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DarwinNg

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2021-11-05

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2021-10-03

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2021-09-28

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Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>

2021-09-27

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A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote>

2021-09-24

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2021-09-23

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2021-09-19

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2021-09-15

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Fastest-Growing IPO Stocks: 10 IPOs Expecting Up To 25,478% Growth In 2021<blockquote>增长最快的IPO股票：10只IPO预计2021年增长高达25,478%</blockquote>

2021-09-12

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2021-09-12

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2021-09-10

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2021-09-08

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2021-09-05

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2021-09-03

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2021-09-02

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2021-09-01

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2021-08-31

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This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的5年回报率优于亚马逊、微软、美银和富国银行</blockquote>

2021-08-30

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2021-08-28

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Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-27

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for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867231175","repostId":"2172624809","repostType":4,"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862104962,"gmtCreate":1632841268595,"gmtModify":1632841268595,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862104962","repostId":"1152246777","repostType":4,"repost":{"id":"1152246777","kind":"news","pubTimestamp":1632839983,"share":"https://www.laohu8.com/m/news/1152246777?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:39","market":"us","language":"en","title":"Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152246777","media":"Seeking Alpha","summary":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous mile","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从其股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看蒂姆·库克对看涨期权第四季度收益和2022财年的预测有什么看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 22:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从其股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看蒂姆·库克对看涨期权第四季度收益和2022财年的预测有什么看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152246777","content_text":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.\nApple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.\nCompared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.\n\nStephen Lam/Getty Images News\nI don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.\nSource: TD\nUnderstanding why Apple's share buybacks are important to shareholders\nI have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always comments about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.\nSource: Apple\nWhy are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.\nWhen AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.\nSource: Everything Money\nI recently wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.\nSource: Seeking Alpha\nOn 4/28/21, AAPL announced that its board of directors authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.\nApple's valuation is ripe for new investments, especially after the recent pullback\nShares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.\nSource: Seeking Alpha\nAAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and Microsoft (MSFT) are the four largest companies in the S&P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the average P/E ratio of the S&P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.\nSource: Steven Fiorillo) (Data Source: Seeking Alpha\nAAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?\nWhat are we looking at going into AAPL's Q4 2021 being reported at the end of October?\nAAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.\nI look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.\n(Source: Steven Fiorillo) (Data Source: Seeking Alpha)\nConclusion\nAAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866866654,"gmtCreate":1632754050378,"gmtModify":1632798067286,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866866654","repostId":"1191995819","repostType":4,"repost":{"id":"1191995819","kind":"news","pubTimestamp":1632753702,"share":"https://www.laohu8.com/m/news/1191995819?lang=zh_CN&edition=full","pubTime":"2021-09-27 22:41","market":"us","language":"en","title":"A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191995819","media":"Barrons","summary":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is","content":"<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更加引人注目，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于10月7日在德克萨斯奥斯丁正在建设的新工厂举行2021年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要做的业务清单。委托书包括将在会议上投票表决的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司（ISS）是一家大型代理顾问公司，最近因建议特斯拉股东投票反对董事会成员Kimbal Musk和James Murdoch而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔·马斯克是埃隆·马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席。<i>巴伦周刊</i>鉴于金巴尔·马斯克和默多克都获得了大量股权，ISS质疑两人提供独立建议的能力。游戏中有太多的金融皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站参考<i>巴伦周刊</i>其代理分析称：“多名[非执行官员，或NEO]收到了缺乏预设绩效标准的大量股权授予。”“委托书也没有披露薪酬委员会关于首席执行官以外的总薪酬大幅增加的任何理由。”</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>ISS表示，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家“高风险”公司。CEO Elon Musk拥有特斯拉约17%的股票，但没有特别投票权。然而，他确实拥有大量股票期权，这占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉董事会主要由独立董事组成，但确实有一名非独立董事：Kimbal Musk。默多克仍被ISS列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重大问题，但这是一个长期问题，未来几个月特斯拉股票的建议应该不会太大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循ISS的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易做到。该建议可能会让特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标准普尔500指数下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这不是一个不寻常的尺寸。苹果(AAPL)董事会有八名成员。通用汽车(GM)有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。周五，该公司扩大了最新版本的自动驾驶功能的发布范围，称为全自动驾驶（FSD）。在年会之前，应该会公布第三季度的交付数字。年会结束后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约221,000辆汽车，特斯拉预计每股收益约为1.40至1.50美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于数月来最高水平的时候。特斯拉股价周五收于774.39美元，过去三个月上涨了约15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 22:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更加引人注目，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于10月7日在德克萨斯奥斯丁正在建设的新工厂举行2021年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要做的业务清单。委托书包括将在会议上投票表决的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司（ISS）是一家大型代理顾问公司，最近因建议特斯拉股东投票反对董事会成员Kimbal Musk和James Murdoch而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔·马斯克是埃隆·马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席。<i>巴伦周刊</i>鉴于金巴尔·马斯克和默多克都获得了大量股权，ISS质疑两人提供独立建议的能力。游戏中有太多的金融皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站参考<i>巴伦周刊</i>其代理分析称：“多名[非执行官员，或NEO]收到了缺乏预设绩效标准的大量股权授予。”“委托书也没有披露薪酬委员会关于首席执行官以外的总薪酬大幅增加的任何理由。”</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>ISS表示，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家“高风险”公司。CEO Elon Musk拥有特斯拉约17%的股票，但没有特别投票权。然而，他确实拥有大量股票期权，这占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉董事会主要由独立董事组成，但确实有一名非独立董事：Kimbal Musk。默多克仍被ISS列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重大问题，但这是一个长期问题，未来几个月特斯拉股票的建议应该不会太大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循ISS的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易做到。该建议可能会让特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标准普尔500指数下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这不是一个不寻常的尺寸。苹果(AAPL)董事会有八名成员。通用汽车(GM)有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。周五，该公司扩大了最新版本的自动驾驶功能的发布范围，称为全自动驾驶（FSD）。在年会之前，应该会公布第三季度的交付数字。年会结束后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约221,000辆汽车，特斯拉预计每股收益约为1.40至1.50美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于数月来最高水平的时候。特斯拉股价周五收于774.39美元，过去三个月上涨了约15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191995819","content_text":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.\nTesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.\n\nInstitutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.\nKimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns Barron’s. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.\n\nISS referred Barron’s to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”\nTesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.\nTesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.\nBoard independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.\nFor starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.\n\nTesla stock was up slightly in early trading Monday. The S&P 500 was down about 0.3%. The Dow Jones Industrial Average gained about 0.6%.\nTesla’s board currently has nine board members. That isn’t an unusual size. The Apple (AAPL) board has eight members.General Motors (GM) has 12 board members.\nIt’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.