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2021-10-11

Ok//@Tongs: Ok

Visa Stock: Scalability And Buffett Value Line

2021-10-11

Ok

Visa Stock: Scalability And Buffett Value Line

2021-09-03

LETZ GOOOO

Meta Materials shares jumped 9.5% in premarket trading

2021-09-02

Oh wow

@话题虎:【故事会】17岁学生花30万玩“女仆桌游”，是轻娱乐or软色情？

2021-08-26

Okay

抱歉，原内容已删除

2021-08-05

Weee

抱歉，原内容已删除

2021-07-20

Okay

Goldman Says "Don't Buy This Dip" And Here's Why...

2021-07-16

Alright

抱歉，原内容已删除

2021-07-15

Why so?

抱歉，原内容已删除

2021-07-13

Wooo

Volkswagen's EV unit plans to double charging infrastructure by end of 2025

2021-07-12

🤣 Don't know if should trust this article

抱歉，原内容已删除

2021-07-06

Good job

抱歉，原内容已删除

2021-07-01

Weeee

NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY

2021-06-28

Looks good

抱歉，原内容已删除

2021-06-28

$Meta Materials Inc.(MMAT)$ time to reverse and rocket pls..

2021-06-21

Nice

抱歉，原内容已删除

2021-06-18

Sounds bad

Orphazyme shares tumbled more than 60% in pre-market trading

2021-06-17

Will btc rise once again?

