60…</i>”  The sole short squeezer of yore has been replaced by herds of “apes” today, and the apes have been far better in driving up prices. By the way, believe it or not, a group of apes is apparently called a “shrewdness”. A group of apes is shrewd – interesting.</p><p><blockquote>“<i>桑德斯……购买了33,000股Piggly Wiggly股票，大部分来自卖空者；不到一周，他就将总数增加到了10.5万股——超过了20万股已发行股票的一半。桑德斯购买活动的有效性显而易见；到1923年1月下旬，它已将价格推高了60多美元……</i>“昔日唯一的空头挤压者如今已被成群的“猿”所取代，而猿在推高价格方面要好得多。顺便说一句，信不信由你，一群猿显然被称为“精明”。一群猿很精明——有意思。</blockquote></p><p>   “  <i>He had made himself a bundle and had demonstrated how a poor Southern boy could teach the city slickers a lesson.”</i>  Today we have apes sticking it to hedge funds.</p><p><blockquote>“<i>他赚了一大笔钱，证明了一个贫穷的南方男孩是如何教训城市里的滑头的。”</i>今天，我们有猿类坚持对冲基金。</blockquote></p><p>   “  <i>One of the great hazards in the Corner was always that even though a player might defeat his opponents, he would discover that he had won a Pyrrhic victory. Once the short sellers had been squeezed dry, the cornerer might find that the reams of stock he had accumulated in the process were a dead weight around his neck; by pushing it all back into the market, he would drive its price down to zero.</i>”  Something to think about. What was Saunders to do?</p><p><blockquote>“<i>角落里最大的危险之一总是，即使一个玩家可能会击败他的对手，他也会发现他赢得了一场得不偿失的胜利。一旦卖空者被榨干，卖空者可能会发现他在这个过程中积累的大量股票是他脖子上的沉重负担；通过将其全部推回市场，他会将其价格降至零。</i>“值得思考的事情。桑德斯该怎么办？</blockquote></p><p>   “[  <i>Saunders’] solution was to sell his $55 shares on the installment plan. In his February advertisements, he stipulated that the public could buy shares only by paying $25 down and the balance in three $10 installments</i>.”  Pretty clever, no? No:</p><p><blockquote>“[<i>桑德斯的解决方案是出售分期付款计划中价值55美元的股票。在他二月份的广告中，他规定公众只需支付25美元的首付，余款分三期支付10美元即可购买股票</i>“很聪明，不是吗？没有：</blockquote></p><p>   “  <i>At the end of the third day, the total number of shares subscribed for was still under 25,000, and the sales that were made were canceled. Saunders had to admit that the drive had been a failure.”</i>  Uh oh. What now?</p><p><blockquote>“<i>在第三天结束时，认购的股份总数仍低于2.5万股，所做的卖出被取消。桑德斯不得不承认这次旅行是失败的。”</i>呃哦。现在怎么办？</blockquote></p><p>   <i>“On August 22nd, the New York auction firm of Adrian H. Muller &amp; Son…knocked down 1,500 shares of Piggly Wiggly at $1 a share…The following spring Saunders went through formal bankruptcy proceedings.”</i>  Ouch.</p><p><blockquote><i>“8月22日，Adrian H.Muller&amp;Son的纽约拍卖公司……以每股1美元的价格拍卖了1,500股Piggly Wiggly股票……第二年春天，Saunders进入了正式破产程序。”</i>哎哟。</blockquote></p><p> <b>Buyers beware</b></p><p><blockquote><b>买家当心</b></blockquote></p><p> As Jason Zweig noted above, speculators depend upon finding a buyer at a higher price. Today’s holders of AMC stock certainly have made life painful for many short sellers. But are there really enough new buyers to take out current shareholders above AMC’s present $28 billion market cap? Especially with the gravity of no earnings constantly weighing on the stock?</p><p><blockquote>正如杰森·茨威格上面指出的，投机者依赖于以更高的价格找到买家。如今AMC股票的持有者无疑让许多卖空者的生活变得痛苦。但真的有足够多的新买家来收购AMC目前280亿美元市值以上的现有股东吗？尤其是在没有盈利的情况下不断给股票带来压力的情况下？</blockquote></p><p></p><p> AMC shareholders, don’t win Clarence Saunders’ Pyrrhic victory. Take your $55 a share and run. Fast. Before the other speculating holders do so first.</p><p><blockquote>AMC股东们，不要赢得克拉伦斯·桑德斯得不偿失的胜利。拿着每股55美元跑吧。快的。在其他投机持有者首先这样做之前。</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>AMC: Danger Signals For Investors And Speculators<blockquote>AMC：投资者和投机者的危险信号</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\">\nAMC: Danger Signals For Investors And Speculators<blockquote>AMC：投资者和投机者的危险信号</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:35</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>I stand on the shoulder of giants to guide you on AMC.</li>  <li>For investors, the gravitational pull of no earning prospects provides little support to the stock.</li>  <li>A century-old cautionary tale for speculators counting on a short squeeze.</li>  <li>Sell before the other speculators do.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabb985556b9f549dd561bf919495d08\" tg-width=\"768\" tg-height=\"513\"><span>RgStudio/E+ via Getty Images</span></p><p><blockquote><ul><li>我站在巨人的肩膀上，在AMC上指导你。</li><li>对于投资者来说，没有盈利前景的引力对该股几乎没有支撑。</li><li>对于指望轧空的投机者来说，这是一个百年的警示故事。</li><li>在其他投机者之前卖出。</li></ul><p class=\"t-img-caption\"><span>RgStudio/E+来自Getty Images</span></p></blockquote></p><p> What are we to make of the meme stock phenomena? I tookone stab at itwith AMC Entertainment Holdings, Inc.(NYSE:AMC)a few weeks ago. I’m back for more, after reading two interesting pieces. As Isaac Newton said in 1676, “<i>If I have seen a little further it is by standing on the shoulders of Giants.</i>” Now I’m no Isaac Newton. For one, I’m far better looking. But like Zeke – a nickname Isaac’s friends probably never used – I too stand on the shoulders of giants. In this case the shoulders of Jason Zweig, a wonderful financial markets writer for<i>The Wall Street Journal</i>, and John Brooks, author of “<i>Business Adventures</i>”, a book recommended by Bill Gates. I will quote liberally from both in this article, then draw the line for you to AMC.</p><p><blockquote>我们如何看待模因股票现象？几周前，我与AMC院线控股公司（纽约证券交易所股票代码：AMC）一起尝试了一下。在读了两篇有趣的文章后，我回来看更多。正如艾萨克·牛顿在1676年所说，“<i>如果说我看得更远了一点，那就是站在巨人的肩膀上。</i>“现在我不是艾萨克·牛顿了。首先，我看起来好多了。但就像齐克一样——艾萨克的朋友们可能从未使用过这个昵称——我也站在巨人的肩膀上。在这种情况下，杰森·茨威格（Jason Zweig）是一位出色的金融市场作家<i>华尔街日报</i>，以及约翰·布鲁克斯，《<i>商业冒险</i>》，比尔盖茨推荐的一本书。我将在本文中大量引用两者，然后为您与AMC划清界限。</blockquote></p><p> <b>Investor vs. trader vs. speculator</b></p><p><blockquote><b>投资者、交易者、投机者</b></blockquote></p><p> Jason Zweig graphically distinguished between these three types of stock buyers in hisJune 11, 2021<i>Wall Street Journal</i>column:</p><p><blockquote>Jason Zweig在他的2021年6月11日以图形方式区分了这三种类型的股票买家<i>华尔街日报</i>柱：</blockquote></p><p>   “  <i>Whenever you buy any financial asset because you have a hunch or just for kicks, or because somebody famous is hyping the heck out of it, or everybody else seems to be buying it too, you aren’t investing.You’re definitely a trader: someone who has just bought an asset. And you may be a speculator: someone who thinks other people will pay more for it than you did.”“An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarily whether somebody else will pay more, regardless of fundamental value.”</i>  So why has AMC’s stock price been on a tear? I have one informal data source, namely the 300+ comments on my June 4 AMC article. Earnings, income, growth in the value of assets<i>never</i>came up. What did come up was “short squeeze” and stock charts. So I expect Mr. Zweig would describe AMC’s stock as driven by traders and speculators.</p><p><blockquote>“<i>每当你因为有预感或只是为了好玩而购买任何金融资产，或者因为某个名人正在大肆宣传，或者其他人似乎也在购买它，你就不是在投资。你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你支付更多的钱。”“投资者依赖内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。”</i>那么为什么AMC的股价一直在上涨呢？我有一个非正式的数据来源，即我6月4日AMC文章的300多条评论。收益，收入，资产价值的增长<i>没有</i>上来了。出现的是“轧空”和股票图表。因此，我预计茨威格先生会将AMC的股票描述为由交易员和投机者推动的。</blockquote></p><p> Mr. Zweig also made me realize that my AMC article left out an earnings forecast. I gave lots of data on historic trends, which only implied a future direction. I correct that omission here.</p><p><blockquote>茨威格先生还让我意识到，我的AMC文章遗漏了盈利预测。我给出了很多关于历史趋势的数据，这些数据只是暗示了未来的方向。我在这里纠正这个遗漏。</blockquote></p><p> <b>A 2022 AMC earnings forecast</b></p><p><blockquote><b>2022年AMC盈利预测</b></blockquote></p><p> I start with the key assumptions:</p><p><blockquote>我从关键假设开始：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f5311cb0ff00c046d122c2c84fc3aea\" tg-width=\"640\" tg-height=\"168\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>My time frame for reference</i>&nbsp;is 2017 to 2019. Earlier data is less relevant because AMC made a big acquisition in 2016, and 2020 and 2021 data is even less relevant because of COVID.</p><p><blockquote><i>我的参考时间框架</i>是2017年到2019年。早期的数据相关性较低，因为AMC在2016年进行了一项大型收购，而2020年和2021年的数据则因为新冠疫情而相关性更低。</blockquote></p><p> <i>The national box office</i>is the major assumption.My June 4 articleshows that movie attendance has been declining since 2002. What will box office be next year? The steady growth in streaming, both in subscribers and content, certainly is a headwind. And COVID logically should increase the shift from offsite (theater) entertainment to home entertainment, as it has for shopping and working. Holding movie attendance near its ’19 level would be a minor miracle. A 10%, or even a 20%, decline is far more likely. As you can see in the table above, I make 2022 AMC EPS forecasts using all three box office assumptions.</p><p><blockquote><i>全国票房</i>是主要假设。我6月4日的文章显示，自2002年以来，电影上座率一直在下降。明年票房会是多少？流媒体在订户和内容方面的稳定增长无疑是一个阻力。从逻辑上讲，COVID应该增加从场外（剧院）娱乐到家庭娱乐的转变，就像购物和工作一样。保持电影上座率接近19年的水平将是一个小小的奇迹。下降10%，甚至20%的可能性要大得多。如上表所示，我使用所有三种票房假设对2022年AMC每股收益进行预测。</blockquote></p><p> <b><i>AMC market share.</i></b>I assume a share increase from AMC’s ’17-’19 level because some competing theaters must have dropped out because of COVID financial pressures.</p><p><blockquote><b><i>AMC市场份额。</i></b>我假设AMC的份额会比17-19年的水平有所增加，因为一些竞争影院肯定因新冠疫情的财务压力而退出。</blockquote></p><p> <b><i>Admissions gross margin.</i></b>This is the profit from ticket sales less the cost of licensing movies from their producers. I hold AMC steady with ’17-’19, but I can also imagine that movie producers seek better terms because AMC has to bid against a growing pool of streaming services desperate for content.</p><p><blockquote><b><i>招生毛利率。</i></b>这是门票销售的利润减去制片人授权电影的成本。我认为AMC在17-19年保持稳定，但我也可以想象电影制片人会寻求更好的条款，因为AMC必须与越来越多渴望内容的流媒体服务竞标。</blockquote></p><p> <b><i>Food expenses as a percent of sales.</i></b>I carry forward the shockingly low number. AMC, and presumably its peers, take their food and beverage costs and<i>multiply them by 7 in their pricing to us moviegoers.</i>Smuggle in your own Jujifruits and save a bundle. My best financial advice for the year.</p><p><blockquote><b><i>食品费用占销售额的百分比。</i></b>我继承了低得惊人的数字。AMC，大概还有它的同行，承担他们的食品和饮料成本<i>将它们对美国电影观众的定价乘以7。</i>走私你自己的Jujifruits，省下一捆。我今年最好的理财建议。</blockquote></p><p> <b><i>Food and beverage sales as a percent of ticket prices.</i></b>I assume that AMC’s trend of modest increases continues.</p><p><blockquote><b><i>食品和饮料销售额占票价的百分比。</i></b>我认为AMC小幅上涨的趋势仍在继续。</blockquote></p><p> <b><i>Operating expenses</i></b>are the cost of the theater personnel, utilities, etc. I assume the gradual uptrend in the operating expense ratio continues, for two reasons. One, these operating expenses are largely fixed, and revenues will be under pressure. Second, it seems logical that the current labor shortage will pressure pay levels for low-end theater jobs.