\nWall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.\nAll this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861678193,"gmtCreate":1632494795212,"gmtModify":1632716575892,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861678193","repostId":"2169590615","repostType":4,"isVote":1,"tweetType":1,"viewCount":3687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863574443,"gmtCreate":1632409159782,"gmtModify":1632730775004,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863574443","repostId":"2169664162","repostType":4,"isVote":1,"tweetType":1,"viewCount":1596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887580967,"gmtCreate":1632063806659,"gmtModify":1632803062217,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887580967","repostId":"1197410423","repostType":4,"isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882635446,"gmtCreate":1631682557385,"gmtModify":1631892035593,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882635446","repostId":"1184277851","repostType":4,"repost":{"id":"1184277851","kind":"news","pubTimestamp":1631677481,"share":"https://www.laohu8.com/m/news/1184277851?lang=zh_CN&edition=full","pubTime":"2021-09-15 11:44","market":"us","language":"en","title":"Fastest-Growing IPO Stocks: 10 IPOs Expecting Up To 25,478% Growth In 2021<blockquote>增长最快的IPO股票：10只IPO预计2021年增长高达25,478%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184277851","media":"investors","summary":"Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by","content":"<p>Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by&nbsp;<b>BioNTech</b>(BNTX),<b>Upstart</b>(UPST) and&nbsp;<b>TaskUs</b>(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.</p><p><blockquote>进入最后一个季度，2021年最值得买入和关注的IPO股票有哪些？由<b>BioNTech</b>（BNTX），<b>暴发户</b>（UPST）和<b>塔斯库斯</b>（任务），以下是自2019年以来首次亮相的10家IPO，预计今年的盈利增长将在30%至高达25,478%之间。</blockquote></p><p> <b>InMode</b>(INMD),<b>Avantor</b>(AVTR),<b>Doximity</b>(DOCS), and&nbsp;<b>Zoominfo Technologies</b>(ZI) also made the cut.</p><p><blockquote><b>InMode</b>（INMD），<b>Avantor</b>（AVTR），<b>剂量</b>（文档），以及<b>Zoominfo技术</b>（子）也晋级了。</blockquote></p><p> Built using&nbsp;MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.</p><p><blockquote>该屏幕使用MarketSmith构建，可过滤整个IBD数据库，仅识别符合下列标准的公司。</blockquote></p><p> UPST stock, TASK stock and all theIPO stockson this screen must:</p><p><blockquote>此屏幕上的UPST股票、任务股票和所有IPO股票必须：</blockquote></p><p> <ul>  <li>Have gone public since 2019.</li>  <li>Trade 400,000+ shares per day on average</li>  <li>Expect 25% or higher EPS growth in 2021.</li>  <li>Have sales growth above 25% last quarter.</li>  <li>Earn a Composite Rating 95 or higher.</li> </ul> Stock Checkuprequires a&nbsp;Composite Rating&nbsp;of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.</p><p><blockquote><ul><li>自2019年起上市。</li><li>平均每天交易400,000股以上</li><li>预计2021年每股收益增长25%或更高。</li><li>上季度销售额增长超过25%。</li><li>获得95或更高的综合评分。</li></ul>股票检查要求综合评级达到95或更高才能获得及格分数。许多IPO，即使是那些显示出强劲前景的IPO，在股市上的交易时间还不够长，或者落后于其他指标，无法达到这一基准。这里介绍的IPO股票在基本面和技术表现方面都达到了高标准。</blockquote></p><p> Take UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.</p><p><blockquote>以UPST股票为例。Upstart由谷歌前员工于2020年创立，利用基于云的人工智能(AI)来简化负担得起的消费信贷，同时降低银行合作伙伴的贷款风险和成本。这家总部位于加利福尼亚州圣马特奥的公司已经发放了超过90亿美元的贷款，其中超过三分之二是完全自动化的。</blockquote></p><p> In addition to the<b>Alphabet</b>(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading&nbsp;cloud computing&nbsp;and&nbsp;AI stock&nbsp;has also generated average annual sales growth of 70% over the last three years.</p><p><blockquote>除了<b>Alphabet</b>（GOOGL）血统，UPST股票因分析师预计全年盈利增长900%而受到提振。领先的云计算和人工智能股票在过去三年中也实现了70%的年均销售额增长。</blockquote></p><p> Another IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key&nbsp;stock-picking traits, including the highest-possible 99Composite Rating.</p><p><blockquote>另一家值得关注的IPO是TaskUs，它已迅速成为领先的业务流程外包(BPO)公司。与Upstart一样，TaskUs也具有关键的选股特征，包括最高的99综合评级。</blockquote></p><p> IPOs On Leading Stock Lists</p><p><blockquote>龙头股名单上的IPO</blockquote></p><p> TASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.</p><p><blockquote>TASK股票和UPST股票均跻身IBD 50，而TaskUs也在IBD行业领导者中占据一席之地。</blockquote></p><p> Several other top IPOs are also on IBD&nbsp;stock lists. In&nbsp;Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.</p><p><blockquote>其他几家顶级IPO也在IBD股票名单上。在Mode中，Avantor、Doximity和ZI stock加入了Upstart和TaskUs的行列，跻身IBD 50。</blockquote></p><p> Upstart, InMode, Avantor, Doximity,<b>Revolve</b>(RVLV) and&nbsp;<b>ZIM Integrated Shipping Services</b>(ZIM) all make the grade for the&nbsp;IPO Leaders&nbsp;screen.</p><p><blockquote>新贵、InMode、Avantor、Doximity、<b>围绕</b>(RVLV)及<b>以星综合航运服务</b>(ZIM)均符合IPO领导者筛选标准。</blockquote></p><p> Top IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021</p><p><blockquote>预计2021年每股收益增长30%至25,478%的顶级IPO股票</blockquote></p><p> <table>  <thead>   <tr>    <th>Company</th>    <th>Symbol</th>    <th>EPS Est Cur Yr %</th>    <th>Comp Rating</th>    <th>EPS Rating</th>    <th>RS Rating</th>    <th>SMR Rating</th>   </tr>  </thead>  <tbody>   <tr>    <td>Biontech Se Ads</td>    <td>BNTX</td>    <td>25478</td>    <td>95</td>    <td>65</td>    <td>99</td>    <td>C</td>   </tr>   <tr>    <td>Upstart Holdings Inc</td>    <td>UPST</td>    <td>900</td>    <td>99</td>    <td>65</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>ZIM Integ Shipping Svcs</td>    <td>ZIM</td>    <td>619</td>    <td>99</td>    <td>70</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>Dlocal Limited Cl A</td>    <td>DLO</td>    <td>150</td>    <td>98</td>    <td>65</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>Taskus Inc Class A</td>    <td>TASK</td>    <td>68</td>    <td>99</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>InMode Ltd</td>    <td>INMD</td>    <td>55</td>    <td>99</td>    <td>99</td>    <td>98</td>    <td>A</td>   </tr>   <tr>    <td>Avantor Inc</td>    <td>AVTR</td>    <td>53</td>    <td>99</td>    <td>97</td>    <td>93</td>    <td>A</td>   </tr>   <tr>    <td>Zoominfo Techs Cl A</td>    <td>ZI</td>    <td>46</td>    <td>98</td>    <td>65</td>    <td>94</td>    <td>A</td>   </tr>   <tr>    <td>Doximity Inc Class A</td>    <td>DOCS</td>    <td>38</td>    <td>97</td>    <td>65</td>    <td>96</td>    <td>A</td>   </tr>   <tr>    <td>Revolve Group Inc Cl A</td>    <td>RVLV</td>    <td>30</td>    <td>95</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>  </tbody> </table></p><p><blockquote><table><thead><tr><th>公司</th><th>象征</th><th>每股收益是当前年%</th><th>薪酬评级</th><th>每股收益评级</th><th>RS评级</th><th>SMR等级</th></tr></thead><tbody><tr><td>Biontech Se广告</td><td>BNTX</td><td>25478</td><td>95</td><td>65</td><td>99</td><td>C</td></tr><tr><td>新贵控股公司</td><td>UPST</td><td>900</td><td>99</td><td>65</td><td>99</td><td>一个</td></tr><tr><td>以星Integ航运服务公司</td><td>ZIM</td><td>619</td><td>99</td><td>70</td><td>99</td><td>一个</td></tr><tr><td>Dlocal Limited Cl A</td><td>DLO</td><td>150</td><td>98</td><td>65</td><td>97</td><td>一个</td></tr><tr><td>Taskus Inc A级</td><td>任务</td><td>68</td><td>99</td><td>98</td><td>97</td><td>一个</td></tr><tr><td>InMode有限公司</td><td>INMD</td><td>55</td><td>99</td><td>99</td><td>98</td><td>一个</td></tr><tr><td>Avantor公司</td><td>AVTR</td><td>53</td><td>99</td><td>97</td><td>93</td><td>一个</td></tr><tr><td>Zoominfo Techs Cl A</td><td>子</td><td>46</td><td>98</td><td>65</td><td>94</td><td>一个</td></tr><tr><td>Doximity Inc A级</td><td>文档</td><td>38</td><td>97</td><td>65</td><td>96</td><td>一个</td></tr><tr><td>旋转集团公司Cl A</td><td>RVLV</td><td>30</td><td>95</td><td>98</td><td>97</td><td>一个</td></tr></tbody></table></blockquote></p><p></p>","source":"lsy1610449120050","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>Fastest-Growing IPO Stocks: 10 IPOs Expecting Up To 25,478% Growth In 2021<blockquote>增长最快的IPO股票：10只IPO预计2021年增长高达25,478%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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Led by&nbsp;<b>BioNTech</b>(BNTX),<b>Upstart</b>(UPST) and&nbsp;<b>TaskUs</b>(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.</p><p><blockquote>进入最后一个季度，2021年最值得买入和关注的IPO股票有哪些？由<b>BioNTech</b>（BNTX），<b>暴发户</b>（UPST）和<b>塔斯库斯</b>（任务），以下是自2019年以来首次亮相的10家IPO，预计今年的盈利增长将在30%至高达25,478%之间。</blockquote></p><p> <b>InMode</b>(INMD),<b>Avantor</b>(AVTR),<b>Doximity</b>(DOCS), and&nbsp;<b>Zoominfo Technologies</b>(ZI) also made the cut.</p><p><blockquote><b>InMode</b>（INMD），<b>Avantor</b>（AVTR），<b>剂量</b>（文档），以及<b>Zoominfo技术</b>（子）也晋级了。</blockquote></p><p> Built using&nbsp;MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.</p><p><blockquote>该屏幕使用MarketSmith构建，可过滤整个IBD数据库，仅识别符合下列标准的公司。</blockquote></p><p> UPST stock, TASK stock and all theIPO stockson this screen must:</p><p><blockquote>此屏幕上的UPST股票、任务股票和所有IPO股票必须：</blockquote></p><p> <ul>  <li>Have gone public since 2019.</li>  <li>Trade 400,000+ shares per day on average</li>  <li>Expect 25% or higher EPS growth in 2021.</li>  <li>Have sales growth above 25% last quarter.</li>  <li>Earn a Composite Rating 95 or higher.</li> </ul> Stock Checkuprequires a&nbsp;Composite Rating&nbsp;of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.</p><p><blockquote><ul><li>自2019年起上市。</li><li>平均每天交易400,000股以上</li><li>预计2021年每股收益增长25%或更高。</li><li>上季度销售额增长超过25%。</li><li>获得95或更高的综合评分。</li></ul>股票检查要求综合评级达到95或更高才能获得及格分数。许多IPO，即使是那些显示出强劲前景的IPO，在股市上的交易时间还不够长，或者落后于其他指标，无法达到这一基准。这里介绍的IPO股票在基本面和技术表现方面都达到了高标准。</blockquote></p><p> Take UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.</p><p><blockquote>以UPST股票为例。Upstart由谷歌前员工于2020年创立，利用基于云的人工智能(AI)来简化负担得起的消费信贷，同时降低银行合作伙伴的贷款风险和成本。