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2023-02-26

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72 Hours in Washington: How the Frenzied SVB Rescue Took Shape

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.h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n72 Hours in Washington: How the Frenzied SVB Rescue Took Shape\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-15 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer money should be used.It was approaching midnight in Washington and 9 p.m. in Santa Clara, California....</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WAL":"阿莱恩斯西部银行","PACW":"西太平洋合众银行","SBNY":"签字银行"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123603567","content_text":"Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer money should be used.It was approaching midnight in Washington and 9 p.m. in Santa Clara, California. The news was bad—and getting worse. Everyone from President Joe Biden on down was getting acrash courseonSilicon Valley Bank, the once-obscure tech lender that has now cast abig shadow over the financial markets.At the White House and the US Department of the Treasury next door, bleary-eyed officials were racing to prevent the trouble at SVB from exploding into a full-blown banking crisis. A block west at the Federal Deposit Insurance Corp., regulators were arguing about what to do. Over at the Gridiron Club dinner, Washington’s annual see-and-be-seen white-tie journalism roast, a marquee guest, Federal Reserve Chair Jerome Powell, was conspicuously absent.That Saturday, March 11, the fate of techdom’s preeminent bank—and with it, some feared, the future of the global economy—was being gamed out in Washington. Over the next 24 hours, almost everyone in the financial industry would be on tenterhooks as federal officials raced to complete a rescue before Asian markets opened Sunday night.Almost a week later, the implications of the SVB fiasco, thesecond-biggest bank failure in US history, are still coming into focus. Questions keep piling up. How could SVB, a favorite of venture capitalists and unicorn startups, succumb to arun in the smartphone age? Why hadn’t banking regulators seen this coming?Federal authorities want answers, too. The Department of Justice and the Securities and Exchange Commission haveopened investigationsinto the collapse. One potential focus:sales of SVB stockin the weeks before the failure by Greg Becker, chief executive officer of the bank’s parent company. Biden, meanwhile, has pledged a push totighten banking rules, which the Fed is already considering doing for midsize institutions like SVB.This much is sure: All these years later, Washington is still haunted by the Wall Street fiascoes that triggered the Great Recession. The colossal bank bailouts of that era saved the economy, but they also rankled ordinary Americans, gave birth to the Tea Party movement on the right and Occupy Wall Street on the left, and transformed US politics. Backlash to the bailouts died down, but the resentment never really went away. It may have ultimately helped Donald Trump win the White House in 2016, some political scientists havesaid.Which is probably why President Biden has been reluctant to even say the word “bailout.” He vowed on March 13 that “no losses will be borne by the taxpayers.” For the time being, Biden is right. This doesn’t look like aLehman momentthat could upend the whole economy. But itdoeslook likea Bear Stearns one—a smaller debacle pointing to more pain to come, in this case, because of the sharp rise in interest rates that triggered SVB’s problems and are still roiling the financial system.Federal authorities have taken the extraordinary step ofguaranteeing all deposits at SVBand opening a broaderemergency lending program. By midweek, the fix was holding. If it doesn’t, the next move might have to be a suspension of the$250,000 limit on federal deposit insurance.Policymakers, venture capitalists, banking executives and tech entrepreneurs are all struggling to figure out the next steps. SVB’s failure has changed the conversation about banking and the regulators who oversee it. Suddenly, everyone is thinking about other risks that might be lurking. On March 14,Moody’s Investors Service cut its outlook for the entire US banking system, to negative from stable, citing the run on deposits at SVB. Two other lenders have gone bust, too: crypto playersSilvergate Capital Corp.andSignature Bank.The death spiral at SVB began with credit ratings. In early March, Moody’s informed the bank it was considering a multilevel downgrade that would have pushed it to the brink of junk-bond status. In response, Goldman Sachs Group Inc., hired by SVB to help it raise fresh capital, jumped into action. It offloaded a chunk of SVB’s investment portfolio at a $1.8 billion loss. On Wednesday, March 8, Goldman pitched a plan to investors to help plug that hole, and then some, by raising $2.25 billion in capital fromGeneral Atlanticand other investors. Itdidn’t work.“The Catch-22 of the situation is that, by announcing the need to raise capital, they in essence accelerated customer concern, resulting in the liquidity stress that ultimately caused their collapse,” says Olivier Sarkozy, managing partner atFurther Global, a private equity firm. “It would have been far better to announce the $2.25 billion they were seeking had been secured.”In the bankers’ view, they were racing the clock to defuse the Moody’s threat. That didn’t leave them enough time to canvass the market, line up the funding and present a neatly put-together deal. Then CEO Becker held what turned out to be a disastrous call with VCs and limited partners. “Stay calm,” he said. It was too late. Bankers tapping away at their phones watched, aghast, as social media lit up with reports of a viral bank run.By 3 p.m. the next day, Thursday, March 9, the news out of Santa Clarahad reached the White House. Such high-profile venture firms asUnion Square Venturesand thePeter Thiel-backedFounders Fundhad already been encouraging the companies they invested in to yank their deposits, almost all of which were uninsured because they exceeded the $250,000 limit on federal guarantees. Founders Fund haddrained its own accountsfrom the bank by midday.The message was echoed by other VC titans.Bookface, an internal social network for founders of companies backed by the startup acceleratorY Combinator, was abuzz, as was a messenger threadof more than 1,000 founders fromAndreessen Horowitz, with many encouraging each other to pull cash from the bank. By day’s end, depositors had tried to withdraw $42 billion.Silicon Valley bigs—many with a libertarian, get-government-off-our-backs bent—quickly looked to Washington. They implored the administration to step in and rescue depositors, or risk having banks topple like dominoes. On Friday morning, March 10, the new White House Chief of Staff Jeff Zients and Lael Brainard, the former Fed vice chair who’djust becomedirector of Biden’s National Economic Council, went to the Oval Office to brief the president. They told him there was potential for the bank to be shut down—as it was later that day, even before the close of financial markets—and that there was a possibility of contagion, according to a source familiar with the discussion.From dawn to midnight the following day, Zients, Brainard and other aides working in the White House’s West Wing developed a set of options. By Saturday afternoon, it was clear that regulators would probably need to take action to prevent contagion. When Treasury Secretary Janet Yellen and top aides briefed Biden on the options, he was adamant: The federal government stood ready to protect depositors, small businesses and employees. Executives and investors could take their lumps. He didn’t want taxpayers to be on the hook, and any deal had to include firing management.In the Bay Area, Iba Masood was struggling to make sense of it all. Masood, the co-founder and CEO of a tech startup calledTara.AI, had raised $14 million from investors. And she’d parked every penny of the company’s money at SVB. Masood began firing off emails and texts—hundreds and hundreds of them, until her carpal tunnel flared up. Tara.AI, she told her investors, was facing a perilous squeeze. She hopped in her C300 Mercedes-Benz and raced through a driving rainstorm to a Bank of America branch. Drenched, she hastily opened a corporate account. She felt good, she said, confident. She’d wake up the next morning and have the money in the new account.But there was no next morning for SVB. It was too late. The money was frozen.Trae Stephens, a partner at Founders Fund, said the firm had had a long, fruitful relationship with SVB. But that long, fruitful relationship wasn’t going to help Thiel’s firm honor its fiduciary duty to look out for its backers and limited partners. And it wasn’t going to help all those startups make payroll.“The most inconvenient thing about the situation last week was actually the name of the bank. It got instantly politicized,” Stephens said in aMarch 14 interview on Bloomberg Television. To him, the idea that Washington had somehow bailed out rich VCs and techies is hogwash. “The government did what it needed to protect and shore up these smaller regional banks, to ensure there weren’t any further runs. It seems like they acted quickly—and did the right thing.”","news_type":1,"symbols_score_info":{"FRC":0.9,"SIVB":0.9,"WAL":0.9,"SBNY":0.9,"PACW":0.9}},"isVote":1,"tweetType":1,"viewCount":3489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949461192,"gmtCreate":1678835670816,"gmtModify":1678835674654,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949461192","repostId":"1118774944","repostType":4,"repost":{"id":"1118774944","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":1678802888,"share":"https://ttm.financial/m/news/1118774944?lang=en_US&edition=fundamental","pubTime":"2023-03-14 22:08","market":"us","language":"en","title":"Chinese Education ADRs Plummetted in Morning Trading; TAL Education Dropped 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1118774944","media":"Tiger Newspress","summary":"Chinese education ADRs plummetted in morning trading . Gaotu Techedu dropped 18%; New Oriental Educa","content":"<html><head></head><body><p>Chinese education ADRs plummetted in morning trading . Gaotu Techedu dropped 18%; New Oriental Education &amp; Technology dropped 14%; TAL Education dropped 20%.