</p><p><blockquote><b><i>营业费用</i></b>是剧院人员、公用事业等的成本。我认为运营费用率的逐步上升趋势仍在继续，原因有二。第一，这些运营费用基本上是固定的，收入将面临压力。其次，当前的劳动力短缺将给低端剧院工作的薪酬水平带来压力，这似乎是合乎逻辑的。</blockquote></p><p></p><p> We’re now ready for my earnings and cash flow models:</p><p><blockquote>我们现在已经为我的盈利和现金流模型做好了准备：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b8a5ce8ad10adb3336126cdb0a5e598\" tg-width=\"537\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The ’22 forecasts are set by the assumptions above through the “gross profit” line. My overhead expense forecast assumes that AMC is working hard to limit expenses through its challenging times:</p><p><blockquote>22年的预测是根据上述假设通过“毛利润”线设定的。我的管理费用预测假设AMC正在努力限制费用度过充满挑战的时期：</blockquote></p><p> <ul>  <li><i>Depreciation/amortization</i>is a combination of accounting expenses for real estate and acquisitions. Write-downs taken during the pandemic should have reduced these expenses.</li>  <li><i>Interest expense</i>should decline as AMC pays down some debt with the equity it has been raising.</li> </ul> <b>The gravitational pull of earnings</b></p><p><blockquote><ul><li><i>折旧/摊销</i>是房地产和收购的会计费用的组合。疫情期间进行的减记本应减少这些费用。</li><li><i>利息支出</i>随着AMC用其筹集的股权偿还部分债务，这一数字应该会下降。</li></ul><b>盈利的引力</b></blockquote></p><p> We arrive at the bottom line. The best-case scenario I can see for 2022 EPS is roughly breakeven. More likely is a modest loss. Cash flow should be somewhat worse, because the cash capital spending needed by AMC to keep its theaters attractive to a shrinking audience should exceed its non-cash depreciation/amortization expenses. If capital spending is much lower than I forecast, it is probably because AMC management is conceding that it is in a death spiral and wants to milk what cash it can.</p><p><blockquote>我们到达了底线。我能看到的2022年每股收益的最佳情况是大致盈亏平衡。更有可能的是适度的损失。现金流应该会更糟，因为AMC保持影院对不断萎缩的观众的吸引力所需的现金资本支出应该超过其非现金折旧/摊销费用。如果资本支出远低于我的预测，可能是因为AMC管理层承认自己正处于死亡螺旋之中，并希望尽可能榨取现金。</blockquote></p><p> <i>The bottom line - no support for investors.</i>AMC’s book value is negative. It appears incapable of earning any material money post-COVID. Its business is in long-term decline due to technology changes, and its new competitors are monster companies – Netflix, Disney, Comcast, etc. – with huge resources. An investor can only look at AMC’s current $55 stock price and with a shudder say, in the immortal words of<i>Trading Places</i>, “Sell Mortimer, sell!”</p><p><blockquote><i>底线是——不支持投资者。</i>AMC的账面价值为负。在COVID之后，它似乎无法赚取任何物质收入。其业务因技术变革而长期下滑，新的竞争对手是拥有巨大资源的怪兽公司——Netflix、迪士尼、康卡斯特等。投资者只能看着AMC目前55美元的股价，不寒而栗地说，用不朽的话来说<i>交易场所</i>、“卖莫蒂默，卖！”</blockquote></p><p> <b>The speculative play - a short squeeze: A historical cautionary tale</b></p><p><blockquote><b>投机游戏——轧空：历史警示</b></blockquote></p><p> Millennials did not invent the short squeeze. It has been around almost as long financial markets have existed. The book<i>Business Adventures</i>by John Brooks<i>,</i>published way back in 1969, tells a vivid tale of a short squeeze even farther back, in the early 1920s. Literally a century ago. I’m going to quote from the book to suggest how the story ends for speculations with no investor support. So pour yourself some illegal hooch (we’re heading to the Prohibition Era) and read on. This is the story of Clarence Saunders, the founder of Piggly Wiggly Stores, the first supermarket; the Amazon of his day.</p><p><blockquote>千禧一代并没有发明轧空。它几乎和金融市场存在的时间一样长。这本书<i>商业冒险</i>约翰·布鲁克斯<i>,</i>早在1969年就出版了，生动地讲述了20世纪20年代初的空头挤压故事。一个世纪前。我将引用书中的话来说明在没有投资者支持的情况下，投机的故事将如何结束。所以，给自己倒点非法烈酒（我们正走向禁酒令时代），继续读下去。这是第一家超市Piggly Wiggly Stores的创始人克拉伦斯·桑德斯的故事；他那个时代的亚马逊。</blockquote></p><p> Shorts went after Clarence’s stock in 1922, driving it from $50 to below $40. Saunders vowed revenge with a short squeeze. Here are excerpts of Mr. Brooks’ recounting of the story:</p><p><blockquote>1922年，空头追捧克拉伦斯的股票，将其从50美元推至40美元以下。桑德斯发誓要用空头挤压进行报复。以下是布鲁克斯先生讲述这个故事的摘录：</blockquote></p><p>   “  <i>Saunders…bought 33,000 shares of Piggly Wiggly, mostly from short sellers; within a week he had brought the total to 105,000 – more than half of the 200,000 shares outstanding. The effectiveness of Saunders’ buying campaign was readily apparent; by late January of 1923 it had driven he price up over $60…</i>”  The sole short squeezer of yore has been replaced by herds of “apes” today, and the apes have been far better in driving up prices. By the way, believe it or not, a group of apes is apparently called a “shrewdness”. A group of apes is shrewd – interesting.</p><p><blockquote>“<i>桑德斯……购买了33,000股Piggly Wiggly股票，大部分来自卖空者；不到一周，他就将总数增加到了10.5万股——超过了20万股已发行股票的一半。桑德斯购买活动的有效性显而易见；到1923年1月下旬，它已将价格推高了60多美元……</i>“昔日唯一的空头挤压者如今已被成群的“猿”所取代，而猿在推高价格方面要好得多。顺便说一句，信不信由你，一群猿显然被称为“精明”。一群猿很精明——有意思。</blockquote></p><p>   “  <i>He had made himself a bundle and had demonstrated how a poor Southern boy could teach the city slickers a lesson.”</i>  Today we have apes sticking it to hedge funds.</p><p><blockquote>“<i>他赚了一大笔钱，证明了一个贫穷的南方男孩是如何教训城市里的滑头的。”</i>今天，我们有猿类坚持对冲基金。</blockquote></p><p>   “  <i>One of the great hazards in the Corner was always that even though a player might defeat his opponents, he would discover that he had won a Pyrrhic victory. Once the short sellers had been squeezed dry, the cornerer might find that the reams of stock he had accumulated in the process were a dead weight around his neck; by pushing it all back into the market, he would drive its price down to zero.</i>”  Something to think about. What was Saunders to do?</p><p><blockquote>“<i>角落里最大的危险之一总是，即使一个玩家可能会击败他的对手，他也会发现他赢得了一场得不偿失的胜利。一旦卖空者被榨干，卖空者可能会发现他在这个过程中积累的大量股票是他脖子上的沉重负担；通过将其全部推回市场，他会将其价格降至零。</i>“值得思考的事情。桑德斯该怎么办？</blockquote></p><p>   “[  <i>Saunders’] solution was to sell his $55 shares on the installment plan. In his February advertisements, he stipulated that the public could buy shares only by paying $25 down and the balance in three $10 installments</i>.”  Pretty clever, no? No:</p><p><blockquote>“[<i>桑德斯的解决方案是出售分期付款计划中价值55美元的股票。在他二月份的广告中，他规定公众只需支付25美元的首付，余款分三期支付10美元即可购买股票</i>“很聪明，不是吗？没有：</blockquote></p><p>   “  <i>At the end of the third day, the total number of shares subscribed for was still under 25,000, and the sales that were made were canceled. Saunders had to admit that the drive had been a failure.”</i>  Uh oh. What now?</p><p><blockquote>“<i>在第三天结束时，认购的股份总数仍低于2.5万股，所做的卖出被取消。桑德斯不得不承认这次旅行是失败的。”</i>呃哦。现在怎么办？</blockquote></p><p>   <i>“On August 22nd, the New York auction firm of Adrian H. Muller &amp; Son…knocked down 1,500 shares of Piggly Wiggly at $1 a share…The following spring Saunders went through formal bankruptcy proceedings.”</i>  Ouch.</p><p><blockquote><i>“8月22日，Adrian H.Muller&amp;Son的纽约拍卖公司……以每股1美元的价格拍卖了1,500股Piggly Wiggly股票……第二年春天，Saunders进入了正式破产程序。”</i>哎哟。</blockquote></p><p> <b>Buyers beware</b></p><p><blockquote><b>买家当心</b></blockquote></p><p> As Jason Zweig noted above, speculators depend upon finding a buyer at a higher price. Today’s holders of AMC stock certainly have made life painful for many short sellers. But are there really enough new buyers to take out current shareholders above AMC’s present $28 billion market cap? Especially with the gravity of no earnings constantly weighing on the stock?</p><p><blockquote>正如杰森·茨威格上面指出的，投机者依赖于以更高的价格找到买家。如今AMC股票的持有者无疑让许多卖空者的生活变得痛苦。但真的有足够多的新买家来收购AMC目前280亿美元市值以上的现有股东吗？尤其是在没有盈利的情况下不断给股票带来压力的情况下？</blockquote></p><p></p><p> AMC shareholders, don’t win Clarence Saunders’ Pyrrhic victory. Take your $55 a share and run. Fast. Before the other speculating holders do so first.</p><p><blockquote>AMC股东们，不要赢得克拉伦斯·桑德斯得不偿失的胜利。拿着每股55美元跑吧。快的。在其他投机持有者首先这样做之前。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435360-amc-stock-danger-signals-for-investors-and-speculators\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4435360-amc-stock-danger-signals-for-investors-and-speculators","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131310015","content_text":"Summary\n\nI stand on the shoulder of giants to guide you on AMC.\nFor investors, the gravitational pull of no earning prospects provides little support to the stock.\nA century-old cautionary tale for speculators counting on a short squeeze.\nSell before the other speculators do.\n\nRgStudio/E+ via Getty Images\nWhat are we to make of the meme stock phenomena? I tookone stab at itwith AMC Entertainment Holdings, Inc.(NYSE:AMC)a few weeks ago. I’m back for more, after reading two interesting pieces. As Isaac Newton said in 1676, “If I have seen a little further it is by standing on the shoulders of Giants.” Now I’m no Isaac Newton. For one, I’m far better looking. But like Zeke – a nickname Isaac’s friends probably never used – I too stand on the shoulders of giants. In this case the shoulders of Jason Zweig, a wonderful financial markets writer forThe Wall Street Journal, and John Brooks, author of “Business Adventures”, a book recommended by Bill Gates. I will quote liberally from both in this article, then draw the line for you to AMC.\nInvestor vs. trader vs. speculator\nJason Zweig graphically distinguished between these three types of stock buyers in hisJune 11, 2021Wall Street Journalcolumn:\n\n “\n Whenever you buy any financial asset because you have a hunch or just for kicks, or because somebody famous is hyping the heck out of it, or everybody else seems to be buying it too, you aren’t investing.You’re definitely a trader: someone who has just bought an asset. And you may be a speculator: someone who thinks other people will pay more for it than you did.”“An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarily whether somebody else will pay more, regardless of fundamental value.”\n\nSo why has AMC’s stock price been on a tear? I have one informal data source, namely the 300+ comments on my June 4 AMC article. Earnings, income, growth in the value of assetsnevercame up. What did come up was “short squeeze” and stock charts. So I expect Mr. Zweig would describe AMC’s stock as driven by traders and speculators.\nMr. Zweig also made me realize that my AMC article left out an earnings forecast. I gave lots of data on historic trends, which only implied a future direction. I correct that omission here.\nA 2022 AMC earnings forecast\nI start with the key assumptions:\n\nMy time frame for reference is 2017 to 2019. Earlier data is less relevant because AMC made a big acquisition in 2016, and 2020 and 2021 data is even less relevant because of COVID.