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Onglie
Onglie
·
2022-01-05
Nice
Beyond Meat Stock Jumped 6% in Morning Trading<blockquote>Beyond Meat股价早盘上涨6%</blockquote>
Beyond Meat stock jumped 6% in morning trading after KFC announced to launch Beyond Meat fried 'chic
Beyond Meat Stock Jumped 6% in Morning Trading<blockquote>Beyond Meat股价早盘上涨6%</blockquote>
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Onglie
Onglie
·
2021-12-30
Nice
非常抱歉,此主贴已删除
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Onglie
Onglie
·
2021-12-30
Hmm
This indicator flashed warnings in 2000 and 2007 -- and it's buzzing now<blockquote>该指标在2000年和2007年发出警告——现在它正在嗡嗡作响</blockquote>
They don't ring a bell at the top, the expression goes, but here's an indicator that topped in 2000
This indicator flashed warnings in 2000 and 2007 -- and it's buzzing now<blockquote>该指标在2000年和2007年发出警告——现在它正在嗡嗡作响</blockquote>
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Onglie
Onglie
·
2021-12-30
Dip pls i want to buy
Is Apple a Must Own Stock in 2022?<blockquote>苹果是2022年必须持有的股票吗?</blockquote>
As concerns around inflation linger, some investors may adjust portfolios away from growth stocks in 2022.
Is Apple a Must Own Stock in 2022?<blockquote>苹果是2022年必须持有的股票吗?</blockquote>
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Onglie
Onglie
·
2021-12-30
Ok
非常抱歉,此主贴已删除
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Onglie
Onglie
·
2021-12-30
Nft for what
Shopify Merchants Can Now Create and Sell NFTs<blockquote>Shopify商家现在可以创建和销售NFT</blockquote>
Non-fungible tokens (NFTs) have been a growing product that have delivered billions of dollars in sa
Shopify Merchants Can Now Create and Sell NFTs<blockquote>Shopify商家现在可以创建和销售NFT</blockquote>
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Onglie
Onglie
·
2021-12-30
Keep rising
Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500的目标是再创历史新高,股市上涨</blockquote>
U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record high
Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500的目标是再创历史新高,股市上涨</blockquote>
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Onglie
Onglie
·
2021-12-30
So
EV Stocks Rallied in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>
EV stocks rallied in morning trading.Lucid, Nio, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, Farad
EV Stocks Rallied in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>
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Onglie
Onglie
·
2021-12-30
Nice
Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>
Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde
Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>
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Onglie
Onglie
·
2021-12-30
Tech
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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":1641393715,"share":"https://www.laohu8.com/m/news/1160919839?lang=zh_CN&edition=full","pubTime":"2022-01-05 22:41","market":"us","language":"en","title":"Beyond Meat Stock Jumped 6% in Morning Trading<blockquote>Beyond Meat股价早盘上涨6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160919839","media":"Tiger Newspress","summary":"Beyond Meat stock jumped 6% in morning trading after KFC announced to launch Beyond Meat fried 'chic","content":"<p><html><head></head><body>Beyond Meat stock jumped 6% in morning trading after KFC announced to launch Beyond Meat fried 'chicken' across United States.<img src=\"https://static.tigerbbs.com/35903d4b4c41096d1d3fb07d325020f9\" tg-width=\"1103\" tg-height=\"767\" referrerpolicy=\"no-referrer\"/>KFC restaurants will start selling plant-based fried "chicken" from Beyond Meat Inc across the United States on Jan. 10 for a limited time, KFC said on Tuesday.</p><p><blockquote><html><head></head><body>肯德基宣布在美国推出Beyond Meat炸鸡后,Beyond Meat股价在早盘交易中上涨6%。肯德基周二表示,肯德基餐厅将于1月10日开始在美国限时销售Beyond Meat公司的植物性炸鸡。</body></html></blockquote></p><p>KFC started testing Beyond's plant-based chicken in August 2019 in Atlanta and expanded to more areas the following year.</p><p><blockquote>肯德基于2019年8月在亚特兰大开始测试Beyond的植物鸡肉,并于次年扩展到更多地区。</blockquote></p><p>In February 2021, Yum and Beyond announced a global partnership to create plant-based menu items for Yum's KFC, Taco Bell and Pizza hut over "the next several years."</p><p><blockquote>2021年2月,百胜和Beyond宣布建立全球合作伙伴关系,在“未来几年”为百胜旗下的肯德基、塔可钟和必胜客打造植物性菜单。</blockquote></p><p>Major fast-food chains have been vying for partnerships with faux meat makers as they add vegan and vegetarian menu options. Beyond rival Impossible foods is working with Burger King, a unit of <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> .</p><p><blockquote>主要快餐连锁店一直在争夺与人造肉制造商的合作伙伴关系,因为他们增加了纯素和素食菜单选项。超越竞争对手Impossible foods正在与汉堡王合作<a href=\"https://laohu8.com/S/QSR\">餐饮品牌国际公司</a>.</blockquote></p><p>Prices for the Beyond Fried Chicken at KFC will start at $6.99 in most places but will vary by location.</p><p><blockquote>肯德基Beyond炸鸡在大多数地方的起价为6.99美元,但会因地点而异。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Beyond Meat Stock Jumped 6% in Morning Trading<blockquote>Beyond Meat股价早盘上涨6%</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\">\nBeyond Meat Stock Jumped 6% in Morning Trading<blockquote>Beyond Meat股价早盘上涨6%</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\">2022-01-05 22:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Beyond Meat stock jumped 6% in morning trading after KFC announced to launch Beyond Meat fried 'chicken' across United States.<img src=\"https://static.tigerbbs.com/35903d4b4c41096d1d3fb07d325020f9\" tg-width=\"1103\" tg-height=\"767\" referrerpolicy=\"no-referrer\"/>KFC restaurants will start selling plant-based fried "chicken" from Beyond Meat Inc across the United States on Jan. 10 for a limited time, KFC said on Tuesday.</p><p><blockquote><html><head></head><body>肯德基宣布在美国推出Beyond Meat炸鸡后,Beyond Meat股价在早盘交易中上涨6%。肯德基周二表示,肯德基餐厅将于1月10日开始在美国限时销售Beyond Meat公司的植物性炸鸡。</body></html></blockquote></p><p>KFC started testing Beyond's plant-based chicken in August 2019 in Atlanta and expanded to more areas the following year.</p><p><blockquote>肯德基于2019年8月在亚特兰大开始测试Beyond的植物鸡肉,并于次年扩展到更多地区。</blockquote></p><p>In February 2021, Yum and Beyond announced a global partnership to create plant-based menu items for Yum's KFC, Taco Bell and Pizza hut over "the next several years."</p><p><blockquote>2021年2月,百胜和Beyond宣布建立全球合作伙伴关系,在“未来几年”为百胜旗下的肯德基、塔可钟和必胜客打造植物性菜单。</blockquote></p><p>Major fast-food chains have been vying for partnerships with faux meat makers as they add vegan and vegetarian menu options. Beyond rival Impossible foods is working with Burger King, a unit of <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> .</p><p><blockquote>主要快餐连锁店一直在争夺与人造肉制造商的合作伙伴关系,因为他们增加了纯素和素食菜单选项。超越竞争对手Impossible foods正在与汉堡王合作<a href=\"https://laohu8.com/S/QSR\">餐饮品牌国际公司</a>.</blockquote></p><p>Prices for the Beyond Fried Chicken at KFC will start at $6.99 in most places but will vary by location.</p><p><blockquote>肯德基Beyond炸鸡在大多数地方的起价为6.99美元,但会因地点而异。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160919839","content_text":"Beyond Meat stock jumped 6% in morning trading after KFC announced to launch Beyond Meat fried 'chicken' across United States.KFC restaurants will start selling plant-based fried \"chicken\" from Beyond Meat Inc across the United States on Jan. 10 for a limited time, KFC said on Tuesday.KFC started testing Beyond's plant-based chicken in August 2019 in Atlanta and expanded to more areas the following year.In February 2021, Yum and Beyond announced a global partnership to create plant-based menu items for Yum's KFC, Taco Bell and Pizza hut over \"the next several years.\"Major fast-food chains have been vying for partnerships with faux meat makers as they add vegan and vegetarian menu options. Beyond rival Impossible foods is working with Burger King, a unit of Restaurant Brands International Inc .Prices for the Beyond Fried Chicken at KFC will start at $6.99 in most places but will vary by location.","news_type":1,"symbols_score_info":{"BYND":0.9}},"isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692124901,"gmtCreate":1640878731811,"gmtModify":1640878731988,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/692124901","repostId":"2195498290","repostType":4,"isVote":1,"tweetType":1,"viewCount":2334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692125175,"gmtCreate":1640878652100,"gmtModify":1640878652284,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692125175","repostId":"2195949376","repostType":4,"repost":{"id":"2195949376","kind":"highlight","pubTimestamp":1640867524,"share":"https://www.laohu8.com/m/news/2195949376?lang=zh_CN&edition=full","pubTime":"2021-12-30 20:32","market":"us","language":"en","title":"This indicator flashed warnings in 2000 and 2007 -- and it's buzzing now<blockquote>该指标在2000年和2007年发出警告——现在它正在嗡嗡作响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2195949376","media":"MarketWatch","summary":"They don't ring a bell at the top, the expression goes, but here's an indicator that topped in 2000 ","content":"<p><html><head></head><body>They don't ring a bell at the top, the expression goes, but here's an indicator that topped in 2000 and 2007.</p><p><blockquote><html><head></head><body>他们的表达方式是这样的,但这里有一个指标在2000年和2007年达到了顶峰。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88cd20d2460fa528b42d175f5da964a9\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"/><span>Falling margin debt growth has augured in stock-market declines in 2000 and 2007.</span></p><p><blockquote><p class=\"t-img-caption\"><span>保证金债务增长下降预示着2000年和2007年股市下跌。</span></p></blockquote></p><p>It has to do with margin debt. According to Ned Davis, senior investment strategist at Ned Davis Research, falling margin debt growth, from high levels, triggers a sell warning. When the 15-month rate of change in margin debt falls below 48%, the market was lower three to 18 months later, on average.</p><p><blockquote>这与保证金债务有关。Ned Davis Research高级投资策略师Ned Davis表示,保证金债务增长从高位下降会触发卖出警告。当保证金债务的15个月变化率低于48%时,平均而言,3至18个月后市场会走低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/723cd58ba2f1ce67795b98bcdb6038b3\" tg-width=\"700\" tg-height=\"560\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Another warning sign is that price-to-earnings ratios on what the firm calls institutional grade stocks are stretched.</p><p><blockquote>另一个警告信号是,评级机构级股票的市盈率过高。</blockquote></p><p>Yet Davis can't quite bring himself to fully cloak himself in pessimism. Short-term sentiment is still negative, he points out, which usually is a good sign for markets.</p><p><blockquote>然而,戴维斯无法让自己完全披上悲观的外衣。他指出,短期情绪仍然负面,这对市场来说通常是一个好兆头。</blockquote></p><p>"I would note however, that following any rally, a break of the December low is often a warning sign. So we will be watching the year-end rally closely," he says. The S&P 500 touched its lowest level for the 12th month on Dec. 3, when it reached 4,495.12.