<img src=\"https://static.tigerbbs.com/5a73c47636af1510c438d848ca7f7c87\" tg-width=\"279\" tg-height=\"136\" referrerpolicy=\"no-referrer\"/></p></body></html>","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>Chinese Education ADRs Plummetted in Morning Trading; TAL Education Dropped 20%</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese Education ADRs Plummetted in Morning Trading; TAL Education Dropped 20%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-03-14 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Chinese education ADRs plummetted in morning trading . Gaotu Techedu dropped 18%; New Oriental Education &amp; Technology dropped 14%; TAL Education dropped 20%.<img src=\"https://static.tigerbbs.com/5a73c47636af1510c438d848ca7f7c87\" tg-width=\"279\" tg-height=\"136\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EDU":"新东方","GOTU":"高途","TAL":"好未来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118774944","content_text":"Chinese education ADRs plummetted in morning trading . Gaotu Techedu dropped 18%; New Oriental Education & Technology dropped 14%; TAL Education dropped 20%.","news_type":1,"symbols_score_info":{"TAL":0.9,"GOTU":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949534240,"gmtCreate":1678745305481,"gmtModify":1678745308871,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949534240","repostId":"1105902626","repostType":4,"repost":{"id":"1105902626","kind":"news","pubTimestamp":1678717774,"share":"https://ttm.financial/m/news/1105902626?lang=en_US&edition=fundamental","pubTime":"2023-03-13 22:29","market":"us","language":"en","title":"Traders Bet on No More Fed Hikes, US Two-Year Yields Plunge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105902626","media":"Bloomberg","summary":"Treasury bonds surged, pushing key two-year yields to their lowest level this year, as investors bet","content":"<div>\n<p>Treasury bonds surged, pushing key two-year yields to their lowest level this year, as investors bet the collapse of three US lenders will compel policymakers to halt interest-rate increases.Swaps now...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-12/dollar-falls-as-us-emergency-steps-ease-concern-at-svb-collapse\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","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>Traders Bet on No More Fed Hikes, US Two-Year Yields Plunge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTraders Bet on No More Fed Hikes, US Two-Year Yields Plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-13 22:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-12/dollar-falls-as-us-emergency-steps-ease-concern-at-svb-collapse><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Treasury bonds surged, pushing key two-year yields to their lowest level this year, as investors bet the collapse of three US lenders will compel policymakers to halt interest-rate increases.Swaps now...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-12/dollar-falls-as-us-emergency-steps-ease-concern-at-svb-collapse\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBNY":"签字银行"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-12/dollar-falls-as-us-emergency-steps-ease-concern-at-svb-collapse","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105902626","content_text":"Treasury bonds surged, pushing key two-year yields to their lowest level this year, as investors bet the collapse of three US lenders will compel policymakers to halt interest-rate increases.Swaps now show a less than one-in-two chance that the Federal Reserve will implement another quarter-point hike this cycle. Yields on two-year Treasury notes — the most sensitive to changes in policy — fell as much as 60 basis points to less than 3.99%, the lowest since October.The three-month London interbank offered rate for dollars, a key benchmark, dropped by 27 basis points, the most since March 2020. The dollar also declined.Money markets are betting the Federal Reserve is probably done with hiking this cycle. Traders are now pricing a less than one-in two chance the Fed will hike by another quarter point at all this cycle, with cuts after that.It’s the latest abrupt change in the stop-start trajectory in recent months for further interest-rate hikes, as traders factor in the risk of banking contagion alongside the prospects for growth and prices. Some analysts warn the outlook may shift again if US inflation data due Tuesday beats expectations, although the immediate fragility of the financial system may well overshadow matters.“Mr Market always want to search out the weak link,” said Jack McIntyre, a portfolio manager at Brandywine. “The data is not as important as what is going on with the financial system. Just have to let the dust settle and see how CPI plays out.”Treasuries have beenwhipsawedin recent sessions by the evolving rate-hike outlook. Two-year US yields slid in the past few days after jumping above 5% last week when Fed Chair Jerome Powell said the central bank was likely to liftinterest rateshigher and potentially faster than previously anticipated with inflation persisting.That view of Powell’s may change after the failure of three lenders in recent days, including Silicon Valley Bank, highlighted the fallout from higher interest rates. Goldman Sachs Group Inc. hasscrappedits call for a rate hike at next week’s Fed meeting, although it still sees tightening this year.“We have to add one more factor to Fed policymakers’ thinking, which is the burden on the financial system,” said Kenta Inoue, a senior bond strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “It’s become quite difficult for them to opt for a 50-basis point hike. SVB’s collapse has increased the probability that the end of the Fed’s rate hikes isn’t too far off now.”The impact of the banks’ collapse also triggered shock waves around the world, with German and Japanese yields plunging.Traders are now watching for further responses from policymakers. The Fed set up a new emergency facility to let banks pledge a range of high-quality assets for cash over a term of one year, in the wake of SVB’s collapse. Regulators also pledged to fully protect even uninsured depositors at the lender.SVB’s descent into FDIC receivership — the second-largest US bank failure in history behind Washington Mutual in 2008 — came suddenly on Friday, after a couple of days where its long-established customer base of tech startups yanked deposits.Still, concerns are growing that the failure of the three banks may just be the tip of the iceberg.“The risks are clearly there” that SVB’s collapse may be the canary in the coal mine, TD Securities strategists led by Priya Misra wrote in a research note on Sunday. “The macro fallout of SVB on the tech sector and bank lending standards as a whole should weigh on risk sentiment and longer term growth expectations.”","news_type":1,"symbols_score_info":{"SBNY":0.9,"SIVB":0.9,"FRC":0.9}},"isVote":1,"tweetType":1,"viewCount":3129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949640522,"gmtCreate":1678655211967,"gmtModify":1678655215655,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949640522","repostId":"2318857796","repostType":4,"repost":{"id":"2318857796","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1678601805,"share":"https://ttm.financial/m/news/2318857796?lang=en_US&edition=fundamental","pubTime":"2023-03-12 14:16","market":"us","language":"en","title":"20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB","url":"https://stock-news.laohu8.com/highlight/detail?id=2318857796","media":"Dow Jones","summary":"SVB Financial Group faced a perfect storm, but there are plenty of other banks that would face big l","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a> faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash</p><p>Silicon Valley Bank has failed following a run on deposits, after its parent company&#39;s share price crashed a record 60% on Thursday.</p><p>Trading of <a href=\"https://laohu8.com/S/SIVBP\">SVB Financial Group</a>&#39;s <a href=\"https://laohu8.com/S/SIVB\">$(SIVB)$</a> stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was &#34;monitoring very carefully.&#34; Reaction poured in from several analysts who discussed the bank&#39;s liquidity risk.</p><p>California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.</p><p>Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB&#39;s crisis.</p><p>Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.</p><h3>First, a quick look at SVB</h3><p>Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.</p><p>One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank&#39;s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because &#34;client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.&#34;</p><p>SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn&#39;t completed.</p><p>So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.</p><h3>Unrealized losses on securities</h3><p>Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.</p><p>The securities investments are held in two buckets:</p><p>In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council&#39;s National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.