\nThe national box officeis the major assumption.My June 4 articleshows that movie attendance has been declining since 2002. What will box office be next year? The steady growth in streaming, both in subscribers and content, certainly is a headwind. And COVID logically should increase the shift from offsite (theater) entertainment to home entertainment, as it has for shopping and working. Holding movie attendance near its ’19 level would be a minor miracle. A 10%, or even a 20%, decline is far more likely. As you can see in the table above, I make 2022 AMC EPS forecasts using all three box office assumptions.\nAMC market share.I assume a share increase from AMC’s ’17-’19 level because some competing theaters must have dropped out because of COVID financial pressures.\nAdmissions gross margin.This is the profit from ticket sales less the cost of licensing movies from their producers. I hold AMC steady with ’17-’19, but I can also imagine that movie producers seek better terms because AMC has to bid against a growing pool of streaming services desperate for content.\nFood expenses as a percent of sales.I carry forward the shockingly low number. AMC, and presumably its peers, take their food and beverage costs andmultiply them by 7 in their pricing to us moviegoers.Smuggle in your own Jujifruits and save a bundle. My best financial advice for the year.\nFood and beverage sales as a percent of ticket prices.I assume that AMC’s trend of modest increases continues.\nOperating expensesare the cost of the theater personnel, utilities, etc. I assume the gradual uptrend in the operating expense ratio continues, for two reasons. One, these operating expenses are largely fixed, and revenues will be under pressure. Second, it seems logical that the current labor shortage will pressure pay levels for low-end theater jobs.\nWe’re now ready for my earnings and cash flow models:\n\nThe ’22 forecasts are set by the assumptions above through the “gross profit” line. My overhead expense forecast assumes that AMC is working hard to limit expenses through its challenging times:\n\nDepreciation/amortizationis a combination of accounting expenses for real estate and acquisitions. Write-downs taken during the pandemic should have reduced these expenses.\nInterest expenseshould decline as AMC pays down some debt with the equity it has been raising.\n\nThe gravitational pull of earnings\nWe arrive at the bottom line. The best-case scenario I can see for 2022 EPS is roughly breakeven. More likely is a modest loss. Cash flow should be somewhat worse, because the cash capital spending needed by AMC to keep its theaters attractive to a shrinking audience should exceed its non-cash depreciation/amortization expenses. If capital spending is much lower than I forecast, it is probably because AMC management is conceding that it is in a death spiral and wants to milk what cash it can.\nThe bottom line - no support for investors.AMC’s book value is negative. It appears incapable of earning any material money post-COVID. Its business is in long-term decline due to technology changes, and its new competitors are monster companies – Netflix, Disney, Comcast, etc. – with huge resources. An investor can only look at AMC’s current $55 stock price and with a shudder say, in the immortal words ofTrading Places, “Sell Mortimer, sell!”\nThe speculative play - a short squeeze: A historical cautionary tale\nMillennials did not invent the short squeeze. It has been around almost as long financial markets have existed. The bookBusiness Adventuresby John Brooks,published way back in 1969, tells a vivid tale of a short squeeze even farther back, in the early 1920s. Literally a century ago. I’m going to quote from the book to suggest how the story ends for speculations with no investor support. So pour yourself some illegal hooch (we’re heading to the Prohibition Era) and read on. This is the story of Clarence Saunders, the founder of Piggly Wiggly Stores, the first supermarket; the Amazon of his day.\nShorts went after Clarence’s stock in 1922, driving it from $50 to below $40. Saunders vowed revenge with a short squeeze. Here are excerpts of Mr. Brooks’ recounting of the story:\n\n “\n Saunders…bought 33,000 shares of Piggly Wiggly, mostly from short sellers; within a week he had brought the total to 105,000 – more than half of the 200,000 shares outstanding. The effectiveness of Saunders’ buying campaign was readily apparent; by late January of 1923 it had driven he price up over $60…”\n\nThe sole short squeezer of yore has been replaced by herds of “apes” today, and the apes have been far better in driving up prices. By the way, believe it or not, a group of apes is apparently called a “shrewdness”. A group of apes is shrewd – interesting.\n\n “\n He had made himself a bundle and had demonstrated how a poor Southern boy could teach the city slickers a lesson.”\n\nToday we have apes sticking it to hedge funds.\n\n “\n One of the great hazards in the Corner was always that even though a player might defeat his opponents, he would discover that he had won a Pyrrhic victory. Once the short sellers had been squeezed dry, the cornerer might find that the reams of stock he had accumulated in the process were a dead weight around his neck; by pushing it all back into the market, he would drive its price down to zero.”\n\nSomething to think about. What was Saunders to do?\n\n “[\n Saunders’] solution was to sell his $55 shares on the installment plan. In his February advertisements, he stipulated that the public could buy shares only by paying $25 down and the balance in three $10 installments.”\n\nPretty clever, no? No:\n\n “\n At the end of the third day, the total number of shares subscribed for was still under 25,000, and the sales that were made were canceled. Saunders had to admit that the drive had been a failure.”\n\nUh oh. What now?\n\n“On August 22nd, the New York auction firm of Adrian H. Muller & Son…knocked down 1,500 shares of Piggly Wiggly at $1 a share…The following spring Saunders went through formal bankruptcy proceedings.”\n\nOuch.\nBuyers beware\nAs Jason Zweig noted above, speculators depend upon finding a buyer at a higher price. Today’s holders of AMC stock certainly have made life painful for many short sellers. But are there really enough new buyers to take out current shareholders above AMC’s present $28 billion market cap? Especially with the gravity of no earnings constantly weighing on the stock?\nAMC shareholders, don’t win Clarence Saunders’ Pyrrhic victory. Take your $55 a share and run. Fast. Before the other speculating holders do so first.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327170566,"gmtCreate":1616074199055,"gmtModify":1631892153611,"author":{"id":"3579088932518063","authorId":"3579088932518063","name":"Strider88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579088932518063","idStr":"3579088932518063"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327170566","repostId":"1126528554","repostType":4,"repost":{"id":"1126528554","kind":"news","pubTimestamp":1616070017,"share":"https://www.laohu8.com/m/news/1126528554?lang=zh_CN&edition=full","pubTime":"2021-03-18 20:20","market":"us","language":"en","title":"7 Reasons to Avoid the Reddit Stocks Like the Plague<blockquote>像躲避瘟疫一样避开Reddit股票的7个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126528554","media":"Motley Fool","summary":"GameStop, AMC, Sundial, and many more Reddit stocks are bad news for investors.No matter how long yo","content":"<p><b>GameStop, AMC, Sundial, and many more Reddit stocks are bad news for investors.</b>No matter how long you've been investing, there's always something new to see. Last year, investors witnessed the fastest bear market decline of at least 30% in the<b>S&amp;P 500</b>'s history, as well as West Texas Intermediate crude oil futures plunging deeply (but briefly) into negative territory. This year, it's beenall about the Reddit frenzy.</p><p><blockquote><b>游戏驿站、AMC、Sundial和许多其他Reddit股票对投资者来说都是坏消息。</b>无论你投资了多久，总会有新的东西可以看。去年，投资者见证了最快的熊市下跌至少30%<b>标普500</b>的历史，以及西德克萨斯中质原油期货深度（但短暂）跌至负值区域。今年，一切都是关于Reddit的狂热。</blockquote></p><p>Without getting too far into the weeds, retail investors -- many of whom are young or novice investors -- on Reddit's WallStreetBets (WSB) community chatroom have effectively banded together to purchase shares and out-of-the-money call options on stocks with high levels of short interest. The goal of these WSB traders is to effect a short squeeze, which only fuels the upside in a momentum stock. Since most big short-sellers are institutional investors or hedge funds, the Reddit frenzy is being viewed as a battle between retail investors and the \"big money.\"</p><p><blockquote>Reddit的WallStreetBets(WSB)社区聊天室上的散户投资者（其中许多是年轻或新手投资者）实际上已经联合起来购买股票和价外看涨期权期权。空头兴趣较高的股票。这些WSB交易者的目标是进行轧空，这只会推动动量股的上涨。由于大多数大卖空者都是机构投资者或对冲基金，Reddit狂潮被视为散户投资者和“大资金”之间的战斗。</blockquote></p><p>While a number of Reddit stocks have skyrocketed, the vast majority are extremely dangerous investments. Here are seven sound reasons to avoid the Reddit stocks like the plague.</p><p><blockquote>虽然许多Reddit股票飙升，但绝大多数都是极其危险的投资。以下是像躲避瘟疫一样避开Reddit股票的七个充分理由。</blockquote></p><p><b>1. They've detached from their underlying fundamentals</b></p><p><blockquote><b>1.他们已经脱离了他们的基本原则</b></blockquote></p><p>Arguably the biggest problem with the Reddit-stock rally is that there's no way to justify the underlying fundamentals for these companies.</p><p><blockquote>可以说，Reddit股票上涨的最大问题是无法证明这些公司的基本面是合理的。</blockquote></p><p>Take video game and accessories retailer<b>GameStop</b>(NYSE:GME)as the perfect example. Though its e-commerce sales during the 2020 holiday season catapulted 309%,total sales still declined by 3%as a result of the company shuttering 11% of its stores. After waiting far too long to focus on digital gaming, GameStop's game plan is pretty much to close physical locations in an effort to cut costs and backpedal its way into profitability.</p><p><blockquote>以视频游戏和配件零售商为例<b>游戏驿站</b>（纽约证券交易所代码：GME）就是一个完美的例子。尽管2020年假期期间其电子商务销售额猛增309%，但由于该公司关闭了11%的商店，总销售额仍下降了3%。在等待太久才专注于数字游戏之后，游戏驿站的游戏计划几乎是关闭实体店，以削减成本并扭转盈利局面。</blockquote></p><p>Then there's headphone, headset, and Bluetooth speaker-manufacturer<b>Koss</b>(NASDAQ:KOSS). After consistently trading at 0.5 to 1.1 times sales over the last decade, Koss is now valued at an estimated 11 to 12 times sales. Mind you, this is a company operating in a highly commoditized and generally low-margin industry that's lost money in three of the past four years. There'sno way to justify its valuation.