</p><p><blockquote>“然而,我要指出的是,在任何反弹之后,突破12月低点通常是一个警告信号。因此,我们将密切关注年底的反弹,”他说。12月3日,标普500触及12个月来的最低水平,达到4,495.12点。</blockquote></p><p><b>The chart</b></p><p><blockquote><b>图表</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/1680edab410becbb2f581220c29faee8\" tg-width=\"700\" tg-height=\"269\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>It's already out of date, but this chart showing all-time highs for the S&P 500 was picked by Ryan Detrick, chief market strategist of LPL Financial, as the chart of the year. The benchmark U.S. index has registered 70 record highs, the highest number since 1995. "At the end of the day, the fact that 2021 had the second-most all-time highs ever probably tells the story better than nearly any other," he said.</p><p><blockquote>它已经过时了,但这张显示标普500历史高点的图表被LPL Financial首席市场策略师Ryan Detrick选为年度图表。美国基准指数已创下70个历史新高,为1995年以来的最高数字。他说:“归根结底,2021年创下历史第二高的事实可能比几乎任何其他情况都更能说明问题。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1603348471595","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 indicator flashed warnings in 2000 and 2007 -- and it's buzzing now<blockquote>该指标在2000年和2007年发出警告——现在它正在嗡嗡作响</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\">\nThis indicator flashed warnings in 2000 and 2007 -- and it's buzzing now<blockquote>该指标在2000年和2007年发出警告——现在它正在嗡嗡作响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-30 20:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>They don't ring a bell at the top, the expression goes, but here's an indicator that topped in 2000 and 2007.</p><p><blockquote><html><head></head><body>他们的表达方式是这样的,但这里有一个指标在2000年和2007年达到了顶峰。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88cd20d2460fa528b42d175f5da964a9\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"/><span>Falling margin debt growth has augured in stock-market declines in 2000 and 2007.</span></p><p><blockquote><p class=\"t-img-caption\"><span>保证金债务增长下降预示着2000年和2007年股市下跌。</span></p></blockquote></p><p>It has to do with margin debt. According to Ned Davis, senior investment strategist at Ned Davis Research, falling margin debt growth, from high levels, triggers a sell warning. When the 15-month rate of change in margin debt falls below 48%, the market was lower three to 18 months later, on average.</p><p><blockquote>这与保证金债务有关。Ned Davis Research高级投资策略师Ned Davis表示,保证金债务增长从高位下降会触发卖出警告。当保证金债务的15个月变化率低于48%时,平均而言,3至18个月后市场会走低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/723cd58ba2f1ce67795b98bcdb6038b3\" tg-width=\"700\" tg-height=\"560\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Another warning sign is that price-to-earnings ratios on what the firm calls institutional grade stocks are stretched.</p><p><blockquote>另一个警告信号是,评级机构级股票的市盈率过高。</blockquote></p><p>Yet Davis can't quite bring himself to fully cloak himself in pessimism. Short-term sentiment is still negative, he points out, which usually is a good sign for markets.</p><p><blockquote>然而,戴维斯无法让自己完全披上悲观的外衣。他指出,短期情绪仍然负面,这对市场来说通常是一个好兆头。</blockquote></p><p>"I would note however, that following any rally, a break of the December low is often a warning sign. So we will be watching the year-end rally closely," he says. The S&P 500 touched its lowest level for the 12th month on Dec. 3, when it reached 4,495.12.</p><p><blockquote>“然而,我要指出的是,在任何反弹之后,突破12月低点通常是一个警告信号。因此,我们将密切关注年底的反弹,”他说。12月3日,标普500触及12个月来的最低水平,达到4,495.12点。</blockquote></p><p><b>The chart</b></p><p><blockquote><b>图表</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/1680edab410becbb2f581220c29faee8\" tg-width=\"700\" tg-height=\"269\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>It's already out of date, but this chart showing all-time highs for the S&P 500 was picked by Ryan Detrick, chief market strategist of LPL Financial, as the chart of the year. The benchmark U.S. index has registered 70 record highs, the highest number since 1995. "At the end of the day, the fact that 2021 had the second-most all-time highs ever probably tells the story better than nearly any other," he said.</p><p><blockquote>它已经过时了,但这张显示标普500历史高点的图表被LPL Financial首席市场策略师Ryan Detrick选为年度图表。美国基准指数已创下70个历史新高,为1995年以来的最高数字。他说:“归根结底,2021年创下历史第二高的事实可能比几乎任何其他情况都更能说明问题。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.marketwatch.com/story/this-indicator-flashed-warnings-in-2000-and-2007-and-its-buzzing-now-11640865332?mod=mw_latestnews\">MarketWatch</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":{"BK4535":"淡马锡持仓","DIDI":"滴滴(已退市)","BK4504":"桥水持仓","BK4559":"巴菲特持仓",".DJI":"道琼斯",".SPX":"S&P 500 Index","BK4568":"美国抗疫概念","BK4550":"红杉资本持仓","BK4007":"制药","BK4539":"次新股","BK4561":"索罗斯持仓","BK4532":"文艺复兴科技持仓","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","BK4139":"生物科技","BK4533":"AQR资本管理(全球第二大对冲基金)","JNJ":"强生","BK4022":"陆运","BK4505":"高瓴资本持仓"},"source_url":"https://www.marketwatch.com/story/this-indicator-flashed-warnings-in-2000-and-2007-and-its-buzzing-now-11640865332?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2195949376","content_text":"They don't ring a bell at the top, the expression goes, but here's an indicator that topped in 2000 and 2007.Falling margin debt growth has augured in stock-market declines in 2000 and 2007.It has to do with margin debt. According to Ned Davis, senior investment strategist at Ned Davis Research, falling margin debt growth, from high levels, triggers a sell warning. When the 15-month rate of change in margin debt falls below 48%, the market was lower three to 18 months later, on average.Another warning sign is that price-to-earnings ratios on what the firm calls institutional grade stocks are stretched.Yet Davis can't quite bring himself to fully cloak himself in pessimism. Short-term sentiment is still negative, he points out, which usually is a good sign for markets.\"I would note however, that following any rally, a break of the December low is often a warning sign. So we will be watching the year-end rally closely,\" he says. The S&P 500 touched its lowest level for the 12th month on Dec. 3, when it reached 4,495.12.The chartIt's already out of date, but this chart showing all-time highs for the S&P 500 was picked by Ryan Detrick, chief market strategist of LPL Financial, as the chart of the year. The benchmark U.S. index has registered 70 record highs, the highest number since 1995. \"At the end of the day, the fact that 2021 had the second-most all-time highs ever probably tells the story better than nearly any other,\" he said.","news_type":1,"symbols_score_info":{"DIDI":1,".DJI":0.9,"JNJ":1,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692122291,"gmtCreate":1640878601707,"gmtModify":1640878601921,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Dip pls i want to buy","listText":"Dip pls i want to buy","text":"Dip pls i want to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692122291","repostId":"1181320224","repostType":4,"repost":{"id":"1181320224","kind":"news","pubTimestamp":1640869824,"share":"https://www.laohu8.com/m/news/1181320224?lang=zh_CN&edition=full","pubTime":"2021-12-30 21:10","market":"us","language":"en","title":"Is Apple a Must Own Stock in 2022?<blockquote>苹果是2022年必须持有的股票吗?</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181320224","media":"Motley Fool","summary":"As concerns around inflation linger, some investors may adjust portfolios away from growth stocks in 2022.","content":"<p><html><head></head><body><b>Key Points</b></p><p><blockquote><html><head></head><body><b>要点</b></body></html></blockquote></p><p><ul><li>Some might think it prudent to lock in their gains as Apple's market cap nears $3 trillion.</li><li>Demand for iPhone13 is weakening as we head into 2022.</li><li>New products such as a virtual reality headset are rumored to enter the market in 2022 and could serve as a new growth catalyst for the company.</li></ul>The market has witnessed significant sell-offs in many growth stocks over the last several weeks. These sell-offs were driven by many different factors including slowing growth in stay-at-home stocks, lingering fears of inflation, and tax harvesting. As a result, valuation multiples have compressed, making it challenging for investors to navigate which stocks may be worth exploring for 2022.<b>Apple</b>(NASDAQ:AAPL) stock is up nearly 40% year to date, handily topping the <b>S&P 500</b>'s return of 28%. But as demand for the iPhone 13 wanes and the company's market capitalization climbs higher, whether to hold onto Apple stock or sell in the new year is a tough decision for investors.</p><p><blockquote><ul><li>有些人可能认为,随着苹果市值接近3万亿美元,锁定收益是谨慎的做法。</li><li>随着我们进入2022年,对iPhone13的需求正在减弱。</li><li>据传虚拟现实耳机等新产品将于2022年进入市场,并可能成为该公司新的增长催化剂。</li></ul>过去几周,市场见证了许多成长型股票的大幅抛售。这些抛售是由许多不同因素推动的,包括居家股票增长放缓、对通胀挥之不去的担忧以及税收征收。因此,估值倍数有所压缩,使得投资者很难判断2022年哪些股票可能值得探索。<b>苹果</b>(纳斯达克:AAPL)股价今年迄今已上涨近40%,轻松超越大盘<b>标普500</b>回报率为28%。但随着iPhone 13需求减弱以及该公司市值攀升,对于投资者来说,是持有苹果股票还是在新的一年出售是一个艰难的决定。</blockquote></p><p><b>Can Apple's market cap go any higher?</b></p><p><blockquote><b>苹果的市值还能再高吗?</b></blockquote></p><p>As of the time of this article, Apple is the largest company in the world by market capitalization, closing in on a valuation of $3 trillion. For the fiscal quarter ended Sept. 25, Apple reported 29% revenue growth year over year. The company generated 33% growth on the product side of the business driven by strong iPhone sales, and also reported 26% growth in services while wearables grew 13% year over year. What may be even more impressive than its revenue growth is the amount of cash that Apple generates; the company's trailing-12-month free cash flow is $93 billion.</p><p><blockquote>截至本文撰写时,苹果是全球市值最大的公司,估值接近3万亿美元。截至9月25日的财季,苹果报告收入同比增长29%。在iPhone强劲销售的推动下,该公司的产品业务增长了33%,服务业务也增长了26%,而可穿戴设备同比增长了13%。可能比其收入增长更令人印象深刻的是苹果产生的现金数量;该公司过去12个月的自由现金流为930亿美元。</blockquote></p><p>Apple is commanding strong growth across its entire suite of revenue streams from services, wearables, and other hardware products. Although the long-term prospects for Apple appear strong, investors recently learned that the Federal Reserve will begin to taper asset purchases in an effort to combat inflation, and it is likely that 2022 will come with multiple rate hikes.</p><p><blockquote>苹果的服务、可穿戴设备和其他硬件产品的整个收入流都在强劲增长。尽管苹果的长期前景看起来很强劲,但投资者最近获悉,美联储将开始缩减资产购买规模,以对抗通胀,2022年很可能会出现多次加息。</blockquote></p><p>This dynamic presents a conundrum for investors because Apple is generating healthy growth on both the products and services sides of its business. However, given the stock's year-to-date performance coupled with lingering concerns around inflation, it tempting for investors to trim their existing positions and lock in some gains. Considering the company revised its forecast for iPhone 13 downwards and the supply chain disruptions it is facing, it's hard to assess whether Apple has any upward momentum that could push the stock higher.