抱歉，原内容已删除

2021-06-16

Oh no

@小虎综合资讯:昨夜今晨：发生了什么？欧盟封杀十大金融巨头，美油创两年半新高

2021-06-15

Looks good

My 3 Favorite Stocks Right Now

去老虎APP查看更多动态

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a href=\"https://laohu8.com/U/3555822052484377\">@Tongs</a>: Ok","listText":"Ok//<a href=\"https://laohu8.com/U/3555822052484377\">@Tongs</a>: Ok","text":"Ok//@Tongs: Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826950513","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohu8.com/m/news/1174273121?lang=&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>\n <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>\n <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p>\n<p><b>Investment thesis</b></p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p>\n<p><b>The moat and the network effects</b></p>\n<p>V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p>\n<p>The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p>\n<p>Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p>\n<p>But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p>\n<p>Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p>\n<p>It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p>\n<p>Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p>\n<p>Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p>\n<p>And the remainder of this article will examine both aspects next.</p>\n<p><b>Return on capital employed (“ROCE”)</b></p>\n<p>ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p>\n<p>As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p>Introduction to marginal return on capital employed (“MROCE”)</p>\n<p>In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p>\n<p>The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p>\n<p>The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p>\n<p>For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p>\n<p>V’s MROCE</p>\n<p>So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p>\n<p>This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p>\n<p>Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p>\n<p>With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p>\n<p>The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Valuation</b></p>\n<p>After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p>\n<p>It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p>\n<p>I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p>\n<p>As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Catalysts and risks</b></p>\n<p>The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p>\n<p>The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p>\n<blockquote>\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n</blockquote>\n<blockquote>\n <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>\n</blockquote>\n<p>In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p>\n<p>Conclusion and final thought</p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that:</p>\n<ul>\n <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>\n <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li>\n</ul>\n<p>As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</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>Visa Stock: Scalability And Buffett Value Line</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nVisa Stock: Scalability And Buffett Value Line\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital...</p>\n\n<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826950368,"gmtCreate":1633966942738,"gmtModify":1633966942738,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826950368","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohu8.com/m/news/1174273121?lang=&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>\n <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>\n <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p>\n<p><b>Investment thesis</b></p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p>\n<p><b>The moat and the network effects</b></p>\n<p>V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p>\n<p>The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p>\n<p>Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p>\n<p>But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p>\n<p>Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p>\n<p>It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p>\n<p>Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p>\n<p>Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p>\n<p>And the remainder of this article will examine both aspects next.</p>\n<p><b>Return on capital employed (“ROCE”)</b></p>\n<p>ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p>\n<p>As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p>Introduction to marginal return on capital employed (“MROCE”)</p>\n<p>In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p>\n<p>The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p>\n<p>The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p>\n<p>For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p>\n<p>V’s MROCE</p>\n<p>So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p>\n<p>This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p>\n<p>Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p>\n<p>With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p>\n<p>The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Valuation</b></p>\n<p>After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p>\n<p>It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p>\n<p>I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p>\n<p>As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Catalysts and risks</b></p>\n<p>The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p>\n<p>The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p>\n<blockquote>\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n</blockquote>\n<blockquote>\n <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>\n</blockquote>\n<p>In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p>\n<p>Conclusion and final thought</p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that:</p>\n<ul>\n <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>\n <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li>\n</ul>\n<p>As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</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>Visa Stock: Scalability And Buffett Value Line</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nVisa Stock: Scalability And Buffett Value Line\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital...</p>\n\n<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815125876,"gmtCreate":1630658490995,"gmtModify":1631890918738,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"LETZ GOOOO","listText":"LETZ GOOOO","text":"LETZ GOOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815125876","repostId":"1115885693","repostType":4,"repost":{"id":"1115885693","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630657884,"share":"https://www.laohu8.com/m/news/1115885693?lang=&edition=full","pubTime":"2021-09-03 16:31","market":"us","language":"en","title":"Meta Materials shares jumped 9.5% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1115885693","media":"Tiger Newspress","summary":"Meta Materials shares jumped 9.5% in premarket trading.\nAs growth investors focus on companies with ","content":"<p>Meta&nbsp;Materials&nbsp;shares&nbsp;jumped&nbsp;9.5%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/6735d98c58dd37f7b480d596413f56f0\" tg-width=\"872\" tg-height=\"621\" referrerpolicy=\"no-referrer\">As growth investors focus on companies with high-end, innovative technologies, Meta Materials has come into focus. This is a company designed to be the next-generation growth stock investors are looking for. The company produces a range of high-performance nano composites and other functional materials powering the explosive technological growth our economy is seeing.</p>\n<p>Accordingly, Meta Materials is growing in interest among investors as a “picks and shovels” play on various strong secular catalysts. A speculative pick, Meta Materials provides investors with tremendous growth potential.</p>\n<p>However, another key catalyst appears to be driving MMAT stock. Let’s dive into what investors are focusing on right now.</p>\n<p>Potential short-squeeze stocks have been taking off once again this past week. For investors in Meta Materials, this is a good thing.</p>\n<p>It appears Meta Materials has made the short-squeeze list among many retail traders. However, yesteday, an&nbsp;<b>S3 Partners</b>&nbsp;executive outlined his short-squeeze thesis for MMAT stock. This call, via a&nbsp;<i>CNBC</i>&nbsp;interview, has unsurprisingly emboldened retail traders to jump into MMAT stock.</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>Meta Materials shares jumped 9.5% in premarket trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMeta Materials shares jumped 9.5% in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-03 16:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Meta&nbsp;Materials&nbsp;shares&nbsp;jumped&nbsp;9.5%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/6735d98c58dd37f7b480d596413f56f0\" tg-width=\"872\" tg-height=\"621\" referrerpolicy=\"no-referrer\">As growth investors focus on companies with high-end, innovative technologies, Meta Materials has come into focus. This is a company designed to be the next-generation growth stock investors are looking for. The company produces a range of high-performance nano composites and other functional materials powering the explosive technological growth our economy is seeing.</p>\n<p>Accordingly, Meta Materials is growing in interest among investors as a “picks and shovels” play on various strong secular catalysts. A speculative pick, Meta Materials provides investors with tremendous growth potential.</p>\n<p>However, another key catalyst appears to be driving MMAT stock. Let’s dive into what investors are focusing on right now.</p>\n<p>Potential short-squeeze stocks have been taking off once again this past week. For investors in Meta Materials, this is a good thing.</p>\n<p>It appears Meta Materials has made the short-squeeze list among many retail traders. However, yesteday, an&nbsp;<b>S3 Partners</b>&nbsp;executive outlined his short-squeeze thesis for MMAT stock. This call, via a&nbsp;<i>CNBC</i>&nbsp;interview, has unsurprisingly emboldened retail traders to jump into MMAT stock.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MMAT":"Meta Materials Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115885693","content_text":"Meta Materials shares jumped 9.5% in premarket trading.\nAs growth investors focus on companies with high-end, innovative technologies, Meta Materials has come into focus. This is a company designed to be the next-generation growth stock investors are looking for. The company produces a range of high-performance nano composites and other functional materials powering the explosive technological growth our economy is seeing.\nAccordingly, Meta Materials is growing in interest among investors as a “picks and shovels” play on various strong secular catalysts. A speculative pick, Meta Materials provides investors with tremendous growth potential.\nHowever, another key catalyst appears to be driving MMAT stock. Let’s dive into what investors are focusing on right now.\nPotential short-squeeze stocks have been taking off once again this past week. For investors in Meta Materials, this is a good thing.