</p><p><blockquote>然后是耳机、头戴式耳机和蓝牙扬声器-制造商<b>科斯</b>（纳斯达克：科斯）。在过去十年中，Koss的交易价格一直是销售额的0.5至1.1倍，现在的估值估计是销售额的11至12倍。请注意，这是一家在高度商品化且利润率普遍较低的行业运营的公司，在过去四年中有三年亏损。没有办法证明它的估值是合理的。</blockquote></p><p><b>2. They're often serial diluters</b></p><p><blockquote><b>2.它们通常是连续稀释器</b></blockquote></p><p>When questionable stocks take off, you can usually count on the management teams behind these companies to use this gift as an opportunity to raise capital. In layman's terms, this means shareholders are forced to deal with dilution.</p><p><blockquote>当有问题的股票起飞时，你通常可以指望这些公司背后的管理团队利用这份礼物作为筹集资金的机会。通俗地说，这意味着股东被迫应对稀释问题。</blockquote></p><p>Canadianmarijuana stock<b>Sundial Growers</b>(NASDAQ:SNDL)has raised more than $600 million in cash in a very short time frame. However, the numerous registered direct offerings, at-the-market offerings, and debt-to-equity swaps it undertookincreased its outstanding share countby approximately 1.15 billion shares in five months. Sundial's board also recently OK'd another mixed-shelf offering that would allow it to sell up to $1 billion in securities over time.</p><p><blockquote>加拿大大麻库存<b>日晷种植者</b>（纳斯达克：SNDL）在很短的时间内筹集了超过6亿美元的现金。然而，其进行的大量注册直接发行、市场发行和债转股使其流通股数量在五个月内增加了约11.5亿股。Sundial董事会最近还批准了另一项混合发行，这将使其能够随着时间的推移出售最多10亿美元的证券。</blockquote></p><p>Even if Sundial were to somehow become profitable and effectively put its cash to work, it'll be almost impossible for the company to generate a meaningful per-share profit with 1.66 billion shares outstanding. Without a reverse split, Sundial could regularly flirt with delisting.</p><p><blockquote>即使Sundial以某种方式实现盈利并有效地将现金投入使用，该公司拥有16.6亿股已发行股票，也几乎不可能产生有意义的每股利润。如果没有反向拆分，Sundial可能会经常面临退市的风险。</blockquote></p><p><b>3. They usually lose money</b></p><p><blockquote><b>3.他们通常会赔钱</b></blockquote></p><p>A common theme among the Reddit stocks is that most aren't anywhere close to profitability. For instance, intimate apparel and swimwear retailer<b>Naked Brand Group</b>(NASDAQ:NAKD)has been popular both for its high level of short interest and its penny stock share price.</p><p><blockquote>Reddit股票的一个共同主题是大多数股票都远未实现盈利。例如，贴身服装和泳装零售商<b>裸体品牌集团</b>（纳斯达克：NAKD）因其高水平的空头兴趣和细价股股价而广受欢迎。</blockquote></p><p>However, one thing you're not going to find with this company is profits.Sales have been on the decline since 2018, and the company hasn't produced a full-year profit in at least a half-decade. While it's possible Naked Brands' shift to an e-commerce-focused model could help lower its overhead enough to make it profitable, it's far from a guarantee. The retail space is highly competitive, and even successful retailers sport only modest operating margins, at best.</p><p><blockquote>然而，有一点你在这家公司找不到，那就是利润。自2018年以来，销售额一直在下降，该公司至少五年来没有实现全年利润。虽然Naked Brands转向以电子商务为中心的模式可能有助于降低其管理费用，使其盈利，但这远不能保证。零售领域竞争激烈，即使是成功的零售商充其量也只有适度的营业利润。</blockquote></p><p>It's worth pointing out that GameStop and Sundial are losing quite a bit of money, too -- as are most of the other Reddit stocks I'll be mentioning below.</p><p><blockquote>值得指出的是，游戏驿站和Sundial也损失了相当多的钱——我下面将提到的大多数其他Reddit股票也是如此。</blockquote></p><p><b>4. Some lack innovation</b></p><p><blockquote><b>四、有的缺乏创新</b></blockquote></p><p>Another issue with some of the Reddit stocks is that they lack true innovation. This can be seen in cryptocurrency miners<b>Riot Blockchain</b>(NASDAQ:RIOT)and<b>Marathon Digital Holdings</b>(NASDAQ:MARA), which have both been popular stocks within the WSB community.</p><p><blockquote>一些Reddit股票的另一个问题是它们缺乏真正的创新。这可以在加密货币矿工身上看到<b>防暴区块链</b>（纳斯达克：暴动）及<b>马拉松数字控股</b>（纳斯达克：MARA），这两只股票都是WSB社区内的热门股票。</blockquote></p><p>Thesecryptocurrency miningcompanies use high-powered computers to solve complex mathematical equations to validate groups of transactions (known as a block) on<b>Bitcoin</b>'s(CRYPTO:BTC)network. For doing so, they're given a block reward of 6.25 Bitcoin. That's worth close to $350,000. As the price of Bitcoin has risen, so have the share prices of Riot and Marathon Digital.</p><p><blockquote>这些加密货币挖矿公司使用高性能计算机来求解复杂的数学方程，以验证交易组（称为区块）<b>比特币</b>的（加密货币：BTC）网络。为此，他们将获得6.25比特币的整体奖励。价值接近35万美元。随着比特币价格的上涨，Riot和Marathon Digital的股价也在上涨。</blockquote></p><p></p><p>The problem with these stocks is they're completely tethered to the performance of Bitcoin. Over the last decade, the world's largest digital token plunged by 80% on three separate occasions. If that were to happen again, it's not even clear if the crypto mining operating model would survive.Devoid of innovation, Riot and Marathon are essentially crossing their proverbial fingers and hoping Bitcoin goes up.</p><p><blockquote>这些股票的问题在于它们完全与比特币的表现挂钩。在过去十年中，全球最大的数字代币曾三次暴跌80%。如果这种情况再次发生，甚至不清楚加密货币挖矿运营模式是否能够生存。由于缺乏创新，Riot和Marathon本质上都在祈祷，希望比特币崛起。</blockquote></p><p><b>5. Quite a few are penny stocks</b></p><p><blockquote><b>5.相当一部分是细价股</b></blockquote></p><p>Retail investors in the WSB community have also been piling intopenny stocks, some of which are heavily sold short. Though penny stocks aren't inherently bad news, the vast majority of companies with share prices below $5 are \"cheap\" for a good reason.</p><p><blockquote>WSB社区的散户投资者也一直在涌入细价股，其中一些股票被大量卖空。尽管细价股本质上并不是坏消息，但绝大多数股价低于5美元的公司“便宜”是有充分理由的。</blockquote></p><p>Veterinary healthcare company<b>Zomedica</b>(NYSEMKT:ZOM)has been an especially popular penny stock with the Reddit crowd. Zomedica first received a boost in January after<i>Tiger King</i>star Carole Baskin mentioned the stock -- a mention Baskin was compensated for -- in a video posted to YouTube. Zomedica's shares gained further traction after the company announced plans to launch its Truforma point-of-care diagnostics system at the end of March.</p><p><blockquote>兽医保健公司<b>佐梅迪卡</b>（NYSEMKT：ZOM）一直是Reddit人群中特别受欢迎的细价股。Zomedica在一月份首次获得提振<i>虎王</i>明星卡罗尔·巴斯金(Carole Baskin)在YouTube上发布的一段视频中提到了该股票——巴斯金因此获得了补偿。Zomedica宣布计划于3月底推出Truforma床旁诊断系统后，该公司股价进一步上涨。</blockquote></p><p>But up to this point, Zomedica has been a developmental-stage company with no revenue. Even after Truforma officially hits the market, Wall Street is only counting on a little north of $20 million in sales by 2023. That'speanuts compared to Zomedica's $2.4 billion valuation.</p><p><blockquote>但到目前为止，Zomedica一直是一家处于发展阶段的公司，没有收入。即使Truforma正式上市后，华尔街预计到2023年销售额也仅略高于2000万美元。与Zomedica 24亿美元的估值相比，这是微不足道的。</blockquote></p><p><b>6. Some may not survive</b></p><p><blockquote><b>6.有些可能无法存活</b></blockquote></p><p>There's also the very real possibility that some of the Reddit stocks being pumped by retail investors may not even survive.</p><p><blockquote>还有一种非常现实的可能性是，散户投资者买入的一些Reddit股票甚至可能无法生存。</blockquote></p><p>Movie-theater chain<b>AMC Entertainment</b>(NYSE:AMC), arguably the most-popular WSB stock next to GameStop, came perilously close to filing for bankruptcy earlier this year. All that saved AMC was the issuance of nearly 165 million shares of AMC stock and more than $400 million in debt capital.</p><p><blockquote>连锁电影院<b>AMC院线</b>（纽约证券交易所股票代码：AMC）可以说是仅次于游戏驿站的最受欢迎的WSB股票，今年早些时候险些申请破产。拯救AMC的只是发行了近1.65亿股AMC股票和超过4亿美元的债务资本。</blockquote></p><p>But even with this capital,it's not certain that AMC will be around in a few years. Coronavirus variants threaten to upend a return to societal norms, and select streaming services are encroaching on theaters' once-sacred space.<b>AT&amp;T</b>&nbsp;subsidiary WarnerMedia is releasing all of its movies on HBO Max this year the same day they'll hit theaters. With movie exclusivity now being called into question, AMC's best days look to be long gone.</p><p><blockquote>但即使有了这笔资金，也不确定几年后AMC是否会存在。冠状病毒变种有可能颠覆社会规范的回归，而精选的流媒体服务正在侵蚀影院曾经神圣的空间。<b>AT&amp;T</b>子公司WarnerMedia今年将在HBO Max上发布其所有电影，并在影院上映的同一天发布。随着电影排他性现在受到质疑，AMC最好的日子似乎已经一去不复返了。</blockquote></p><p><b>7. Margin use is a concern</b></p><p><blockquote><b>7.保证金使用是一个问题</b></blockquote></p><p>A seventh and final reason to avoid the Reddit stocks like the plague is thehigh amount of leverage being used by retail investors.</p><p><blockquote>像躲避瘟疫一样避开Reddit股票的第七个也是最后一个原因是散户投资者使用的大量杠杆。</blockquote></p><p>According to a Harris Poll of retail investors conducted back in September 2020, 23% had purchased options, 10% were using margin to buy equities, and another 10% were both buying equities on margin and purchasing options. In other words, 43% of all retail investors were speculating with market timing and/or using leverage in an attempt to pump up their gains.</p><p><blockquote>根据哈里斯2020年9月对散户投资者进行的民意调查，23%的人购买了期权，10%的人使用保证金购买股票，另外10%的人同时通过保证金购买股票并购买期权。换句话说，43%的散户投资者利用市场时机和/或利用杠杆进行投机，试图提高收益。</blockquote></p><p>The problem is that market timing doesn't work with any degree of accuracy over the long run, and stock prices can (and do) move in both directions. If equities get moving in the wrong direction with retail investors highly levered, it's possible we could see a number of Reddit stocks get absolutely throttled due to margin calls.</p><p><blockquote>问题是，从长远来看，市场时机并不具有任何程度的准确性，股票价格可以（也确实）双向波动。如果股市在散户投资者高杠杆的情况下朝着错误的方向发展，我们可能会看到许多Reddit股票因保证金评级而受到绝对抑制。</blockquote></p><p>There's simply no reason for fundamentally focused, long-term investors to chase any of the Reddit stocks.</p><p><blockquote>关注基本面的长期投资者根本没有理由追逐任何Reddit股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>7 Reasons to Avoid the Reddit Stocks Like the Plague<blockquote>像躲避瘟疫一样避开Reddit股票的7个理由</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\">\n7 Reasons to Avoid the Reddit Stocks Like the Plague<blockquote>像躲避瘟疫一样避开Reddit股票的7个理由</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\">2021-03-18 20:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>GameStop, AMC, Sundial, and many more Reddit stocks are bad news for investors.</b>No matter how long you've been investing, there's always something new to see. Last year, investors witnessed the fastest bear market decline of at least 30% in the<b>S&amp;P 500</b>'s history, as well as West Texas Intermediate crude oil futures plunging deeply (but briefly) into negative territory. This year, it's beenall about the Reddit frenzy.</p><p><blockquote><b>游戏驿站、AMC、Sundial和许多其他Reddit股票对投资者来说都是坏消息。</b>无论你投资了多久，总会有新的东西可以看。去年，投资者见证了最快的熊市下跌至少30%<b>标普500</b>的历史，以及西德克萨斯中质原油期货深度（但短暂）跌至负值区域。今年，一切都是关于Reddit的狂热。</blockquote></p><p>Without getting too far into the weeds, retail investors -- many of whom are young or novice investors -- on Reddit's WallStreetBets (WSB) community chatroom have effectively banded together to purchase shares and out-of-the-money call options on stocks with high levels of short interest. The goal of these WSB traders is to effect a short squeeze, which only fuels the upside in a momentum stock. Since most big short-sellers are institutional investors or hedge funds, the Reddit frenzy is being viewed as a battle between retail investors and the \"big money.