</p><p><blockquote>这种动态给投资者带来了一个难题,因为苹果在其业务的产品和服务方面都在实现健康增长。然而,鉴于该股今年迄今的表现,加上对通胀挥之不去的担忧,投资者很容易削减现有头寸并锁定部分收益。考虑到该公司下调了对iPhone 13的预测以及其面临的供应链中断,很难评估苹果是否有任何可能推高该股的上涨动力。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b687c44e5d0d311e1bdc67cab7731c50\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社</span></p></blockquote></p><p><b>Weak iPhone demand and supply chain challenges</b></p><p><blockquote><b>iPhone需求疲软和供应链挑战</b></blockquote></p><p>Apple originally forecasted to produce 90 million iPhone 13 models during the final three months of the year, just in time for the holiday shopping season. Due to COVID-fueled supply chain disruptions, key manufacturing partners such as <b>Broadcom</b> and <b>Texas Instruments</b> have struggled to deliver enough components. These supply constraints caused Apple, one of the largest chip buyers in the world, to slash its forecast for the new iPhone by 10 million units.</p><p><blockquote>苹果最初预测今年最后三个月将生产9000万部iPhone 13机型,正好赶上假日购物季。由于新冠疫情引发的供应链中断,主要制造合作伙伴,如<b>Broadcom</b>和<b>德州仪器</b>一直在努力交付足够的组件。这些供应限制导致全球最大的芯片买家之一苹果将新款iPhone的预期下调了1000万部。</blockquote></p><p>The supply side issues were in addition to another problem for Apple: consumer demand. A recent Bloomberg report indicated that Apple informed its component suppliers that<i>demand</i>for the iPhone 13 was weaker than initially anticipated due to long wait times. Product shortages and ongoing delivery delays for shoppers caused by supply chain issues have some consumers deciding to do without luxury purchases and upgrading to a new iPhone.</p><p><blockquote>供应方面的问题是苹果面临的另一个问题:消费者需求。彭博社最近的一份报告表明,苹果通知其零部件供应商,<i>要求</i>由于等待时间长,iPhone 13的表现弱于最初的预期。供应链问题导致的产品短缺和购物者持续的交付延迟让一些消费者决定不购买奢侈品并升级到新iPhone。</blockquote></p><p>With this recipe of problems, it is easy for investors to lose sight of the bigger picture. It is important to keep in mind that the disorder caused by inflation and supply chain will not last forever. Rather, these are hiccups that investors must learn to navigate during times of economic uncertainty.</p><p><blockquote>由于存在这些问题,投资者很容易忽视大局。重要的是要记住,通货膨胀和供应链造成的混乱不会永远持续下去。相反,这些是投资者在经济不确定时期必须学会应对的问题。</blockquote></p><p>But Apple has major optionality on its side. Despite weaker than anticipated iPhone 13 demand, the company is not anchoring itself on one singular product release. Apple is investing in new product development and investors should expect to see these materialize in 2022. Namely, the company is set to launch its iPhone SE 3 during the first half of 2022. This could serve as a lucrative catalyst for Apple because this device is more budget friendly compared to higher-end hardware. Additionally, a number of new patents filed by Apple have some analysts speculating that the company's next blockbuster hit is less than a year away.</p><p><blockquote>但苹果有很大的选择余地。尽管iPhone 13的需求弱于预期,但该公司并没有专注于一款单一产品的发布。苹果正在投资新产品开发,投资者应该预计这些将在2022年实现。也就是说,该公司将于2022年上半年推出iPhone SE 3。这可能会成为苹果利润丰厚的催化剂,因为与高端硬件相比,这款设备更经济实惠。此外,苹果申请的多项新专利让一些分析师猜测,距离该公司的下一个重磅炸弹还有不到一年的时间。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a904191373c7448dd74f7bc84dbae91\" tg-width=\"2000\" tg-height=\"1054\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社</span></p></blockquote></p><p></p><p><b>Is Apple entering the metaverse?</b></p><p><blockquote><b>苹果正在进军元宇宙吗?</b></blockquote></p><p>In late November,<b>Morgan Stanley</b> issued a note to investors highlighting that Apple is planning to launch a new hardware product, in particular an augmented reality/virtual reality (AR/VR) headset. Apple analyst Ming-Chi Kuo is estimating that the headset could launch during the fourth quarter of 2022. Apple's entrance to the metaverse looks even more likely as a new Bloomberg report suggests that the company hired <b>Meta Platforms</b>'(NASDAQ:FB) augmented reality communications lead.</p><p><blockquote>11月下旬,<b>摩根士丹利</b>向投资者发布了一份报告,强调苹果正计划推出一款新的硬件产品,特别是增强现实/虚拟现实(AR/VR)耳机。苹果分析师郭明錤估计,这款耳机可能会在2022年第四季度推出。彭博社的一份新报告显示,苹果进入虚拟宇宙的可能性似乎更大,该公司聘请了<b>元平台</b>(纳斯达克:FB)增强现实通信领先。</blockquote></p><p>According to data from IDC, Meta holds the top spot for global shipments of VR headsets, controlling 75% of the market. However,Apple's entrance into the metaverse could open up another multi-billion dollar opportunity for the company as it looks to steal market share away from Meta and other incumbents. Per IDC's forecast, the market for AR/VR headsets will increase from 9 million units in 2021 to 50 million by 2025.</p><p><blockquote>根据IDC的数据,Meta占据了全球VR头显出货量的头把交椅,控制了75%的市场。不过,苹果进军元宇宙可能为该公司带来另一个价值数十亿美元的机会,因为它希望从Meta和其他现任者手中窃取市场份额。根据IDC的预测,AR/VR头戴设备的市场将从2021年的900万台增加到2025年的5000万台。</blockquote></p><p><b>Now what?</b></p><p><blockquote><b>现在怎么办?</b></blockquote></p><p>On the surface, trimming an existing position and taking some gains off the table may seem like a prudent option, if not a tempting one. Although the Federal Reserve provided some clarity on how it plans to combat inflation, concrete timeframes around tapering and rate hikes are still variable. For this reason, investors cannot know for certain when supply chain challenges will subside, allowing Apple and its suppliers the ability to operate under more normal circumstances.</p><p><blockquote>从表面上看,削减现有头寸并取消一些收益似乎是一个谨慎的选择,如果不是一个诱人的选择的话。尽管美联储就其计划如何对抗通胀提供了一些明确信息,但围绕缩减和加息的具体时间框架仍存在变数。因此,投资者无法确定供应链挑战何时会消退,从而使苹果及其供应商能够在更正常的情况下运营。</blockquote></p><p>Despite these uncertainties, Apple has several catalysts in its pipeline which should provide investors some confidence. New iPhones and the launch of an AR/VR headset, the latter of which will allow Apple to enter a new addressable market served by both its product<i>and</i>services businesses, make it hard to contest that growth<i>isn't</i>on the horizon. The biggest questions revolve around when this growth could occur and to what magnitude. Although investors cannot go wrong taking a profit, Apple's strong balance sheet and product expertise make it a compelling must-buy (and hold) stock for 2022.</p><p><blockquote>尽管存在这些不确定性,苹果仍有几个催化剂正在酝酿之中,这应该会给投资者带来一些信心。新款iPhone和AR/VR头戴设备的推出,后者将使苹果进入其两种产品所服务的新目标市场<i>和</i>服务企业,使其难以竞争这种增长<i>不是</i>在地平线上。最大的问题围绕着这种增长何时会发生以及增长到什么程度。尽管投资者获利了结不会出错,但苹果强劲的资产负债表和产品专业知识使其成为2022年引人注目的必买(并持有)股票。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple a Must Own Stock in 2022?<blockquote>苹果是2022年必须持有的股票吗?</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\">\nIs Apple a Must Own Stock in 2022?<blockquote>苹果是2022年必须持有的股票吗?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-30 21:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Key Points</b></p><p><blockquote><html><head></head><body><b>要点</b></body></html></blockquote></p><p><ul><li>Some might think it prudent to lock in their gains as Apple's market cap nears $3 trillion.</li><li>Demand for iPhone13 is weakening as we head into 2022.</li><li>New products such as a virtual reality headset are rumored to enter the market in 2022 and could serve as a new growth catalyst for the company.</li></ul>The market has witnessed significant sell-offs in many growth stocks over the last several weeks. These sell-offs were driven by many different factors including slowing growth in stay-at-home stocks, lingering fears of inflation, and tax harvesting. As a result, valuation multiples have compressed, making it challenging for investors to navigate which stocks may be worth exploring for 2022.<b>Apple</b>(NASDAQ:AAPL) stock is up nearly 40% year to date, handily topping the <b>S&P 500</b>'s return of 28%. But as demand for the iPhone 13 wanes and the company's market capitalization climbs higher, whether to hold onto Apple stock or sell in the new year is a tough decision for investors.</p><p><blockquote><ul><li>有些人可能认为,随着苹果市值接近3万亿美元,锁定收益是谨慎的做法。</li><li>随着我们进入2022年,对iPhone13的需求正在减弱。</li><li>据传虚拟现实耳机等新产品将于2022年进入市场,并可能成为该公司新的增长催化剂。</li></ul>过去几周,市场见证了许多成长型股票的大幅抛售。这些抛售是由许多不同因素推动的,包括居家股票增长放缓、对通胀挥之不去的担忧以及税收征收。因此,估值倍数有所压缩,使得投资者很难判断2022年哪些股票可能值得探索。<b>苹果</b>(纳斯达克:AAPL)股价今年迄今已上涨近40%,轻松超越大盘<b>标普500</b>回报率为28%。但随着iPhone 13需求减弱以及该公司市值攀升,对于投资者来说,是持有苹果股票还是在新的一年出售是一个艰难的决定。</blockquote></p><p><b>Can Apple's market cap go any higher?</b></p><p><blockquote><b>苹果的市值还能再高吗?</b></blockquote></p><p>As of the time of this article, Apple is the largest company in the world by market capitalization, closing in on a valuation of $3 trillion. For the fiscal quarter ended Sept. 25, Apple reported 29% revenue growth year over year. The company generated 33% growth on the product side of the business driven by strong iPhone sales, and also reported 26% growth in services while wearables grew 13% year over year. What may be even more impressive than its revenue growth is the amount of cash that Apple generates; the company's trailing-12-month free cash flow is $93 billion.</p><p><blockquote>截至本文撰写时,苹果是全球市值最大的公司,估值接近3万亿美元。截至9月25日的财季,苹果报告收入同比增长29%。在iPhone强劲销售的推动下,该公司的产品业务增长了33%,服务业务也增长了26%,而可穿戴设备同比增长了13%。可能比其收入增长更令人印象深刻的是苹果产生的现金数量;该公司过去12个月的自由现金流为930亿美元。</blockquote></p><p>Apple is commanding strong growth across its entire suite of revenue streams from services, wearables, and other hardware products. Although the long-term prospects for Apple appear strong, investors recently learned that the Federal Reserve will begin to taper asset purchases in an effort to combat inflation, and it is likely that 2022 will come with multiple rate hikes.</p><p><blockquote>苹果的服务、可穿戴设备和其他硬件产品的整个收入流都在强劲增长。尽管苹果的长期前景看起来很强劲,但投资者最近获悉,美联储将开始缩减资产购买规模,以对抗通胀,2022年很可能会出现多次加息。</blockquote></p><p>This dynamic presents a conundrum for investors because Apple is generating healthy growth on both the products and services sides of its business. However, given the stock's year-to-date performance coupled with lingering concerns around inflation, it tempting for investors to trim their existing positions and lock in some gains. Considering the company revised its forecast for iPhone 13 downwards and the supply chain disruptions it is facing, it's hard to assess whether Apple has any upward momentum that could push the stock higher.</p><p><blockquote>这种动态给投资者带来了一个难题,因为苹果在其业务的产品和服务方面都在实现健康增长。然而,鉴于该股今年迄今的表现,加上对通胀挥之不去的担忧,投资者很容易削减现有头寸并锁定部分收益。考虑到该公司下调了对iPhone 13的预测以及其面临的供应链中断,很难评估苹果是否有任何可能推高该股的上涨动力。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b687c44e5d0d311e1bdc67cab7731c50\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社</span></p></blockquote></p><p><b>Weak iPhone demand and supply chain challenges</b></p><p><blockquote><b>iPhone需求疲软和供应链挑战</b></blockquote></p><p>Apple originally forecasted to produce 90 million iPhone 13 models during the final three months of the year, just in time for the holiday shopping season. Due to COVID-fueled supply chain disruptions, key manufacturing partners such as <b>Broadcom</b> and <b>Texas Instruments</b> have struggled to deliver enough components. These supply constraints caused Apple, one of the largest chip buyers in the world, to slash its forecast for the new iPhone by 10 million units.