</p><p>Here&#39;s how accumulated other comprehensive income (AOCI) is defined in the report: &#34;Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.&#34;</p><p>In other words, it was mostly unrealized losses on SVB&#39;s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling &#34;substantially all&#34; of these securities on March 8.</p><p>The list of 10 banks with unfavorable interest margin trends</p><p>On the regulatory call reports, AOCI is added to regulatory capital. Since SVB&#39;s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company&#39;s total equity capital. So a fair way to gauge the negative AOCI to the bank&#39;s total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.</p><p>Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here&#39;s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:</p><p><img src=\"https://static.tigerbbs.com/12eb7c2420e69b60c526a6b6ef79626d\" tg-width=\"887\" tg-height=\"715\" width=\"100%\" height=\"auto\"/></p><p>Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.</p><p>To be sure, these numbers don&#39;t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.</p><h3>Banks with the highest percentage of negative AOCI to capital</h3><p>There are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:</p><p><img src=\"https://static.tigerbbs.com/8c786a5e88cfaa8510ac5458b4a31b86\" tg-width=\"884\" tg-height=\"618\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/6bbd38b51d92ae37f23e7fbff46e9c08\" tg-width=\"879\" tg-height=\"668\" width=\"100%\" height=\"auto\"/>Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact <a href=\"https://laohu8.com/S/CMA\">Comerica Inc.</a>, which tops the list, also improved its interest margin the most over the past four quarters, as shown here.</p><p>But it is interesting to note that <a href=\"https://laohu8.com/S/SI\">Silvergate Capital Corp.</a>, which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.</p><p>Another bank on the list facing concern among depositors is <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.</p><p>Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”</p></body></html>","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>20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-12 14:16</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a> faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash</p><p>Silicon Valley Bank has failed following a run on deposits, after its parent company&#39;s share price crashed a record 60% on Thursday.</p><p>Trading of <a href=\"https://laohu8.com/S/SIVBP\">SVB Financial Group</a>&#39;s <a href=\"https://laohu8.com/S/SIVB\">$(SIVB)$</a> stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was &#34;monitoring very carefully.&#34; Reaction poured in from several analysts who discussed the bank&#39;s liquidity risk.</p><p>California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.</p><p>Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB&#39;s crisis.</p><p>Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.</p><h3>First, a quick look at SVB</h3><p>Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.</p><p>One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank&#39;s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because &#34;client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.&#34;</p><p>SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn&#39;t completed.</p><p>So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.</p><h3>Unrealized losses on securities</h3><p>Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.</p><p>The securities investments are held in two buckets:</p><p>In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council&#39;s National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.</p><p>Here&#39;s how accumulated other comprehensive income (AOCI) is defined in the report: &#34;Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.&#34;</p><p>In other words, it was mostly unrealized losses on SVB&#39;s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling &#34;substantially all&#34; of these securities on March 8.</p><p>The list of 10 banks with unfavorable interest margin trends</p><p>On the regulatory call reports, AOCI is added to regulatory capital. Since SVB&#39;s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company&#39;s total equity capital. So a fair way to gauge the negative AOCI to the bank&#39;s total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.</p><p>Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here&#39;s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:</p><p><img src=\"https://static.tigerbbs.com/12eb7c2420e69b60c526a6b6ef79626d\" tg-width=\"887\" tg-height=\"715\" width=\"100%\" height=\"auto\"/></p><p>Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.</p><p>To be sure, these numbers don&#39;t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.</p><h3>Banks with the highest percentage of negative AOCI to capital</h3><p>There are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:</p><p><img src=\"https://static.tigerbbs.com/8c786a5e88cfaa8510ac5458b4a31b86\" tg-width=\"884\" tg-height=\"618\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/6bbd38b51d92ae37f23e7fbff46e9c08\" tg-width=\"879\" tg-height=\"668\" width=\"100%\" height=\"auto\"/>Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact <a href=\"https://laohu8.com/S/CMA\">Comerica Inc.</a>, which tops the list, also improved its interest margin the most over the past four quarters, as shown here.</p><p>But it is interesting to note that <a href=\"https://laohu8.com/S/SI\">Silvergate Capital Corp.</a>, which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.</p><p>Another bank on the list facing concern among depositors is <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.</p><p>Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBNY":"签字银行","BK4585":"ETF&股票定投概念","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","BK4139":"生物科技","BOLT":"Bolt Biotherapeutics, Inc.","TERN":"Terns Pharmaceuticals, Inc.","KEY":"KeyCorp","SI":"Shoulder Innovations, Inc.","LU1861217088.USD":"贝莱德金融科技A2","BK4166":"消费信贷","BK4191":"家用电器","BK4588":"碎股","ALLY":"Ally Financial Inc.","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","BK4548":"巴美列捷福持仓","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","BK4007":"制药","BK4211":"区域性银行","CRCT":"Cricut, Inc.","BK4539":"次新股","BK4561":"索罗斯持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318857796","content_text":"SVB Financial Group faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cashSilicon Valley Bank has failed following a run on deposits, after its parent company's share price crashed a record 60% on Thursday.Trading of SVB Financial Group's $(SIVB)$ stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was \"monitoring very carefully.\" Reaction poured in from several analysts who discussed the bank's liquidity risk.California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB's crisis.Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.First, a quick look at SVBSome media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank's loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because \"client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.\"SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn't completed.So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.Unrealized losses on securitiesBanks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.The securities investments are held in two buckets:In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council's National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.Here's how accumulated other comprehensive income (AOCI) is defined in the report: \"Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.\"In other words, it was mostly unrealized losses on SVB's available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling \"substantially all\" of these securities on March 8.The list of 10 banks with unfavorable interest margin trendsOn the regulatory call reports, AOCI is added to regulatory capital. Since SVB's AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company's total equity capital. So a fair way to gauge the negative AOCI to the bank's total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here's the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.To be sure, these numbers don't mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.Banks with the highest percentage of negative AOCI to capitalThere are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact Comerica Inc., which tops the list, also improved its interest margin the most over the past four quarters, as shown here.But it is interesting to note that Silvergate Capital Corp., which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.Another bank on the list facing concern among depositors is Signature Bank of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”","news_type":1,"symbols_score_info":{"TERN":0.9,"BOLT":0.9,"FRC":0.9,"SIVB":0.9,"CRCT":0.9,"KEY":0.9,"SI":0.9,"ALLY":1,"SBNY":0.9}},"isVote":1,"tweetType":1,"viewCount":3215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949638763,"gmtCreate":1678577235953,"gmtModify":1678577239714,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949638763","repostId":"1188991015","repostType":4,"repost":{"id":"1188991015","kind":"news","pubTimestamp":1678524311,"share":"https://ttm.financial/m/news/1188991015?lang=en_US&edition=fundamental","pubTime":"2023-03-11 16:45","market":"us","language":"en","title":"Jobs Report, Bank Failure Complicate Outlook on Interest Rates","url":"https://stock-news.laohu8.com/highlight/detail?id=1188991015","media":"The Wall Street Journal","summary":"Fed officials could debate whether to raise rates by a quarter- or half-percentage-point at their next meeting","content":"<div>\n<p>The February employment report does little to sharply alter the economic outlook for Federal Reserve officials who are considering how much to raise interest rates at their coming meeting.But the ...