\"</p><p><blockquote>Reddit的WallStreetBets(WSB)社区聊天室上的散户投资者（其中许多是年轻或新手投资者）实际上已经联合起来购买股票和价外看涨期权期权。空头兴趣较高的股票。这些WSB交易者的目标是进行轧空，这只会推动动量股的上涨。由于大多数大卖空者都是机构投资者或对冲基金，Reddit狂潮被视为散户投资者和“大资金”之间的战斗。</blockquote></p><p>While a number of Reddit stocks have skyrocketed, the vast majority are extremely dangerous investments. Here are seven sound reasons to avoid the Reddit stocks like the plague.</p><p><blockquote>虽然许多Reddit股票飙升，但绝大多数都是极其危险的投资。以下是像躲避瘟疫一样避开Reddit股票的七个充分理由。</blockquote></p><p><b>1. They've detached from their underlying fundamentals</b></p><p><blockquote><b>1.他们已经脱离了他们的基本原则</b></blockquote></p><p>Arguably the biggest problem with the Reddit-stock rally is that there's no way to justify the underlying fundamentals for these companies.</p><p><blockquote>可以说，Reddit股票上涨的最大问题是无法证明这些公司的基本面是合理的。</blockquote></p><p>Take video game and accessories retailer<b>GameStop</b>(NYSE:GME)as the perfect example. Though its e-commerce sales during the 2020 holiday season catapulted 309%,total sales still declined by 3%as a result of the company shuttering 11% of its stores. After waiting far too long to focus on digital gaming, GameStop's game plan is pretty much to close physical locations in an effort to cut costs and backpedal its way into profitability.</p><p><blockquote>以视频游戏和配件零售商为例<b>游戏驿站</b>（纽约证券交易所代码：GME）就是一个完美的例子。尽管2020年假期期间其电子商务销售额猛增309%，但由于该公司关闭了11%的商店，总销售额仍下降了3%。在等待太久才专注于数字游戏之后，游戏驿站的游戏计划几乎是关闭实体店，以削减成本并扭转盈利局面。</blockquote></p><p>Then there's headphone, headset, and Bluetooth speaker-manufacturer<b>Koss</b>(NASDAQ:KOSS). After consistently trading at 0.5 to 1.1 times sales over the last decade, Koss is now valued at an estimated 11 to 12 times sales. Mind you, this is a company operating in a highly commoditized and generally low-margin industry that's lost money in three of the past four years. There'sno way to justify its valuation.</p><p><blockquote>然后是耳机、头戴式耳机和蓝牙扬声器-制造商<b>科斯</b>（纳斯达克：科斯）。在过去十年中，Koss的交易价格一直是销售额的0.5至1.1倍，现在的估值估计是销售额的11至12倍。请注意，这是一家在高度商品化且利润率普遍较低的行业运营的公司，在过去四年中有三年亏损。没有办法证明它的估值是合理的。</blockquote></p><p><b>2. They're often serial diluters</b></p><p><blockquote><b>2.它们通常是连续稀释器</b></blockquote></p><p>When questionable stocks take off, you can usually count on the management teams behind these companies to use this gift as an opportunity to raise capital. In layman's terms, this means shareholders are forced to deal with dilution.</p><p><blockquote>当有问题的股票起飞时，你通常可以指望这些公司背后的管理团队利用这份礼物作为筹集资金的机会。通俗地说，这意味着股东被迫应对稀释问题。</blockquote></p><p>Canadianmarijuana stock<b>Sundial Growers</b>(NASDAQ:SNDL)has raised more than $600 million in cash in a very short time frame. However, the numerous registered direct offerings, at-the-market offerings, and debt-to-equity swaps it undertookincreased its outstanding share countby approximately 1.15 billion shares in five months. Sundial's board also recently OK'd another mixed-shelf offering that would allow it to sell up to $1 billion in securities over time.</p><p><blockquote>加拿大大麻库存<b>日晷种植者</b>（纳斯达克：SNDL）在很短的时间内筹集了超过6亿美元的现金。然而，其进行的大量注册直接发行、市场发行和债转股使其流通股数量在五个月内增加了约11.5亿股。Sundial董事会最近还批准了另一项混合发行，这将使其能够随着时间的推移出售最多10亿美元的证券。</blockquote></p><p>Even if Sundial were to somehow become profitable and effectively put its cash to work, it'll be almost impossible for the company to generate a meaningful per-share profit with 1.66 billion shares outstanding. Without a reverse split, Sundial could regularly flirt with delisting.</p><p><blockquote>即使Sundial以某种方式实现盈利并有效地将现金投入使用，该公司拥有16.6亿股已发行股票，也几乎不可能产生有意义的每股利润。如果没有反向拆分，Sundial可能会经常面临退市的风险。</blockquote></p><p><b>3. They usually lose money</b></p><p><blockquote><b>3.他们通常会赔钱</b></blockquote></p><p>A common theme among the Reddit stocks is that most aren't anywhere close to profitability. For instance, intimate apparel and swimwear retailer<b>Naked Brand Group</b>(NASDAQ:NAKD)has been popular both for its high level of short interest and its penny stock share price.</p><p><blockquote>Reddit股票的一个共同主题是大多数股票都远未实现盈利。例如，贴身服装和泳装零售商<b>裸体品牌集团</b>（纳斯达克：NAKD）因其高水平的空头兴趣和细价股股价而广受欢迎。</blockquote></p><p>However, one thing you're not going to find with this company is profits.Sales have been on the decline since 2018, and the company hasn't produced a full-year profit in at least a half-decade. While it's possible Naked Brands' shift to an e-commerce-focused model could help lower its overhead enough to make it profitable, it's far from a guarantee. The retail space is highly competitive, and even successful retailers sport only modest operating margins, at best.</p><p><blockquote>然而，有一点你在这家公司找不到，那就是利润。自2018年以来，销售额一直在下降，该公司至少五年来没有实现全年利润。虽然Naked Brands转向以电子商务为中心的模式可能有助于降低其管理费用，使其盈利，但这远不能保证。零售领域竞争激烈，即使是成功的零售商充其量也只有适度的营业利润。</blockquote></p><p>It's worth pointing out that GameStop and Sundial are losing quite a bit of money, too -- as are most of the other Reddit stocks I'll be mentioning below.</p><p><blockquote>值得指出的是，游戏驿站和Sundial也损失了相当多的钱——我下面将提到的大多数其他Reddit股票也是如此。</blockquote></p><p><b>4. Some lack innovation</b></p><p><blockquote><b>四、有的缺乏创新</b></blockquote></p><p>Another issue with some of the Reddit stocks is that they lack true innovation. This can be seen in cryptocurrency miners<b>Riot Blockchain</b>(NASDAQ:RIOT)and<b>Marathon Digital Holdings</b>(NASDAQ:MARA), which have both been popular stocks within the WSB community.</p><p><blockquote>一些Reddit股票的另一个问题是它们缺乏真正的创新。这可以在加密货币矿工身上看到<b>防暴区块链</b>（纳斯达克：暴动）及<b>马拉松数字控股</b>（纳斯达克：MARA），这两只股票都是WSB社区内的热门股票。</blockquote></p><p>Thesecryptocurrency miningcompanies use high-powered computers to solve complex mathematical equations to validate groups of transactions (known as a block) on<b>Bitcoin</b>'s(CRYPTO:BTC)network. For doing so, they're given a block reward of 6.25 Bitcoin. That's worth close to $350,000. As the price of Bitcoin has risen, so have the share prices of Riot and Marathon Digital.</p><p><blockquote>这些加密货币挖矿公司使用高性能计算机来求解复杂的数学方程，以验证交易组（称为区块）<b>比特币</b>的（加密货币：BTC）网络。为此，他们将获得6.25比特币的整体奖励。价值接近35万美元。随着比特币价格的上涨，Riot和Marathon Digital的股价也在上涨。</blockquote></p><p></p><p>The problem with these stocks is they're completely tethered to the performance of Bitcoin. Over the last decade, the world's largest digital token plunged by 80% on three separate occasions. If that were to happen again, it's not even clear if the crypto mining operating model would survive.Devoid of innovation, Riot and Marathon are essentially crossing their proverbial fingers and hoping Bitcoin goes up.</p><p><blockquote>这些股票的问题在于它们完全与比特币的表现挂钩。在过去十年中，全球最大的数字代币曾三次暴跌80%。如果这种情况再次发生，甚至不清楚加密货币挖矿运营模式是否能够生存。由于缺乏创新，Riot和Marathon本质上都在祈祷，希望比特币崛起。</blockquote></p><p><b>5. Quite a few are penny stocks</b></p><p><blockquote><b>5.相当一部分是细价股</b></blockquote></p><p>Retail investors in the WSB community have also been piling intopenny stocks, some of which are heavily sold short. Though penny stocks aren't inherently bad news, the vast majority of companies with share prices below $5 are \"cheap\" for a good reason.</p><p><blockquote>WSB社区的散户投资者也一直在涌入细价股，其中一些股票被大量卖空。尽管细价股本质上并不是坏消息，但绝大多数股价低于5美元的公司“便宜”是有充分理由的。</blockquote></p><p>Veterinary healthcare company<b>Zomedica</b>(NYSEMKT:ZOM)has been an especially popular penny stock with the Reddit crowd. Zomedica first received a boost in January after<i>Tiger King</i>star Carole Baskin mentioned the stock -- a mention Baskin was compensated for -- in a video posted to YouTube. Zomedica's shares gained further traction after the company announced plans to launch its Truforma point-of-care diagnostics system at the end of March.</p><p><blockquote>兽医保健公司<b>佐梅迪卡</b>（NYSEMKT：ZOM）一直是Reddit人群中特别受欢迎的细价股。Zomedica在一月份首次获得提振<i>虎王</i>明星卡罗尔·巴斯金(Carole Baskin)在YouTube上发布的一段视频中提到了该股票——巴斯金因此获得了补偿。Zomedica宣布计划于3月底推出Truforma床旁诊断系统后，该公司股价进一步上涨。</blockquote></p><p>But up to this point, Zomedica has been a developmental-stage company with no revenue. Even after Truforma officially hits the market, Wall Street is only counting on a little north of $20 million in sales by 2023. That'speanuts compared to Zomedica's $2.4 billion valuation.</p><p><blockquote>但到目前为止，Zomedica一直是一家处于发展阶段的公司，没有收入。即使Truforma正式上市后，华尔街预计到2023年销售额也仅略高于2000万美元。与Zomedica 24亿美元的估值相比，这是微不足道的。</blockquote></p><p><b>6. Some may not survive</b></p><p><blockquote><b>6.有些可能无法存活</b></blockquote></p><p>There's also the very real possibility that some of the Reddit stocks being pumped by retail investors may not even survive.</p><p><blockquote>还有一种非常现实的可能性是，散户投资者买入的一些Reddit股票甚至可能无法生存。</blockquote></p><p>Movie-theater chain<b>AMC Entertainment</b>(NYSE:AMC), arguably the most-popular WSB stock next to GameStop, came perilously close to filing for bankruptcy earlier this year. All that saved AMC was the issuance of nearly 165 million shares of AMC stock and more than $400 million in debt capital.</p><p><blockquote>连锁电影院<b>AMC院线</b>（纽约证券交易所股票代码：AMC）可以说是仅次于游戏驿站的最受欢迎的WSB股票，今年早些时候险些申请破产。拯救AMC的只是发行了近1.65亿股AMC股票和超过4亿美元的债务资本。</blockquote></p><p>But even with this capital,it's not certain that AMC will be around in a few years. Coronavirus variants threaten to upend a return to societal norms, and select streaming services are encroaching on theaters' once-sacred space.<b>AT&amp;T</b>&nbsp;subsidiary WarnerMedia is releasing all of its movies on HBO Max this year the same day they'll hit theaters. With movie exclusivity now being called into question, AMC's best days look to be long gone.</p><p><blockquote>但即使有了这笔资金，也不确定几年后AMC是否会存在。冠状病毒变种有可能颠覆社会规范的回归，而精选的流媒体服务正在侵蚀影院曾经神圣的空间。<b>AT&amp;T</b>子公司WarnerMedia今年将在HBO Max上发布其所有电影，并在影院上映的同一天发布。随着电影排他性现在受到质疑，AMC最好的日子似乎已经一去不复返了。</blockquote></p><p><b>7. Margin use is a concern</b></p><p><blockquote><b>7.保证金使用是一个问题</b></blockquote></p><p>A seventh and final reason to avoid the Reddit stocks like the plague is thehigh amount of leverage being used by retail investors.</p><p><blockquote>像躲避瘟疫一样避开Reddit股票的第七个也是最后一个原因是散户投资者使用的大量杠杆。</blockquote></p><p>According to a Harris Poll of retail investors conducted back in September 2020, 23% had purchased options, 10% were using margin to buy equities, and another 10% were both buying equities on margin and purchasing options. In other words, 43% of all retail investors were speculating with market timing and/or using leverage in an attempt to pump up their gains.</p><p><blockquote>根据哈里斯2020年9月对散户投资者进行的民意调查，23%的人购买了期权，10%的人使用保证金购买股票，另外10%的人同时通过保证金购买股票并购买期权。换句话说，43%的散户投资者利用市场时机和/或利用杠杆进行投机，试图提高收益。