这家总部位于加利福尼亚州圣马特奥的公司已经发放了超过90亿美元的贷款，其中超过三分之二是完全自动化的。</blockquote></p><p> In addition to the<b>Alphabet</b>(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading&nbsp;cloud computing&nbsp;and&nbsp;AI stock&nbsp;has also generated average annual sales growth of 70% over the last three years.</p><p><blockquote>除了<b>Alphabet</b>（GOOGL）血统，UPST股票因分析师预计全年盈利增长900%而受到提振。领先的云计算和人工智能股票在过去三年中也实现了70%的年均销售额增长。</blockquote></p><p> Another IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key&nbsp;stock-picking traits, including the highest-possible 99Composite Rating.</p><p><blockquote>另一家值得关注的IPO是TaskUs，它已迅速成为领先的业务流程外包(BPO)公司。与Upstart一样，TaskUs也具有关键的选股特征，包括最高的99综合评级。</blockquote></p><p> IPOs On Leading Stock Lists</p><p><blockquote>龙头股名单上的IPO</blockquote></p><p> TASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.</p><p><blockquote>TASK股票和UPST股票均跻身IBD 50，而TaskUs也在IBD行业领导者中占据一席之地。</blockquote></p><p> Several other top IPOs are also on IBD&nbsp;stock lists. In&nbsp;Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.</p><p><blockquote>其他几家顶级IPO也在IBD股票名单上。在Mode中，Avantor、Doximity和ZI stock加入了Upstart和TaskUs的行列，跻身IBD 50。</blockquote></p><p> Upstart, InMode, Avantor, Doximity,<b>Revolve</b>(RVLV) and&nbsp;<b>ZIM Integrated Shipping Services</b>(ZIM) all make the grade for the&nbsp;IPO Leaders&nbsp;screen.</p><p><blockquote>新贵、InMode、Avantor、Doximity、<b>围绕</b>(RVLV)及<b>以星综合航运服务</b>(ZIM)均符合IPO领导者筛选标准。</blockquote></p><p> Top IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021</p><p><blockquote>预计2021年每股收益增长30%至25,478%的顶级IPO股票</blockquote></p><p> <table>  <thead>   <tr>    <th>Company</th>    <th>Symbol</th>    <th>EPS Est Cur Yr %</th>    <th>Comp Rating</th>    <th>EPS Rating</th>    <th>RS Rating</th>    <th>SMR Rating</th>   </tr>  </thead>  <tbody>   <tr>    <td>Biontech Se Ads</td>    <td>BNTX</td>    <td>25478</td>    <td>95</td>    <td>65</td>    <td>99</td>    <td>C</td>   </tr>   <tr>    <td>Upstart Holdings Inc</td>    <td>UPST</td>    <td>900</td>    <td>99</td>    <td>65</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>ZIM Integ Shipping Svcs</td>    <td>ZIM</td>    <td>619</td>    <td>99</td>    <td>70</td>    <td>99</td>    <td>A</td>   </tr>   <tr>    <td>Dlocal Limited Cl A</td>    <td>DLO</td>    <td>150</td>    <td>98</td>    <td>65</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>Taskus Inc Class A</td>    <td>TASK</td>    <td>68</td>    <td>99</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>   <tr>    <td>InMode Ltd</td>    <td>INMD</td>    <td>55</td>    <td>99</td>    <td>99</td>    <td>98</td>    <td>A</td>   </tr>   <tr>    <td>Avantor Inc</td>    <td>AVTR</td>    <td>53</td>    <td>99</td>    <td>97</td>    <td>93</td>    <td>A</td>   </tr>   <tr>    <td>Zoominfo Techs Cl A</td>    <td>ZI</td>    <td>46</td>    <td>98</td>    <td>65</td>    <td>94</td>    <td>A</td>   </tr>   <tr>    <td>Doximity Inc Class A</td>    <td>DOCS</td>    <td>38</td>    <td>97</td>    <td>65</td>    <td>96</td>    <td>A</td>   </tr>   <tr>    <td>Revolve Group Inc Cl A</td>    <td>RVLV</td>    <td>30</td>    <td>95</td>    <td>98</td>    <td>97</td>    <td>A</td>   </tr>  </tbody> </table></p><p><blockquote><table><thead><tr><th>公司</th><th>象征</th><th>每股收益是当前年%</th><th>薪酬评级</th><th>每股收益评级</th><th>RS评级</th><th>SMR等级</th></tr></thead><tbody><tr><td>Biontech Se广告</td><td>BNTX</td><td>25478</td><td>95</td><td>65</td><td>99</td><td>C</td></tr><tr><td>新贵控股公司</td><td>UPST</td><td>900</td><td>99</td><td>65</td><td>99</td><td>一个</td></tr><tr><td>以星Integ航运服务公司</td><td>ZIM</td><td>619</td><td>99</td><td>70</td><td>99</td><td>一个</td></tr><tr><td>Dlocal Limited Cl A</td><td>DLO</td><td>150</td><td>98</td><td>65</td><td>97</td><td>一个</td></tr><tr><td>Taskus Inc A级</td><td>任务</td><td>68</td><td>99</td><td>98</td><td>97</td><td>一个</td></tr><tr><td>InMode有限公司</td><td>INMD</td><td>55</td><td>99</td><td>99</td><td>98</td><td>一个</td></tr><tr><td>Avantor公司</td><td>AVTR</td><td>53</td><td>99</td><td>97</td><td>93</td><td>一个</td></tr><tr><td>Zoominfo Techs Cl A</td><td>子</td><td>46</td><td>98</td><td>65</td><td>94</td><td>一个</td></tr><tr><td>Doximity Inc A级</td><td>文档</td><td>38</td><td>97</td><td>65</td><td>96</td><td>一个</td></tr><tr><td>旋转集团公司Cl A</td><td>RVLV</td><td>30</td><td>95</td><td>98</td><td>97</td><td>一个</td></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/research/best-ipo-stocks-to-buy-watch-2021/?src=A00220\">investors</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE","TASK":"TaskUs Inc.","INMD":"InMode Ltd.","UPST":"Upstart Holdings, Inc.","AVTR":"Avantor, Inc.","DOCS":"Doximity, Inc."},"source_url":"https://www.investors.com/research/best-ipo-stocks-to-buy-watch-2021/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184277851","content_text":"Entering the last quarter of the year, what are the best IPO stocks to buy and watch in 2021? Led by BioNTech(BNTX),Upstart(UPST) and TaskUs(TASK), here's a look at 10 IPOs that have debuted since 2019 and expect between 30% and up to a whopping 25,478% earnings growth this year.\nInMode(INMD),Avantor(AVTR),Doximity(DOCS), and Zoominfo Technologies(ZI) also made the cut.\nBuilt using MarketSmith, the screen filters the entire IBD database identifying only those companies that meet the criteria listed below.\nUPST stock, TASK stock and all theIPO stockson this screen must:\n\nHave gone public since 2019.\nTrade 400,000+ shares per day on average\nExpect 25% or higher EPS growth in 2021.\nHave sales growth above 25% last quarter.\nEarn a Composite Rating 95 or higher.\n\nStock Checkuprequires a Composite Rating of 95 or higher to earn a passing grade. Many IPOs, even ones showing strong promise, have not been trading on the stock market long enough — or lag on other metrics — to meet that benchmark. The IPO stocks featured here have met that high bar for both fundamental and technical performance.\nTake UPST stock for example. Founded in 2020 by former employees Google, Upstart leverages cloud=basedartificial intelligence (AI)to streamline affordable consumer credit while reducing the risks and costs of lending for its bank partners. The San Mateo Calif.-based company has already originated over $9 billion in loans with more than two-thirds fully automated.\nIn addition to theAlphabet(GOOGL) pedigree, UPST stock is boosted by analyst estimates of 900% earnings growth for the full year. The leading cloud computing and AI stock has also generated average annual sales growth of 70% over the last three years.\nAnother IPO to watch is TaskUs, which has quickly emerged as a leading Business Process Outsourcing (BPO) company. Like Upstart, TaskUs has key stock-picking traits, including the highest-possible 99Composite Rating.\nIPOs On Leading Stock Lists\nTASK stock and UPST stock are both on theIBD 50, while TaskUs also earns a spot onIBD Sector Leaders.\nSeveral other top IPOs are also on IBD stock lists. In Mode, Avantor, Doximity, and ZI stock join Upstart and TaskUs on the IBD 50.\nUpstart, InMode, Avantor, Doximity,Revolve(RVLV) and ZIM Integrated Shipping Services(ZIM) all make the grade for the IPO Leaders screen.\nTop IPO Stocks Expecting 30% To 25,478% EPS Growth In 2021\n\n\n\nCompany\nSymbol\nEPS Est Cur Yr %\nComp Rating\nEPS Rating\nRS Rating\nSMR Rating\n\n\n\n\nBiontech Se Ads\nBNTX\n25478\n95\n65\n99\nC\n\n\nUpstart Holdings Inc\nUPST\n900\n99\n65\n99\nA\n\n\nZIM Integ Shipping Svcs\nZIM\n619\n99\n70\n99\nA\n\n\nDlocal Limited Cl A\nDLO\n150\n98\n65\n97\nA\n\n\nTaskus Inc Class A\nTASK\n68\n99\n98\n97\nA\n\n\nInMode Ltd\nINMD\n55\n99\n99\n98\nA\n\n\nAvantor Inc\nAVTR\n53\n99\n97\n93\nA\n\n\nZoominfo Techs Cl A\nZI\n46\n98\n65\n94\nA\n\n\nDoximity Inc Class A\nDOCS\n38\n97\n65\n96\nA\n\n\nRevolve Group Inc Cl 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for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812059950","repostId":"1122913166","repostType":4,"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816080732,"gmtCreate":1630455209026,"gmtModify":1631892035699,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816080732","repostId":"1113176719","repostType":4,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818993758,"gmtCreate":1630369248774,"gmtModify":1704959157838,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818993758","repostId":"1178340425","repostType":4,"repost":{"id":"1178340425","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1630368606,"share":"https://www.laohu8.com/m/news/1178340425?lang=zh_CN&edition=full","pubTime":"2021-08-31 08:10","market":"us","language":"en","title":"This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的5年回报率优于亚马逊、微软、美银和富国银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178340425","media":"Benzinga","summary":"Advanced Micro Devices, Inc.’sAMD 0.07%high-performance computing and visualization products help ga","content":"<p><b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices, Inc.’s</b><a href=\"https://laohu8.com/S/AMD\">AMD</a> 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five&nbsp;years, the most out of investors'&nbsp;portfolios.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微设备公司的</b><a href=\"https://laohu8.com/S/AMD\">AMD</a>0.07%高性能计算和可视化产品帮助游戏玩家从他们最喜欢的游戏中获得最大收益，并且在过去五年中从投资者的投资组合中获得最大收益。</blockquote></p><p> Since August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>,&nbsp;Inc.</b>AMZN 2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>MSFT 1.29%,<b>$Bank of America Corp(BAC-N)$</b>BAC 1.95%and<b><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> &amp; Co</b>WFC 2.83%.