</p><p><blockquote>苹果最初预测今年最后三个月将生产9000万部iPhone 13机型,正好赶上假日购物季。由于新冠疫情引发的供应链中断,主要制造合作伙伴,如<b>Broadcom</b>和<b>德州仪器</b>一直在努力交付足够的组件。这些供应限制导致全球最大的芯片买家之一苹果将新款iPhone的预期下调了1000万部。</blockquote></p><p>The supply side issues were in addition to another problem for Apple: consumer demand. A recent Bloomberg report indicated that Apple informed its component suppliers that<i>demand</i>for the iPhone 13 was weaker than initially anticipated due to long wait times. Product shortages and ongoing delivery delays for shoppers caused by supply chain issues have some consumers deciding to do without luxury purchases and upgrading to a new iPhone.</p><p><blockquote>供应方面的问题是苹果面临的另一个问题:消费者需求。彭博社最近的一份报告表明,苹果通知其零部件供应商,<i>要求</i>由于等待时间长,iPhone 13的表现弱于最初的预期。供应链问题导致的产品短缺和购物者持续的交付延迟让一些消费者决定不购买奢侈品并升级到新iPhone。</blockquote></p><p>With this recipe of problems, it is easy for investors to lose sight of the bigger picture. It is important to keep in mind that the disorder caused by inflation and supply chain will not last forever. Rather, these are hiccups that investors must learn to navigate during times of economic uncertainty.</p><p><blockquote>由于存在这些问题,投资者很容易忽视大局。重要的是要记住,通货膨胀和供应链造成的混乱不会永远持续下去。相反,这些是投资者在经济不确定时期必须学会应对的问题。</blockquote></p><p>But Apple has major optionality on its side. Despite weaker than anticipated iPhone 13 demand, the company is not anchoring itself on one singular product release. Apple is investing in new product development and investors should expect to see these materialize in 2022. Namely, the company is set to launch its iPhone SE 3 during the first half of 2022. This could serve as a lucrative catalyst for Apple because this device is more budget friendly compared to higher-end hardware. Additionally, a number of new patents filed by Apple have some analysts speculating that the company's next blockbuster hit is less than a year away.</p><p><blockquote>但苹果有很大的选择余地。尽管iPhone 13的需求弱于预期,但该公司并没有专注于一款单一产品的发布。苹果正在投资新产品开发,投资者应该预计这些将在2022年实现。也就是说,该公司将于2022年上半年推出iPhone SE 3。这可能会成为苹果利润丰厚的催化剂,因为与高端硬件相比,这款设备更经济实惠。此外,苹果申请的多项新专利让一些分析师猜测,距离该公司的下一个重磅炸弹还有不到一年的时间。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a904191373c7448dd74f7bc84dbae91\" tg-width=\"2000\" tg-height=\"1054\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社</span></p></blockquote></p><p></p><p><b>Is Apple entering the metaverse?</b></p><p><blockquote><b>苹果正在进军元宇宙吗?</b></blockquote></p><p>In late November,<b>Morgan Stanley</b> issued a note to investors highlighting that Apple is planning to launch a new hardware product, in particular an augmented reality/virtual reality (AR/VR) headset. Apple analyst Ming-Chi Kuo is estimating that the headset could launch during the fourth quarter of 2022. Apple's entrance to the metaverse looks even more likely as a new Bloomberg report suggests that the company hired <b>Meta Platforms</b>'(NASDAQ:FB) augmented reality communications lead.</p><p><blockquote>11月下旬,<b>摩根士丹利</b>向投资者发布了一份报告,强调苹果正计划推出一款新的硬件产品,特别是增强现实/虚拟现实(AR/VR)耳机。苹果分析师郭明錤估计,这款耳机可能会在2022年第四季度推出。彭博社的一份新报告显示,苹果进入虚拟宇宙的可能性似乎更大,该公司聘请了<b>元平台</b>(纳斯达克:FB)增强现实通信领先。</blockquote></p><p>According to data from IDC, Meta holds the top spot for global shipments of VR headsets, controlling 75% of the market. However,Apple's entrance into the metaverse could open up another multi-billion dollar opportunity for the company as it looks to steal market share away from Meta and other incumbents. Per IDC's forecast, the market for AR/VR headsets will increase from 9 million units in 2021 to 50 million by 2025.</p><p><blockquote>根据IDC的数据,Meta占据了全球VR头显出货量的头把交椅,控制了75%的市场。不过,苹果进军元宇宙可能为该公司带来另一个价值数十亿美元的机会,因为它希望从Meta和其他现任者手中窃取市场份额。根据IDC的预测,AR/VR头戴设备的市场将从2021年的900万台增加到2025年的5000万台。</blockquote></p><p><b>Now what?</b></p><p><blockquote><b>现在怎么办?</b></blockquote></p><p>On the surface, trimming an existing position and taking some gains off the table may seem like a prudent option, if not a tempting one. Although the Federal Reserve provided some clarity on how it plans to combat inflation, concrete timeframes around tapering and rate hikes are still variable. For this reason, investors cannot know for certain when supply chain challenges will subside, allowing Apple and its suppliers the ability to operate under more normal circumstances.</p><p><blockquote>从表面上看,削减现有头寸并取消一些收益似乎是一个谨慎的选择,如果不是一个诱人的选择的话。尽管美联储就其计划如何对抗通胀提供了一些明确信息,但围绕缩减和加息的具体时间框架仍存在变数。因此,投资者无法确定供应链挑战何时会消退,从而使苹果及其供应商能够在更正常的情况下运营。</blockquote></p><p>Despite these uncertainties, Apple has several catalysts in its pipeline which should provide investors some confidence. New iPhones and the launch of an AR/VR headset, the latter of which will allow Apple to enter a new addressable market served by both its product<i>and</i>services businesses, make it hard to contest that growth<i>isn't</i>on the horizon. The biggest questions revolve around when this growth could occur and to what magnitude. Although investors cannot go wrong taking a profit, Apple's strong balance sheet and product expertise make it a compelling must-buy (and hold) stock for 2022.</p><p><blockquote>尽管存在这些不确定性,苹果仍有几个催化剂正在酝酿之中,这应该会给投资者带来一些信心。新款iPhone和AR/VR头戴设备的推出,后者将使苹果进入其两种产品所服务的新目标市场<i>和</i>服务企业,使其难以竞争这种增长<i>不是</i>在地平线上。最大的问题围绕着这种增长何时会发生以及增长到什么程度。尽管投资者获利了结不会出错,但苹果强劲的资产负债表和产品专业知识使其成为2022年引人注目的必买(并持有)股票。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.fool.com/investing/2021/12/30/is-apple-a-must-own-stock-in-2022/\">Motley Fool</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/30/is-apple-a-must-own-stock-in-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181320224","content_text":"Key PointsSome might think it prudent to lock in their gains as Apple's market cap nears $3 trillion.Demand for iPhone13 is weakening as we head into 2022.New products such as a virtual reality headset are rumored to enter the market in 2022 and could serve as a new growth catalyst for the company.The market has witnessed significant sell-offs in many growth stocks over the last several weeks. These sell-offs were driven by many different factors including slowing growth in stay-at-home stocks, lingering fears of inflation, and tax harvesting. As a result, valuation multiples have compressed, making it challenging for investors to navigate which stocks may be worth exploring for 2022.Apple(NASDAQ:AAPL) stock is up nearly 40% year to date, handily topping the S&P 500's return of 28%. But as demand for the iPhone 13 wanes and the company's market capitalization climbs higher, whether to hold onto Apple stock or sell in the new year is a tough decision for investors.Can Apple's market cap go any higher?As of the time of this article, Apple is the largest company in the world by market capitalization, closing in on a valuation of $3 trillion. For the fiscal quarter ended Sept. 25, Apple reported 29% revenue growth year over year. The company generated 33% growth on the product side of the business driven by strong iPhone sales, and also reported 26% growth in services while wearables grew 13% year over year. What may be even more impressive than its revenue growth is the amount of cash that Apple generates; the company's trailing-12-month free cash flow is $93 billion.Apple is commanding strong growth across its entire suite of revenue streams from services, wearables, and other hardware products. Although the long-term prospects for Apple appear strong, investors recently learned that the Federal Reserve will begin to taper asset purchases in an effort to combat inflation, and it is likely that 2022 will come with multiple rate hikes.This dynamic presents a conundrum for investors because Apple is generating healthy growth on both the products and services sides of its business. However, given the stock's year-to-date performance coupled with lingering concerns around inflation, it tempting for investors to trim their existing positions and lock in some gains. Considering the company revised its forecast for iPhone 13 downwards and the supply chain disruptions it is facing, it's hard to assess whether Apple has any upward momentum that could push the stock higher.IMAGE SOURCE: GETTY IMAGESWeak iPhone demand and supply chain challengesApple originally forecasted to produce 90 million iPhone 13 models during the final three months of the year, just in time for the holiday shopping season. Due to COVID-fueled supply chain disruptions, key manufacturing partners such as Broadcom and Texas Instruments have struggled to deliver enough components. These supply constraints caused Apple, one of the largest chip buyers in the world, to slash its forecast for the new iPhone by 10 million units.The supply side issues were in addition to another problem for Apple: consumer demand. A recent Bloomberg report indicated that Apple informed its component suppliers thatdemandfor the iPhone 13 was weaker than initially anticipated due to long wait times. Product shortages and ongoing delivery delays for shoppers caused by supply chain issues have some consumers deciding to do without luxury purchases and upgrading to a new iPhone.With this recipe of problems, it is easy for investors to lose sight of the bigger picture. It is important to keep in mind that the disorder caused by inflation and supply chain will not last forever. Rather, these are hiccups that investors must learn to navigate during times of economic uncertainty.But Apple has major optionality on its side. Despite weaker than anticipated iPhone 13 demand, the company is not anchoring itself on one singular product release. Apple is investing in new product development and investors should expect to see these materialize in 2022. Namely, the company is set to launch its iPhone SE 3 during the first half of 2022. This could serve as a lucrative catalyst for Apple because this device is more budget friendly compared to higher-end hardware. Additionally, a number of new patents filed by Apple have some analysts speculating that the company's next blockbuster hit is less than a year away.IMAGE SOURCE: GETTY IMAGESIs Apple entering the metaverse?In late November,Morgan Stanley issued a note to investors highlighting that Apple is planning to launch a new hardware product, in particular an augmented reality/virtual reality (AR/VR) headset. Apple analyst Ming-Chi Kuo is estimating that the headset could launch during the fourth quarter of 2022. Apple's entrance to the metaverse looks even more likely as a new Bloomberg report suggests that the company hired Meta Platforms'(NASDAQ:FB) augmented reality communications lead.According to data from IDC, Meta holds the top spot for global shipments of VR headsets, controlling 75% of the market. However,Apple's entrance into the metaverse could open up another multi-billion dollar opportunity for the company as it looks to steal market share away from Meta and other incumbents. Per IDC's forecast, the market for AR/VR headsets will increase from 9 million units in 2021 to 50 million by 2025.Now what?On the surface, trimming an existing position and taking some gains off the table may seem like a prudent option, if not a tempting one. Although the Federal Reserve provided some clarity on how it plans to combat inflation, concrete timeframes around tapering and rate hikes are still variable. For this reason, investors cannot know for certain when supply chain challenges will subside, allowing Apple and its suppliers the ability to operate under more normal circumstances.Despite these uncertainties, Apple has several catalysts in its pipeline which should provide investors some confidence. New iPhones and the launch of an AR/VR headset, the latter of which will allow Apple to enter a new addressable market served by both its productandservices businesses, make it hard to contest that growthisn'ton the horizon. The biggest questions revolve around when this growth could occur and to what magnitude. Although investors cannot go wrong taking a profit, Apple's strong balance sheet and product expertise make it a compelling must-buy (and hold) stock for 2022.