</blockquote></p><p>The problem is that market timing doesn't work with any degree of accuracy over the long run, and stock prices can (and do) move in both directions. If equities get moving in the wrong direction with retail investors highly levered, it's possible we could see a number of Reddit stocks get absolutely throttled due to margin calls.</p><p><blockquote>问题是，从长远来看，市场时机并不具有任何程度的准确性，股票价格可以（也确实）双向波动。如果股市在散户投资者高杠杆的情况下朝着错误的方向发展，我们可能会看到许多Reddit股票因保证金评级而受到绝对抑制。</blockquote></p><p>There's simply no reason for fundamentally focused, long-term investors to chase any of the Reddit stocks.</p><p><blockquote>关注基本面的长期投资者根本没有理由追逐任何Reddit股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/18/7-reasons-to-avoid-reddit-stocks-like-the-plague/\">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":{},"source_url":"https://www.fool.com/investing/2021/03/18/7-reasons-to-avoid-reddit-stocks-like-the-plague/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126528554","content_text":"GameStop, AMC, Sundial, and many more Reddit stocks are bad news for investors.No matter how long you've been investing, there's always something new to see. Last year, investors witnessed the fastest bear market decline of at least 30% in theS&P 500's history, as well as West Texas Intermediate crude oil futures plunging deeply (but briefly) into negative territory. This year, it's beenall about the Reddit frenzy.Without getting too far into the weeds, retail investors -- many of whom are young or novice investors -- on Reddit's WallStreetBets (WSB) community chatroom have effectively banded together to purchase shares and out-of-the-money call options on stocks with high levels of short interest. The goal of these WSB traders is to effect a short squeeze, which only fuels the upside in a momentum stock. Since most big short-sellers are institutional investors or hedge funds, the Reddit frenzy is being viewed as a battle between retail investors and the \"big money.\"While a number of Reddit stocks have skyrocketed, the vast majority are extremely dangerous investments. Here are seven sound reasons to avoid the Reddit stocks like the plague.1. They've detached from their underlying fundamentalsArguably the biggest problem with the Reddit-stock rally is that there's no way to justify the underlying fundamentals for these companies.Take video game and accessories retailerGameStop(NYSE:GME)as the perfect example. Though its e-commerce sales during the 2020 holiday season catapulted 309%,total sales still declined by 3%as a result of the company shuttering 11% of its stores. After waiting far too long to focus on digital gaming, GameStop's game plan is pretty much to close physical locations in an effort to cut costs and backpedal its way into profitability.Then there's headphone, headset, and Bluetooth speaker-manufacturerKoss(NASDAQ:KOSS). After consistently trading at 0.5 to 1.1 times sales over the last decade, Koss is now valued at an estimated 11 to 12 times sales. Mind you, this is a company operating in a highly commoditized and generally low-margin industry that's lost money in three of the past four years. There'sno way to justify its valuation.2. They're often serial dilutersWhen questionable stocks take off, you can usually count on the management teams behind these companies to use this gift as an opportunity to raise capital. In layman's terms, this means shareholders are forced to deal with dilution.Canadianmarijuana stockSundial Growers(NASDAQ:SNDL)has raised more than $600 million in cash in a very short time frame. However, the numerous registered direct offerings, at-the-market offerings, and debt-to-equity swaps it undertookincreased its outstanding share countby approximately 1.15 billion shares in five months. Sundial's board also recently OK'd another mixed-shelf offering that would allow it to sell up to $1 billion in securities over time.Even if Sundial were to somehow become profitable and effectively put its cash to work, it'll be almost impossible for the company to generate a meaningful per-share profit with 1.66 billion shares outstanding. Without a reverse split, Sundial could regularly flirt with delisting.3. They usually lose moneyA common theme among the Reddit stocks is that most aren't anywhere close to profitability. For instance, intimate apparel and swimwear retailerNaked Brand Group(NASDAQ:NAKD)has been popular both for its high level of short interest and its penny stock share price.However, one thing you're not going to find with this company is profits.Sales have been on the decline since 2018, and the company hasn't produced a full-year profit in at least a half-decade. While it's possible Naked Brands' shift to an e-commerce-focused model could help lower its overhead enough to make it profitable, it's far from a guarantee. The retail space is highly competitive, and even successful retailers sport only modest operating margins, at best.It's worth pointing out that GameStop and Sundial are losing quite a bit of money, too -- as are most of the other Reddit stocks I'll be mentioning below.4. Some lack innovationAnother issue with some of the Reddit stocks is that they lack true innovation. This can be seen in cryptocurrency minersRiot Blockchain(NASDAQ:RIOT)andMarathon Digital Holdings(NASDAQ:MARA), which have both been popular stocks within the WSB community.Thesecryptocurrency miningcompanies use high-powered computers to solve complex mathematical equations to validate groups of transactions (known as a block) onBitcoin's(CRYPTO:BTC)network. For doing so, they're given a block reward of 6.25 Bitcoin. That's worth close to $350,000. As the price of Bitcoin has risen, so have the share prices of Riot and Marathon Digital.The problem with these stocks is they're completely tethered to the performance of Bitcoin. Over the last decade, the world's largest digital token plunged by 80% on three separate occasions. If that were to happen again, it's not even clear if the crypto mining operating model would survive.Devoid of innovation, Riot and Marathon are essentially crossing their proverbial fingers and hoping Bitcoin goes up.5. Quite a few are penny stocksRetail investors in the WSB community have also been piling intopenny stocks, some of which are heavily sold short. Though penny stocks aren't inherently bad news, the vast majority of companies with share prices below $5 are \"cheap\" for a good reason.Veterinary healthcare companyZomedica(NYSEMKT:ZOM)has been an especially popular penny stock with the Reddit crowd. Zomedica first received a boost in January afterTiger Kingstar Carole Baskin mentioned the stock -- a mention Baskin was compensated for -- in a video posted to YouTube. Zomedica's shares gained further traction after the company announced plans to launch its Truforma point-of-care diagnostics system at the end of March.But up to this point, Zomedica has been a developmental-stage company with no revenue. Even after Truforma officially hits the market, Wall Street is only counting on a little north of $20 million in sales by 2023. That'speanuts compared to Zomedica's $2.4 billion valuation.6. Some may not surviveThere's also the very real possibility that some of the Reddit stocks being pumped by retail investors may not even survive.Movie-theater chainAMC Entertainment(NYSE:AMC), arguably the most-popular WSB stock next to GameStop, came perilously close to filing for bankruptcy earlier this year. All that saved AMC was the issuance of nearly 165 million shares of AMC stock and more than $400 million in debt capital.But even with this capital,it's not certain that AMC will be around in a few years. Coronavirus variants threaten to upend a return to societal norms, and select streaming services are encroaching on theaters' once-sacred space.AT&T subsidiary WarnerMedia is releasing all of its movies on HBO Max this year the same day they'll hit theaters. With movie exclusivity now being called into question, AMC's best days look to be long gone.7. Margin use is a concernA seventh and final reason to avoid the Reddit stocks like the plague is thehigh amount of leverage being used by retail investors.According to a Harris Poll of retail investors conducted back in September 2020, 23% had purchased options, 10% were using margin to buy equities, and another 10% were both buying equities on margin and purchasing options. In other words, 43% of all retail investors were speculating with market timing and/or using leverage in an attempt to pump up their gains.The problem is that market timing doesn't work with any degree of accuracy over the long run, and stock prices can (and do) move in both directions. If equities get moving in the wrong direction with retail investors highly levered, it's possible we could see a number of Reddit stocks get absolutely throttled due to margin calls.There's simply no reason for fundamentally focused, long-term investors to chase any of the Reddit stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327170170,"gmtCreate":1616074148390,"gmtModify":1631892153612,"author":{"id":"3579088932518063","authorId":"3579088932518063","name":"Strider88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579088932518063","idStr":"3579088932518063"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327170170","repostId":"1162260876","repostType":4,"repost":{"id":"1162260876","kind":"news","pubTimestamp":1616070584,"share":"https://www.laohu8.com/m/news/1162260876?lang=zh_CN&edition=full","pubTime":"2021-03-18 20:29","market":"us","language":"en","title":"2 Tech Stocks That Could Make You Rich<blockquote>2只可以让你致富的科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162260876","media":"Motley Fool","summary":"These tech companies are disrupting the status quo -- that could mean big gains for investors.\n\nAs t","content":"<p>  <b>These tech companies are disrupting the status quo -- that could mean big gains for investors.</b>  As time passes and technology changes, some well-established enterprises will fade from relevance as lesser-known start-ups rise in their place. The tricky part is finding those potentially life-changing investments early on.</p><p><blockquote><b>这些科技公司正在打破现状——这可能意味着投资者获得巨大收益。</b>随着时间的推移和技术的变化，一些成熟的企业将失去相关性，因为不太知名的初创企业将取而代之。棘手的部分是尽早找到那些可能改变生活的投资。</blockquote></p><p> Fortunately, companies that achieve great success tend to havecertain traits in common. For instance, they are often first movers in emerging industries. That could mean developing a new product or tackling an old problem with a novel solution.</p><p><blockquote>幸运的是，取得巨大成功的公司往往具有某些共同特征。