\nIt appears Meta Materials has made the short-squeeze list among many retail traders. However, yesteday, an S3 Partners executive outlined his short-squeeze thesis for MMAT stock. This call, via a CNBC interview, has unsurprisingly emboldened retail traders to jump into MMAT stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812536306,"gmtCreate":1630593749305,"gmtModify":1631890918738,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Oh wow","listText":"Oh wow","text":"Oh wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812536306","repostId":"812867185","repostType":1,"repost":{"id":812867185,"gmtCreate":1630574774144,"gmtModify":1744796835656,"author":{"id":"3502767768442965","authorId":"3502767768442965","name":"话题虎","avatar":"https://static.tigerbbs.com/d418c2def5dc1d094b03270b450f71ce","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502767768442965","authorIdStr":"3502767768442965"},"themes":[],"title":"【故事会】17岁学生花30万玩“女仆桌游”，是轻娱乐or软色情？","htmlText":"栏目说明：小话不定期给大家分享有趣的故事，内容来源于网络，希望给您带来更好的阅读体验！ 转自公众号：财经连环话 这个世界越来越魔幻了 轱辘慧我看不懂…… 最近 西安一个即将踏上出国留学之旅的17岁学生 却在暑假疯狂消费 花光了用以验资的30万留学费用…… 其中仅一家“女仆桌游”就先后消费了一万七千元 最高一次消费了近6000块 并且在家长打印的银行卡消费记录里 消费支付时间都是晚上 有时甚至是晚上11点多 家长追问孩子是否有不雅行为 孩子也不肯回答 那孩子在“女仆桌游店”里究竟消费了什么呢 在随后华商报对店家的采访中 店家解释 桌游是一种健康益智游戏 “女仆”不过是助教而已 并且他们是“证照齐全明码标价” 只是除了“女仆陪玩”的价格外 用途不清的打赏女仆费用 私加女仆微信的费用如何体现健康益智 店家没多说 还表示加微信收费是“为了防止女孩们被骚扰，收费了就没人加了” 好家伙 逆向思维让他们玩明白了属于是 女仆店本身是个新鲜事物吗？ 并不是 在上世纪90年代 非色情化的女仆形象就在日本有过一阵爆发式的增长 《魔力女管家》《花右京女仆队》等女仆漫画在国内也十分知名 即使到现在 “女仆”也是日本漫画的一个重要元素 在“女仆文化”兴起的同时 各种女仆咖啡厅也如雨后春笋般涌现 日本雄厚的宅男群体成了他们最坚实的消费者 与之前刚刚传入国内的女仆店类似 女仆咖啡的服务基本上跟保洁阿姨没有本质区别 只不过穿着更具特色 最多衍生出给你的蛋包饭画个心的萌系（尴尬）服务 但这种小资产阶级情怀往往是最容易被腐蚀的角落 尤其是在情色文化发达的日本 正经女仆店逐渐成了末流 cosplay特色的风俗店姬逐渐取代了原本的“大正女仆” 原本典雅端庄的西洋女仆装 也衍生出这种护心毛天敌装束 在陪玩服务早已拥有成熟市场的国内 线下的女仆店也开始时兴 除了二次元文化 独特的桌游文化也成了女仆陪玩的重要组成部分 众","listText":"栏目说明：小话不定期给大家分享有趣的故事，内容来源于网络，希望给您带来更好的阅读体验！ 转自公众号：财经连环话 这个世界越来越魔幻了 轱辘慧我看不懂…… 最近 西安一个即将踏上出国留学之旅的17岁学生 却在暑假疯狂消费 花光了用以验资的30万留学费用…… 其中仅一家“女仆桌游”就先后消费了一万七千元 最高一次消费了近6000块 并且在家长打印的银行卡消费记录里 消费支付时间都是晚上 有时甚至是晚上11点多 家长追问孩子是否有不雅行为 孩子也不肯回答 那孩子在“女仆桌游店”里究竟消费了什么呢 在随后华商报对店家的采访中 店家解释 桌游是一种健康益智游戏 “女仆”不过是助教而已 并且他们是“证照齐全明码标价” 只是除了“女仆陪玩”的价格外 用途不清的打赏女仆费用 私加女仆微信的费用如何体现健康益智 店家没多说 还表示加微信收费是“为了防止女孩们被骚扰，收费了就没人加了” 好家伙 逆向思维让他们玩明白了属于是 女仆店本身是个新鲜事物吗？ 并不是 在上世纪90年代 非色情化的女仆形象就在日本有过一阵爆发式的增长 《魔力女管家》《花右京女仆队》等女仆漫画在国内也十分知名 即使到现在 “女仆”也是日本漫画的一个重要元素 在“女仆文化”兴起的同时 各种女仆咖啡厅也如雨后春笋般涌现 日本雄厚的宅男群体成了他们最坚实的消费者 与之前刚刚传入国内的女仆店类似 女仆咖啡的服务基本上跟保洁阿姨没有本质区别 只不过穿着更具特色 最多衍生出给你的蛋包饭画个心的萌系（尴尬）服务 但这种小资产阶级情怀往往是最容易被腐蚀的角落 尤其是在情色文化发达的日本 正经女仆店逐渐成了末流 cosplay特色的风俗店姬逐渐取代了原本的“大正女仆” 原本典雅端庄的西洋女仆装 也衍生出这种护心毛天敌装束 在陪玩服务早已拥有成熟市场的国内 线下的女仆店也开始时兴 除了二次元文化 独特的桌游文化也成了女仆陪玩的重要组成部分 众","text":"栏目说明：小话不定期给大家分享有趣的故事，内容来源于网络，希望给您带来更好的阅读体验！ 转自公众号：财经连环话 这个世界越来越魔幻了 轱辘慧我看不懂…… 最近 西安一个即将踏上出国留学之旅的17岁学生 却在暑假疯狂消费 花光了用以验资的30万留学费用…… 其中仅一家“女仆桌游”就先后消费了一万七千元 最高一次消费了近6000块 并且在家长打印的银行卡消费记录里 消费支付时间都是晚上 有时甚至是晚上11点多 家长追问孩子是否有不雅行为 孩子也不肯回答 那孩子在“女仆桌游店”里究竟消费了什么呢 在随后华商报对店家的采访中 店家解释 桌游是一种健康益智游戏 “女仆”不过是助教而已 并且他们是“证照齐全明码标价” 只是除了“女仆陪玩”的价格外 用途不清的打赏女仆费用 私加女仆微信的费用如何体现健康益智 店家没多说 还表示加微信收费是“为了防止女孩们被骚扰，收费了就没人加了” 好家伙 逆向思维让他们玩明白了属于是 女仆店本身是个新鲜事物吗？ 并不是 在上世纪90年代 非色情化的女仆形象就在日本有过一阵爆发式的增长 《魔力女管家》《花右京女仆队》等女仆漫画在国内也十分知名 即使到现在 “女仆”也是日本漫画的一个重要元素 在“女仆文化”兴起的同时 各种女仆咖啡厅也如雨后春笋般涌现 日本雄厚的宅男群体成了他们最坚实的消费者 与之前刚刚传入国内的女仆店类似 女仆咖啡的服务基本上跟保洁阿姨没有本质区别 只不过穿着更具特色 最多衍生出给你的蛋包饭画个心的萌系（尴尬）服务 但这种小资产阶级情怀往往是最容易被腐蚀的角落 尤其是在情色文化发达的日本 正经女仆店逐渐成了末流 cosplay特色的风俗店姬逐渐取代了原本的“大正女仆” 原本典雅端庄的西洋女仆装 也衍生出这种护心毛天敌装束 在陪玩服务早已拥有成熟市场的国内 线下的女仆店也开始时兴 除了二次元文化 独特的桌游文化也成了女仆陪玩的重要组成部分 众","images":[{"img":"https://static.tigerbbs.com/4ff8027b58094a50cb5d51048422f977","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/477bc126cd32a979c0f908ace32f9031","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/c8d3845beed1e2e3129dbf2d29fdba3a","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812867185","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810556420,"gmtCreate":1629987982360,"gmtModify":1704954259830,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810556420","repostId":"2162097438","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890602729,"gmtCreate":1628098989361,"gmtModify":1631890918744,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Weee","listText":"Weee","text":"Weee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890602729","repostId":"1132985416","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178387843,"gmtCreate":1626788477782,"gmtModify":1631890918750,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178387843","repostId":"1188133258","repostType":4,"repost":{"id":"1188133258","kind":"news","pubTimestamp":1626787650,"share":"https://www.laohu8.com/m/news/1188133258?lang=&edition=full","pubTime":"2021-07-20 21:27","market":"us","language":"en","title":"Goldman Says \"Don't Buy This Dip\" And Here's Why...","url":"https://stock-news.laohu8.com/highlight/detail?id=1188133258","media":"zerohedge","summary":"At the start of the month,Goldman trader John Flood correctly saidthat we are entering the best 2-we","content":"<p>At the start of the month,Goldman trader John Flood correctly saidthat we are entering the best 2-week seasonal period of the year, with the first 18 days of the month traditionally the strongest period for markets...</p>\n<p><img src=\"https://static.tigerbbs.com/e7dc88222112e4655f492c56509f9d64\" tg-width=\"1280\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p>... and followed up with apredictionthat shorts will have to cover, which they did during a period in which we saw 13 out of 16 trading days hit new all time highs.</p>\n<p>Of course, it all came crashing down in the last 3 days when the S&amp;P slide accelerated, culminating with a scary rout on Monday when tumbling yields sparked a panic that the US economy is headed straight into a stagflationary crash.</p>\n<p>And yet, with futures rebounding and traders clearly showing a desire to catch what has been the fastest falling knife in months, we were surprised to read that the same John Flood who correctly predicted the market ramp in the first half of July, has now flipped completely and in a note published overnight writes \"<b>don't buy this dip.</b>\" He explains why:</p>\n<blockquote>\n I am a consistent buyer of dips but this wobble feels different and I am bracing for a weaker tape this week. Negative Covid headlines are picking up in velocity. Issuance spigots are fully turned on and this paper is getting harder to place from my seat (after some choppy px action related to issuance last week).\n</blockquote>\n<blockquote>\n <b>99% of S&amp;P500 companies are in buyback blackout period into next week and quant flows remain asymmetric on the supply side (AKA CTA sellers will win this tug of war).</b>Earnings last week were great but were not rewarded (banks)...this week and next are the 2 busiest weeks of the earnings period.\n</blockquote>\n<blockquote>\n Overall market breadth continues to dissipate with FAAMG complex carrying the weight of the indices on its back. July has not been a fun month for the retail community (underlying retail bid is fading). HF length has recently come in significantly on a 1 year look back but on a 3 year basis is well above 50th percentile for both nets and grosses (still more wood to chop here). Institutional community continues to cut risk in China ADR’s post DIDI development while U.S. / China tensions rise. All eyes remain 10yr yields well below 200dma of 1.26 for first time in 2021. No need to hit the panic button but I plan on being patient with buy tickets over the next several sessions.\n</blockquote>\n<p>And here are the 10 key<i>bearish</i>developments Flood is monitoring:</p>\n<p><b>1) Covid headlines over the weekend were the most negative that I have seen in 2021. Here are the 5 that stood out to me...</b></p>\n<ul>\n <li>U.S. infections surged more than 60% last week, topping a 16% global increase. Delta cases may be undercounted, former FDA chief Scott Gottlieb said. The Dr. warned that the US is “vastly underestimating” the level of COVID delta spread domestically.CNBC</li>\n <li>The CDC warns of a “pandemic of the unvaccinated” as cases, hospitalizations, and fatalities rise in those parts of the country with low inoculation rates.BBG</li>\n <li>CDC says other major US cities will probably follow LA and reimpose mask mandates as COVID statistics continue to deteriorate.FT</li>\n <li>First Olympic athletes in Tokyo test positive for COVID, just days before the games are expected to commence (Coco Gauff the highest profile U.S. athlete to withdraw)</li>\n <li>The UK said travelers from France will need to quarantine for 10 days regardless of vaccination status, an announcement that “leaves holidays in disarray”.London Times</li>\n</ul>\n<p><b>2) It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.</b></p>\n<p><b>3) Only 1 week into 2Q earnings but banks telling us to expect beats but NOT TO expect these beats to be rewarded. AKA sell sides estimates are still too low and positioning remains crowded. Since JPM kicked of megacap tech bank earnings last Tuesday morning (essentially beats across the board) bank index has shed 355bps.</b></p>\n<p><b>4) We are in depths of corporate buyback blackout period and this will run through 7/23/21....</b></p>\n<p><img src=\"https://static.tigerbbs.com/2aaf1e5d45694a097b50a91dbde1c820\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\"><b>5) Systematic flows are asymmetric...(AKA CTAs are sellers in a up and down tape)....</b></p>\n<p><img src=\"https://static.tigerbbs.com/4bba4d70220e9707ea2844810c1a10b2\" tg-width=\"866\" tg-height=\"381\" referrerpolicy=\"no-referrer\"><b>6) Market breadth continues to deteriorate (was at ATH of 100 last month)....</b></p>\n<p><img src=\"https://static.tigerbbs.com/39de9052680301024db46173d0dce29f\" tg-width=\"507\" tg-height=\"405\" referrerpolicy=\"no-referrer\"><b>7) AKA without recent stellar price action on FAAMG the market would be in some trouble...</b></p>\n<p><img src=\"https://static.tigerbbs.com/0ae0c7eead73ad8dc2ecc63bcbd9e27e\" tg-width=\"500\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p>\n<p><b>8) Tensions with China escalating and we see continued derisking in ADRs: The White House is accusing China of perpetrating a massive hack of Microsoft’s email systems and will form a coalition of NATO members to condemn Beijing’s cyber activities.NYT</b></p>\n<p><b>9) Retail support has been waning MTD....(GS HIGH RETAIL SENTIMENT BASKET)....</b></p>\n<p><img src=\"https://static.tigerbbs.com/91d1bdeccdbb13bda1edf2982fd29b9c\" tg-width=\"969\" tg-height=\"737\" width=\"100%\" height=\"auto\"></p>\n<p><b>1</b><b>0) On 1 year look back Fundamental L/S positioning has come in significantly....on a 3yr look back still elevated....</b></p>\n<p><img src=\"https://static.tigerbbs.com/588f67823e6fabf1df2586491f930477\" tg-width=\"912\" tg-height=\"105\" width=\"100%\" height=\"auto\"></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>Goldman Says \"Don't Buy This Dip\" And Here's Why...</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nGoldman Says \"Don't Buy This Dip\" And Here's Why...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 21:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/goldman-says-dont-buy-dip-and-heres-why?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>At the start of the month,Goldman trader John Flood correctly saidthat we are entering the best 2-week seasonal period of the year, with the first 18 days of the month traditionally the strongest ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/goldman-says-dont-buy-dip-and-heres-why?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/goldman-says-dont-buy-dip-and-heres-why?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188133258","content_text":"At the start of the month,Goldman trader John Flood correctly saidthat we are entering the best 2-week seasonal period of the year, with the first 18 days of the month traditionally the strongest period for markets...\n\n... and followed up with apredictionthat shorts will have to cover, which they did during a period in which we saw 13 out of 16 trading days hit new all time highs.