</p>\n\n<a href=\"https://www.wsj.com/articles/jobs-report-offers-little-to-change-interest-rate-outlook-for-the-fed-2b5bf1d4?mod=economy_lead_pos2\">Source Link</a>\n\n</div>\n","source":"wsj_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jobs Report, Bank Failure Complicate Outlook on Interest Rates</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJobs Report, Bank Failure Complicate Outlook on Interest Rates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-11 16:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/jobs-report-offers-little-to-change-interest-rate-outlook-for-the-fed-2b5bf1d4?mod=economy_lead_pos2><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The February employment report does little to sharply alter the economic outlook for Federal Reserve officials who are considering how much to raise interest rates at their coming meeting.But the ...</p>\n\n<a href=\"https://www.wsj.com/articles/jobs-report-offers-little-to-change-interest-rate-outlook-for-the-fed-2b5bf1d4?mod=economy_lead_pos2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/jobs-report-offers-little-to-change-interest-rate-outlook-for-the-fed-2b5bf1d4?mod=economy_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188991015","content_text":"The February employment report does little to sharply alter the economic outlook for Federal Reserve officials who are considering how much to raise interest rates at their coming meeting.But the failure of a California bank on Friday led investors on Wall Street to pare their bets that the central bank would opt for a larger half-percentage-point increase, rather than a smaller quarter-point bump, amid broader concerns about financial stability risks.Investors in interest-rate futures markets on Friday afternoon saw a nearly 60% probability of a quarter-point, or 25-basis-point, rate rise, according to CME Group. The probability of a larger 50-basis-point increase fell to 40%, from 70% on Thursday.Employers added 311,000 jobs in February and revisions to earlier months were minor, meaning job gains averaged more than 350,000 a month since December—robust growth in an already tight labor market. The unemployment rate rose to 3.6% last month because more people looked for jobs, a further sign of economic strength.But wage growth moderated last month, suggesting that strong labor demand isn’t spurring rapid increases in workers’ paychecks. Average hourly earnings for private-sector workers rose 4.6% over the 12 months through February, but the pace slowed to an annualized 3.6% over the past three months.For policy makers, “if you are vacillating between 25 and 50, you’d be more inclined to go 25 at this point because of the added concern” over the failure of Silicon Valley Bank, said Eric Rosengren, who served as president of the Boston Fed from 2007 to 2021.Friday’s employment report shows the job market is too hot, said Mr. Rosengren. But the problems at Silicon Valley Bank illustrate how raising rates rapidly gives the Fed less time to monitor the delayed impact of its actions, he said.“Having a close to $200 billion bank have a liquidity problem that caused a failure in the middle of the week has to be a source of concern,” said Mr. Rosengren. Fed officials are “going to want to be able to evaluate what impact it is going to have on broader financial markets.”Fed policy makers were set to begin their traditional premeeting quiet period Saturday ahead of their March 21-22 meeting.Fed Chair Jerome Powell this week said the central bank was keeping its options open in considering whether to raise its benchmark federal-funds rate by a quarter-point—as officials did last month and had been widely anticipated until very recently—or by a larger half-point, as they did in December.“I stress that no decision has been made on this,” Mr. Powell said Wednesday. “But if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”In addition to Friday’s employment report, he said two inflation reports next week, including the consumer-price index due Tuesday, could influence the decision.Economists at Bank of America and Morgan Stanley said Friday they believed the smaller quarter-point rate rise was more likely, but that was based on their expectations that core-CPI prices, which exclude food and energy, will rise 0.4% in February.“Absent a surprise on Tuesday, we think they will be comfortable” with a quarter-point rate rise, said Vincent Reinhart, chief economist at Dreyfus and Mellon and a former senior Fed economist.Others think the inflation report will need to be milder to prevent the Fed from raising rates by a half-point. Barring a major surprise on inflation, signs of broad-based strength in the labor market “strongly imply that the Federal Reserve will need to hike its policy rate by 50 basis points” this month, said Joseph Brusuelas, chief economist at consulting firm RSM U.S.He said hardship due to interest-rate risks “among select small and medium-sized banks is not sufficient to cause the Fed to pull back from its primary objective” of combating inflation.If the CPI doesn’t notably slow down in February, “it will have been very hard to have opened the door to 50 and not walk through that door,” said Jason Furman, a Harvard economist who served as a top adviser to former President Barack Obama.Details on how the Federal Deposit Insurance Corp., which took control of the Silicon Valley Bank on Friday, resolves the bank could shape any spillovers to the rest of the banking system, especially small and midsize banks with a similar profile.SVB was focused heavily on lending to venture-capital firms, and the ultimate resolution of the bank’s assets could have broader implications for endowments and pension funds that have increased their exposures to venture capital, said Mr. Rosengren.Fed officials slowed their pace of rate rises last month when they increased their benchmark rate by a quarter-percentage-point to a range between 4.5% and 4.75%. That followed increases of a larger 0.5 percentage point in December and 0.75 percentage point in November and at three previous meetings.Officials said last month that moving in smaller steps would better allow them to assess the effects of their rapid increases last year and reduce the risk of raising rates too much.Mr. Powell said this week officials were likely to project at their coming meeting that they would raise rates to higher levels than they previously anticipated to bring inflation down. In December, most of them thought they would raise the fed-funds rate to between 5% and 5.5% this year.Since Fed officials last met on Feb. 1, several economic reports have revealed hiring, spending and inflation were stronger in January than expected. More important, data revisions showed inflation and labor demand didn’t soften as much as initially reported late last year.“We’re looking at a reversal, really, of what we thought we were seeing to some extent,” said Mr. Powell on Tuesday. “Nothing about the data suggests to me that we’ve tightened too much.”The Fed has been trying to curb investment, spending and hiring by raising rates, which makes it more expensive to borrow and can push down the price of assets such as stocks and real estate. The fed-funds rate influences other borrowing costs throughout the economy.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949889825,"gmtCreate":1678486467067,"gmtModify":1678486470255,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949889825","repostId":"2318544263","repostType":4,"repost":{"id":"2318544263","kind":"highlight","pubTimestamp":1678462287,"share":"https://ttm.financial/m/news/2318544263?lang=en_US&edition=fundamental","pubTime":"2023-03-10 23:31","market":"us","language":"en","title":"2 Stocks That Turned $10,000 Into $24,000 (or More)","url":"https://stock-news.laohu8.com/highlight/detail?id=2318544263","media":"Motley Fool","summary":"Consumer staples stocks aren't exciting, but they are reliable. And given enough time, that can easily double your money.","content":"<div>\n<p>Over the past decade, Procter & Gamble and Clorox have more than doubled investors' money, when you include reinvested dividends. That's actually pretty impressive given that these two companies hail ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/09/2-stocks-that-turned-10000-into-24000-or-more/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Stocks That Turned $10,000 Into $24,000 (or More)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Stocks That Turned $10,000 Into $24,000 (or More)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-10 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/09/2-stocks-that-turned-10000-into-24000-or-more/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Over the past decade, Procter & Gamble and Clorox have more than doubled investors' money, when you include reinvested dividends. That's actually pretty impressive given that these two companies hail ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/09/2-stocks-that-turned-10000-into-24000-or-more/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PG":"宝洁","CLX":"高乐氏"},"source_url":"https://www.fool.com/investing/2023/03/09/2-stocks-that-turned-10000-into-24000-or-more/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318544263","content_text":"Over the past decade, Procter & Gamble and Clorox have more than doubled investors' money, when you include reinvested dividends. That's actually pretty impressive given that these two companies hail from the stodgy consumer staples sector, known for slow and steady growth. What's interesting here perhaps isn't the dollar figures, but rather the recent trends at each of these industry