例如，他们通常是新兴行业的先行者。这可能意味着开发新产品或用新的解决方案解决老问题。</blockquote></p><p> Enterprises like<b>Lemonade</b>(NYSE:LMND)and<b>Arista Networks</b>(NYSE:ANET)check that box. Here's why investing in these two tech companies could make you rich.</p><p><blockquote>企业喜欢<b>柠檬汽水</b>（纽约证券交易所代码：LMND）和<b>阿里斯塔网络</b>（纽约证券交易所代码：ANET）选中该框。这就是为什么投资这两家科技公司可以让你变得富有。</blockquote></p><p> <b>1. Lemonade: AI-powered insurance</b></p><p><blockquote><b>1.柠檬水：人工智能驱动的保险</b></blockquote></p><p> Lemonade is atech companythat sells insurance. Though its initial focus was on renters and homeowners policies, it entered the pet insurance&nbsp;andterm life insurancemarkets in 2020, and it plans to expand its portfolio again in 2021.</p><p><blockquote>Lemonade是一家销售保险的科技公司。尽管其最初的重点是租房者和房主保单，但它于2020年进入宠物保险和定期人寿保险市场，并计划在2021年再次扩大其投资组合。</blockquote></p><p> Lemonade's digital approach to insurance differs dramatically from its rivals. While traditional insurers have agents who sell policies and handle claims, Lemonade automates these processes with AI-powered chatbots. In fact, the company uses artificial intelligence to improve virtually every aspect of its business: Marketing, underwriting, fraud detection, and the customer experience.</p><p><blockquote>Lemonade的数字保险方法与其竞争对手有很大不同。虽然传统保险公司有销售保单和处理索赔的代理人，但Lemonade通过人工智能聊天机器人实现了这些流程的自动化。事实上，该公司使用人工智能来改善其业务的几乎每个方面：营销、承保、欺诈检测和客户体验。</blockquote></p><p> So far, the results are encouraging. Lemonade's loss ratio dropped to 71%&nbsp;in 2020, meaning the company paid out $0.71 in claims for every $1 in earned premiums. That's a big improvement from its 161% loss ratio in 2017. More importantly, it puts Lemonade roughly in line with the top 20 property and casualty (P&amp;C) insurance companies, which have an average loss ratio of roughly 72%&nbsp;in recent years.</p><p><blockquote>到目前为止，结果令人鼓舞。Lemonade的损失率在2020年降至71%，这意味着该公司每赚取1美元的保费就需要支付0.71美元的理赔。这比2017年161%的损失率有了很大改善。更重要的是，它使Lemonade与排名前20的财产和意外伤害(P&amp;C)保险公司大致持平，这些公司近年来的平均损失率约为72%。</blockquote></p><p> Likewise, Lemonade's sales and marketing expenses actually decreased 9%&nbsp;in 2020, but its customer base grew 56%&nbsp;and its premium per customer grew 20%&nbsp;during the same time period. In other words, Lemonade's AI-powered marketing is becoming more efficient.</p><p><blockquote>同样，Lemonade的销售和营销费用在2020年实际上下降了9%，但同期其客户群增长了56%，每位客户的保费增长了20%。换句话说，Lemonade的人工智能营销正在变得更加高效。</blockquote></p><p> Moreover, the addition of new customers (and the rising premium per customer) have powered impressive growth in gross profit.</p><p><blockquote>此外，新客户的增加（以及每位客户保费的上升）推动了毛利润的惊人增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fe9c0bb388bfcabfac1abcc4df7859f\" tg-width=\"788\" tg-height=\"130\">But Lemonade has one more trick up its sleeve. The company also purchases reinsurance (insurance for insurance companies) to make its business less volatile. While this strategy cuts into Lemonade's top line, it also stabilizes its gross margin -- in fact, management estimates that Lemonade's gross margin will vary by no more than 3%&nbsp;in 95 out of every 100 years. That type of consistency is impressive in an industry that can literally depend on the weather.</p><p><blockquote>但是柠檬水还有一个锦囊妙计。该公司还购买再保险（保险公司的保险）以降低其业务的波动性。虽然这一策略削减了Lemonade的营收，但也稳定了其毛利率——事实上，管理层估计，每100年中有95年，Lemonade的毛利率变化不会超过3%。在一个实际上取决于天气的行业中，这种一致性令人印象深刻。</blockquote></p><p> Investors should be aware that Lemonade is much smaller than market-leading rivals like<b>Berkshire Hathaway</b>'s group of insurance brands and<b>Allstate</b>. But the insurance industry is enormous, generating over $5 trillion&nbsp;in annual premiums worldwide. That means Lemonade has a massive opportunity, and capturing even a few percentage points of that market would translate into tens of billions of dollars on the top line. Moreover, the company's AI-powered business should give it a long-term advantage over its rivals.</p><p><blockquote>投资者应该意识到Lemonade比市场领先的竞争对手小得多，例如<b>伯克希尔哈撒韦</b>的保险品牌集团和<b>好事达</b>但保险业规模庞大，在全球范围内每年产生超过5万亿美元的保费。这意味着柠檬水拥有巨大的机会，即使占领该市场几个百分点也将转化为数百亿美元的营收。此外，该公司的人工智能业务应该会使其相对于竞争对手具有长期优势。</blockquote></p><p> <b>2. Arista Networks: Software-driven networking</b></p><p><blockquote><b>2.Arista Networks：软件驱动的网络</b></blockquote></p><p> Arista provides networking solutions (switches and software) for data centers and enterprise campus environments. Since its inception, the company's software-driven approach to networking&nbsp;has differentiated it from<b>Cisco</b>and<b>Juniper Networks</b>. For example, rather than selling discrete routers like&nbsp;its&nbsp;rivals, Arista's software allows its R-Series switches to double as advanced routing platforms. This reduces cost&nbsp;and complexity for Arista's clients.</p><p><blockquote>Arista为数据中心和企业园区环境提供网络解决方案（交换机和软件）。自成立以来，该公司软件驱动的网络方法使其与<b>思科</b>和<b>瞻博网络</b>例如，Arista的软件允许其R系列交换机兼作高级路由平台，而不是像竞争对手那样销售独立路由器。这降低了Arista客户的成本和复杂性。</blockquote></p><p> As part of its enterprise portfolio, Arista launched its 750 series campus switch last November. This new product line offers 400 Gbps (gigabits per second) of total bandwidth -- five&nbsp;times more than the closest competitor -- and helps clients create fast, secure WiFi networks. Like all Arista hardware, these new switches are powered by merchant silicon&nbsp;rather than costly proprietary chips used by rivals.</p><p><blockquote>作为其企业产品组合的一部分，Arista去年11月推出了750系列园区交换机。这一新产品线提供400 Gbps（每秒千兆位）的总带宽，是最接近的竞争对手的五倍，并帮助客户创建快速、安全的WiFi网络。与所有Arista硬件一样，这些新交换机由商用硅驱动，而不是竞争对手使用的昂贵的专有芯片。</blockquote></p><p> Arista's decision to use merchant silicon has been a big advantage for two reasons. First, it allows the company to launch new products quickly while still incorporating the latest chip technology. Second, it makes Arista more efficient than its rivals, because the company doesn't spend money to develop chips in-house. Ultimately, Arista can pass those savings on to customers, meaning its products come at a better price-to-performance ratio.</p><p><blockquote>Arista决定使用商用硅是一个很大的优势，原因有二。首先，它允许公司快速推出新产品，同时仍然采用最新的芯片技术。其次，它使Arista比竞争对手更高效，因为该公司不花钱在内部开发芯片。最终，Arista可以将这些节省转嫁给客户，这意味着其产品具有更好的性价比。</blockquote></p><p></p><p> Over the last decade, these advantages have helped Arista take significant market share in the high-speed data center switching market (10 Gbps and above). Meanwhile, Cisco's market share has trended downward, though the company is still the leader.</p><p><blockquote>在过去十年中，这些优势帮助Arista在高速数据中心交换市场（10 Gbps及以上）中占据了重要的市场份额。与此同时，思科的市场份额呈下降趋势，尽管该公司仍然是领导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db8a65fe6051b194a534671172a1615d\" tg-width=\"789\" tg-height=\"171\">In the coming years, the proliferation of connected devices (thinkInternet of Things) and computer-intensive applications (thinkartificial intelligence) will place more demand on data centers. That will create a need for more powerful networking solutions. As theleading providerof 100 Gbps and 400 Gbps switches, Arista is well-positioned to grow its top line quickly and continue taking market share.</p><p><blockquote>未来几年，互联设备（Think物联网）和计算机密集型应用（Think人工智能）的激增将对数据中心提出更多需求。这将产生对更强大网络解决方案的需求。作为100 Gbps和400 Gbps交换机的领先提供商，Arista处于有利地位，可以快速增长其营收并继续占据市场份额。</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>2 Tech Stocks That Could Make You Rich<blockquote>2只可以让你致富的科技股</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\">\n2 Tech Stocks That Could Make You Rich<blockquote>2只可以让你致富的科技股</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\">2021-03-18 20:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>These tech companies are disrupting the status quo -- that could mean big gains for investors.</b>  As time passes and technology changes, some well-established enterprises will fade from relevance as lesser-known start-ups rise in their place. The tricky part is finding those potentially life-changing investments early on.</p><p><blockquote><b>这些科技公司正在打破现状——这可能意味着投资者获得巨大收益。</b>随着时间的推移和技术的变化，一些成熟的企业将失去相关性，因为不太知名的初创企业将取而代之。棘手的部分是尽早找到那些可能改变生活的投资。</blockquote></p><p> Fortunately, companies that achieve great success tend to havecertain traits in common. For instance, they are often first movers in emerging industries. That could mean developing a new product or tackling an old problem with a novel solution.</p><p><blockquote>幸运的是，取得巨大成功的公司往往具有某些共同特征。例如，他们通常是新兴行业的先行者。这可能意味着开发新产品或用新的解决方案解决老问题。</blockquote></p><p> Enterprises like<b>Lemonade</b>(NYSE:LMND)and<b>Arista Networks</b>(NYSE:ANET)check that box. Here's why investing in these two tech companies could make you rich.</p><p><blockquote>企业喜欢<b>柠檬汽水</b>（纽约证券交易所代码：LMND）和<b>阿里斯塔网络</b>（纽约证券交易所代码：ANET）选中该框。这就是为什么投资这两家科技公司可以让你变得富有。</blockquote></p><p> <b>1. Lemonade: AI-powered insurance</b></p><p><blockquote><b>1.柠檬水：人工智能驱动的保险</b></blockquote></p><p> Lemonade is atech companythat sells insurance. Though its initial focus was on renters and homeowners policies, it entered the pet insurance&nbsp;andterm life insurancemarkets in 2020, and it plans to expand its portfolio again in 2021.</p><p><blockquote>Lemonade是一家销售保险的科技公司。尽管其最初的重点是租房者和房主保单，但它于2020年进入宠物保险和定期人寿保险市场，并计划在2021年再次扩大其投资组合。</blockquote></p><p> Lemonade's digital approach to insurance differs dramatically from its rivals. While traditional insurers have agents who sell policies and handle claims, Lemonade automates these processes with AI-powered chatbots. In fact, the company uses artificial intelligence to improve virtually every aspect of its business: Marketing, underwriting, fraud detection, and the customer experience.</p><p><blockquote>Lemonade的数字保险方法与其竞争对手有很大不同。虽然传统保险公司有销售保单和处理索赔的代理人，但Lemonade通过人工智能聊天机器人实现了这些流程的自动化。事实上，该公司使用人工智能来改善其业务的几乎每个方面：营销、承保、欺诈检测和客户体验。</blockquote></p><p> So far, the results are encouraging. Lemonade's loss ratio dropped to 71%&nbsp;in 2020, meaning the company paid out $0.71 in claims for every $1 in earned premiums. That's a big improvement from its 161% loss ratio in 2017. More importantly, it puts Lemonade roughly in line with the top 20 property and casualty (P&amp;C) insurance companies, which have an average loss ratio of roughly 72%&nbsp;in recent years.</p><p><blockquote>到目前为止，结果令人鼓舞。Lemonade的损失率在2020年降至71%，这意味着该公司每赚取1美元的保费就需要支付0.71美元的理赔。这比2017年161%的损失率有了很大改善。更重要的是，它使Lemonade与排名前20的财产和意外伤害(P&amp;C)保险公司大致持平，这些公司近年来的平均损失率约为72%。</blockquote></p><p> Likewise, Lemonade's sales and marketing expenses actually decreased 9%&nbsp;in 2020, but its customer base grew 56%&nbsp;and its premium per customer grew 20%&nbsp;during the same time period. In other words, Lemonade's AI-powered marketing is becoming more efficient.