\nOf course, it all came crashing down in the last 3 days when the S&P slide accelerated, culminating with a scary rout on Monday when tumbling yields sparked a panic that the US economy is headed straight into a stagflationary crash.\nAnd yet, with futures rebounding and traders clearly showing a desire to catch what has been the fastest falling knife in months, we were surprised to read that the same John Flood who correctly predicted the market ramp in the first half of July, has now flipped completely and in a note published overnight writes \"don't buy this dip.\" He explains why:\n\n I am a consistent buyer of dips but this wobble feels different and I am bracing for a weaker tape this week. Negative Covid headlines are picking up in velocity. Issuance spigots are fully turned on and this paper is getting harder to place from my seat (after some choppy px action related to issuance last week).\n\n\n99% of S&P500 companies are in buyback blackout period into next week and quant flows remain asymmetric on the supply side (AKA CTA sellers will win this tug of war).Earnings last week were great but were not rewarded (banks)...this week and next are the 2 busiest weeks of the earnings period.\n\n\n Overall market breadth continues to dissipate with FAAMG complex carrying the weight of the indices on its back. July has not been a fun month for the retail community (underlying retail bid is fading). HF length has recently come in significantly on a 1 year look back but on a 3 year basis is well above 50th percentile for both nets and grosses (still more wood to chop here). Institutional community continues to cut risk in China ADR’s post DIDI development while U.S. / China tensions rise. All eyes remain 10yr yields well below 200dma of 1.26 for first time in 2021. No need to hit the panic button but I plan on being patient with buy tickets over the next several sessions.\n\nAnd here are the 10 keybearishdevelopments Flood is monitoring:\n1) Covid headlines over the weekend were the most negative that I have seen in 2021. Here are the 5 that stood out to me...\n\nU.S. infections surged more than 60% last week, topping a 16% global increase. Delta cases may be undercounted, former FDA chief Scott Gottlieb said. The Dr. warned that the US is “vastly underestimating” the level of COVID delta spread domestically.CNBC\nThe CDC warns of a “pandemic of the unvaccinated” as cases, hospitalizations, and fatalities rise in those parts of the country with low inoculation rates.BBG\nCDC says other major US cities will probably follow LA and reimpose mask mandates as COVID statistics continue to deteriorate.FT\nFirst Olympic athletes in Tokyo test positive for COVID, just days before the games are expected to commence (Coco Gauff the highest profile U.S. athlete to withdraw)\nThe UK said travelers from France will need to quarantine for 10 days regardless of vaccination status, an announcement that “leaves holidays in disarray”.London Times\n\n2) It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.\n3) Only 1 week into 2Q earnings but banks telling us to expect beats but NOT TO expect these beats to be rewarded. AKA sell sides estimates are still too low and positioning remains crowded. Since JPM kicked of megacap tech bank earnings last Tuesday morning (essentially beats across the board) bank index has shed 355bps.\n4) We are in depths of corporate buyback blackout period and this will run through 7/23/21....\n5) Systematic flows are asymmetric...(AKA CTAs are sellers in a up and down tape)....\n6) Market breadth continues to deteriorate (was at ATH of 100 last month)....\n7) AKA without recent stellar price action on FAAMG the market would be in some trouble...\n\n8) Tensions with China escalating and we see continued derisking in ADRs: The White House is accusing China of perpetrating a massive hack of Microsoft’s email systems and will form a coalition of NATO members to condemn Beijing’s cyber activities.NYT\n9) Retail support has been waning MTD....(GS HIGH RETAIL SENTIMENT BASKET)....\n\n10) On 1 year look back Fundamental L/S positioning has come in significantly....on a 3yr look back still elevated....","news_type":1},"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170230705,"gmtCreate":1626433891307,"gmtModify":1631890918752,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Alright","listText":"Alright","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170230705","repostId":"1179986953","repostType":4,"isVote":1,"tweetType":1,"viewCount":931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147297287,"gmtCreate":1626358560949,"gmtModify":1631890918754,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Why so?&nbsp;","listText":"Why so?&nbsp;","text":"Why so?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147297287","repostId":"2151269095","repostType":4,"isVote":1,"tweetType":1,"viewCount":814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145098983,"gmtCreate":1626181752642,"gmtModify":1631890918758,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Wooo","listText":"Wooo","text":"Wooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145098983","repostId":"1192718809","repostType":4,"repost":{"id":"1192718809","kind":"news","pubTimestamp":1626181410,"share":"https://www.laohu8.com/m/news/1192718809?lang=&edition=full","pubTime":"2021-07-13 21:03","market":"us","language":"en","title":"Volkswagen's EV unit plans to double charging infrastructure by end of 2025","url":"https://stock-news.laohu8.com/highlight/detail?id=1192718809","media":"Reuters","summary":"July 13 (Reuters) - Automaker Volkswagen's electric vehicle (EV) charging unit, Electrify America, s","content":"<p>July 13 (Reuters) - Automaker Volkswagen's electric vehicle (EV) charging unit, Electrify America, said on Tuesday it planned to more than double its charging infrastructure in the United States and Canada over the next four years.</p>\n<p>The company said it expects to have over 1,800 fast charging stations and 10,000 individual chargers installed by the end of 2025.</p>\n<p>Charging infrastructure has attracted several sectors, including utilities, carmakers and big oil firms, all hoping to cash in on a rising demand for electricity in the wake of a global EV rollout.</p>\n<p>Tuesday's announcement also comes after Reuters reported last week that Volkswagen was looking to sell a stake in Electrify America to gain access to outside funds for building infrastructure for battery-powered cars.</p>\n<p>Electrify America, which counts ChargePoint and Tesla's Supercharger among its competition, has 635 charging stations with around 2,850 fast-loading spots up and running, according to its website.</p>","source":"lsy1612507957220","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>Volkswagen's EV unit plans to double charging infrastructure by end of 2025</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nVolkswagen's EV unit plans to double charging infrastructure by end of 2025\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 21:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/volkswagens-ev-unit-plans-double-125417092.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>July 13 (Reuters) - Automaker Volkswagen's electric vehicle (EV) charging unit, Electrify America, said on Tuesday it planned to more than double its charging infrastructure in the United States and ...</p>\n\n<a href=\"https://finance.yahoo.com/news/volkswagens-ev-unit-plans-double-125417092.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/volkswagens-ev-unit-plans-double-125417092.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192718809","content_text":"July 13 (Reuters) - Automaker Volkswagen's electric vehicle (EV) charging unit, Electrify America, said on Tuesday it planned to more than double its charging infrastructure in the United States and Canada over the next four years.\nThe company said it expects to have over 1,800 fast charging stations and 10,000 individual chargers installed by the end of 2025.\nCharging infrastructure has attracted several sectors, including utilities, carmakers and big oil firms, all hoping to cash in on a rising demand for electricity in the wake of a global EV rollout.\nTuesday's announcement also comes after Reuters reported last week that Volkswagen was looking to sell a stake in Electrify America to gain access to outside funds for building infrastructure for battery-powered cars.\nElectrify America, which counts ChargePoint and Tesla's Supercharger among its competition, has 635 charging stations with around 2,850 fast-loading spots up and running, according to its website.","news_type":1},"isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146724808,"gmtCreate":1626100315004,"gmtModify":1631890918768,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"🤣 Don't know if should trust this article","listText":"🤣 Don't know if should trust this article","text":"🤣 Don't know if should trust this article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146724808","repostId":"2150580297","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157264229,"gmtCreate":1625584203061,"gmtModify":1631890918768,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Good job","listText":"Good job","text":"Good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157264229","repostId":"2149936563","repostType":4,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158976061,"gmtCreate":1625126878053,"gmtModify":1631894010125,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Weeee","listText":"Weeee","text":"Weeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158976061","repostId":"1114101721","repostType":4,"repost":{"id":"1114101721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625126532,"share":"https://www.laohu8.com/m/news/1114101721?lang=&edition=full","pubTime":"2021-07-01 16:02","market":"us","language":"en","title":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY","url":"https://stock-news.laohu8.com/highlight/detail?id=1114101721","media":"Tiger Newspress","summary":"NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year. Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597. NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s,","content":"<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></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>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nNIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-01 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114101721","content_text":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year\nNIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year\nCumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597\n\nNIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.\nNIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.\nNIO stock rose 0.7% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150633762,"gmtCreate":1624895394456,"gmtModify":1631894015955,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Looks good","listText":"Looks good","text":"Looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/150633762","repostId":"2146002845","repostType":4,"isVote":1,"tweetType":1,"viewCount":199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150639722,"gmtCreate":1624895359166,"gmtModify":1631884926361,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>&nbsp;time to reverse and rocket pls..&nbsp;","listText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>&nbsp;time to reverse and rocket pls..&nbsp;","text":"$Meta Materials Inc.(MMAT)$ time to reverse and rocket pls..