heavyweights.The big-picture numbersOver the past 10 years, Procter & Gamble turned a $10,000 investment into around $18,000 based on stock price appreciation alone. Those same figures are roughly what you would see with Clorox as well.But when you take their dividends into account (via reinvestment), the ending value jumps to around $24,000 for each. That's pretty impressive and easily beats out a lot of competitors in the consumer staples sector (though there are others that have stronger performances).The really interesting thing here is that P&G was facing notable business headwinds before shifting gears in the latter part of the previous decade. Since that point, when it jettisoned a large number of small brands so it could focus on its largest labels, it has done quite well.For example, even as inflation has pressured the company's margins, it has been able to push through price increases while growing or maintaining share in its most important market and product categories. Yes, earnings have fallen off a little, but that's to be expected when inflation is raging.Overall, investors have been very well rewarded for owning Procter & Gamble. And there's no sign that's going to change. Notably, the company has now increased its dividend annually for 67 consecutive years, making it a highly elite Dividend King. The most recent hike, in April of 2022, was roughly 5%. While not earth-shattering, it was a sign of the company's boring and reliable trend of consistently rewarding investors.With an attractive portfolio of highly valuable brands, Procter & Gamble is probably a solid option for long-term investors today even though its 2.65% dividend yield isn't as high as it has been in the past.This brings up Clorox's 3.05% yield, which is a bit higher, but actually toward the high end of the company's historical range.PG data by YCharts.Getting back on trackWhereas P&G faced material headwinds early in the last decade, Clorox faces headwinds today. And that could set up an interesting buying point for long-term dividend investors, noting that Clorox increased its dividend annually for more than four decades. On some level, Clorox is facing the same inflation troubles that have tripped up P&G of late. But Clorox's current problems also stem from the unusual supply and demand dynamics created by the pandemic.Clorox's namesake product line is tied tightly with cleaning supplies, which saw a huge increase in demand in the early days of the pandemic. That resulted in very strong financial performance as the company capitalized on it by expanding its product line. It even needed to hire contract manufacturers to keep up, a costly move. But strategically, it helped the company keep retailers' shelves filled. Investors bid the stock higher as a play on the global health scare.As the world learned to live with the coronavirus, and that demand subsided, sales of cleaning products fell and investors jumped ship. Then inflation hit, further crimping the company's margins.The pessimism surrounding the stock, really just the other side of the unbridled optimism in 2020, has been a huge headwind. But, like P&G in the past, Clorox is working hard to get things back in order. For example, it got rid of the high-cost contract manufacturing it needed during the pandemic, among other cost-cutting moves. It has also been aggressively increasing prices to offset inflation.But what's really interesting is that management believes the fiscal second quarter of 2023 was a turning point for margins. That suggests that things will get brighter in the quarter ahead, which might lead investors to place a higher valuation on the shares. If you are looking for a stock that's on sale today, Clorox could be worth a closer look.Same place, different storiesWith a $330 billion market cap, P&G is an industry giant. The recent episode in which it slimmed down its portfolio and improved results is a testament to its long-term strength and a reason conservative dividend investors might want to own it -- even if the stock is fully valued.Clorox, with a market cap of $19 billion, is tiny by comparison. However, it looks like it is on sale and, like P&G not too long ago, is taking action to fix a struggling business. If that plays out well, there's every reason to believe a higher stock price will be the end result.More aggressive types, and those who like turnarounds, will likely find this story attractive, noting that even with today's headwinds, Clorox's growth-oriented business has still been as strong a stock performer as P&G over the past decade.","news_type":1,"symbols_score_info":{"CLX":0.9,"PG":0.9}},"isVote":1,"tweetType":1,"viewCount":3013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949343981,"gmtCreate":1678399417744,"gmtModify":1678399419561,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949343981","repostId":"2317406182","repostType":4,"repost":{"id":"2317406182","kind":"highlight","pubTimestamp":1678375458,"share":"https://ttm.financial/m/news/2317406182?lang=en_US&edition=fundamental","pubTime":"2023-03-09 23:24","market":"us","language":"en","title":"2 Exceptional Growth Stocks That Could Jump 37.6% to 40.2% Higher, According to Wall Street","url":"https://stock-news.laohu8.com/highlight/detail?id=2317406182","media":"Motley Fool","summary":"These businesses are at the top of their respective industries, but you wouldn't know it by looking at their stock prices.","content":"<div>\n<p>Whether you're new to growth stock investing or you've been doing it your whole adult life, the past year has been extremely challenging. The Vanguard Growth ETF that peaked in late 2021 is still more...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/08/2-exceptional-growth-stocks-that-could-soar-to-acc/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Exceptional Growth Stocks That Could Jump 37.6% to 40.2% Higher, According to Wall Street</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Exceptional Growth Stocks That Could Jump 37.6% to 40.2% Higher, According to Wall Street\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-09 23:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/08/2-exceptional-growth-stocks-that-could-soar-to-acc/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Whether you're new to growth stock investing or you've been doing it your whole adult life, the past year has been extremely challenging. The Vanguard Growth ETF that peaked in late 2021 is still more...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/08/2-exceptional-growth-stocks-that-could-soar-to-acc/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","INMD":"InMode Ltd."},"source_url":"https://www.fool.com/investing/2023/03/08/2-exceptional-growth-stocks-that-could-soar-to-acc/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317406182","content_text":"Whether you're new to growth stock investing or you've been doing it your whole adult life, the past year has been extremely challenging. The Vanguard Growth ETF that peaked in late 2021 is still more than 27% below its all-time high.Despite a terrible year for the major stock market indices, investment bank analysts have a lot of good things to say about their favorite growth stocks. They're so confident about the path forward for these two stocks that the average price target on them suggests big gains could be up ahead.1. AmazonYou're most likely familiar with Amazon's enormous e-commerce operation, but it's the businesses most consumers don't see that grab Wall Street's attention. Encouraged by its leading position in the market for cloud computing services, Wall Street analysts slapped a consensus price target on the stock that suggests it can rise 40.2% in the near term.In 2020 and 2021, Amazon doubled the strength of its fulfillment network to meet pandemic-driven demand that quickly subsided. The stock's way off from its peak because enormous profits from the early days of the pandemic turned into losses last year.I'm confident that a long-running trend favoring online shopping will push Amazon's e-commerce operation back into profitability. In the meantime, its cloud computing, and digital advertising businesses are more than capable of picking up the slack. Amazon Web Services reported operating income that soared 23% year over year to $22.8 billion in 2022.Fourth-quarter sales from Amazon's digital ad business grew 23% year over year to $11.6 billion. Now, it's one of the largest members of a digital ad industry already worth more than $760 billion annually.Right now, Amazon is trading for just 29.3 times 2021 earnings. That was a great year, but it isn't a high-water mark I expect to last very long. With leading positions in e-commerce, cloud computing, and digital advertising, this stock has everything it needs to deliver market-beating gains to patient investors.2. InModeIf a giant like Amazon doesn't suit you, consider this up-and-coming provider of medical technology. InMode develops and markets minimally invasive devices for a variety of cosmetic procedures.One of InMode's biggest growth drivers at the moment is BodyTite. With a narrow probe inserted beneath the skin, it performs a service similar to liposuction without the need for any incisions or downtime. The increasing popularity of its devices inspired Wall Street analysts to put a price target on this stock that implies a 37.6% gain.In 2021, InMode's surgery-free devices benefited from pandemic-inspired lockdowns that prevented the performance of more complicated cosmetic procedures. Despite the unwinding of those lockdowns, InMode reported sales that soared 21% year over year during the fourth quarter of 2022.InMode doesn't compete directly with Botox injections, but they are the most popular type of minimally invasive procedure. AbbVie reported cosmetic Botox sales that grew just 2.6% year over year in the fourth