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692122181,"gmtCreate":1640878551844,"gmtModify":1640878552069,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692122181","repostId":"2195217493","repostType":4,"isVote":1,"tweetType":1,"viewCount":3662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692126490,"gmtCreate":1640878490109,"gmtModify":1640878490299,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Nft for what","listText":"Nft for what","text":"Nft for what","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692126490","repostId":"1135101954","repostType":4,"repost":{"id":"1135101954","kind":"news","pubTimestamp":1640874224,"share":"https://www.laohu8.com/m/news/1135101954?lang=zh_CN&edition=full","pubTime":"2021-12-30 22:23","market":"us","language":"en","title":"Shopify Merchants Can Now Create and Sell NFTs<blockquote>Shopify商家现在可以创建和销售NFT</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135101954","media":"TheStreet","summary":"Non-fungible tokens (NFTs) have been a growing product that have delivered billions of dollars in sa","content":"<p><html><head></head><body>Non-fungible tokens (NFTs) have been a growing product that have delivered billions of dollars in sales.</p><p><blockquote><html><head></head><body>不可替代代币(NFT)一直是一种不断增长的产品,销售额已达数十亿美元。</body></html></blockquote></p><p>Shopify allows online merchants to sell physical goods both by offering website and app store creation tools and through offering back-end fulfillment capacity.</p><p><blockquote>Shopify允许在线商家通过提供网站和应用商店创建工具以及提供后端履行能力来销售实物商品。</blockquote></p><p>Merchants who use the Shopify platform can offer Amazon-like services without having to build anything close to Amazon's infrastructure.</p><p><blockquote>使用Shopify平台的商家可以提供类似亚马逊的服务,而不必构建任何接近亚马逊基础设施的东西。</blockquote></p><p>Now, Shopify merchants will be able to create non-fungible tokens (NFTs) through an app provided in the company's app store through a third-party blockchain company, GigiLabs.</p><p><blockquote>现在,Shopify商家将能够通过第三方区块链公司GigiLabs在该公司应用商店中提供的应用程序创建不可替代代币(NFT)。</blockquote></p><p>The app, which will be available to eligible Shopify Plus customers, allows merchants "to create and sell NFTs "on their Shopify storefront in minutes without any prior development or blockchain experience," according to GigiLabs.</p><p><blockquote>GigiLabs表示,该应用程序将向符合条件的Shopify Plus客户提供,允许商家在几分钟内在其Shopify店面上“创建和销售NFT”,而无需任何先前的开发或区块链经验。</blockquote></p><p><b>NFTs Are a New Frontier</b></p><p><blockquote><b>NFT是一个新领域</b></blockquote></p><p>NFTs are essentially digital collectibles. They're unique digital assets that a company can sell either as a one-off or in limited quantities (kind of like numbered prints of physical artwork).</p><p><blockquote>NFT本质上是数字收藏品。它们是独特的数字资产,公司可以一次性出售,也可以限量出售(有点像实物艺术品的编号印刷品)。</blockquote></p><p>Total potential sales for NFTs produce wildly different speculative guesses, but their sales volume jumped to "$10.7 billion in the third quarter of 2021,"Reuters reported. That's "up more than eightfold from the previous quarter, according to data from market tracker DappRadar, as the frenzy for crypto assets reached new highs."</p><p><blockquote>据路透社报道,NFT的总潜在销售额产生了截然不同的猜测,但其销售额跃升至“2021年第三季度的107亿美元”。“根据市场跟踪机构DappRadar的数据,随着加密资产的狂热达到新高,这一数字比上一季度增长了八倍多。”</blockquote></p><p>Shopify sees offering NFT tools as part of its overall approach to serving its merchant customers.</p><p><blockquote>Shopify将提供NFT工具视为其服务商家客户的整体方法的一部分。</blockquote></p><p>“Our growing NFT app ecosystem demonstrates our commitment to offering merchants an accessible approach to selling digital assets directly through their Shopify stores,” said Director of Product Robleh Jama.</p><p><blockquote>产品总监Robleh Jama表示:“我们不断增长的NFT应用生态系统表明了我们致力于为商家提供一种直接通过Shopify商店销售数字资产的便捷方法。”</blockquote></p><p><b>How Will Shopify's NFTs Work?</b></p><p><blockquote><b>Shopify的NFT将如何工作?</b></blockquote></p><p>GigiLabs app allows Shopify Plus merchants to mint and sell NFTs on the Flow Blockchain.</p><p><blockquote>GigiLabs应用程序允许Shopify Plus商家在Flow区块链上铸造和销售NFT。</blockquote></p><p>Flow, GigiLabs explained, is "the world’s fastest-growing blockchain with over 2 million accounts, over 17 million individual NFTs minted, and more than 10 million secondary market NFT sale transactions."</p><p><blockquote>GigiLabs解释说,Flow是“世界上增长最快的区块链,拥有超过200万个账户,超过1700万个个人NFT铸造,超过1000万次二级市场NFT销售交易。”</blockquote></p><p>Infinite Objects, one of two companies to test the app for GigiLabs, has already begun selling NFTs on its Shopify storefront.</p><p><blockquote>Infinite Objects是为GigiLabs测试该应用程序的两家公司之一,已经开始在其Shopify店面上销售NFT。</blockquote></p><p>“Infinite Objects believes that moving images should be appreciated the same way posters, prints, and photographs have been for decades,” said CEO Joe Saavedra. “With the GigLabs app, we’ll be able to add NFTs to our content offerings in a seamless end-to-end and customized experience.”</p><p><blockquote>“Infinite Objects认为,应该像几十年来海报、印刷品和照片一样欣赏动态图像,”首席执行官乔·萨维德拉(Joe Saavedra)说。“通过GigLabs应用程序,我们将能够以无缝的端到端定制体验将NFT添加到我们的内容产品中。”</blockquote></p><p>NFTs have been used by artists, musicians, sports leagues, and many others.</p><p><blockquote>艺术家、音乐家、体育联盟和许多其他人都在使用NFT。</blockquote></p><p>"One of the main reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. They are so versatile, they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more," wrote Neil Patel, a business growth expert.</p><p><blockquote>“NFT对品牌很重要的一个主要原因是它们可以用来表示数字文件,如艺术、音频和视频。它们用途广泛,可以用来表示其他形式的创造性工作,如虚拟房地产、虚拟世界、时尚等等,”业务增长专家尼尔·帕特尔(Neil Patel)写道。</blockquote></p><p>NFTs can have real value, but it's more like the way any collectible has value. Beanie B Babies or Pokemon cards are worth what the market says they are — there's no actual value.</p><p><blockquote>NFT可以有真正的价值,但这更像是任何收藏品都有价值的方式。豆豆B婴儿或口袋妖怪卡的价值与市场所说的一样——没有实际价值。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shopify Merchants Can Now Create and Sell NFTs<blockquote>Shopify商家现在可以创建和销售NFT</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\">\nShopify Merchants Can Now Create and Sell NFTs<blockquote>Shopify商家现在可以创建和销售NFT</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-30 22:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Non-fungible tokens (NFTs) have been a growing product that have delivered billions of dollars in sales.</p><p><blockquote><html><head></head><body>不可替代代币(NFT)一直是一种不断增长的产品,销售额已达数十亿美元。</body></html></blockquote></p><p>Shopify allows online merchants to sell physical goods both by offering website and app store creation tools and through offering back-end fulfillment capacity.</p><p><blockquote>Shopify允许在线商家通过提供网站和应用商店创建工具以及提供后端履行能力来销售实物商品。</blockquote></p><p>Merchants who use the Shopify platform can offer Amazon-like services without having to build anything close to Amazon's infrastructure.</p><p><blockquote>使用Shopify平台的商家可以提供类似亚马逊的服务,而不必构建任何接近亚马逊基础设施的东西。</blockquote></p><p>Now, Shopify merchants will be able to create non-fungible tokens (NFTs) through an app provided in the company's app store through a third-party blockchain company, GigiLabs.</p><p><blockquote>现在,Shopify商家将能够通过第三方区块链公司GigiLabs在该公司应用商店中提供的应用程序创建不可替代代币(NFT)。</blockquote></p><p>The app, which will be available to eligible Shopify Plus customers, allows merchants "to create and sell NFTs "on their Shopify storefront in minutes without any prior development or blockchain experience," according to GigiLabs.</p><p><blockquote>GigiLabs表示,该应用程序将向符合条件的Shopify Plus客户提供,允许商家在几分钟内在其Shopify店面上“创建和销售NFT”,而无需任何先前的开发或区块链经验。</blockquote></p><p><b>NFTs Are a New Frontier</b></p><p><blockquote><b>NFT是一个新领域</b></blockquote></p><p>NFTs are essentially digital collectibles. They're unique digital assets that a company can sell either as a one-off or in limited quantities (kind of like numbered prints of physical artwork).</p><p><blockquote>NFT本质上是数字收藏品。它们是独特的数字资产,公司可以一次性出售,也可以限量出售(有点像实物艺术品的编号印刷品)。</blockquote></p><p>Total potential sales for NFTs produce wildly different speculative guesses, but their sales volume jumped to "$10.7 billion in the third quarter of 2021,"Reuters reported. That's "up more than eightfold from the previous quarter, according to data from market tracker DappRadar, as the frenzy for crypto assets reached new highs."</p><p><blockquote>据路透社报道,NFT的总潜在销售额产生了截然不同的猜测,但其销售额跃升至“2021年第三季度的107亿美元”。“根据市场跟踪机构DappRadar的数据,随着加密资产的狂热达到新高,这一数字比上一季度增长了八倍多。”</blockquote></p><p>Shopify sees offering NFT tools as part of its overall approach to serving its merchant customers.</p><p><blockquote>Shopify将提供NFT工具视为其服务商家客户的整体方法的一部分。</blockquote></p><p>“Our growing NFT app ecosystem demonstrates our commitment to offering merchants an accessible approach to selling digital assets directly through their Shopify stores,” said Director of Product Robleh Jama.</p><p><blockquote>产品总监Robleh Jama表示:“我们不断增长的NFT应用生态系统表明了我们致力于为商家提供一种直接通过Shopify商店销售数字资产的便捷方法。”</blockquote></p><p><b>How Will Shopify's NFTs Work?</b></p><p><blockquote><b>Shopify的NFT将如何工作?</b></blockquote></p><p>GigiLabs app allows Shopify Plus merchants to mint and sell NFTs on the Flow Blockchain.</p><p><blockquote>GigiLabs应用程序允许Shopify Plus商家在Flow区块链上铸造和销售NFT。</blockquote></p><p>Flow, GigiLabs explained, is "the world’s fastest-growing blockchain with over 2 million accounts, over 17 million individual NFTs minted, and more than 10 million secondary market NFT sale transactions."</p><p><blockquote>GigiLabs解释说,Flow是“世界上增长最快的区块链,拥有超过200万个账户,超过1700万个个人NFT铸造,超过1000万次二级市场NFT销售交易。”</blockquote></p><p>Infinite Objects, one of two companies to test the app for GigiLabs, has already begun selling NFTs on its Shopify storefront.</p><p><blockquote>Infinite Objects是为GigiLabs测试该应用程序的两家公司之一,已经开始在其Shopify店面上销售NFT。