</p><p><blockquote>自2016年8月以来，AMD股票的五年回报率超过了许多全球最受欢迎的科技和跨国投资银行公司：<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，公司。</b>亚马逊2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>MSFT 1.29%,<b>$美国银行(BAC-N)$</b>BAC 1.95%和<b><a href=\"https://laohu8.com/S/WFC\">富国银行</a>&amp;Co</b>WFC 2.83%。</blockquote></p><p> Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.</p><p><blockquote>Advanced Micro Devices为计算机和消费电子行业设计微处理器。该公司的大部分销售额通过CPU和GPU在个人计算机和数据中心市场进行。</blockquote></p><p> AMD also supplies the chips found in prominent game consoles such as the<b><a href=\"https://laohu8.com/S/SNE\">Sony</a> PlayStation</b>and<b>Microsoft Xbox.</b>The firm was founded in 1969 and is headquartered in Santa Clara, California.</p><p><blockquote>AMD还提供著名游戏机中的芯片，例如<b><a href=\"https://laohu8.com/S/SNE\">索尼</a>PlayStation</b>和<b>微软Xbox。</b>该公司成立于1969年，总部位于加利福尼亚州圣克拉拉。</blockquote></p><p> <b>Here's how the returns break down from August 2016 to present:</b></p><p><blockquote><b>以下是2016年8月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Wells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%</li>  <li><a href=\"https://laohu8.com/S/BAC\">Bank of America</a> is up from $16.00 a share to $41.66&nbsp;for a return of 165.56%</li>  <li>Amazon is up from $772.44 a share to $3,349.63 for a return of 333.64%</li>  <li>Microsoft is up from $57.25 a share to $299.72 for a return of 419.72%</li>  <li><b>And finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%</b></li> </ul></p><p><blockquote><ul><li>富国银行股价从每股50.55美元跌至49.81美元，回报率为-1.46%</li><li><a href=\"https://laohu8.com/S/BAC\">美国银行</a>从每股16.00美元上涨至41.66美元，回报率为165.56%</li><li>亚马逊股价从每股772.44美元上涨至3,349.63美元，回报率为333.64%</li><li>微软股价从每股57.25美元上涨至299.72美元，回报率为419.72%</li><li><b>最后，AMD的股价从每股7.51美元上涨至111.40美元，回报率为1,383.36%</b></li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的5年回报率优于亚马逊、微软、美银和富国银行</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Chipmaker Has A Better 5-Year Return Than Amazon, Microsoft, Bank Of America And Wells Fargo<blockquote>这家芯片制造商的5年回报率优于亚马逊、微软、美银和富国银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-31 08:10</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices, Inc.’s</b><a href=\"https://laohu8.com/S/AMD\">AMD</a> 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five&nbsp;years, the most out of investors'&nbsp;portfolios.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微设备公司的</b><a href=\"https://laohu8.com/S/AMD\">AMD</a>0.07%高性能计算和可视化产品帮助游戏玩家从他们最喜欢的游戏中获得最大收益，并且在过去五年中从投资者的投资组合中获得最大收益。</blockquote></p><p> Since August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>,&nbsp;Inc.</b>AMZN 2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corporation</b>MSFT 1.29%,<b>$Bank of America Corp(BAC-N)$</b>BAC 1.95%and<b><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> &amp; Co</b>WFC 2.83%.</p><p><blockquote>自2016年8月以来，AMD股票的五年回报率超过了许多全球最受欢迎的科技和跨国投资银行公司：<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，公司。</b>亚马逊2.15%,<b><a href=\"https://laohu8.com/S/MSFT\">微软</a>公司</b>MSFT 1.29%,<b>$美国银行(BAC-N)$</b>BAC 1.95%和<b><a href=\"https://laohu8.com/S/WFC\">富国银行</a>&amp;Co</b>WFC 2.83%。</blockquote></p><p> Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.</p><p><blockquote>Advanced Micro Devices为计算机和消费电子行业设计微处理器。该公司的大部分销售额通过CPU和GPU在个人计算机和数据中心市场进行。</blockquote></p><p> AMD also supplies the chips found in prominent game consoles such as the<b><a href=\"https://laohu8.com/S/SNE\">Sony</a> PlayStation</b>and<b>Microsoft Xbox.</b>The firm was founded in 1969 and is headquartered in Santa Clara, California.</p><p><blockquote>AMD还提供著名游戏机中的芯片，例如<b><a href=\"https://laohu8.com/S/SNE\">索尼</a>PlayStation</b>和<b>微软Xbox。</b>该公司成立于1969年，总部位于加利福尼亚州圣克拉拉。</blockquote></p><p> <b>Here's how the returns break down from August 2016 to present:</b></p><p><blockquote><b>以下是2016年8月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Wells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%</li>  <li><a href=\"https://laohu8.com/S/BAC\">Bank of America</a> is up from $16.00 a share to $41.66&nbsp;for a return of 165.56%</li>  <li>Amazon is up from $772.44 a share to $3,349.63 for a return of 333.64%</li>  <li>Microsoft is up from $57.25 a share to $299.72 for a return of 419.72%</li>  <li><b>And finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%</b></li> </ul></p><p><blockquote><ul><li>富国银行股价从每股50.55美元跌至49.81美元，回报率为-1.46%</li><li><a href=\"https://laohu8.com/S/BAC\">美国银行</a>从每股16.00美元上涨至41.66美元，回报率为165.56%</li><li>亚马逊股价从每股772.44美元上涨至3,349.63美元，回报率为333.64%</li><li>微软股价从每股57.25美元上涨至299.72美元，回报率为419.72%</li><li><b>最后，AMD的股价从每股7.51美元上涨至111.40美元，回报率为1,383.36%</b></li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","WFC":"富国银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178340425","content_text":"Advanced Micro Devices, Inc.’sAMD 0.07%high-performance computing and visualization products help gamers get the most from their favorite titles, and over the past five years, the most out of investors' portfolios.\nSince August 2016, AMD stock's five-year return has outperformed a number of the world’s most popular tech and multinational investment bank companies:Amazon.com, Inc.AMZN 2.15%,Microsoft CorporationMSFT 1.29%,$Bank of America Corp(BAC-N)$BAC 1.95%andWells Fargo & CoWFC 2.83%.\nAdvanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.\nAMD also supplies the chips found in prominent game consoles such as theSony PlayStationandMicrosoft Xbox.The firm was founded in 1969 and is headquartered in Santa Clara, California.\nHere's how the returns break down from August 2016 to present:\n\nWells Fargo is down from $50.55 a share to $49.81 for a return of -1.46%\nBank of America is up from $16.00 a share to $41.66 for a return of 165.56%\nAmazon is up from $772.44 a share to $3,349.63 for a return of 333.64%\nMicrosoft is up from $57.25 a share to $299.72 for a return of 419.72%\nAnd finally, AMD is up from $7.51 a share to $111.40 for a return of 1,383.36%","news_type":1,"symbols_score_info":{"WFC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811939754,"gmtCreate":1630282706778,"gmtModify":1704957698868,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811939754","repostId":"1139610019","repostType":4,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813134686,"gmtCreate":1630147965945,"gmtModify":1704956547420,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813134686","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819070592,"gmtCreate":1630024533416,"gmtModify":1704954719938,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087279115243470","authorIdStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819070592","repostId":"2162019035","repostType":4,"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":834532364,"gmtCreate":1629812722358,"gmtModify":1631893997269,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834532364","repostId":"1129205176","repostType":4,"repost":{"id":"1129205176","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":1629812035,"share":"https://www.laohu8.com/m/news/1129205176?lang=zh_CN&edition=full","pubTime":"2021-08-24 21:33","market":"us","language":"en","title":"Stocks open slightly higher with the Nasdaq jumping to a record<blockquote>纳斯达克创历史新高，股市小幅高开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129205176","media":"Tiger Newspress","summary":"Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators grant","content":"<p>Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.</p><p><blockquote>美国监管机构全面批准辉瑞BioNTech的新冠疫苗的消息传出后，股市普遍上涨，周二上午小幅走高。</blockquote></p><p> The Dow Jones Industrial Average rose 69 points. The S&amp;P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.</p><p><blockquote>道琼斯工业平均指数上涨69点。标普500和纳斯达克综合指数分别上涨0.7%和0.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83b79f69ce17bc1186a0c018fb756703\" tg-width=\"1040\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that&nbsp;the vaccine approval&nbsp;would clear path for more mandates in the face of the spread of the delta variant.</p><p><blockquote>市场本周开局走高，对经济复苏敏感的股票上涨，因为人们乐观地认为疫苗的批准将为面对德尔塔变异毒株的蔓延而实施更多授权扫清道路。</blockquote></p><p> \"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.</p><p><blockquote>首席市场官瑞安·德特里克(Ryan Detrick)表示：“考虑到最近病例激增和一些令人失望的经济数据，这是朝着正确方向迈出的又一步，它有助于增强那些可能仍在坚持接种疫苗的人的信心。”LPL金融策略师。</blockquote></p><p> Chinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.</p><p><blockquote>随着投资者对中国监管前景更加清晰，并购买最近遭受重创的股票，中国股市领涨纳斯达克。拼多多上涨16%，京东上涨10%，滴滴上涨8.5%。</blockquote></p><p> Best Buy shares rose 6% after the electronics retailer&nbsp;beat estimates on the top and bottom lines&nbsp;for the second quarter. Nordstrom is set to report after the close.</p><p><blockquote>电子产品零售商百思买第二季度的营收和利润超出预期，该公司股价上涨6%。诺德斯特龙将于收盘后发布报告。</blockquote></p><p> The S&amp;P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.</p><p><blockquote>标普500周一收盘上涨0.8%，此前触及盘中历史新高。以科技股为主的纳斯达克综合指数上涨约1.5%，创下收盘历史新高。道琼斯工业平均指数周一上涨超过200点。</blockquote></p><p> Investor are eyeing the Jackson Hole&nbsp;symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.</p><p><blockquote>投资者正在关注本周晚些时候的杰克逊霍尔研讨会，预计这将是一次影响市场的活动，各国央行行长可能会在会上详细介绍他们缩减货币刺激的计划。美联储已经开始讨论在今年年底前撤回每月1200亿美元的债券购买计划。</blockquote></p><p> The summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.</p><p><blockquote>峰会实际上将于周四举行，美联储主席杰罗姆·鲍威尔将于周五发表讲话。</blockquote></p><p> “The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>“美联储可能会在9月或11月宣布taper，但很可能是缓慢的taper，不会承诺加息。”Oanda高级市场分析师Edward Moya表示。