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150639722","isVote":1,"tweetType":1,"viewCount":529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167237306,"gmtCreate":1624269625105,"gmtModify":1631894015983,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167237306","repostId":"1172678753","repostType":4,"isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166873265,"gmtCreate":1624004113757,"gmtModify":1631894010138,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Sounds bad","listText":"Sounds bad","text":"Sounds bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166873265","repostId":"1142916683","repostType":2,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p>\n<p>Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p>\n<p>As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p>\n<p>\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p>\n<p>Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</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>Orphazyme shares tumbled more than 60% in pre-market trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nOrphazyme shares tumbled more than 60% in pre-market trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-18 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p>\n<p>Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p>\n<p>As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p>\n<p>\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p>\n<p>Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161037341,"gmtCreate":1623896057183,"gmtModify":1631894016193,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Will btc rise once again?&nbsp;","listText":"Will btc rise once again?&nbsp;","text":"Will btc rise once again?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161037341","repostId":"2144130887","repostType":4,"isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160474054,"gmtCreate":1623805573678,"gmtModify":1631894015961,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Oh no&nbsp;","listText":"Oh no&nbsp;","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160474054","repostId":"160530757","repostType":1,"repost":{"id":160530757,"gmtCreate":1623801417172,"gmtModify":1623807285622,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"昨夜今晨：发生了什么？欧盟封杀十大金融巨头，美油创两年半新高","htmlText":"摘要：美股全线收跌，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%；热门中概股周二收盘普跌；欧洲股市普遍收高；美油大涨1.8％创两年半新高；金价收盘再度下滑0.5％，录得三连跌；美联储会议重磅前瞻：料将开始讨论减码，2023年或首次加息；4月美国最大“债主”日本三个月里首度增持美债，中国持债两连降。 海外市场 1、美股全线收跌，道指跌近百点！标普500指数创新高后回落 美股三大指数周二收盘全线下跌，标普500一度创新高，投资者正密切关注美联储即将公布的政策声明，以及美国5月PPI和零售销售数据。截至收盘，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%。 知名科技股中<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>跌0.64%；<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>跌0.01%；<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a>跌0.02%；<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>跌0.59%；<a href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a>跌0.25%；奈飞跌1.6%；<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>跌2.97%。 2、热门中概股周二收盘普跌 热门中概股周二收盘普跌，新能源汽车股下跌。 <a href=\"https://laohu8.com/S/NTES\">$网易(NTES)$</a>有道跌近6%，<a href=\"https://laohu8.com/S/BZ\">$BOSS直聘(BZ)$</a>","listText":"摘要：美股全线收跌，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%；热门中概股周二收盘普跌；欧洲股市普遍收高；美油大涨1.8％创两年半新高；金价收盘再度下滑0.5％，录得三连跌；美联储会议重磅前瞻：料将开始讨论减码，2023年或首次加息；4月美国最大“债主”日本三个月里首度增持美债，中国持债两连降。 海外市场 1、美股全线收跌，道指跌近百点！标普500指数创新高后回落 美股三大指数周二收盘全线下跌，标普500一度创新高，投资者正密切关注美联储即将公布的政策声明，以及美国5月PPI和零售销售数据。截至收盘，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%。 知名科技股中<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a>跌0.64%；<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>跌0.01%；<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a>跌0.02%；<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>跌0.59%；<a href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a>跌0.25%；奈飞跌1.6%；<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>跌2.97%。 2、热门中概股周二收盘普跌 热门中概股周二收盘普跌，新能源汽车股下跌。 <a href=\"https://laohu8.com/S/NTES\">$网易(NTES)$</a>有道跌近6%，<a href=\"https://laohu8.com/S/BZ\">$BOSS直聘(BZ)$</a>","text":"摘要：美股全线收跌，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%；热门中概股周二收盘普跌；欧洲股市普遍收高；美油大涨1.8％创两年半新高；金价收盘再度下滑0.5％，录得三连跌；美联储会议重磅前瞻：料将开始讨论减码，2023年或首次加息；4月美国最大“债主”日本三个月里首度增持美债，中国持债两连降。 海外市场 1、美股全线收跌，道指跌近百点！标普500指数创新高后回落 美股三大指数周二收盘全线下跌，标普500一度创新高，投资者正密切关注美联储即将公布的政策声明，以及美国5月PPI和零售销售数据。截至收盘，道指跌0.27%；纳指跌0.71%；标普500指数跌0.2%。 知名科技股中$苹果(AAPL)$跌0.64%；$Facebook(FB)$跌0.01%；$亚马逊(AMZN)$跌0.02%；$微软(MSFT)$跌0.59%；$谷歌(GOOG)$跌0.25%；奈飞跌1.6%；$特斯拉(TSLA)$跌2.97%。 2、热门中概股周二收盘普跌 热门中概股周二收盘普跌，新能源汽车股下跌。 $网易(NTES)$有道跌近6%，$BOSS直聘(BZ)$","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160530757","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184796899,"gmtCreate":1623723921511,"gmtModify":1631894016192,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555822052484377","authorIdStr":"3555822052484377"},"themes":[],"htmlText":"Looks good","listText":"Looks good","text":"Looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184796899","repostId":"1167323938","repostType":4,"repost":{"id":"1167323938","kind":"news","pubTimestamp":1623723810,"share":"https://www.laohu8.com/m/news/1167323938?lang=&edition=full","pubTime":"2021-06-15 10:23","market":"us","language":"en","title":"My 3 Favorite Stocks Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1167323938","media":"Motley Fool","summary":"These companies make good long-term core holdings.\nStock investing starts with picking the right com","content":"<p>These companies make good long-term core holdings.</p>\n<p>Stock investing&nbsp;starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.</p>\n<p>Instead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/effed739609f2c132bbfba134fe0ff19\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Amazon</b></p>\n<p><b>Amazon</b>&nbsp;(NASDAQ:AMZN)&nbsp;has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.</p>\n<p>Its presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into&nbsp;offering prescription drugs.</p>\n<p>While its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.</p>\n<p><b>2. Costco</b></p>\n<p><b>Costco Wholesale</b>&nbsp;(NASDAQ:COST)&nbsp;has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.</p>\n<p>Costco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.</p>\n<p>With a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.</p>\n<p>Management also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.</p>\n<p>Recent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.</p>\n<p>While income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.</p>\n<p><b>3. Walmart</b></p>\n<p><b>Walmart</b>&nbsp;(NYSE:WMT)&nbsp;has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.</p>\n<p>It isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.</p>\n<p>Last year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.</p>\n<p>While this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.</p>\n<p>Walmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.</p>\n<p>While these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.</p>\n<p>That's a winning combination that should make these core holdings a great addition to your portfolio.</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>My 3 Favorite Stocks Right Now</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMy 3 Favorite Stocks Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 10:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These companies make good long-term core holdings.\nStock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","AMZN":"亚马逊","COST":"好市多"},"source_url":"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167323938","content_text":"These companies make good long-term core holdings.\nStock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.\nInstead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.\nIMAGE SOURCE: GETTY IMAGES.\n1. Amazon\nAmazon (NASDAQ:AMZN) has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.\nIts presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into offering prescription drugs.\nWhile its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.\n2. Costco\nCostco Wholesale (NASDAQ:COST) has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.\nCostco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.\nWith a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.\nManagement also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.\nRecent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.\nWhile income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.\n3. Walmart\nWalmart (NYSE:WMT) has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.\nIt isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.\nLast year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.\nWhile this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.\nWalmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.\nWhile these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.\nThat's a winning combination that should make these core holdings a great addition to your portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":185553577,"gmtCreate":1623661960999,"gmtModify":1631885240495,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TRCH\">$Torchlight Energy Resources(TRCH)$</a>&nbsp;for ppl in sg, will we be taxed on dividends for trch?&nbsp;","listText":"<a href=\"https://laohu8.com/S/TRCH\">$Torchlight Energy Resources(TRCH)$</a>&nbsp;for ppl in sg, will we be taxed on dividends for trch?&nbsp;","text":"$Torchlight Energy Resources(TRCH)$ for ppl in sg, will we be taxed on dividends for trch?","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":16,"repostSize":0,"link":"https://laohu8.com/post/185553577","isVote":1,"tweetType":1,"viewCount":3700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139877742,"gmtCreate":1621609633686,"gmtModify":1634187655626,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Gogo!!&nbsp;","listText":"Gogo!!&nbsp;","text":"Gogo!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/139877742","repostId":"2137909294","repostType":4,"isVote":1,"tweetType":1,"viewCount":274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146724808,"gmtCreate":1626100315004,"gmtModify":1631890918768,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"🤣 Don't know if should trust this article","listText":"🤣 Don't know if should trust this article","text":"🤣 Don't know if should trust this article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146724808","repostId":"2150580297","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349435947,"gmtCreate":1617631247089,"gmtModify":1634297440267,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Wow 👍","listText":"Wow 👍","text":"Wow 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/349435947","repostId":"1178747724","repostType":4,"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170230705,"gmtCreate":1626433891307,"gmtModify":1631890918752,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Alright","listText":"Alright","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170230705","repostId":"1179986953","repostType":4,"isVote":1,"tweetType":1,"viewCount":931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100621151,"gmtCreate":1619610775473,"gmtModify":1634211368541,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/100621151","repostId":"1179396069","repostType":4,"repost":{"id":"1179396069","kind":"news","pubTimestamp":1619573853,"share":"https://www.laohu8.com/m/news/1179396069?lang=&edition=full","pubTime":"2021-04-28 09:37","market":"us","language":"en","title":"Apple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179396069","media":"Barrons","summary":"Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech g","content":"<p>Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.