</blockquote></p><p>“Infinite Objects believes that moving images should be appreciated the same way posters, prints, and photographs have been for decades,” said CEO Joe Saavedra. “With the GigLabs app, we’ll be able to add NFTs to our content offerings in a seamless end-to-end and customized experience.”</p><p><blockquote>“Infinite Objects认为,应该像几十年来海报、印刷品和照片一样欣赏动态图像,”首席执行官乔·萨维德拉(Joe Saavedra)说。“通过GigLabs应用程序,我们将能够以无缝的端到端定制体验将NFT添加到我们的内容产品中。”</blockquote></p><p>NFTs have been used by artists, musicians, sports leagues, and many others.</p><p><blockquote>艺术家、音乐家、体育联盟和许多其他人都在使用NFT。</blockquote></p><p>"One of the main reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. They are so versatile, they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more," wrote Neil Patel, a business growth expert.</p><p><blockquote>“NFT对品牌很重要的一个主要原因是它们可以用来表示数字文件,如艺术、音频和视频。它们用途广泛,可以用来表示其他形式的创造性工作,如虚拟房地产、虚拟世界、时尚等等,”业务增长专家尼尔·帕特尔(Neil Patel)写道。</blockquote></p><p>NFTs can have real value, but it's more like the way any collectible has value. Beanie B Babies or Pokemon cards are worth what the market says they are — there's no actual value.</p><p><blockquote>NFT可以有真正的价值,但这更像是任何收藏品都有价值的方式。豆豆B婴儿或口袋妖怪卡的价值与市场所说的一样——没有实际价值。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.thestreet.com/investing/shopify-merchants-can-now-create-and-sell-nfts\">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":{"SHOP":"Shopify Inc"},"source_url":"https://www.thestreet.com/investing/shopify-merchants-can-now-create-and-sell-nfts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135101954","content_text":"Non-fungible tokens (NFTs) have been a growing product that have delivered billions of dollars in sales.Shopify allows online merchants to sell physical goods both by offering website and app store creation tools and through offering back-end fulfillment capacity.Merchants who use the Shopify platform can offer Amazon-like services without having to build anything close to Amazon's infrastructure.Now, Shopify merchants will be able to create non-fungible tokens (NFTs) through an app provided in the company's app store through a third-party blockchain company, GigiLabs.The app, which will be available to eligible Shopify Plus customers, allows merchants \"to create and sell NFTs \"on their Shopify storefront in minutes without any prior development or blockchain experience,\" according to GigiLabs.NFTs Are a New FrontierNFTs are essentially digital collectibles. They're unique digital assets that a company can sell either as a one-off or in limited quantities (kind of like numbered prints of physical artwork).Total potential sales for NFTs produce wildly different speculative guesses, but their sales volume jumped to \"$10.7 billion in the third quarter of 2021,\"Reuters reported. That's \"up more than eightfold from the previous quarter, according to data from market tracker DappRadar, as the frenzy for crypto assets reached new highs.\"Shopify sees offering NFT tools as part of its overall approach to serving its merchant customers.“Our growing NFT app ecosystem demonstrates our commitment to offering merchants an accessible approach to selling digital assets directly through their Shopify stores,” said Director of Product Robleh Jama.How Will Shopify's NFTs Work?GigiLabs app allows Shopify Plus merchants to mint and sell NFTs on the Flow Blockchain.Flow, GigiLabs explained, is \"the world’s fastest-growing blockchain with over 2 million accounts, over 17 million individual NFTs minted, and more than 10 million secondary market NFT sale transactions.\"Infinite Objects, one of two companies to test the app for GigiLabs, has already begun selling NFTs on its Shopify storefront.“Infinite Objects believes that moving images should be appreciated the same way posters, prints, and photographs have been for decades,” said CEO Joe Saavedra. “With the GigLabs app, we’ll be able to add NFTs to our content offerings in a seamless end-to-end and customized experience.”NFTs have been used by artists, musicians, sports leagues, and many others.\"One of the main reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. They are so versatile, they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more,\" wrote Neil Patel, a business growth expert.NFTs can have real value, but it's more like the way any collectible has value. Beanie B Babies or Pokemon cards are worth what the market says they are — there's no actual value.","news_type":1,"symbols_score_info":{"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":3794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692126510,"gmtCreate":1640878472293,"gmtModify":1640878472474,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Keep rising","listText":"Keep rising","text":"Keep rising","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692126510","repostId":"1121842221","repostType":4,"repost":{"id":"1121842221","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":1640874762,"share":"https://www.laohu8.com/m/news/1121842221?lang=zh_CN&edition=full","pubTime":"2021-12-30 22:32","market":"us","language":"en","title":"Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500的目标是再创历史新高,股市上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121842221","media":"Tiger Newspress","summary":"U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record high","content":"<p><html><head></head><body>U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record highs in the previous session.</p><p><blockquote><html><head></head><body>美国股市周四上涨,此前标普500和道琼斯工业平均指数在前一交易日创下历史新高。</body></html></blockquote></p><p>The Dow Jones Industrial Average gained about 150 points. The S&P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨约150点。标普500上涨0.2%。纳斯达克综合指数上涨0.2%。</blockquote></p><p>Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”</p><p><blockquote>周四是2021年倒数第二个交易日。年底是股市历史上的强势时期,被称为“圣诞老人反弹”。</blockquote></p><p>The S&P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.</p><p><blockquote>根据美银的数据,自1928年以来,标普500在此期间(一年的最后五个交易日以及1月份的前两个交易日)上涨的时间为78.5%。</blockquote></p><p>“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.</p><p><blockquote>富国银行投资研究所高级全球市场策略师Scott Wren表示:“圣诞老人在这个假期对投资者来说很好,我们期待2022年又是一年的正回报。”</blockquote></p><p>Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.</p><p><blockquote>在三星否认《韩国经济日报》有关其正在洽谈收购百健(Biogen)的报道后,百健(Biogen)周四盘前下跌6.5%。Biogen股价周三飙升9.5%。</blockquote></p><p>Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.</p><p><blockquote>美国劳工部周四报告称,上周申请失业救济人数低于预期。截至12月25日当周,初请失业金人数总计198,000人,而道琼斯调查的经济学家预计为205,000人。</blockquote></p><p>On Wednesday the S&P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.</p><p><blockquote>周三,标普500公布了今年第70个收盘纪录。今年该基准指数创下历年收盘纪录数量第二高,仅次于1995年创下的77个收盘纪录高点。道琼斯指数也收于11月以来的首个高点,并连续第六个交易日上涨。</blockquote></p><p>All three major averages are in the green for December. The S&P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.</p><p><blockquote>12月份三大股指均呈绿色。标准普尔指数和道琼斯指数有望在过去三个月中连续第二个月上涨,而纳斯达克综合指数有望连续第三个月上涨。</blockquote></p><p>For the year, the S&P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.</p><p><blockquote>今年,标准普尔指数上涨了27%以上,道琼斯指数上涨了19%以上。纳斯达克上涨约22.3%,而罗素2000指数上涨近14%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500的目标是再创历史新高,股市上涨</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\">\nStocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500的目标是再创历史新高,股市上涨</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\">2021-12-30 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record highs in the previous session.</p><p><blockquote><html><head></head><body>美国股市周四上涨,此前标普500和道琼斯工业平均指数在前一交易日创下历史新高。</body></html></blockquote></p><p>The Dow Jones Industrial Average gained about 150 points. The S&P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨约150点。标普500上涨0.2%。纳斯达克综合指数上涨0.2%。</blockquote></p><p>Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”</p><p><blockquote>周四是2021年倒数第二个交易日。年底是股市历史上的强势时期,被称为“圣诞老人反弹”。</blockquote></p><p>The S&P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.</p><p><blockquote>根据美银的数据,自1928年以来,标普500在此期间(一年的最后五个交易日以及1月份的前两个交易日)上涨的时间为78.5%。</blockquote></p><p>“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.</p><p><blockquote>富国银行投资研究所高级全球市场策略师Scott Wren表示:“圣诞老人在这个假期对投资者来说很好,我们期待2022年又是一年的正回报。”</blockquote></p><p>Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.</p><p><blockquote>在三星否认《韩国经济日报》有关其正在洽谈收购百健(Biogen)的报道后,百健(Biogen)周四盘前下跌6.5%。Biogen股价周三飙升9.5%。</blockquote></p><p>Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.</p><p><blockquote>美国劳工部周四报告称,上周申请失业救济人数低于预期。截至12月25日当周,初请失业金人数总计198,000人,而道琼斯调查的经济学家预计为205,000人。</blockquote></p><p>On Wednesday the S&P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.</p><p><blockquote>周三,标普500公布了今年第70个收盘纪录。今年该基准指数创下历年收盘纪录数量第二高,仅次于1995年创下的77个收盘纪录高点。道琼斯指数也收于11月以来的首个高点,并连续第六个交易日上涨。</blockquote></p><p>All three major averages are in the green for December. The S&P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.</p><p><blockquote>12月份三大股指均呈绿色。标准普尔指数和道琼斯指数有望在过去三个月中连续第二个月上涨,而纳斯达克综合指数有望连续第三个月上涨。</blockquote></p><p>For the year, the S&P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.</p><p><blockquote>今年,标准普尔指数上涨了27%以上,道琼斯指数上涨了19%以上。纳斯达克上涨约22.3%,而罗素2000指数上涨近14%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121842221","content_text":"U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record highs in the previous session.The Dow Jones Industrial Average gained about 150 points. The S&P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”The S&P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.On Wednesday the S&P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.All three major averages are in the green for December. The S&P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.For the year, the S&P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692126634,"gmtCreate":1640878445636,"gmtModify":1640878445823,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"So","listText":"So","text":"So","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692126634","repostId":"1132789312","repostType":4,"repost":{"id":"1132789312","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":1640875231,"share":"https://www.laohu8.com/m/news/1132789312?lang=zh_CN&edition=full","pubTime":"2021-12-30 22:40","market":"us","language":"en","title":"EV Stocks Rallied in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132789312","media":"Tiger Newspress","summary":"EV stocks rallied in morning trading.Lucid, Nio, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, Farad","content":"<p><html><head></head><body>EV stocks rallied in morning trading.Lucid, Nio, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, Faraday Future, Workhorse and Lordstown climbed between 1% and 4%.While Tesla fell more than 2% after the company filed a recall of over 475,000 vehicles..