quarter of 2022.The market for noninvasive aesthetic treatments passed $60 billion in 2022 and is projected to grow by around 15.4% annually through 2030, according to Grand View Research. With a proven ability to grow its share of the enormous market for minimally invasive cosmetic procedures, we can reasonably expect many more years of growth at double-digit annual percentage rates. At recent prices, though, you can buy InMode for just 13.7 times forward-looking earnings expectations.At this low multiple, long-term investors can beat the market even if its growth rate inexplicably falls by more than half. With a very strong chance to come out ahead, this is one of the best growth stocks you can buy right now.","news_type":1,"symbols_score_info":{"INMD":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949960640,"gmtCreate":1678314812281,"gmtModify":1678317812213,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949960640","repostId":"2317493336","repostType":4,"repost":{"id":"2317493336","kind":"highlight","pubTimestamp":1678289478,"share":"https://ttm.financial/m/news/2317493336?lang=en_US&edition=fundamental","pubTime":"2023-03-08 23:31","market":"us","language":"en","title":"Want $1 Million in Retirement? Invest $200,000 in These 2 Stocks in 2023 and Wait at Least a Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2317493336","media":"Motley Fool","summary":"No one can predict the future, but a long-term investment in a diverse collection of wonderful businesses can build a market-beating portfolio with time.","content":"<div>\n<p>Even if your retirement is still many years in the future, the steps you take now to build your portfolio could have a significant impact on the returns you enjoy in your later years. Building a ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/07/want-1-million-in-retirement-invest-200000-in-thes/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>Want $1 Million in Retirement? Invest $200,000 in These 2 Stocks in 2023 and Wait at Least a Decade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWant $1 Million in Retirement? Invest $200,000 in These 2 Stocks in 2023 and Wait at Least a Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-08 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/07/want-1-million-in-retirement-invest-200000-in-thes/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Even if your retirement is still many years in the future, the steps you take now to build your portfolio could have a significant impact on the returns you enjoy in your later years. Building a ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/07/want-1-million-in-retirement-invest-200000-in-thes/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","ISRG":"直觉外科公司"},"source_url":"https://www.fool.com/investing/2023/03/07/want-1-million-in-retirement-invest-200000-in-thes/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317493336","content_text":"Even if your retirement is still many years in the future, the steps you take now to build your portfolio could have a significant impact on the returns you enjoy in your later years. Building a retirement portfolio worth $1 million or more doesn't happen overnight. It takes time, patience, diversification, rebalancing, and a consistent pattern of investing in great companies in both up and down markets and holding on to them for many years to accumulate those kinds of returns.That said, if you're looking for explosive businesses to add to your portfolio right now, here are two supercharged stocks with superior growth potential that could foreseeably multiply $200,000 by five times or more in the next decade and beyond.1. UpstartUpstart is dealing with a perfect storm in terms of the confluence of challenges it is up against in the current market. Driven by artificial intelligence (AI), the platform acts as a loan marketplace. It uses its proprietary model, which factors in over 1,000 data points (and not just the traditional FICO score), to determine whether to approve various types of consumer loans. Upstart partners with lending institutions nationwide, deriving most of its revenue from fees for the loans it services. So the more loan volume Upstart processes, the more money it makes.In the current environment, however, the typical process by which Upstart operates its business has faced interruptions. For one, fewer people are applying for loans right now, particularly with interest rates being so high. And because interest rates are so high, the cost that Upstart's institutional partners -- who, in the past, have bought the lion's share of all loans processed through the platform -- incur to fund these loans has led many to reduce or pause originations altogether. Upstart's model, which continues to learn and attune to the economic environment at hand, is also approving fewer loans.So with loan volume depressed and Upstart being forced to carry far more loans on its balance sheet than usual, revenue has dropped, the company is currently unprofitable, and it's had to aggressively scale back costs, including in the form of layoffs.While this is a tough moment for Upstart and its investors, I think it's far too soon to say all is lost. Case in point: Even though lending volume dropped 14% in 2022 compared to 2021, Upstart's contribution profit actually rose by almost the same amount (13%) from the prior year. Moreover, the underlying technology behind Upstart's platform -- which remains its greatest competitive advantage -- is continuing to prove its efficacy, with management noting that its model accuracy improved more in the seven months leading up to the end of 2022 than in the entire 30 months before that.Even now, with institutions scaling back loan originations, more lending partners are continuing to jump on the Upstart bandwagon, its cohort of bank and credit union partners skyrocketing 120% in the 12-month period alone. With a growing network of lending partners and Upstart's platform rapidly learning and calibrating to the current environment, this could lay the groundwork for a robust recovery in conditions where the risk of default and interest rates are lower.For risk-tolerant investors with cash to put to work right now, Upstart's current discounted price could present a timely opportunity to buy shares of a highly promising business in the early stages of growth while it's still beaten down.2. Intuitive SurgicalIntuitive Surgical has dominated the surgical robotics industry for over two decades now, ever since the approval of its flagship system, the da Vinci surgical suite. The system is used in a wide range of minimally invasive surgical procedures. The company also now sells another surgical system, called the Ion, used in lung biopsies.The adoption of surgical robotic systems within the medical community continues to increase, and it's estimated that this industry will surpass a valuation of nearly $20 billion by the year 2030. Meanwhile, as of 2021, Intuitive Surgical controlled about 80% of this global industry. Although the company is not without competition, no competitor has even come close to snagging this level of market share.Beyond the company's first-mover advantage in its industry, however, the way in which Intuitive Surgical's business is designed has enabled the company to grow revenue and profits in a wide range of business and economic environments. Beyond the initial sales of its surgical systems, the company makes recurring revenue from services such as medical provider training on how to use its products, customer support, and replacement tools and instruments that accompany its systems.Over the past 10 years, Intuitive Surgical has witnessed its revenue and earnings grow by respective clips of 175% and 97%. During that same time, the company improved its cash from operations by 70%.And investors who stayed with the stock that entire time have benefited from a total return of over 300%. Intuitive Surgical has dealt with a slowdown in procedure volume in recent quarters as COVID-19 resurgences in key markets resulted in surgery delays and cancellations. However, the company is still profitable, revenue is growing steadily, and its installed base of systems continues to grow.The company had 7,544 systems installed worldwide at the end of 2022, up 35% compared to the end of 2019. The healthcare stock has plenty of room left to run as procedure volumes normalize and adoption of its products continues to grow, both factors that could induce long-term investors to consider a position in this resilient healthcare business.","news_type":1,"symbols_score_info":{"ISRG":0.9,"UPST":0.9}},"isVote":1,"tweetType":1,"viewCount":3295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949039988,"gmtCreate":1678232365045,"gmtModify":1678232369125,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949039988","repostId":"2317469774","repostType":4,"repost":{"id":"2317469774","kind":"highlight","pubTimestamp":1678231248,"share":"https://ttm.financial/m/news/2317469774?lang=en_US&edition=fundamental","pubTime":"2023-03-08 07:20","market":"us","language":"en","title":"Silvergate Is in Talks With FDIC Officials on Ways to Salvage Bank","url":"https://stock-news.laohu8.com/highlight/detail?id=2317469774","media":"Bloomberg","summary":"Examiners have been on the ground since last week, people saidA decision on Silvergate’s future hasn","content":"<div>\n<p>Examiners have been on the ground since last week, people saidA decision on Silvergate’s future hasn’t yet been madeSilvergate Bank headquarters in La Jolla, California. Photographer: Ariana Drehsler/...