</blockquote></p><p> The second-quarter earnings season is winding down with more than 90% S&amp;P 500 companies having reported results. S&amp;P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.</p><p><blockquote>第二季度财报季即将结束，超过90%的标普500公司已经公布了业绩。据Refinitiv称，标普500的盈利预计将同比增长94.7%。</blockquote></p><p> There is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.</p><p><blockquote>盘前几乎没有经济数据，但投资者将看到美国东部时间上午10点的住宅销售以及里士满联储的商业活动调查。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks open slightly higher with the Nasdaq jumping to a record<blockquote>纳斯达克创历史新高，股市小幅高开</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks open slightly higher with the Nasdaq jumping to a record<blockquote>纳斯达克创历史新高，股市小幅高开</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-08-24 21:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.</p><p><blockquote>美国监管机构全面批准辉瑞BioNTech的新冠疫苗的消息传出后，股市普遍上涨，周二上午小幅走高。</blockquote></p><p> The Dow Jones Industrial Average rose 69 points. The S&amp;P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.</p><p><blockquote>道琼斯工业平均指数上涨69点。标普500和纳斯达克综合指数分别上涨0.7%和0.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83b79f69ce17bc1186a0c018fb756703\" tg-width=\"1040\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that&nbsp;the vaccine approval&nbsp;would clear path for more mandates in the face of the spread of the delta variant.</p><p><blockquote>市场本周开局走高，对经济复苏敏感的股票上涨，因为人们乐观地认为疫苗的批准将为面对德尔塔变异毒株的蔓延而实施更多授权扫清道路。</blockquote></p><p> \"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.</p><p><blockquote>首席市场官瑞安·德特里克(Ryan Detrick)表示：“考虑到最近病例激增和一些令人失望的经济数据，这是朝着正确方向迈出的又一步，它有助于增强那些可能仍在坚持接种疫苗的人的信心。”LPL金融策略师。</blockquote></p><p> Chinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.</p><p><blockquote>随着投资者对中国监管前景更加清晰，并购买最近遭受重创的股票，中国股市领涨纳斯达克。拼多多上涨16%，京东上涨10%，滴滴上涨8.5%。</blockquote></p><p> Best Buy shares rose 6% after the electronics retailer&nbsp;beat estimates on the top and bottom lines&nbsp;for the second quarter. Nordstrom is set to report after the close.</p><p><blockquote>电子产品零售商百思买第二季度的营收和利润超出预期，该公司股价上涨6%。诺德斯特龙将于收盘后发布报告。</blockquote></p><p> The S&amp;P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.</p><p><blockquote>标普500周一收盘上涨0.8%，此前触及盘中历史新高。以科技股为主的纳斯达克综合指数上涨约1.5%，创下收盘历史新高。道琼斯工业平均指数周一上涨超过200点。</blockquote></p><p> Investor are eyeing the Jackson Hole&nbsp;symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.</p><p><blockquote>投资者正在关注本周晚些时候的杰克逊霍尔研讨会，预计这将是一次影响市场的活动，各国央行行长可能会在会上详细介绍他们缩减货币刺激的计划。美联储已经开始讨论在今年年底前撤回每月1200亿美元的债券购买计划。</blockquote></p><p> The summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.</p><p><blockquote>峰会实际上将于周四举行，美联储主席杰罗姆·鲍威尔将于周五发表讲话。</blockquote></p><p> “The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>“美联储可能会在9月或11月宣布taper，但很可能是缓慢的taper，不会承诺加息。”Oanda高级市场分析师Edward Moya表示。</blockquote></p><p> The second-quarter earnings season is winding down with more than 90% S&amp;P 500 companies having reported results. S&amp;P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.</p><p><blockquote>第二季度财报季即将结束，超过90%的标普500公司已经公布了业绩。据Refinitiv称，标普500的盈利预计将同比增长94.7%。</blockquote></p><p> There is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.</p><p><blockquote>盘前几乎没有经济数据，但投资者将看到美国东部时间上午10点的住宅销售以及里士满联储的商业活动调查。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129205176","content_text":"Stocks edged higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.\nThe Dow Jones Industrial Average rose 69 points. The S&P 500 and Nasdaq Composite added 0.7% and 0.28%, respectively.\n\nThe market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that the vaccine approval would clear path for more mandates in the face of the spread of the delta variant.\n\"Considering the recent spike in cases and some of the disappointing economic data, this is another step in the right direction, and it helps give confidence to those who might still be holding out on getting the vaccine,\" said Ryan Detrick, chief market strategist at LPL Financial.\nChinese stocks are leading the Nasdaq as investors have been getting more clarity on China's regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 16% while JD.com rose 10% and Didi climbed 8.5%.\nBest Buy shares rose 6% after the electronics retailer beat estimates on the top and bottom lines for the second quarter. Nordstrom is set to report after the close.\nThe S&P 500 closed Monday's session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.\nInvestor are eyeing the Jackson Hole symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.\nThe summit takes place virtually on Thursday and Fed Chairman Jerome Powell will give a speech on Friday.\n“The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.\nThe second-quarter earnings season is winding down with more than 90% S&P 500 companies having reported results. S&P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.\nThere is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832533293,"gmtCreate":1629650776612,"gmtModify":1631893997281,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832533293","repostId":"2161374148","repostType":4,"isVote":1,"tweetType":1,"viewCount":543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":867231175,"gmtCreate":1633269083254,"gmtModify":1633269083412,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867231175","repostId":"2172624809","repostType":4,"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866866654,"gmtCreate":1632754050378,"gmtModify":1632798067286,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866866654","repostId":"1191995819","repostType":4,"repost":{"id":"1191995819","kind":"news","pubTimestamp":1632753702,"share":"https://www.laohu8.com/m/news/1191995819?lang=zh_CN&edition=full","pubTime":"2021-09-27 22:41","market":"us","language":"en","title":"A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191995819","media":"Barrons","summary":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is","content":"<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更加引人注目，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于10月7日在德克萨斯奥斯丁正在建设的新工厂举行2021年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要做的业务清单。委托书包括将在会议上投票表决的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司（ISS）是一家大型代理顾问公司，最近因建议特斯拉股东投票反对董事会成员Kimbal Musk和James Murdoch而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔·马斯克是埃隆·马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席。<i>巴伦周刊</i>鉴于金巴尔·马斯克和默多克都获得了大量股权，ISS质疑两人提供独立建议的能力。游戏中有太多的金融皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站参考<i>巴伦周刊</i>其代理分析称：“多名[非执行官员，或NEO]收到了缺乏预设绩效标准的大量股权授予。”“委托书也没有披露薪酬委员会关于首席执行官以外的总薪酬大幅增加的任何理由。”</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>ISS表示，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家“高风险”公司。CEO Elon Musk拥有特斯拉约17%的股票，但没有特别投票权。然而，他确实拥有大量股票期权，这占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉董事会主要由独立董事组成，但确实有一名非独立董事：Kimbal Musk。默多克仍被ISS列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重大问题，但这是一个长期问题，未来几个月特斯拉股票的建议应该不会太大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循ISS的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易做到。该建议可能会让特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标准普尔500指数下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这不是一个不寻常的尺寸。苹果(AAPL)董事会有八名成员。通用汽车(GM)有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。周五，该公司扩大了最新版本的自动驾驶功能的发布范围，称为全自动驾驶（FSD）。在年会之前，应该会公布第三季度的交付数字。年会结束后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约221,000辆汽车，特斯拉预计每股收益约为1.40至1.50美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于数月来最高水平的时候。特斯拉股价周五收于774.39美元，过去三个月上涨了约15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Shake-Up Could Be Coming to Tesla’s Board. What to Know.<blockquote>特斯拉董事会可能会发生改组。知道什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 22:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.</p><p><blockquote>特斯拉今年的年会可能会更加引人注目，因为一家投资者服务公司建议对这家电动汽车制造商进行董事会改组。</blockquote></p><p> Tesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.</p><p><blockquote>特斯拉（股票代码：TSLA）将于10月7日在德克萨斯奥斯丁正在建设的新工厂举行2021年年会。这家汽车制造商上周晚些时候提交了代理材料——股东要做的业务清单。委托书包括将在会议上投票表决的董事会成员名单。</blockquote></p><p> Institutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.</p><p><blockquote>机构股东服务公司（ISS）是一家大型代理顾问公司，最近因建议特斯拉股东投票反对董事会成员Kimbal Musk和James Murdoch而引起轰动。代理顾问公司向客户提供如何投票的建议。</blockquote></p><p> Kimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns <i>Barron’s</i>. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.</p><p><blockquote>金巴尔·马斯克是埃隆·马斯克的兄弟。詹姆斯·默多克是媒体大亨鲁珀特·默多克的儿子，鲁珀特·默多克是新闻集团的执行主席。<i>巴伦周刊</i>鉴于金巴尔·马斯克和默多克都获得了大量股权，ISS质疑两人提供独立建议的能力。游戏中有太多的金融皮肤，他们可能无法独立。</blockquote></p><p> ISS referred <i>Barron’s</i> to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”</p><p><blockquote>国际空间站参考<i>巴伦周刊</i>其代理分析称：“多名[非执行官员，或NEO]收到了缺乏预设绩效标准的大量股权授予。”“委托书也没有披露薪酬委员会关于首席执行官以外的总薪酬大幅增加的任何理由。”</blockquote></p><p> Tesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.</p><p><blockquote>ISS表示，由于特斯拉的股权奖励政策、董事会结构和股东权利，特斯拉在公司治理方面是一家“高风险”公司。CEO Elon Musk拥有特斯拉约17%的股票，但没有特别投票权。然而，他确实拥有大量股票期权，这占了他薪酬的大部分。</blockquote></p><p> Tesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.</p><p><blockquote>特斯拉董事会主要由独立董事组成，但确实有一名非独立董事：Kimbal Musk。默多克仍被ISS列为独立人士。特斯拉没有回应置评请求。</blockquote></p><p> Board independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.</p><p><blockquote>从理论上讲，董事会独立性是一个重大问题，但这是一个长期问题，未来几个月特斯拉股票的建议应该不会太大。</blockquote></p><p> For starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.</p><p><blockquote>首先，不能保证任何事情都会改变。股东不必遵循ISS的建议。马斯克和默多克可能会继续任职。如果两人停止任职，那么特斯拉可能需要在董事会中增加几名独立董事——这相对容易做到。该建议可能会让特斯拉调整董事会薪酬做法。