</p>\n<p>The buzz around Apple last year was off the charts, even for what is the buzziest of technology companies. Anticipation of the fall launch of the company’s first 5G phones, surging demand for both Macs and iPads as the pandemic rolled on, and strength in both wearables and services fed off each other. The pieces all came together in the December quarter, when Apple (ticker: AAPL) posted&nbsp;its biggest quarter ever. Sales soared 21% to $111.4 billion, more than $8 billion over the Street consensus. Every product category—iPhone, iPad, Macs, wearables, and services—notched double-digit growth. Apple stock finished the year up 81%, adding nearly $1 trillion to its market cap.</p>\n<p>That’s a tough act to follow, particularly with the March quarter, which always slows from the holiday-boosted December quarter. But Apple could pull off the quintuple double again when its results come out after the bell Wednesday. The Street certainly thinks so, even if the market, which has pushed Apple shares up less than 2% in 2021, has been more cautious. Consensus estimates call for double-digit increases from last year across the board: iPhones sales up 43%, to $41.4 billion; iPad sales up 29%, to $5.6 billion; Mac sales of $6.8 billion, up 27%; wearables sales (mostly Apple Watch and AirPods) of $7.4 billion, up 18%; and a 16% bump in services, to $15.5 billion.</p>\n<p>Overall, the Street consensus expects sales of $77 billion, up 32% from a year ago, with profits of 98 cents a share. That would be the fastest top-line growth rate for any Apple quarter since March 2012, when revenues were about half what they are now. And most bullish Apple analysts seem to think their own estimates are too low—a print at $77 billion would likely trigger a selloff in the stock.</p>\n<p>Apple is also&nbsp;expected to provide an update on its capital-allocation strategy. A year ago,the company announced a 6% dividend increase, and boosted its stock repurchase plan by $50 billion. Apple has said repeatedly that it is pushing to get to a cash neutral position, but its remarkably big cash flow has slowed progress toward that goal.</p>\n<p>As always, the quarter is about more than just earnings.</p>\n<p>For one, the Street will be looking for signs that the sales surge for Macs and iPads is sustainable—and that the company is keeping up with demand despite widespread chip and display shortages. Some investors worry that the spike in PC demand could ebb as more people return to schools and offices. They’ll be looking for company guidance on that point.</p>\n<p>Another is the sustainability of the resurgence in iPhone growth. There were high hopes among bulls that the iPhone 12 would drive a “supercycle” with an accelerated replacement cycle. Several analysts have noted that a clear consumer preference for the high end of the iPhone 12 line is driving up average selling prices, which should support a strong revenue quarter for the segment.</p>\n<p>“Given the later-than-seasonal launch of new iPhones in the fall of 2020, we believe iPhone demand will experience more favorable year-over-year comparisons this March quarter compared to past years,” writes Monness Crespi Hardt’s Brian White, who sees 47% iPhone revenue growth during the quarter.</p>\n<p>And if Apple pulls it all together? Apple could crush Street estimates, writes Morgan Stanley analyst Katy Huberty, who has an Overweight rating and a $158 price target on the stock, up 17% from Monday’s close of $134.72. She sees the top line above $80 billion, with all segments growing at least 19% year over year. She is especially bullish on Mac and iPad sales, with estimates far above consensus—53% for Macs and 52% for iPads. She also expects Apple to increase its dividend by 10% and expand its stock repurchase program by $60 billion.</p>\n<p>That would certainly qualify as a job well done.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-28 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-could-blow-the-top-off-earningsagain-what-that-would-mean-for-the-stock-51619495288?mod=hp_DAY_Theme_1_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.\nThe buzz around Apple last year was off the charts, even for...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-could-blow-the-top-off-earningsagain-what-that-would-mean-for-the-stock-51619495288?mod=hp_DAY_Theme_1_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-could-blow-the-top-off-earningsagain-what-that-would-mean-for-the-stock-51619495288?mod=hp_DAY_Theme_1_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179396069","content_text":"Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.\nThe buzz around Apple last year was off the charts, even for what is the buzziest of technology companies. Anticipation of the fall launch of the company’s first 5G phones, surging demand for both Macs and iPads as the pandemic rolled on, and strength in both wearables and services fed off each other. The pieces all came together in the December quarter, when Apple (ticker: AAPL) posted its biggest quarter ever. Sales soared 21% to $111.4 billion, more than $8 billion over the Street consensus. Every product category—iPhone, iPad, Macs, wearables, and services—notched double-digit growth. Apple stock finished the year up 81%, adding nearly $1 trillion to its market cap.\nThat’s a tough act to follow, particularly with the March quarter, which always slows from the holiday-boosted December quarter. But Apple could pull off the quintuple double again when its results come out after the bell Wednesday. The Street certainly thinks so, even if the market, which has pushed Apple shares up less than 2% in 2021, has been more cautious. Consensus estimates call for double-digit increases from last year across the board: iPhones sales up 43%, to $41.4 billion; iPad sales up 29%, to $5.6 billion; Mac sales of $6.8 billion, up 27%; wearables sales (mostly Apple Watch and AirPods) of $7.4 billion, up 18%; and a 16% bump in services, to $15.5 billion.\nOverall, the Street consensus expects sales of $77 billion, up 32% from a year ago, with profits of 98 cents a share. That would be the fastest top-line growth rate for any Apple quarter since March 2012, when revenues were about half what they are now. And most bullish Apple analysts seem to think their own estimates are too low—a print at $77 billion would likely trigger a selloff in the stock.\nApple is also expected to provide an update on its capital-allocation strategy. A year ago,the company announced a 6% dividend increase, and boosted its stock repurchase plan by $50 billion. Apple has said repeatedly that it is pushing to get to a cash neutral position, but its remarkably big cash flow has slowed progress toward that goal.\nAs always, the quarter is about more than just earnings.\nFor one, the Street will be looking for signs that the sales surge for Macs and iPads is sustainable—and that the company is keeping up with demand despite widespread chip and display shortages. Some investors worry that the spike in PC demand could ebb as more people return to schools and offices. They’ll be looking for company guidance on that point.\nAnother is the sustainability of the resurgence in iPhone growth. There were high hopes among bulls that the iPhone 12 would drive a “supercycle” with an accelerated replacement cycle. Several analysts have noted that a clear consumer preference for the high end of the iPhone 12 line is driving up average selling prices, which should support a strong revenue quarter for the segment.\n“Given the later-than-seasonal launch of new iPhones in the fall of 2020, we believe iPhone demand will experience more favorable year-over-year comparisons this March quarter compared to past years,” writes Monness Crespi Hardt’s Brian White, who sees 47% iPhone revenue growth during the quarter.\nAnd if Apple pulls it all together? Apple could crush Street estimates, writes Morgan Stanley analyst Katy Huberty, who has an Overweight rating and a $158 price target on the stock, up 17% from Monday’s close of $134.72. She sees the top line above $80 billion, with all segments growing at least 19% year over year. She is especially bullish on Mac and iPad sales, with estimates far above consensus—53% for Macs and 52% for iPads. She also expects Apple to increase its dividend by 10% and expand its stock repurchase program by $60 billion.\nThat would certainly qualify as a job well done.","news_type":1},"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341351083,"gmtCreate":1617785592942,"gmtModify":1634296526299,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SOS\">$SOS Limited(SOS)$</a>&nbsp;LETS GOOO!!!&nbsp;","listText":"<a href=\"https://laohu8.com/S/SOS\">$SOS Limited(SOS)$</a>&nbsp;LETS GOOO!!!&nbsp;","text":"$SOS Limited(SOS)$ LETS GOOO!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/341351083","isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384796675,"gmtCreate":1613684726197,"gmtModify":1634552676895,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Pls like and comment. Thanks!&nbsp;","listText":"Pls like and comment. Thanks!&nbsp;","text":"Pls like and comment. Thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/384796675","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114574579,"gmtCreate":1623083108891,"gmtModify":1634037120078,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"That's cooool","listText":"That's cooool","text":"That's cooool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/114574579","repostId":"1108033863","repostType":4,"repost":{"id":"1108033863","kind":"news","pubTimestamp":1623087360,"share":"https://www.laohu8.com/m/news/1108033863?lang=&edition=full","pubTime":"2021-06-08 01:36","market":"us","language":"en","title":"FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades","url":"https://stock-news.laohu8.com/highlight/detail?id=1108033863","media":"cnbc","summary":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer","content":"<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nFDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 01:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1108033863","content_text":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in people living with Alzheimer's and the first new medicine for the disease in nearly two decades.The FDA's decision was highly anticipated. The drug, which is marketed under the name Aduhelm, is also expected to generate billions of dollars in revenue for the company.\"We are well-aware of the attention surrounding this approval,\" Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, said in a press release. \"We understand that Aduhelm has garnered the attention of the press, the Alzheimer's patient community, our elected officials, and other interested stakeholders.