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-07/silvergate-in-talks-with-fdic-officials-on-ways-to-salvage-bank?srnd=markets-vp\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","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>Silvergate Is in Talks With FDIC Officials on Ways to Salvage Bank</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSilvergate Is in Talks With FDIC Officials on Ways to Salvage Bank\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-08 07:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-07/silvergate-in-talks-with-fdic-officials-on-ways-to-salvage-bank?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Examiners have been on the ground since last week, people saidA decision on Silvergate’s future hasn’t yet been madeSilvergate Bank headquarters in La Jolla, California. Photographer: Ariana Drehsler/...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-07/silvergate-in-talks-with-fdic-officials-on-ways-to-salvage-bank?srnd=markets-vp\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4211":"区域性银行","SI":"Shoulder Innovations, Inc."},"source_url":"https://www.bloomberg.com/news/articles/2023-03-07/silvergate-in-talks-with-fdic-officials-on-ways-to-salvage-bank?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317469774","content_text":"Examiners have been on the ground since last week, people saidA decision on Silvergate’s future hasn’t yet been madeSilvergate Bank headquarters in La Jolla, California. Photographer: Ariana Drehsler/BloombergUS regulators have been sent to the headquarters of Silvergate Capital Corp., as the troubled crypto-friendly bank looks for a way to stay in business.Federal Deposit Insurance Corp. officials have been discussing with management ways to avoid a shutdown, according to people familiar with the matter. One possible option involves lining up crypto-industry investors to help Silvergate shore up its liquidity, said one of the people. FDIC examiners arrived at the firm’s La Jolla, California, offices last week, the people said.The lender hasn’t made a decision on how to deal with its deepening financial turmoil, said the people, who asked not to be named discussing internal deliberations. FDIC examiners were authorized to go to the bank’s offices by the Federal Reserve, which is the lender’s main federal overseer, said one of the people.A representative for Silvergate didn’t respond to phone and e-mailed messages seeking comment. The FDIC said it doesn’t comment on “open and operating institutions.” The Fed declined to comment.The FDIC’s involvement is the latest sign of the urgency of Silvergate’s woes. Last week, the firm said mounting losses may force it to evaluate its viability. Because deposits from the lender’s clients are insured by the government, the regulator could play a major role in any potential solution.The involvement of the Fed and FDIC doesn’t mean that the bank won’t ultimately be able to navigate its troubles without regulators, another person said.As of Dec. 31, Silvergate’s deposits totaled $6.3 billion, according to filings by the firm. That’s less than half of the $13.2 billion it reported at the end of September.The FDIC examiners are reviewing the firm’s books and records, according to one of the people.Silvergate headquarters in La Jolla, California. Photographer: Ariana Drehsler/BloombergSilvergate was hit hard by crypto exchange FTX’s implosion, revealing in January that a surge in withdrawals by clients forced it to sell billions of dollars worth of assets and take steps to stabilize its balance sheet. The bank reported a $1 billion loss last quarter and last week announced that it was discontinuing its flagship crypto payments network after clients distanced themselves from the bank amid increasing uncertainty.Meanwhile, US prosecutors in the Justice Department’s fraud unit have been looking into Silvergate’s dealings with FTX and trading firm Alameda Research. The bank hasn’t been accused of any wrongdoing, and the investigation could end without charges being filed.Although no decision about Silvergate’s fate has been made, when a bank is on the financial brink, regulators can opt to put it into receivership — effectively taking over the lender.From there, the FDIC can come in and find ways to remedy the situation. In that scenario, the agency tends to favor merging the troubled institution into a healthy lender, but in the absence of a buyer, the agency could instead choose to pay off depositors, who are insured for as much as $250,000 per depositor, per insured bank, for each account ownership category.Regulator EffortsThe discussions around Silvergate’s future have hastened efforts by American bank regulators to get their hands around the digital-asset industry.On Tuesday, Fed Chairman Jerome Powell was asked about watchdogs’ efforts to oversee crypto. He didn’t mention Silvergate, or any specific firm in response.“Like everyone else, we’re watching what’s been happening in the crypto space, and what we see is quite a lot of turmoil,” he told lawmakers on the Senate Banking Committee. “What we’ve been doing is making sure that the regulated financial institutions that we supervise and regulate are careful, are taking great care in the ways that they engage with the whole crypto space and that they give us prior notice.”","news_type":1,"symbols_score_info":{"SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940454934,"gmtCreate":1678139964228,"gmtModify":1678139968270,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940454934","repostId":"2316113551","repostType":4,"repost":{"id":"2316113551","kind":"highlight","pubTimestamp":1678116820,"share":"https://ttm.financial/m/news/2316113551?lang=en_US&edition=fundamental","pubTime":"2023-03-06 23:33","market":"us","language":"en","title":"Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=2316113551","media":"Motley Fool","summary":"These large-cap stocks should grow much larger.","content":"<div>\n<p>There's an old joke about a person being asked, \"How many people work in your office?\" The person responds, \"About half of them.\"This punchline comes to mind when I look at the S&P 500. Many of the ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/04/prediction-these-3-sp-500-stocks-will-double/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-06 23:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/04/prediction-these-3-sp-500-stocks-will-double/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There's an old joke about a person being asked, \"How many people work in your office?\" The person responds, \"About half of them.\"This punchline comes to mind when I look at the S&P 500. Many of the ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/04/prediction-these-3-sp-500-stocks-will-double/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","DLR":"数字房地产信托公司","VRTX":"福泰制药"},"source_url":"https://www.fool.com/investing/2023/03/04/prediction-these-3-sp-500-stocks-will-double/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316113551","content_text":"There's an old joke about a person being asked, \"How many people work in your office?\" The person responds, \"About half of them.\"This punchline comes to mind when I look at the S&P 500. Many of the stocks in the index don't perform all that well over time. But as the more-successful stocks outperform, they earn an increased weighting in the S&P 500 because of their larger market caps.Which stocks in the S&P 500 will work the most for investors throughout this decade? It's impossible to know for sure. However, I'll make a prediction: The following three S&P 500 stocks will at least double in seven years.1. AmazonThe larger a company grows, the harder it can be to deliver the same rate of expansion. But that doesn't mean really big companies can't grow significantly. I think Amazon has proved this point in the past and will continue to do so.When asked about Amazon, the first thoughts of many individuals would probably be about the company's online shopping platform or its Prime Video streaming service. My view is that both could be solid growth drivers over the coming years. But they won't be the most important factors in enabling the stock to double.Instead, that honor belongs to Amazon Web Services (AWS). As much as 95% of worldwide IT spending goes toward on-premises hosting rather than in the cloud. CEO Andy Jassy expects \"the equation is going to shift and flip\" over the next 10 to 15 years with a lot more spending on cloud hosting versus on-premises hosting. If he's right (and I think he is), Amazon is a no-brainer stock to buy right now.AWS already ranks as the biggest cloud-hosting provider. It's also Amazon's most profitable segment. The company's profits should explode by the end of the decade with the transition to the cloud. My confidence level is pretty high that Amazon's share price will at least double within seven years or less.2. Digital Realty TrustDigital Realty Trust isn't the household name that Amazon is. However, the company should benefit from the same trend that Amazon will.Digital Realty Trust owns more than 300 data centers. The transition to the cloud should be a key growth driver for the company.A quick glance at Digital Realty Trust's top customers reveals a Who's Who in the technology world. A long list of major cloud providers, software specialists, social media companies, and telecommunications giants use Digital Realty Trust's data centers.If you only look at Digital Realty's stock performance over the last 10 years, you might doubt that it could double by 2030. But it's important to consider total returns rather than share-price appreciation alone.Digital Realty Trust is a real estate investment trust (REIT) and must return at least 90% of its income to shareholders to avoid paying federal taxes. Its dividend yield tops 4.8%. With that high yield, the stock won't have to deliver huge gains for Digital Realty Trust to generate total returns of 100% or more over the next seven years.3. Vertex PharmaceuticalsI think that Vertex Pharmaceuticals is another S&P 500 stock with a