</p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。Lucid、蔚来、小鹏汽车、理想汽车、Fisker、Nikola、Canoo、Faraday Future、Workhorse和Lordstown上涨1%至4%。而特斯拉在公司提出召回后下跌超过2%超过475,000辆汽车..</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/c5dbbcef1922d3641650b829b9b76c56\" tg-width=\"415\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/694f72dfeead61c37c1d280c0e9f4433\" tg-width=\"421\" tg-height=\"246\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks Rallied in Morning Trading<blockquote>电动汽车股早盘上涨</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\">\nEV Stocks Rallied in Morning Trading<blockquote>电动汽车股早盘上涨</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\">2021-12-30 22:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>EV stocks rallied in morning trading.Lucid, Nio, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, Faraday Future, Workhorse and Lordstown climbed between 1% and 4%.While Tesla fell more than 2% after the company filed a recall of over 475,000 vehicles..</p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。Lucid、蔚来、小鹏汽车、理想汽车、Fisker、Nikola、Canoo、Faraday Future、Workhorse和Lordstown上涨1%至4%。而特斯拉在公司提出召回后下跌超过2%超过475,000辆汽车..</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/c5dbbcef1922d3641650b829b9b76c56\" tg-width=\"415\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/694f72dfeead61c37c1d280c0e9f4433\" tg-width=\"421\" tg-height=\"246\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc","WKHS":"Workhorse Group, Inc.","LI":"理想汽车","XPEV":"小鹏汽车","RIVN":"Rivian Automotive, Inc.","TSLA":"特斯拉","NIO":"蔚来","NIU":"小牛电动","SEV":"Aptera Motors","FSR":"菲斯克"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132789312","content_text":"EV stocks rallied in morning trading.Lucid, Nio, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, Faraday Future, Workhorse and Lordstown climbed between 1% and 4%.While Tesla fell more than 2% after the company filed a recall of over 475,000 vehicles..","news_type":1,"symbols_score_info":{"SEV":0.9,"TSP":0.9,"NIU":0.9,"XPEV":0.9,"FSR":0.9,"LCID":0.9,"RIVN":0.9,"LI":0.9,"WKHS":0.9,"FFIE":0.9,"TSLA":0.9,"NKLA":0.9,"GOEV":0.9,"ARVL":0.9,"NIO":0.9,"RIDE":0.9}},"isVote":1,"tweetType":1,"viewCount":1905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692126163,"gmtCreate":1640878422707,"gmtModify":1640878422898,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692126163","repostId":"1106092668","repostType":4,"repost":{"id":"1106092668","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":1640876653,"share":"https://www.laohu8.com/m/news/1106092668?lang=zh_CN&edition=full","pubTime":"2021-12-30 23:04","market":"us","language":"en","title":"Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106092668","media":"Tiger Newspress","summary":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde","content":"<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited股价早盘上涨超过4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读:</b><b>Sea Limited:深入了解最近的抛售</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家高度多元化的企业,在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场,以了解最近的抛售并证明当前估值的合理性。</li><li>我认为Sea是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock未通过Getty Images发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对Sea Limited(纽约证券交易所股票代码:SE)部门的细分分析表明,其目前的估值大致公平,但有许多长期增长动力可能会出人意料地上涨,并在未来几年推动非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章,重点介绍了我选择的2022年十大股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析,所以我认为最好以一篇关于Sea的文章来结束这一年。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外,由于过去几个月股价大幅下跌(但今年仍略有上涨),我相信这篇文章可能是及时的。我不推测短期市场走势,但我个人最近增持了Sea股票。这是我唯一没有为了收获税收损失而暂时卖出的亏损头寸之一,在本文中,我将解释为什么Sea对我来说是如此坚定的持有。</blockquote></p><p>It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>还值得注意的是,许多专业投资者似乎也认同这一观点。Sea是全球第121大公司,但在对冲基金中排名第16位。这暗示大资金是跑赢大盘海,71%的股份被机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于Sea在许多不同的领域开展业务,我将对其每个运营部门进行单独分析,以证明其当前估值的合理性,并解释该估值如何在多年来推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited的游戏部门Garena因其内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布,此后一直非常受欢迎。它目前在全球所有安卓游戏中拥有第二大月活跃用户。这款游戏在全球范围内都有售,但在东南亚、拉美和印度等新兴市场尤其受欢迎,两年多来,它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间,有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老,但仍然非常受欢迎——如Roblox、Clash of Clans和Pokemon Go——但还有更多已经被遗忘。在Garena发布更多游戏并证明它也可以在这些游戏上取得成功之前,总会有人质疑它的工作室是否是一个昙花一现的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何,Garena是Sea的重要组成部分,因为它是唯一盈利的细分市场,并且它是为Sea非游戏产品提供免费广告的社交平台的两倍。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此,Sea最近抛售的原因之一可能是Garena暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:看涨期权收益演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度,Garena将2021年预订量的指导上调至45亿美元至47亿美元(高于43亿美元至45亿美元)。由于前三个季度的总预订量已经达到$3.5 B,这意味着第四季度的预订量将达到$1.0 B-$1.2 B,同比增长0%至20%,并且可能会环比下降。相比之下,最近一个季度的增长率为29%,全年预计增长率为44%。</blockquote></p><p>While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然20%并不是一个可怕的减速,但0%肯定是。与历史水平相比,即使是20%的增长也并不引人注目。在10%的中点,Garena的增长看起来更类似于动视暴雪(纳斯达克股票代码:ATVI)或Zynga(纳斯达克股票代码:ZNGA)等成熟公司,而不是Roblox(纽约证券交易所股票代码:RBLX)等快速增长的公司。</blockquote></p><p></p><p>Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena的隐含估值应该——也确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率,但动视暴雪和Zynga的平均市盈率仅为4倍。Garena的利润比他们略高,而且可能有更大的上行风险,因此我将使用市盈率倍数5作为我的隐含估值。这意味着一家增长率在10%左右的企业的市盈率约为10,这在当今市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层指导的高端,Garena的价值为235亿美元。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我相信这个估值实际上是保守的,原因有几个:</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难,增长可能会在接下来的几年甚至明年重新加速,特别是如果Garena发布一款新的热门游戏。下个季度的增长率不是基于公司的明确指导,而是基于行业预测。</li><li>我使用的同行估值来自去年交易价格也处于估值范围下限的公司。</li><li>Garena拥有良好的业绩记录,并将继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX,它改善了高端手机用户的体验,甚至添加了一个类似元宇宙的可定制地图,称为Craftland。对我来说,这意味着Garena认为Free Fire仍处于其生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏,但与此同时,它仍然不是一匹只会一招的小马。除了Free Fire之外,Garena还发行腾讯控股(OTCMKTS:OTCPK:TCEHY)等第三方开发商的游戏。这些都是像《英雄联盟》和《使命看涨期权》这样受欢迎的游戏,它们有意义地使Garena的收入多样化。</li></ul><b>电子商务</b></blockquote></p><p>Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea的电子商务平台Shopee目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊(纳斯达克:AMZN),最近它扩展到包括巴西在内的更多市场。</blockquote></p><p>There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁是一个地区真正的亚马逊,总是有一些争论。Shopee当然面临竞争,包括来自阿里巴巴-SW(NYSE:BABA)的Lazada、印尼的Tokopedia、巴西的MercadoLibre(MELI),甚至Amazon本身。由于大多数竞争都是私人的或隐藏在更大的公司中,许多竞争对手不会公布确切的收入数字,这使得衡量竞争变得困难。就连Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名,顾名思义,它根据网站的受欢迎程度对网站进行排名。请记住,这些都是排名,所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常专注于移动,但上表只考虑了网站。要查看购物类别的App Store应用排名,我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动端,没有必要关注竞争,因为Shopee一直是每个国家排名第一的购物应用。在移动优先的世界里,这是个好兆头。即使在网络方面,Shopee也胜出,除了拉丁美洲和(勉强)印度尼西亚等少数特定地区,这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然,流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说,这是一个不错的代理。第三方估计Shopee占东南亚所有电子商务的57%。正是Shopee在移动应用排名和市场份额方面的主导地位让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么,为什么一家潜力如此之大的公司会抛售呢?</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后,一些分析师对Shopee在当前市场验证其商业模式之前将业务扩展到波兰和墨西哥等其他国家表示担忧。在这些国家,Shopee的影响力较小;它在墨西哥应用商店购物应用的3-5位之间波动,在波兰的1-3位之间波动。尽管分析师讨厌不确定性——而且首席执行官关于他们在这些早期国家没有具体的成功衡量标准的评论对此没有帮助——但Shopee有着成功进入新国家的历史,我愿意给管理层一些时间尝试进一步扩张。毕竟,如果他们成功了,那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子规模(平均购买规模)呈下降趋势。虽然这也可能导致了最近的抛售,但尽管篮子规模有所下降,但当整体销售额大幅增长时,很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引,目前预计2021年电子商务收入为$5.0 B-$5.2 B。第四季度增长75%-100%,全年增长约135%。这些数字比游戏方面更令人兴奋,尽管指导仍然意味着第四季度略有减速。但与亚马逊2020年3400亿美元的电子商务销售额相比,Shopee看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%,而美国为18.7%,东南亚经济体的增长速度普遍高于美国。</blockquote></p><p>Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业,但对电子商务部门进行估值更加困难,因为它处于亏损状态(而游戏部门利润丰厚)。Shopee的成功并不能保证,因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动,这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司,我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低、周期性较强的电子商务公司。即便如此,值得注意的是,尽管没有盈利,Sea的40分(104分)优于大多数SaaS公司,也优于电子商务同行Amazon(21分)、MercadoLibre(73分)和阿里巴巴-SW(43分)。</blockquote></p><p>To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值,我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行,其市盈率为4倍。AWS推高了这一数字,但亚马逊对第一方销售的高敞口抵消了这一影响。其他电子商务市场同行的估值类似:阿里巴巴-SW的市盈率为3倍,MercadoLibre的市盈率为9倍。所有这些估值基本上都是历史低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果Shopee在未来几年内收入持续翻倍(自2016年以来每年都很容易做到),实现盈利(扩大规模往往会有所帮助),并在两年内达到亚马逊的市盈率倍数,那么今天的市盈率为16倍,它将在两年内持平。但如果它在十年等较长时间内保持比亚马逊快得多的增长速度,和/或如果整个行业市盈率扩大到更正常的历史水平,那么即使市盈率为16倍,该细分市场也有潜在的上涨空间。另一方面,如果它停止增长或永远无法盈利,那么投资者将对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于这种广泛的结果,每个人都会有自己的方式来评估这一部分。对我来说,当我看到Shopee的移动主导地位、目前相对较小的规模、来自Garena的资金以及Amazon、阿里巴巴-SW和MercadoLibre为这种商业模式的可持续长期成功树立的先例时,我对这个细分市场的未来持乐观态度。我认识到这是一个目前无利可图且存在风险的细分市场,但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此,我很高兴支付16倍的市盈率,这使得电子商务部门的估值为$832亿。有些人的看涨期权太高,这些人可能永远没有机会投资这家公司,无论好坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此,仅算上Garena和Shopee,我认为Sea的价值为$1067亿。其目前的市值为$123.1 B。为了解释这种差异,让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech & Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>我计算的估值中最容易增加的是Sea的120B美元现金储备,部分被40亿美元的债务抵消。这为该公司增加了一些不错的选择,并确保尽管Shopee亏损,但它不会很快破产。加上$8B现金差额,我的计算估值为$114.7 B,仅比实际估值低$8.4 B。</blockquote></p><p>Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a "take rate" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是Sea的金融科技部门SeaMoney。这里的主要产品是移动钱包,上个季度的支付量为46亿美元(一年约为200亿美元)。该部门第三季度收入为1.32亿美元,同比增长818%。这意味着2.9%的“采用率”,甚至比Visa(V)等老牌金融科技公司还要好。由于采用率很高,我并不担心SeaMoney在扩大规模时会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管SeaMoney只是一个很小的细分市场,但它现在已经达到了可以纳入估值的程度。也许它只值几十亿,但这只是一个开始。五年前,没有人会想到,一个占Sea销售额5%的电子商务平台今天的价值会超过游戏领域。但Sea的管理层——加上Garena为新细分市场提供资金并推动其病毒式采用的能力——实现了这一目标。当然,不能保证Sea在金融科技方面会取得同样的成功,但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值达到Sea的三分之一或更多(2020年,金融科技占MercadoLibre收入的36%),那么今天仅以7%的业务获得它将是非常值得的,即使这意味着今天该细分市场的市盈率为16倍。事实上,这个倍数已经低于Visa、Mastercard(纽约证券交易所股票代码:MA)和Affirm(纳斯达克股票代码:AFRM)。实际上,同比增长818%的细分市场可能应该比这些增长较慢的公司获得更高的市盈率,但我们甚至不需要猜测什么是公平市盈率,因为我们可以通过在我的模型估值中使用16倍市盈率来达到Sea当前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started "early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech." These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一个方法是推出除移动钱包之外的更多产品。Sea在最近的财报中指出,他们已经开始“在其他数字金融服务方面采取早期举措,例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea正在投资早期科技公司,尤其是在东南亚。腾讯控股(其本身就是Sea的投资者)和Shopify(纽约证券交易所股票代码:SHOP)等公司管理成功的投资组合,最终对其估值产生有意义的影响,这是有先例的。目前Sea的投资部门还处于早期阶段,因此我没有将其纳入我的估值模型中。但不一定要考虑到这一点来证明当前股价的合理性。这只是又一个有一天可能抵得上一大部分海洋的区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>纵观Sea的每个细分市场,我的估值模型表明Sea目前的估值相当合理。然而,我的模型没有考虑到新细分市场的重要可选性。就像电子商务在过去五年中所做的那样,金融科技(和/或投资)可能会发展成为Sea业务的一个非常重要的部分。金融科技领域目前同比增长818%,不需要太多想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年,投资者就无法忽视金融科技部门。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择性结合了每项业务的总体实力,使Sea在过去一年的平均收入增长了7%。盈利并没有那么强劲,我预计这将成为我的估值模型的主要争论点,就像大多数未盈利公司的情况一样。