</blockquote></p><p> Tesla stock was up slightly in early trading Monday. The&nbsp;S&amp;P 500&nbsp;was down about 0.3%. The&nbsp;Dow Jones Industrial Average&nbsp;gained about 0.6%.</p><p><blockquote>特斯拉股价周一早盘小幅上涨。标准普尔500指数下跌约0.3%。道琼斯工业平均指数上涨约0.6%。</blockquote></p><p> Tesla’s board currently has nine board members. That isn’t an unusual size. The&nbsp;Apple&nbsp;(AAPL) board has eight members.General Motors&nbsp;(GM) has 12 board members.</p><p><blockquote>特斯拉董事会目前有九名董事会成员。这不是一个不寻常的尺寸。苹果(AAPL)董事会有八名成员。通用汽车(GM)有12名董事会成员。</blockquote></p><p> It’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.</p><p><blockquote>对于特斯拉及其股东来说，这将是忙碌的一个月。周五，该公司扩大了最新版本的自动驾驶功能的发布范围，称为全自动驾驶（FSD）。在年会之前，应该会公布第三季度的交付数字。年会结束后是第三季度财报。</blockquote></p><p> Wall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.</p><p><blockquote>华尔街预计第三季度交付约221,000辆汽车，特斯拉预计每股收益约为1.40至1.50美元。</blockquote></p><p> All this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.</p><p><blockquote>所有这一切都发生在股价处于数月来最高水平的时候。特斯拉股价周五收于774.39美元，过去三个月上涨了约15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-board-vote-kimbal-musk-51632745109?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191995819","content_text":"Tesla’s annual meeting this year might have a little more drama because an investor services firm is recommending a board shake-up at the electric vehicle maker.\nTesla (ticker: TSLA) will hold its 2021 annual meeting on Oct. 7, virtually, from its new factory being built in Austin, Texas. The auto maker filed its proxy materials — the list of business to be done by shareholders — late last week. The proxy includes the list of board members to be voted on at the meeting.\n\nInstitutional Shareholder Services, or ISS, is a large proxy advisor and made a splash recently recommending Tesla shareholders vote against board members Kimbal Musk and James Murdoch. Proxy advisor firms provide recommendations to their clients on how to vote.\nKimbal Musk is Elon Musk’s brother. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns Barron’s. ISS questioned Kimbal Musk’s and Murdoch’s ability to provide independent advice in the light of sizable equity grants made to both men. With too much financial skin in the game, they might not be able to be independent.\n\nISS referred Barron’s to its proxy analysis: “Multiple [non-executive officers, or NEOs] received sizeable equity grants that lacked pre-set performance criteria,” read the analysis. “The proxy statement also does not disclose any rationale by the compensation committee concerning the significant increase in total pay toNEOs besides the CEO.”\nTesla is a “higher risk” company regarding corporate governance, according to ISS, because of Tesla’s equity award policy, board structure and shareholder rights. CEO Elon Musk owns about 17% of Tesla stock, but has no special voting rights. He does, however, have significant stock options which account for most of his compensation.\nTesla’s board is mainly made up of independent directors, but does have one non-independent director: Kimbal Musk. Murdoch is still listed as independent by ISS. Tesla didn’t respond to a request for comment.\nBoard independence is a significant issue, in theory, but it’s a long-term issue and the recommendation shouldn’t be large for Tesla stock in coming months.\nFor starters, there is no guarantee anything will change. Shareholders don’t have to follow the ISS recommendation. Musk and Murdoch might continue to serve. If the pair stop serving then Tesla might need to add a couple more independent directors to its board — which it can do relatively easily. And the recommendation might make Tesla adjust board compensation practices.\n\nTesla stock was up slightly in early trading Monday. The S&P 500 was down about 0.3%. The Dow Jones Industrial Average gained about 0.6%.\nTesla’s board currently has nine board members. That isn’t an unusual size. The Apple (AAPL) board has eight members.General Motors (GM) has 12 board members.\nIt’s going to be a busy month for Tesla and its shareholders. The company expanded the release of the latest version of its autonomous driving features dubbed full self driving, or FSD, on Friday. Before the annual meeting, third-quarter delivery figures should be announced. After the annual meeting come third-quarter earnings.\nWall Street is looking for about 221,000 vehicles to have been delivered in the third quarter and for Tesla to report earnings of about $1.40 to $1.50 a share.\nAll this is happening while shares are at the highest level in months. Tesla shares closed at $774.39 Friday and have risen about 15% over the past three months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802019363,"gmtCreate":1627698527752,"gmtModify":1633757004861,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802019363","repostId":"1138566016","repostType":4,"repost":{"id":"1138566016","kind":"news","pubTimestamp":1627689251,"share":"https://www.laohu8.com/m/news/1138566016?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:54","market":"us","language":"en","title":"It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金积极分子的开放季节。基金持有人如何输赢</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138566016","media":"Barron's","summary":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasensta","content":"<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布(Michael Hasenstab)掌舵，但该封闭式基金在过去十年中的平均年回报率为0.3%，而全球收入同行的平均回报率为7%。同样令人沮丧的是，其股票的交易价格很少接近该基金的基础资产净值（NAV）。过去三年折扣平均为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，由于激进投资者Boaz Weinstein经营的对冲基金公司Saba Capital Management，投资者得到了喘息的机会。Saba持有邓普顿基金20%的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提振股价。其举措得到了回报：随着股价上涨，该基金今年的总回报率为4.5%，相对资产净值的折扣已缩小至4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金威胁政变。现在，在国会的一些帮助下，由于众议院最近提出的一项法案，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>《增加投资者机会法案》由俄亥俄州共和党众议员安东尼·冈萨雷斯（Anthony Gonzalez）和纽约州民主党众议员格雷戈里·米克斯（Gregory Meeks）于6月提出，其中包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的变化将取消目前对风险投资和私募股权基金等非流动性私募基金封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金10%以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，给他们带来纳税义务、更高的费用和强制基金清算的负担。投资公司协会（ICI）在最近的一份声明中表示，该法案将消除“激进投资者利用该漏洞以牺牲散户投资者的利益为代价来获取短期利润”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是想保护一个资产池和费用不受股东干涉。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>激进主义对冲基金德莱顿资本(Dryden Capital)的投资组合经理马特·巴芬顿(Matt Buffington)表示：“激进主义发挥着重要作用，如果这项法案获得通过，激进主义将更难威胁或创造变革。”</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司Relative Value Partners的投资组合经理格雷戈里·尼尔(Gregory Neer)对此表示同意。“投资者向资金施压的能力对所有股东都有利，”他说。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金由于收益率高、分配稳健，长期以来深受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资来产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据Morningstar Direct的数据，费用率很高，平均为2.1%。由于基金有固定数量的已发行股票，价格反映了市场对基金及其基础资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分很有吸引力，但投资者可能永远看不到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。剧本很简单：积累股份，赢得董事会席位，然后迫使基金公司发起要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理，策划基金清算，或将其转换为开放式基金——这些举措也可能随着股价上涨至与资产净值平价而获得回报。像Saba这样的公司也完全接管了资金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会破坏这一策略。只有当基金能够以市场价格清算其大部分持股时，要约收购才会起作用。由于风险投资和私募股权控股公司通常不公开交易，因此它们的定价并不透明。一位激进主义经理表示：“当封闭式基金投资于非流动性的东西时，它可以保护它们免受激进主义的影响。”<i>巴伦周刊</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯·迪卡波表示，取消私募基金所有权上限“符合让散户投资者更多获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将活动人士的资金限制在10%并不能阻止他们发起代理活动。“这一切都不是反民主的，”他说。“这并不能阻止大多数不满意或想要改变的投资者。它阻止了一个投资者利用其经济实力和其他人的钱，基本上迫使其他人做出改变。”</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者对此有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。投资者保护组织Healthy Markets的负责人泰勒·盖拉施(Tyler Gellasch)表示：“这只是另一种基金中的基金结构，而且费用是出了名的高。”</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据1940年《投资公司法》的所有权限制，从技术上讲，个人对冲基金不能拥有封闭式基金超过3%的股份。但他们通过附属实体增持股份来规避这一规则，从而创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI——共同基金行业的游说团体——试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI辩称，对冲基金的活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票且资产基础萎缩，其费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI表示，维权人士对该行业的“攻击”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金比2007年有所减少。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改1940年法案无异于共同基金攫取权力。Bulldog Investors的联合创始人菲尔·戈尔茨坦(Phil Goldstein)表示：“这一切都来自共同基金行业，这保护了他们并非巧合。”Bulldog Investors是一位长期瞄准封闭式基金的活动家。“有些基金的业绩很糟糕，折扣很大。ICI从未说过我们需要一种机制，让股东可以让这些经理承担责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>设定所有权上限也会降低代理活动的经济性。仅限于10%，对冲基金不会拥有足够的股份和足够的经济利益来证明代理权竞争的费用是合理的，而代理权竞争可能会花费数百万美元。“如果你被限制在10%，并且必须将2.5%的资产用于代理活动，你会说风险太大，”戈尔茨坦说。“与此同时，管理层没有花费任何东西——只是股东的钱。他们想让举办代理权竞争在经济上失去吸引力。”</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些防御措施表示怀疑。而且，美国证券交易委员会可能不会站在基金行业一边。自2010年以来，SEC一直警告基金公司不要利用州证券法来阻止对冲基金收购。去年，在共和党主席杰伊·克莱顿的领导下，美国证券交易委员会放弃了对这些州“控股权”法的反对。但新任民主党主席加里·詹斯勒(Gary Gensler)可能会恢复SEC的反对意见——这是该行业争取国会修改法律的一个理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>就代理投票提出建议的机构股东服务公司表示，投资者应该拒绝基金公司使用限制股东投票权的国家控股权法。ISS表示，由于SEC的袖手旁观，“CEF股东被剥夺了重要的投票权，并受到管理层的巩固。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是获胜，但随着激进分子增持股份，投资者可能希望随波逐流。南卡罗来纳大学金融学副教授马特·沙无然(Matt Souther)表示：“当激进分子介入时，你通常会看到股价上涨而折扣减少。”</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果Saba收购更多股票或试图接管该基金7.43亿美元的资产，Templeton Global Income（股票代码：GIM）相对于资产净值的折扣可能会进一步缩小。Saba最近接管了另一只基金Voya Prime Rate Trust的管理，并将其更名为Saba Capital Income&amp;Opportunities(BRW)。富兰克林邓普顿和Saba拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>米勒/霍华德高收入股票（HIE）也是萨巴的目标。该基金是“定期信托”，强制清算日期为2024年。其交易价格较资产净值折价5.9%。