\"\"With a treatment for a serious, life-threatening disease in the balance, it makes sense that so many people were following the outcome of this review,\" Cavazzoni added.Alzheimer’s disease is a progressive neurodegenerative disorder that slowly destroys memory and thinking skills. More than 6 million Americans are living with the disease, according toestimates by the Alzheimer’s Association.By 2050, that number is projected to rise to nearly 13 million, according to the group.There were previously no drugs cleared by the FDA that can slow the mental decline from Alzheimer’s, which is the sixth leading cause of death in the United States. The U.S. agency has approved Alzheimer’s drugs aimed at helping symptoms, not actually slowing the disease itself.Federal regulators have faced intense pressure from friends and family members of Alzheimer’s patients asking to fast-track aducanumab, but the road to regulatory approval has been a controversial one since it showed promise in 2016.In March of 2019, Biogen pulled work on the drug after an analysis from an independent group revealed it was unlikely to work. The company then shocked investors several months later by announcing it would seek regulatory approval for the drug after all.Shares of Biogen soared in Novemberafter it won backing from FDA staff, who said the company showed highly “persuasive” evidence aducanumab was effective and that it had “an acceptable safety profile that would support use in individuals with Alzheimer’s disease.”But two days later, a panel of outside experts that advises theU.S. agency unexpectedly declined to endorsethe experimental drug, citing unconvincing data. It also criticized agency staff for what it called an overly positive review.When Biogen sought approval for the drug in late 2019, its scientists said a new analysis of a larger data set showed that aducanumab “reduced clinical decline in patients with early Alzheimer’s disease.”Alzheimer’s experts and Wall Street analysts were immediately skeptical, with some wondering whether the clinical trial data was enough to prove that the drug works and whether approval could make it harder for other companies to enroll patients in their own drug trials.Some doctorshave said they won’t prescribethe drug if it does reach the market, because of the mixed data package supporting the company’s application.Supporters, including advocacy groups and family members of those living with the disease desperate for a new treatment, have acknowledged that the data isn’t perfect. However, they argue that it could help some patients with Alzheimer’s, a progressive and debilitating disease.Biogen’s drug targets a “sticky” compound in the brain known as beta-amyloid, which scientists expect plays a role in the devastating disease. The company has previously estimated about 1.5 million people with early Alzheimer’s in the U.S. could be candidates for the drug, according to Reuters.The FDA decision is expected to reverberate throughout the biopharma sector, RBC Capital Markets analyst Brian Abrahams said in a note to clients on June 1.The U.S. agency said Monday it determined there was “substantial evidence” the drug helps patients.“As a result of FDA’s approval of Aduhelm, patients with Alzheimer’s disease have an important and critical new treatment to help combat this disease,” it said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131298458,"gmtCreate":1621861305074,"gmtModify":1634186027374,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Do you think it's stable alr?&nbsp;","listText":"Do you think it's stable alr?&nbsp;","text":"Do you think it's stable alr?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/131298458","repostId":"1164009514","repostType":4,"repost":{"id":"1164009514","kind":"news","pubTimestamp":1621859606,"share":"https://www.laohu8.com/m/news/1164009514?lang=&edition=full","pubTime":"2021-05-24 20:33","market":"other","language":"en","title":"Bitcoin Bounces Back Above $37,000 After Weekend Selloff","url":"https://stock-news.laohu8.com/highlight/detail?id=1164009514","media":"Bloomberg","summary":"(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the bigge","content":"<p>(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.</p><p>The world’s largest cryptocurrency was trading 12% higher around $37,800 as of 7:37 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.</p><p>Traders may be feeling more positive as the crypto industry prepares for one of its biggest conferences of the year. The event, called Consensus by CoinDesk brings together executives, including Grayscale Investments chief Michael Sonnenshein and Binance Holdings Ltd. CEO Changpeng Zhao, for their views on everything from crypto asset management to decentralized finance.</p><p>Investing executives and policymakers, such as Bridgewater Associates LP Founder Ray Dalio and Federal Reserve Governor Lael Brainard, are also slated to speak.</p><p>“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”</p><p>Ether, the second-largest token, also rebounded on Monday, jumping 14% to about $2,300.</p><p>The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase &amp; Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.</p>","source":"lsy1612507957220","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>Bitcoin Bounces Back Above $37,000 After Weekend Selloff</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBitcoin Bounces Back Above $37,000 After Weekend Selloff\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 20:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/bitcoin-bounces-back-above-37-120715542.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency was trading 12% higher around $...</p>\n\n<a href=\"https://finance.yahoo.com/news/bitcoin-bounces-back-above-37-120715542.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/bitcoin-bounces-back-above-37-120715542.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164009514","content_text":"(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency was trading 12% higher around $37,800 as of 7:37 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.Traders may be feeling more positive as the crypto industry prepares for one of its biggest conferences of the year. The event, called Consensus by CoinDesk brings together executives, including Grayscale Investments chief Michael Sonnenshein and Binance Holdings Ltd. CEO Changpeng Zhao, for their views on everything from crypto asset management to decentralized finance.Investing executives and policymakers, such as Bridgewater Associates LP Founder Ray Dalio and Federal Reserve Governor Lael Brainard, are also slated to speak.“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”Ether, the second-largest token, also rebounded on Monday, jumping 14% to about $2,300.The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344172641,"gmtCreate":1618391719783,"gmtModify":1634293275092,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Can't wait!!&nbsp;","listText":"Can't wait!!&nbsp;","text":"Can't wait!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/344172641","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":826950368,"gmtCreate":1633966942738,"gmtModify":1633966942738,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826950368","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohu8.com/m/news/1174273121?lang=&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>\n <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>\n <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p>\n<p><b>Investment thesis</b></p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p>\n<p><b>The moat and the network effects</b></p>\n<p>V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p>\n<p>The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p>\n<p>Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p>\n<p>But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p>\n<p>Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p>\n<p>It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p>\n<p>Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p>\n<p>Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p>\n<p>And the remainder of this article will examine both aspects next.</p>\n<p><b>Return on capital employed (“ROCE”)</b></p>\n<p>ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p>\n<p>As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p>Introduction to marginal return on capital employed (“MROCE”)</p>\n<p>In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p>\n<p>The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p>\n<p>The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p>\n<p>For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p>\n<p>V’s MROCE</p>\n<p>So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p>\n<p>This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p>\n<p>Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p>\n<p>With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p>\n<p>The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Valuation</b></p>\n<p>After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p>\n<p>It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p>\n<p>I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p>\n<p>As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Catalysts and risks</b></p>\n<p>The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p>\n<p>The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p>\n<blockquote>\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n</blockquote>\n<blockquote>\n <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>\n</blockquote>\n<p>In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p>\n<p>Conclusion and final thought</p>\n<p>This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that:</p>\n<ul>\n <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>\n <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>\n <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>\n <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li>\n</ul>\n<p>As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</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>Visa Stock: Scalability And Buffett Value Line</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nVisa Stock: Scalability And Buffett Value Line\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital...</p>\n\n<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":157264229,"gmtCreate":1625584203061,"gmtModify":1631890918768,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Good job","listText":"Good job","text":"Good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157264229","repostId":"2149936563","repostType":4,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150639722,"gmtCreate":1624895359166,"gmtModify":1631884926361,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>&nbsp;time to reverse and rocket pls..&nbsp;","listText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>&nbsp;time to reverse and rocket pls..&nbsp;","text":"$Meta Materials Inc.(MMAT)$ time to reverse and rocket pls..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150639722","isVote":1,"tweetType":1,"viewCount":529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184796899,"gmtCreate":1623723921511,"gmtModify":1631894016192,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Looks good","listText":"Looks good","text":"Looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184796899","repostId":"1167323938","repostType":4,"repost":{"id":"1167323938","kind":"news","pubTimestamp":1623723810,"share":"https://www.laohu8.com/m/news/1167323938?lang=&edition=full","pubTime":"2021-06-15 10:23","market":"us","language":"en","title":"My 3 Favorite Stocks Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1167323938","media":"Motley Fool","summary":"These companies make good long-term core holdings.\nStock investing starts with picking the right com","content":"<p>These companies make good long-term core holdings.</p>\n<p>Stock investing&nbsp;starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.</p>\n<p>Instead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/effed739609f2c132bbfba134fe0ff19\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Amazon</b></p>\n<p><b>Amazon</b>&nbsp;(NASDAQ:AMZN)&nbsp;has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.</p>\n<p>Its presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into&nbsp;offering prescription drugs.</p>\n<p>While its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.</p>\n<p><b>2. Costco</b></p>\n<p><b>Costco Wholesale</b>&nbsp;(NASDAQ:COST)&nbsp;has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.