特别是,我预计一些读者会不同意我对电子商务领域的估值。但即使你将电子商务的市盈率一路降至5倍(这是当今增长缓慢得多的电子商务公司的市盈率),这也意味着比今天的价格下跌54%。这肯定是一个急剧的下跌,但如果使用最保守的估值标准,当今市场上的大多数公司都会看到这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像Sea这样快速增长的公司才能用收入增长迅速抵消这种下降。因此,最具长期潜力的企业很难以最保守的估值进行交易。Sea当然具有长期潜力。这是我拥有的少数几家高增长公司之一,我认为这些公司在这十年内市值将达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</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\">\nSea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</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\">2021-12-30 23:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited股价早盘上涨超过4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读:</b><b>Sea Limited:深入了解最近的抛售</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家高度多元化的企业,在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场,以了解最近的抛售并证明当前估值的合理性。</li><li>我认为Sea是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock未通过Getty Images发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对Sea Limited(纽约证券交易所股票代码:SE)部门的细分分析表明,其目前的估值大致公平,但有许多长期增长动力可能会出人意料地上涨,并在未来几年推动非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章,重点介绍了我选择的2022年十大股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析,所以我认为最好以一篇关于Sea的文章来结束这一年。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外,由于过去几个月股价大幅下跌(但今年仍略有上涨),我相信这篇文章可能是及时的。我不推测短期市场走势,但我个人最近增持了Sea股票。这是我唯一没有为了收获税收损失而暂时卖出的亏损头寸之一,在本文中,我将解释为什么Sea对我来说是如此坚定的持有。</blockquote></p><p>It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>还值得注意的是,许多专业投资者似乎也认同这一观点。Sea是全球第121大公司,但在对冲基金中排名第16位。这暗示大资金是跑赢大盘海,71%的股份被机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于Sea在许多不同的领域开展业务,我将对其每个运营部门进行单独分析,以证明其当前估值的合理性,并解释该估值如何在多年来推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited的游戏部门Garena因其内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布,此后一直非常受欢迎。它目前在全球所有安卓游戏中拥有第二大月活跃用户。这款游戏在全球范围内都有售,但在东南亚、拉美和印度等新兴市场尤其受欢迎,两年多来,它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间,有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老,但仍然非常受欢迎——如Roblox、Clash of Clans和Pokemon Go——但还有更多已经被遗忘。在Garena发布更多游戏并证明它也可以在这些游戏上取得成功之前,总会有人质疑它的工作室是否是一个昙花一现的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何,Garena是Sea的重要组成部分,因为它是唯一盈利的细分市场,并且它是为Sea非游戏产品提供免费广告的社交平台的两倍。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此,Sea最近抛售的原因之一可能是Garena暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:看涨期权收益演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度,Garena将2021年预订量的指导上调至45亿美元至47亿美元(高于43亿美元至45亿美元)。由于前三个季度的总预订量已经达到$3.5 B,这意味着第四季度的预订量将达到$1.0 B-$1.2 B,同比增长0%至20%,并且可能会环比下降。相比之下,最近一个季度的增长率为29%,全年预计增长率为44%。</blockquote></p><p>While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然20%并不是一个可怕的减速,但0%肯定是。与历史水平相比,即使是20%的增长也并不引人注目。在10%的中点,Garena的增长看起来更类似于动视暴雪(纳斯达克股票代码:ATVI)或Zynga(纳斯达克股票代码:ZNGA)等成熟公司,而不是Roblox(纽约证券交易所股票代码:RBLX)等快速增长的公司。</blockquote></p><p></p><p>Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena的隐含估值应该——也确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率,但动视暴雪和Zynga的平均市盈率仅为4倍。Garena的利润比他们略高,而且可能有更大的上行风险,因此我将使用市盈率倍数5作为我的隐含估值。这意味着一家增长率在10%左右的企业的市盈率约为10,这在当今市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层指导的高端,Garena的价值为235亿美元。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我相信这个估值实际上是保守的,原因有几个:</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难,增长可能会在接下来的几年甚至明年重新加速,特别是如果Garena发布一款新的热门游戏。下个季度的增长率不是基于公司的明确指导,而是基于行业预测。</li><li>我使用的同行估值来自去年交易价格也处于估值范围下限的公司。</li><li>Garena拥有良好的业绩记录,并将继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX,它改善了高端手机用户的体验,甚至添加了一个类似元宇宙的可定制地图,称为Craftland。对我来说,这意味着Garena认为Free Fire仍处于其生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏,但与此同时,它仍然不是一匹只会一招的小马。除了Free Fire之外,Garena还发行腾讯控股(OTCMKTS:OTCPK:TCEHY)等第三方开发商的游戏。这些都是像《英雄联盟》和《使命看涨期权》这样受欢迎的游戏,它们有意义地使Garena的收入多样化。</li></ul><b>电子商务</b></blockquote></p><p>Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea的电子商务平台Shopee目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊(纳斯达克:AMZN),最近它扩展到包括巴西在内的更多市场。</blockquote></p><p>There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁是一个地区真正的亚马逊,总是有一些争论。Shopee当然面临竞争,包括来自阿里巴巴-SW(NYSE:BABA)的Lazada、印尼的Tokopedia、巴西的MercadoLibre(MELI),甚至Amazon本身。由于大多数竞争都是私人的或隐藏在更大的公司中,许多竞争对手不会公布确切的收入数字,这使得衡量竞争变得困难。就连Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名,顾名思义,它根据网站的受欢迎程度对网站进行排名。请记住,这些都是排名,所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常专注于移动,但上表只考虑了网站。要查看购物类别的App Store应用排名,我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动端,没有必要关注竞争,因为Shopee一直是每个国家排名第一的购物应用。在移动优先的世界里,这是个好兆头。即使在网络方面,Shopee也胜出,除了拉丁美洲和(勉强)印度尼西亚等少数特定地区,这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然,流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说,这是一个不错的代理。第三方估计Shopee占东南亚所有电子商务的57%。正是Shopee在移动应用排名和市场份额方面的主导地位让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么,为什么一家潜力如此之大的公司会抛售呢?</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后,一些分析师对Shopee在当前市场验证其商业模式之前将业务扩展到波兰和墨西哥等其他国家表示担忧。在这些国家,Shopee的影响力较小;它在墨西哥应用商店购物应用的3-5位之间波动,在波兰的1-3位之间波动。尽管分析师讨厌不确定性——而且首席执行官关于他们在这些早期国家没有具体的成功衡量标准的评论对此没有帮助——但Shopee有着成功进入新国家的历史,我愿意给管理层一些时间尝试进一步扩张。毕竟,如果他们成功了,那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子规模(平均购买规模)呈下降趋势。虽然这也可能导致了最近的抛售,但尽管篮子规模有所下降,但当整体销售额大幅增长时,很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引,目前预计2021年电子商务收入为$5.0 B-$5.2 B。第四季度增长75%-100%,全年增长约135%。这些数字比游戏方面更令人兴奋,尽管指导仍然意味着第四季度略有减速。但与亚马逊2020年3400亿美元的电子商务销售额相比,Shopee看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%,而美国为18.7%,东南亚经济体的增长速度普遍高于美国。</blockquote></p><p>Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业,但对电子商务部门进行估值更加困难,因为它处于亏损状态(而游戏部门利润丰厚)。Shopee的成功并不能保证,因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动,这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司,我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低、周期性较强的电子商务公司。即便如此,值得注意的是,尽管没有盈利,Sea的40分(104分)优于大多数SaaS公司,也优于电子商务同行Amazon(21分)、MercadoLibre(73分)和阿里巴巴-SW(43分)。</blockquote></p><p>To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值,我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行,其市盈率为4倍。AWS推高了这一数字,但亚马逊对第一方销售的高敞口抵消了这一影响。其他电子商务市场同行的估值类似:阿里巴巴-SW的市盈率为3倍,MercadoLibre的市盈率为9倍。所有这些估值基本上都是历史低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果Shopee在未来几年内收入持续翻倍(自2016年以来每年都很容易做到),实现盈利(扩大规模往往会有所帮助),并在两年内达到亚马逊的市盈率倍数,那么今天的市盈率为16倍,它将在两年内持平。但如果它在十年等较长时间内保持比亚马逊快得多的增长速度,和/或如果整个行业市盈率扩大到更正常的历史水平,那么即使市盈率为16倍,该细分市场也有潜在的上涨空间。另一方面,如果它停止增长或永远无法盈利,那么投资者将对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于这种广泛的结果,每个人都会有自己的方式来评估这一部分。对我来说,当我看到Shopee的移动主导地位、目前相对较小的规模、来自Garena的资金以及Amazon、阿里巴巴-SW和MercadoLibre为这种商业模式的可持续长期成功树立的先例时,我对这个细分市场的未来持乐观态度。我认识到这是一个目前无利可图且存在风险的细分市场,但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此,我很高兴支付16倍的市盈率,这使得电子商务部门的估值为$832亿。有些人的看涨期权太高,这些人可能永远没有机会投资这家公司,无论好坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此,仅算上Garena和Shopee,我认为Sea的价值为$1067亿。其目前的市值为$123.1 B。为了解释这种差异,让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech & Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>我计算的估值中最容易增加的是Sea的120B美元现金储备,部分被40亿美元的债务抵消。这为该公司增加了一些不错的选择,并确保尽管Shopee亏损,但它不会很快破产。加上$8B现金差额,我的计算估值为$114.7 B,仅比实际估值低$8.4 B。</blockquote></p><p>Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a "take rate" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是Sea的金融科技部门SeaMoney。这里的主要产品是移动钱包,上个季度的支付量为46亿美元(一年约为200亿美元)。该部门第三季度收入为1.32亿美元,同比增长818%。这意味着2.9%的“采用率”,甚至比Visa(V)等老牌金融科技公司还要好。由于采用率很高,我并不担心SeaMoney在扩大规模时会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管SeaMoney只是一个很小的细分市场,但它现在已经达到了可以纳入估值的程度。也许它只值几十亿,但这只是一个开始。五年前,没有人会想到,一个占Sea销售额5%的电子商务平台今天的价值会超过游戏领域。但Sea的管理层——加上Garena为新细分市场提供资金并推动其病毒式采用的能力——实现了这一目标。当然,不能保证Sea在金融科技方面会取得同样的成功,但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值达到Sea的三分之一或更多(2020年,金融科技占MercadoLibre收入的36%),那么今天仅以7%的业务获得它将是非常值得的,即使这意味着今天该细分市场的市盈率为16倍。事实上,这个倍数已经低于Visa、Mastercard(纽约证券交易所股票代码:MA)和Affirm(纳斯达克股票代码:AFRM)。实际上,同比增长818%的细分市场可能应该比这些增长较慢的公司获得更高的市盈率,但我们甚至不需要猜测什么是公平市盈率,因为我们可以通过在我的模型估值中使用16倍市盈率来达到Sea当前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started "early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech." These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一个方法是推出除移动钱包之外的更多产品。Sea在最近的财报中指出,他们已经开始“在其他数字金融服务方面采取早期举措,例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea正在投资早期科技公司,尤其是在东南亚。腾讯控股(其本身就是Sea的投资者)和Shopify(纽约证券交易所股票代码:SHOP)等公司管理成功的投资组合,最终对其估值产生有意义的影响,这是有先例的。目前Sea的投资部门还处于早期阶段,因此我没有将其纳入我的估值模型中。但不一定要考虑到这一点来证明当前股价的合理性。这只是又一个有一天可能抵得上一大部分海洋的区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>纵观Sea的每个细分市场,我的估值模型表明Sea目前的估值相当合理。然而,我的模型没有考虑到新细分市场的重要可选性。就像电子商务在过去五年中所做的那样,金融科技(和/或投资)可能会发展成为Sea业务的一个非常重要的部分。金融科技领域目前同比增长818%,不需要太多想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年,投资者就无法忽视金融科技部门。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择性结合了每项业务的总体实力,使Sea在过去一年的平均收入增长了7%。盈利并没有那么强劲,我预计这将成为我的估值模型的主要争论点,就像大多数未盈利公司的情况一样。特别是,我预计一些读者会不同意我对电子商务领域的估值。但即使你将电子商务的市盈率一路降至5倍(这是当今增长缓慢得多的电子商务公司的市盈率),这也意味着比今天的价格下跌54%。这肯定是一个急剧的下跌,但如果使用最保守的估值标准,当今市场上的大多数公司都会看到这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像Sea这样快速增长的公司才能用收入增长迅速抵消这种下降。因此,最具长期潜力的企业很难以最保守的估值进行交易。Sea当然具有长期潜力。这是我拥有的少数几家高增长公司之一,我认为这些公司在这十年内市值将达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106092668","content_text":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Understand The Recent SelloffSummarySea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.I dive into each of its segments to understand the recent selloff and justify the current valuation.I consider Sea one of my ten highest conviction investments.kokkai/iStock Unreleased via Getty ImagesThesisA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.IntroductionI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.GamingSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.Source: Earnings Call PresentationIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.This means Garena is worth $23.5B based on the high end of management's guidance.I believe this valuation is actually conservative for a few reasons:Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.E-CommerceSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.Source: The Author, compiled from AlexaShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.Source: The Author, compiled from AppAnnieOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.So why would a company with so much potential sell off?After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.FinTech & InvestmentsThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.ConclusionLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692128246,"gmtCreate":1640878369385,"gmtModify":1640878372462,"author":{"id":"3581873279775743","authorId":"3581873279775743","name":"Onglie","avatar":"https://static.tigerbbs.com/e702d581c8f8d0a6e747586e5afb1a16","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581873279775743","authorIdStr":"3581873279775743"},"themes":[],"htmlText":"Tech","listText":"Tech","text":"Tech","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692128246","repostId":"2195495960","repostType":4,"isVote":1,"tweetType":1,"viewCount":4121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}