封闭式RiverNorth Opportunities(RIV)联席经理帕特里克·加利(Patrick Galley)表示：“在最坏的情况下，你以折扣价购买，从现在到2024年，你将获得超额回报，因为折扣将会缩小。”拥有HIE的基金。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba持有股份的其他封闭式基金包括Source Capital(SOR)和Invesco Dynamic Credit Opportunities(VTA)。Bulldog在乌龟能源独立(NDP)中建立了地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。Adams Diversified Equity(ADX)提供大型科技股的投资，交易价格较资产净值折价14%，并承诺年化分配至少6%。“对于预计科技股表现良好的投资者来说，ADX是一个不错的持股，”封闭式投资者兼旧金山Tepper Capital Management主管David Tepper表示。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治(Whitney George)经营该公司，他的家族拥有45%的股份。其交易价格有10%的折扣，收益率为5.7%。Tepper还青睐Royce Global Value Trust(RGT)，其交易价格折扣9%，收益率为7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券备案文件，这些基金都没有吸引太多激进分子的参与。但如果活动人士看到机会，他们可能会涌入并向基金管理层施压——假设国会不会重写交战规则。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金积极分子的开放季节。基金持有人如何输赢</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金积极分子的开放季节。基金持有人如何输赢</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布(Michael Hasenstab)掌舵，但该封闭式基金在过去十年中的平均年回报率为0.3%，而全球收入同行的平均回报率为7%。同样令人沮丧的是，其股票的交易价格很少接近该基金的基础资产净值（NAV）。过去三年折扣平均为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，由于激进投资者Boaz Weinstein经营的对冲基金公司Saba Capital Management，投资者得到了喘息的机会。Saba持有邓普顿基金20%的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提振股价。其举措得到了回报：随着股价上涨，该基金今年的总回报率为4.5%，相对资产净值的折扣已缩小至4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金威胁政变。现在，在国会的一些帮助下，由于众议院最近提出的一项法案，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>《增加投资者机会法案》由俄亥俄州共和党众议员安东尼·冈萨雷斯（Anthony Gonzalez）和纽约州民主党众议员格雷戈里·米克斯（Gregory Meeks）于6月提出，其中包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的变化将取消目前对风险投资和私募股权基金等非流动性私募基金封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金10%以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，给他们带来纳税义务、更高的费用和强制基金清算的负担。投资公司协会（ICI）在最近的一份声明中表示，该法案将消除“激进投资者利用该漏洞以牺牲散户投资者的利益为代价来获取短期利润”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是想保护一个资产池和费用不受股东干涉。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>激进主义对冲基金德莱顿资本(Dryden Capital)的投资组合经理马特·巴芬顿(Matt Buffington)表示：“激进主义发挥着重要作用，如果这项法案获得通过，激进主义将更难威胁或创造变革。”</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司Relative Value Partners的投资组合经理格雷戈里·尼尔(Gregory Neer)对此表示同意。“投资者向资金施压的能力对所有股东都有利，”他说。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金由于收益率高、分配稳健，长期以来深受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资来产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据Morningstar Direct的数据，费用率很高，平均为2.1%。由于基金有固定数量的已发行股票，价格反映了市场对基金及其基础资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分很有吸引力，但投资者可能永远看不到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。剧本很简单：积累股份，赢得董事会席位，然后迫使基金公司发起要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理，策划基金清算，或将其转换为开放式基金——这些举措也可能随着股价上涨至与资产净值平价而获得回报。像Saba这样的公司也完全接管了资金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会破坏这一策略。只有当基金能够以市场价格清算其大部分持股时，要约收购才会起作用。由于风险投资和私募股权控股公司通常不公开交易，因此它们的定价并不透明。一位激进主义经理表示：“当封闭式基金投资于非流动性的东西时，它可以保护它们免受激进主义的影响。”<i>巴伦周刊</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯·迪卡波表示，取消私募基金所有权上限“符合让散户投资者更多获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将活动人士的资金限制在10%并不能阻止他们发起代理活动。“这一切都不是反民主的，”他说。“这并不能阻止大多数不满意或想要改变的投资者。它阻止了一个投资者利用其经济实力和其他人的钱，基本上迫使其他人做出改变。”</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者对此有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。投资者保护组织Healthy Markets的负责人泰勒·盖拉施(Tyler Gellasch)表示：“这只是另一种基金中的基金结构，而且费用是出了名的高。”</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据1940年《投资公司法》的所有权限制，从技术上讲，个人对冲基金不能拥有封闭式基金超过3%的股份。但他们通过附属实体增持股份来规避这一规则，从而创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI——共同基金行业的游说团体——试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI辩称，对冲基金的活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票且资产基础萎缩，其费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI表示，维权人士对该行业的“攻击”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金比2007年有所减少。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改1940年法案无异于共同基金攫取权力。Bulldog Investors的联合创始人菲尔·戈尔茨坦(Phil Goldstein)表示：“这一切都来自共同基金行业，这保护了他们并非巧合。”Bulldog Investors是一位长期瞄准封闭式基金的活动家。“有些基金的业绩很糟糕，折扣很大。ICI从未说过我们需要一种机制，让股东可以让这些经理承担责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>设定所有权上限也会降低代理活动的经济性。仅限于10%，对冲基金不会拥有足够的股份和足够的经济利益来证明代理权竞争的费用是合理的，而代理权竞争可能会花费数百万美元。“如果你被限制在10%，并且必须将2.5%的资产用于代理活动，你会说风险太大，”戈尔茨坦说。“与此同时，管理层没有花费任何东西——只是股东的钱。他们想让举办代理权竞争在经济上失去吸引力。”</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些防御措施表示怀疑。而且，美国证券交易委员会可能不会站在基金行业一边。自2010年以来，SEC一直警告基金公司不要利用州证券法来阻止对冲基金收购。去年，在共和党主席杰伊·克莱顿的领导下，美国证券交易委员会放弃了对这些州“控股权”法的反对。但新任民主党主席加里·詹斯勒(Gary Gensler)可能会恢复SEC的反对意见——这是该行业争取国会修改法律的一个理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>就代理投票提出建议的机构股东服务公司表示，投资者应该拒绝基金公司使用限制股东投票权的国家控股权法。ISS表示，由于SEC的袖手旁观，“CEF股东被剥夺了重要的投票权，并受到管理层的巩固。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是获胜，但随着激进分子增持股份，投资者可能希望随波逐流。南卡罗来纳大学金融学副教授马特·沙无然(Matt Souther)表示：“当激进分子介入时，你通常会看到股价上涨而折扣减少。”</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果Saba收购更多股票或试图接管该基金7.43亿美元的资产，Templeton Global Income（股票代码：GIM）相对于资产净值的折扣可能会进一步缩小。Saba最近接管了另一只基金Voya Prime Rate Trust的管理，并将其更名为Saba Capital Income&amp;Opportunities(BRW)。富兰克林邓普顿和Saba拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>米勒/霍华德高收入股票（HIE）也是萨巴的目标。该基金是“定期信托”，强制清算日期为2024年。其交易价格较资产净值折价5.9%。封闭式RiverNorth Opportunities(RIV)联席经理帕特里克·加利(Patrick Galley)表示：“在最坏的情况下，你以折扣价购买，从现在到2024年，你将获得超额回报，因为折扣将会缩小。”拥有HIE的基金。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba持有股份的其他封闭式基金包括Source Capital(SOR)和Invesco Dynamic Credit Opportunities(VTA)。Bulldog在乌龟能源独立(NDP)中建立了地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。Adams Diversified Equity(ADX)提供大型科技股的投资，交易价格较资产净值折价14%，并承诺年化分配至少6%。“对于预计科技股表现良好的投资者来说，ADX是一个不错的持股，”封闭式投资者兼旧金山Tepper Capital Management主管David Tepper表示。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治(Whitney George)经营该公司，他的家族拥有45%的股份。其交易价格有10%的折扣，收益率为5.7%。Tepper还青睐Royce Global Value Trust(RGT)，其交易价格折扣9%，收益率为7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券备案文件，这些基金都没有吸引太多激进分子的参与。但如果活动人士看到机会，他们可能会涌入并向基金管理层施压——假设国会不会重写交战规则。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138566016","content_text":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.\nInvestors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.\nTactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.\nThe Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.\nA spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.\nProponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.\nHedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.\n“Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.\nGregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.\nClosed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.\nBut the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.\nHedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.\nIf that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.\nGiving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tellsBarron’s.\nRemoving the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.\nAnd capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”\nInvestor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.\nIndividual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.\nThe ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.\nThe activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.\nBut hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”\nImposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”\nRegulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.\nInstitutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”\nHedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.\nTempleton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income & Opportunities(BRW).Franklin Templetonand Saba declined to comment.\nMiller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.\nOther closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).\nSome closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.\nSprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.\nNone of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800961723,"gmtCreate":1627272606662,"gmtModify":1633766632869,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/800961723","repostId":"1187496256","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144074659,"gmtCreate":1626257590271,"gmtModify":1633928578611,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thank you.","listText":"Thank you.","text":"Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144074659","repostId":"1165083410","repostType":4,"repost":{"id":"1165083410","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":1626256074,"share":"https://www.laohu8.com/m/news/1165083410?lang=zh_CN&edition=full","pubTime":"2021-07-14 17:47","market":"us","language":"en","title":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165083410","media":"Tiger Newspress","summary":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of ","content":"<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-07-14 17:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","SNDL":"SNDL Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165083410","content_text":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.\nSNDL shares rises 4% in premarket, TLRY and ACB shares are up 2%.\n\nSenate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.\nThe proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.\n\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"\nThe proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.\nThe Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"\nThe plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.