</p><p><blockquote>同样，Lemonade的销售和营销费用在2020年实际上下降了9%，但同期其客户群增长了56%，每位客户的保费增长了20%。换句话说，Lemonade的人工智能营销正在变得更加高效。</blockquote></p><p> Moreover, the addition of new customers (and the rising premium per customer) have powered impressive growth in gross profit.</p><p><blockquote>此外，新客户的增加（以及每位客户保费的上升）推动了毛利润的惊人增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fe9c0bb388bfcabfac1abcc4df7859f\" tg-width=\"788\" tg-height=\"130\">But Lemonade has one more trick up its sleeve. The company also purchases reinsurance (insurance for insurance companies) to make its business less volatile. While this strategy cuts into Lemonade's top line, it also stabilizes its gross margin -- in fact, management estimates that Lemonade's gross margin will vary by no more than 3%&nbsp;in 95 out of every 100 years. That type of consistency is impressive in an industry that can literally depend on the weather.</p><p><blockquote>但是柠檬水还有一个锦囊妙计。该公司还购买再保险（保险公司的保险）以降低其业务的波动性。虽然这一策略削减了Lemonade的营收，但也稳定了其毛利率——事实上，管理层估计，每100年中有95年，Lemonade的毛利率变化不会超过3%。在一个实际上取决于天气的行业中，这种一致性令人印象深刻。</blockquote></p><p> Investors should be aware that Lemonade is much smaller than market-leading rivals like<b>Berkshire Hathaway</b>'s group of insurance brands and<b>Allstate</b>. But the insurance industry is enormous, generating over $5 trillion&nbsp;in annual premiums worldwide. That means Lemonade has a massive opportunity, and capturing even a few percentage points of that market would translate into tens of billions of dollars on the top line. Moreover, the company's AI-powered business should give it a long-term advantage over its rivals.</p><p><blockquote>投资者应该意识到Lemonade比市场领先的竞争对手小得多，例如<b>伯克希尔哈撒韦</b>的保险品牌集团和<b>好事达</b>但保险业规模庞大，在全球范围内每年产生超过5万亿美元的保费。这意味着柠檬水拥有巨大的机会，即使占领该市场几个百分点也将转化为数百亿美元的营收。此外，该公司的人工智能业务应该会使其相对于竞争对手具有长期优势。</blockquote></p><p> <b>2. Arista Networks: Software-driven networking</b></p><p><blockquote><b>2.Arista Networks：软件驱动的网络</b></blockquote></p><p> Arista provides networking solutions (switches and software) for data centers and enterprise campus environments. Since its inception, the company's software-driven approach to networking&nbsp;has differentiated it from<b>Cisco</b>and<b>Juniper Networks</b>. For example, rather than selling discrete routers like&nbsp;its&nbsp;rivals, Arista's software allows its R-Series switches to double as advanced routing platforms. This reduces cost&nbsp;and complexity for Arista's clients.</p><p><blockquote>Arista为数据中心和企业园区环境提供网络解决方案（交换机和软件）。自成立以来，该公司软件驱动的网络方法使其与<b>思科</b>和<b>瞻博网络</b>例如，Arista的软件允许其R系列交换机兼作高级路由平台，而不是像竞争对手那样销售独立路由器。这降低了Arista客户的成本和复杂性。</blockquote></p><p> As part of its enterprise portfolio, Arista launched its 750 series campus switch last November. This new product line offers 400 Gbps (gigabits per second) of total bandwidth -- five&nbsp;times more than the closest competitor -- and helps clients create fast, secure WiFi networks. Like all Arista hardware, these new switches are powered by merchant silicon&nbsp;rather than costly proprietary chips used by rivals.</p><p><blockquote>作为其企业产品组合的一部分，Arista去年11月推出了750系列园区交换机。这一新产品线提供400 Gbps（每秒千兆位）的总带宽，是最接近的竞争对手的五倍，并帮助客户创建快速、安全的WiFi网络。与所有Arista硬件一样，这些新交换机由商用硅驱动，而不是竞争对手使用的昂贵的专有芯片。</blockquote></p><p> Arista's decision to use merchant silicon has been a big advantage for two reasons. First, it allows the company to launch new products quickly while still incorporating the latest chip technology. Second, it makes Arista more efficient than its rivals, because the company doesn't spend money to develop chips in-house. Ultimately, Arista can pass those savings on to customers, meaning its products come at a better price-to-performance ratio.</p><p><blockquote>Arista决定使用商用硅是一个很大的优势，原因有二。首先，它允许公司快速推出新产品，同时仍然采用最新的芯片技术。其次，它使Arista比竞争对手更高效，因为该公司不花钱在内部开发芯片。最终，Arista可以将这些节省转嫁给客户，这意味着其产品具有更好的性价比。</blockquote></p><p></p><p> Over the last decade, these advantages have helped Arista take significant market share in the high-speed data center switching market (10 Gbps and above). Meanwhile, Cisco's market share has trended downward, though the company is still the leader.</p><p><blockquote>在过去十年中，这些优势帮助Arista在高速数据中心交换市场（10 Gbps及以上）中占据了重要的市场份额。与此同时，思科的市场份额呈下降趋势，尽管该公司仍然是领导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db8a65fe6051b194a534671172a1615d\" tg-width=\"789\" tg-height=\"171\">In the coming years, the proliferation of connected devices (thinkInternet of Things) and computer-intensive applications (thinkartificial intelligence) will place more demand on data centers. That will create a need for more powerful networking solutions. As theleading providerof 100 Gbps and 400 Gbps switches, Arista is well-positioned to grow its top line quickly and continue taking market share.</p><p><blockquote>未来几年，互联设备（Think物联网）和计算机密集型应用（Think人工智能）的激增将对数据中心提出更多需求。这将产生对更强大网络解决方案的需求。作为100 Gbps和400 Gbps交换机的领先提供商，Arista处于有利地位，可以快速增长其营收并继续占据市场份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/18/2-tech-stocks-that-could-make-you-rich/\">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":{"ANET":"Arista Networks, Inc.","LMND":"Lemonade, Inc."},"source_url":"https://www.fool.com/investing/2021/03/18/2-tech-stocks-that-could-make-you-rich/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162260876","content_text":"These tech companies are disrupting the status quo -- that could mean big gains for investors.\n\nAs time passes and technology changes, some well-established enterprises will fade from relevance as lesser-known start-ups rise in their place. The tricky part is finding those potentially life-changing investments early on.\nFortunately, companies that achieve great success tend to havecertain traits in common. For instance, they are often first movers in emerging industries. That could mean developing a new product or tackling an old problem with a novel solution.\nEnterprises likeLemonade(NYSE:LMND)andArista Networks(NYSE:ANET)check that box. Here's why investing in these two tech companies could make you rich.\n1. Lemonade: AI-powered insurance\nLemonade is atech companythat sells insurance. Though its initial focus was on renters and homeowners policies, it entered the pet insurance andterm life insurancemarkets in 2020, and it plans to expand its portfolio again in 2021.\nLemonade's digital approach to insurance differs dramatically from its rivals. While traditional insurers have agents who sell policies and handle claims, Lemonade automates these processes with AI-powered chatbots. In fact, the company uses artificial intelligence to improve virtually every aspect of its business: Marketing, underwriting, fraud detection, and the customer experience.\nSo far, the results are encouraging. Lemonade's loss ratio dropped to 71% in 2020, meaning the company paid out $0.71 in claims for every $1 in earned premiums. That's a big improvement from its 161% loss ratio in 2017. More importantly, it puts Lemonade roughly in line with the top 20 property and casualty (P&C) insurance companies, which have an average loss ratio of roughly 72% in recent years.\nLikewise, Lemonade's sales and marketing expenses actually decreased 9% in 2020, but its customer base grew 56% and its premium per customer grew 20% during the same time period. In other words, Lemonade's AI-powered marketing is becoming more efficient.\nMoreover, the addition of new customers (and the rising premium per customer) have powered impressive growth in gross profit.\nBut Lemonade has one more trick up its sleeve. The company also purchases reinsurance (insurance for insurance companies) to make its business less volatile. While this strategy cuts into Lemonade's top line, it also stabilizes its gross margin -- in fact, management estimates that Lemonade's gross margin will vary by no more than 3% in 95 out of every 100 years. That type of consistency is impressive in an industry that can literally depend on the weather.\nInvestors should be aware that Lemonade is much smaller than market-leading rivals likeBerkshire Hathaway's group of insurance brands andAllstate. But the insurance industry is enormous, generating over $5 trillion in annual premiums worldwide. That means Lemonade has a massive opportunity, and capturing even a few percentage points of that market would translate into tens of billions of dollars on the top line. Moreover, the company's AI-powered business should give it a long-term advantage over its rivals.\n2. Arista Networks: Software-driven networking\nArista provides networking solutions (switches and software) for data centers and enterprise campus environments. Since its inception, the company's software-driven approach to networking has differentiated it fromCiscoandJuniper Networks. For example, rather than selling discrete routers like its rivals, Arista's software allows its R-Series switches to double as advanced routing platforms. This reduces cost and complexity for Arista's clients.\nAs part of its enterprise portfolio, Arista launched its 750 series campus switch last November. This new product line offers 400 Gbps (gigabits per second) of total bandwidth -- five times more than the closest competitor -- and helps clients create fast, secure WiFi networks. Like all Arista hardware, these new switches are powered by merchant silicon rather than costly proprietary chips used by rivals.\nArista's decision to use merchant silicon has been a big advantage for two reasons. First, it allows the company to launch new products quickly while still incorporating the latest chip technology. Second, it makes Arista more efficient than its rivals, because the company doesn't spend money to develop chips in-house. Ultimately, Arista can pass those savings on to customers, meaning its products come at a better price-to-performance ratio.\nOver the last decade, these advantages have helped Arista take significant market share in the high-speed data center switching market (10 Gbps and above). Meanwhile, Cisco's market share has trended downward, though the company is still the leader.\nIn the coming years, the proliferation of connected devices (thinkInternet of Things) and computer-intensive applications (thinkartificial intelligence) will place more demand on data centers. That will create a need for more powerful networking solutions. As theleading providerof 100 Gbps and 400 Gbps switches, Arista is well-positioned to grow its top line quickly and continue taking market share.","news_type":1,"symbols_score_info":{"ANET":0.9,"LMND":0.9}},"isVote":1,"tweetType":1,"viewCount":1209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}