</p>\n<p>Costco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.</p>\n<p>With a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.</p>\n<p>Management also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.</p>\n<p>Recent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.</p>\n<p>While income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.</p>\n<p><b>3. Walmart</b></p>\n<p><b>Walmart</b>&nbsp;(NYSE:WMT)&nbsp;has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.</p>\n<p>It isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.</p>\n<p>Last year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.</p>\n<p>While this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.</p>\n<p>Walmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.</p>\n<p>While these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.</p>\n<p>That's a winning combination that should make these core holdings a great addition to your portfolio.</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>My 3 Favorite Stocks Right Now</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMy 3 Favorite Stocks Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 10:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These companies make good long-term core holdings.\nStock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","AMZN":"亚马逊","COST":"好市多"},"source_url":"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167323938","content_text":"These companies make good long-term core holdings.\nStock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.\nInstead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.\nIMAGE SOURCE: GETTY IMAGES.\n1. Amazon\nAmazon (NASDAQ:AMZN) has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.\nIts presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into offering prescription drugs.\nWhile its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.\n2. Costco\nCostco Wholesale (NASDAQ:COST) has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.\nCostco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.\nWith a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.\nManagement also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.\nRecent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.\nWhile income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.\n3. Walmart\nWalmart (NYSE:WMT) has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.\nIt isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.\nLast year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.\nWhile this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.\nWalmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.\nWhile these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.\nThat's a winning combination that should make these core holdings a great addition to your portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194138872,"gmtCreate":1621346999396,"gmtModify":1634192256679,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Come on SOS! Save me from bagholding","listText":"Come on SOS! Save me from bagholding","text":"Come on SOS! Save me from bagholding","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194138872","repostId":"1116448999","repostType":4,"repost":{"id":"1116448999","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621346808,"share":"https://www.laohu8.com/m/news/1116448999?lang=&edition=full","pubTime":"2021-05-18 22:06","market":"us","language":"en","title":"SOS Ltd. stock Popped 7% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1116448999","media":"Tiger Newspress","summary":"SOS Ltd. stock Popped 7% in morning trading on launching 6,039 mining rigs as it scales up cryptomin","content":"<p>SOS Ltd. stock Popped 7% in morning trading&nbsp;on launching 6,039 mining rigs as it scales up cryptomining operations.</p>\n<p><img src=\"https://static.tigerbbs.com/e3dc4bb8fa01366330a28df161f8b0be\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>SOS Limited&nbsp;announced today that 6,039&nbsp;mining rigs received over the past month have all been put into operation, including a batch of 575 Ethereum (ETH) mining rigs received onMay 7, 2021, and another batch of 5,464 rigs from the third and final installation of our&nbsp;rig purchase received in April.</p>\n<p>The 575 ETH rigs are expected to generate approximately 400 GH/s and the 5,464 rigs are expected to generate an aggregate of approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for mining ETH.</p>\n<p>Currently, across all mining fleet operations, SOS' total capacity is expected to generate approximately 527 PH/s for mining BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of its energy for mining operations from renewable sources.</p>\n<p>If the mining operations perform as expected and the&nbsp; long-term price trends of applicable cryptocurrencies continue, the return on investment (ROI) is projected to be promising. These hash rates are subject to numerous factors, including down time for maintenance, reconfiguration and other variable factors that may materially impact computing performance in the future.</p>\n<p>Mr. Yandai Wang, CEO of SOS, commented, \"With the completion of Phase I of the Leibodong mine and continued expansion of our mining fleet, we are pleased with the progress on our digital currency business plan, based on blockchain technology. The launch of our mining business has provided valuable experience to our team, and is expected to be an important driver of growth in 2021 and beyond.\"</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>SOS Ltd. stock Popped 7% in morning trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSOS Ltd. stock Popped 7% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-18 22:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SOS Ltd. stock Popped 7% in morning trading&nbsp;on launching 6,039 mining rigs as it scales up cryptomining operations.</p>\n<p><img src=\"https://static.tigerbbs.com/e3dc4bb8fa01366330a28df161f8b0be\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>SOS Limited&nbsp;announced today that 6,039&nbsp;mining rigs received over the past month have all been put into operation, including a batch of 575 Ethereum (ETH) mining rigs received onMay 7, 2021, and another batch of 5,464 rigs from the third and final installation of our&nbsp;rig purchase received in April.</p>\n<p>The 575 ETH rigs are expected to generate approximately 400 GH/s and the 5,464 rigs are expected to generate an aggregate of approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for mining ETH.</p>\n<p>Currently, across all mining fleet operations, SOS' total capacity is expected to generate approximately 527 PH/s for mining BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of its energy for mining operations from renewable sources.</p>\n<p>If the mining operations perform as expected and the&nbsp; long-term price trends of applicable cryptocurrencies continue, the return on investment (ROI) is projected to be promising. These hash rates are subject to numerous factors, including down time for maintenance, reconfiguration and other variable factors that may materially impact computing performance in the future.</p>\n<p>Mr. Yandai Wang, CEO of SOS, commented, \"With the completion of Phase I of the Leibodong mine and continued expansion of our mining fleet, we are pleased with the progress on our digital currency business plan, based on blockchain technology. The launch of our mining business has provided valuable experience to our team, and is expected to be an important driver of growth in 2021 and beyond.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOS":"SOS Limited"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116448999","content_text":"SOS Ltd. stock Popped 7% in morning trading on launching 6,039 mining rigs as it scales up cryptomining operations.\n\nSOS Limited announced today that 6,039 mining rigs received over the past month have all been put into operation, including a batch of 575 Ethereum (ETH) mining rigs received onMay 7, 2021, and another batch of 5,464 rigs from the third and final installation of our rig purchase received in April.\nThe 575 ETH rigs are expected to generate approximately 400 GH/s and the 5,464 rigs are expected to generate an aggregate of approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for mining ETH.\nCurrently, across all mining fleet operations, SOS' total capacity is expected to generate approximately 527 PH/s for mining BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of its energy for mining operations from renewable sources.\nIf the mining operations perform as expected and the  long-term price trends of applicable cryptocurrencies continue, the return on investment (ROI) is projected to be promising. These hash rates are subject to numerous factors, including down time for maintenance, reconfiguration and other variable factors that may materially impact computing performance in the future.\nMr. Yandai Wang, CEO of SOS, commented, \"With the completion of Phase I of the Leibodong mine and continued expansion of our mining fleet, we are pleased with the progress on our digital currency business plan, based on blockchain technology. The launch of our mining business has provided valuable experience to our team, and is expected to be an important driver of growth in 2021 and beyond.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199090545,"gmtCreate":1620655567787,"gmtModify":1634197369079,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Sooo red","listText":"Sooo red","text":"Sooo red","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/199090545","repostId":"1152509517","repostType":4,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375042274,"gmtCreate":1619266568298,"gmtModify":1634287365784,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Will it?","listText":"Will it?","text":"Will it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/375042274","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320473338,"gmtCreate":1615172183824,"gmtModify":1703485166597,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Will Ether be the next Bitcoin?&nbsp;","listText":"Will Ether be the next Bitcoin?&nbsp;","text":"Will Ether be the next Bitcoin?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/320473338","repostId":"2117657180","repostType":4,"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166873265,"gmtCreate":1624004113757,"gmtModify":1631894010138,"author":{"id":"3555822052484377","authorId":"3555822052484377","name":"Tongs","avatar":"https://static.tigerbbs.com/b0a38d6dcec089553bed2e9e999c283a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555822052484377","idStr":"3555822052484377"},"themes":[],"htmlText":"Sounds bad","listText":"Sounds bad","text":"Sounds bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166873265","repostId":"1142916683","repostType":2,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p>\n<p>Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p>\n<p>As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p>\n<p>\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p>\n<p>Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</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>Orphazyme shares tumbled more than 60% in pre-market trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nOrphazyme shares tumbled more than 60% in pre-market trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-18 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p>\n<p>Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p>\n<p>As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p>\n<p>\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p>\n<p>Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}