\nThe plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.\nPresident Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.\nThe senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.","news_type":1,"symbols_score_info":{"TLRY":0.9,"SNDL":0.9}},"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863574443,"gmtCreate":1632409159782,"gmtModify":1632730775004,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863574443","repostId":"2169664162","repostType":4,"isVote":1,"tweetType":1,"viewCount":1596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815039952,"gmtCreate":1630628878476,"gmtModify":1631892035671,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815039952","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124935841,"gmtCreate":1624717503383,"gmtModify":1633949329139,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124935841","repostId":"1134306371","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802729294,"gmtCreate":1627810543318,"gmtModify":1633756189353,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802729294","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohu8.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125439493,"gmtCreate":1624684392912,"gmtModify":1633949585737,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125439493","repostId":"2146026425","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862104962,"gmtCreate":1632841268595,"gmtModify":1632841268595,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862104962","repostId":"1152246777","repostType":4,"repost":{"id":"1152246777","kind":"news","pubTimestamp":1632839983,"share":"https://www.laohu8.com/m/news/1152246777?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:39","market":"us","language":"en","title":"Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152246777","media":"Seeking Alpha","summary":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous mile","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从其股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看蒂姆·库克对看涨期权第四季度收益和2022财年的预测有什么看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 22:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从其股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看蒂姆·库克对看涨期权第四季度收益和2022财年的预测有什么看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152246777","content_text":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.\nApple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.\nCompared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.\n\nStephen Lam/Getty Images News\nI don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.\nSource: TD\nUnderstanding why Apple's share buybacks are important to shareholders\nI have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always comments about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.\nSource: Apple\nWhy are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.\nWhen AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.\nSource: Everything Money\nI recently wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.\nSource: Seeking Alpha\nOn 4/28/21, AAPL announced that its board of directors authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.\nApple's valuation is ripe for new investments, especially after the recent pullback\nShares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.\nSource: Seeking Alpha\nAAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and Microsoft (MSFT) are the four largest companies in the S&P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the average P/E ratio of the S&P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.\nSource: Steven Fiorillo) (Data Source: Seeking Alpha\nAAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?\nWhat are we looking at going into AAPL's Q4 2021 being reported at the end of October?\nAAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.\nI look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.\n(Source: Steven Fiorillo) (Data Source: Seeking Alpha)\nConclusion\nAAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887580967,"gmtCreate":1632063806659,"gmtModify":1632803062217,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887580967","repostId":"1197410423","repostType":4,"isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814205881,"gmtCreate":1630819155743,"gmtModify":1631892035659,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814205881","repostId":"2164879370","repostType":4,"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811939754,"gmtCreate":1630282706778,"gmtModify":1704957698868,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811939754","repostId":"1139610019","repostType":4,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813134686,"gmtCreate":1630147965945,"gmtModify":1704956547420,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813134686","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833225242,"gmtCreate":1629246267186,"gmtModify":1631893997315,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833225242","repostId":"1112313511","repostType":4,"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839946505,"gmtCreate":1629119938507,"gmtModify":1633687280753,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839946505","repostId":"2159248377","repostType":4,"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892066537,"gmtCreate":1628612145929,"gmtModify":1633745713491,"author":{"id":"4087279115243470","authorId":"4087279115243470","name":"DarwinNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087279115243470","idStr":"4087279115243470"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892066537","repostId":"1132796864","repostType":4,"repost":{"id":"1132796864","kind":"news","pubTimestamp":1628608992,"share":"https://www.laohu8.com/m/news/1132796864?lang=zh_CN&edition=full","pubTime":"2021-08-10 23:23","market":"us","language":"en","title":"Coinbase's Head Of Capital Markets Resigns After Crypto Exchange Reportedly Shifts Focus<blockquote>据报道，加密货币交易所转移焦点后，Coinbase资本市场主管辞职</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132796864","media":"Benzinga","summary":"Brett Redfearn, who headed capital markets at Coinbase Global Inc(NASDAQ:COIN), has resigned from hi","content":"<p><div> Brett Redfearn, who headed capital markets at Coinbase Global Inc(NASDAQ:COIN), has resigned from his position at the crypto exchange. What Happened:According to a report from theWall Street Journal, ...</p><p><blockquote><div>Coinbase Global Inc（纳斯达克股票代码：COIN）资本市场主管Brett Redfearn已辞去加密货币交易所的职务。事情经过：根据《华尔街日报》的报道，...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Coinbase's Head Of Capital Markets Resigns After Crypto Exchange Reportedly Shifts Focus<blockquote>据报道，加密货币交易所转移焦点后，Coinbase资本市场主管辞职</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase's Head Of Capital Markets Resigns After Crypto Exchange Reportedly Shifts Focus<blockquote>据报道，加密货币交易所转移焦点后，Coinbase资本市场主管辞职</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-10 23:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Brett Redfearn, who headed capital markets at Coinbase Global Inc(NASDAQ:COIN), has resigned from his position at the crypto exchange. What Happened:According to a report from theWall Street Journal, ...</p><p><blockquote><div>Coinbase Global Inc（纳斯达克股票代码：COIN）资本市场主管Brett Redfearn已辞去加密货币交易所的职务。事情经过：根据《华尔街日报》的报道，...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22417307/coinbases-head-of-capital-markets-resigns-after-crypto-exchange-reportedly-shifts-focus","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132796864","content_text":"Brett Redfearn, who headed capital markets at Coinbase Global Inc(NASDAQ:COIN), has resigned from his position at the crypto exchange.\nWhat Happened:According to a report from theWall Street Journal, people familiar with the matter disclosed that his reasons for leaving Coinbase had to do with the crypto-exchange shifting its focus away from digital asset securities.\nRedfearn was one of Coinbase’s most high-profile hires, having served as the former director of trading and markets at the United States Securities and Exchange Commission (SEC) before joining the crypto exchange.\nThe executive joined Coinbase’s ranks just two weeks before the exchange’s public listing.\nAblog postfrom Coinbase’s Chief Product Officer Surojit Chatterjee in March described Redfearn’s role at the company as the person responsible for defining and driving a vision and strategy to set the global standard for crypto capital markets, including digital asset securities and its crypto trading platform.\n“I believe that a digitized trading ecosystem can help democratize retail investors’ ability to access our capital markets on a fair and level playing field. I also believe that instantaneous settlement will eventually be possible, which could ameliorate capital requirements and improve market liquidity,” said Redfearn at the time.\nNow, in just four months since he assumed the role of Vice President of Capital Markets at Coinbase, Redfearn appears to have resigned.\nPrice Action:Coinbase shares were trading 5.16% lower, at $2650.47 at press time.\nShares of the crypto exchange moved in tandem with crypto markets that reached $1.9 trillion for the first time since prices crashed in May.\nAt press time, the market-leading cryptocurrency Bitcoin(CRYPTO: BTC) traded at $45,410, gaining as much as 17.84% over the past week.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}