clear path to doubling or more by 2030. The company already enjoys a monopoly in treating the underlying cause of cystic fibrosis (CF).Vertex could increase its market by roughly 50% by securing additional approvals and reimbursement deals for its existing CF drugs and by achieving success with its experimental messenger RNA CF therapy VX-522.But Vertex has even greater growth opportunities beyond CF. It hopes to win regulatory approvals for exa-cel, a gene-editing therapy developed with CRISPR Therapeutics, as soon as later this year. Exa-cel could generate peak annual sales of at least $2 billion in treating sickle cell disease and transfusion-dependent beta-thalassemia.Non-opioid pain drug VX-548 could also make it to market within the next couple of years. Vertex believes that this therapy has multibillion-dollar potential.The big biotech is also making good progress in its clinical testing of inaxaplin in treating APOL1-mediated kidney disease (AMKD). There are more patients with AMKD than there are CF patients.Vertex could have other major catalysts over the next few years as well, notably from progress with its clinical programs that could hold a cure for type 1 diabetes.Biotech stocks face the risk that their pipeline programs could flop in clinical studies or fail to win regulatory approvals. But my view is that Vertex has enough arrows in its quiver that it will be able to double investors' money within the next seven years.","news_type":1,"symbols_score_info":{"AMZN":0.9,"VRTX":0.9,"DLR":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940562963,"gmtCreate":1678054446752,"gmtModify":1678054450390,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940562963","repostId":"2316492950","repostType":4,"repost":{"id":"2316492950","kind":"highlight","pubTimestamp":1677987004,"share":"https://ttm.financial/m/news/2316492950?lang=en_US&edition=fundamental","pubTime":"2023-03-05 11:30","market":"us","language":"en","title":"Want $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2316492950","media":"Motley Fool","summary":"Don't let a potential bear market keep you on the sidelines.","content":"<div>\n<p>Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>Want $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWant $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-05 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","TDOC":"Teladoc Health Inc."},"source_url":"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316492950","content_text":"Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you diversify your basket of stocks to work toward this achievement, it's important to select quality businesses across a wide variety of sectors with multiple catalysts to sustain continued returns over a period of years.For example, if you were to invest $200,000 in the stock market right now, promising companies with innovative, industry-leading businesses ripe for future growth could foreseeably compound that investment by 5 times or more in the next decade. With that said, here are two such stocks that could help you build out your retirement plan.1. UpstartUpstart is dealing with extremely choppy market waters right now; however, looking beyond these events to the company's long-term prospects, an altogether brighter picture forms. To understand why, one has to take a deeper look into the inner workings of Upstart and its business, which is driven by artificial intelligence and machine learning. The company operates a lending marketplace that revolves around its innovative technology platform, which leverages more than 1,600 data points to assess the creditworthiness of any given consumer. In other words, it doesn't just the FICO score but atypical factors like education and income to help determine this.By using a far broader range of factors to determine whether an applicant ought to be approved for a loan, as well as the platform's predictive capabilities that calibrate to the economic environment to assess the likelihood of that applicant to default, Upstart has not only been able to democratize the long-stale lending arena but also lower risk for institutional partners with more inclusive and real-time data.Moreover, because Upstart's platform is constantly learning, this not only enables it to adjust to the most current economic conditions, but this also means that more of the company's loan applications are being handled on a fully automated basis.In Upstart's full-year 2022 earnings report, management said that 82% of all loan applications on the platform were fully automated -- the highest level of automation its model has reached in the history of the company. Moreover, 88% of all small-dollar loans are now automated. On top of that, as of the end of 2022, Upstart's model had learned more in the prior seven months than it had in the entire 30 months before that.During 2022, Upstart's number of bank and credit union partners soared 120% from 2021, and its network of auto dealers jumped more than 90% year over year. Bear in mind, the auto lending market alone represents a near $800 billion opportunity, and as of the end of 2022, the company had the second-fastest-growing auto retail software in the country.As Upstart's platform is constantly learning, a challenging economic environment is inevitably going to mean that it approves fewer loans than it would in a situation where the risk of default is lower, but this would also indicate the exact opposite would happen in a more buoyant economic landscape. At the same time, the combination of institutional partners funding far fewer loans right now and a drop in consumers applying for loans has contributed to the declines in Upstart's top and bottom lines recently. While investors will need to continue watching these factors closely in the quarters ahead, it's important to differentiate broader economic headwinds from headwinds tied directly to Upstart's business.The fact that the company is expanding market share, boosting platform automation, and rapidly growing its partner network even in a decidedly bleak lending environment is notable, and could prime the business for a relatively rapid upward trajectory once the economic environment improves and interest rates come down. Even a conservative position in this top growth stock could yield tremendous results over the next five to 10 years when paired with a wide selection of investments in a buy-and-hold investment portfolio. That potential may be too intriguing for some investors to overlook while the stock's currently trading down.2. TeladocTeladoc investors -- and I am one of them -- have faced more than their fair share of volatile market days over the past year. While shares of this healthcare stock are still down 64% from 12 months ago, they've risen roughly 15% since the start of 2023. The market has been far less kind toward unprofitable, growth-oriented businesses in the current economic environment, and Teladoc currently fits squarely into both categories.The full 2022 year saw Teladoc achieve some notable goals, while falling short on other fronts. Revenue totaled $2.4 billion for the 12-month period, an 18% increase from 2021. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was down year over year, but still hit $247 million. Teladoc also continues to see rapid adoption across a wide range of its healthcare services, with its teletherapy arm BetterHelp alone posting revenue growth of 29% year over year in the final quarter of 2022.Teladoc reported a third impairment charge in Q4 of 2022 after having significantly shaved its net losses in the prior quarter. Specifically, it ended the 12-month period with a net loss of $13.7 billion, almost entirely due to impairment charges related to writing down the value of its 2020 Livongo acquisition. Here's the thing, though: While this loss is unpleasant to look at as an investor, these were non-cash impairment charges. In other words, paper-only net losses, which are not the same as actual operational losses.Even though Teladoc overpaid for that acquisition, its contribution to its overall mission of disrupting the still underserved chronic care solutions market remains a notable green flag for the long-term future of the integration of these two businesses. CEO Jason Gorevic noted the following about its chronic care segment and broader platform expansion on the company's 2022 earnings call:Access to our platform is available to over 80 million individuals in the U.S. today, primarily through our relationships with employers and health plans. Over 50% of that population has access to more than one of our products. And when I look at our suite of chronic care solutions, 30% of enrollees are now utilizing more than one chronic care product. Our BetterHelp offering provided over 1 million individuals with access to mental healthcare over the past year, many of whom are unlikely to have received any care at all, if not for our services.Our platform enabled over 22 million visits across specialties last year and over 0.5 billion digital health interactions with an unmatched consumer experience and a net promoter score over 60. That breadth and scale is unrivaled in the industry and gives us a strong foundation on which to expand.Teladoc remains the premier telehealth platform in the U.S., and the increasing diversity and adoption of its offerings bode well for its ability to continue expanding its market share in the years ahead. Management has been clear that moving back to profitability is a key goal for the future. The investments Teladoc is making now could yield robust returns for the company and its shareholders in the years ahead. As such, given Teladoc's long trajectory for growth, forward-thinking investors may find any dips in the stock to be too good to pass up.","news_type":1,"symbols_score_info":{"TDOC":0.9,"UPST":0.9}},"isVote":1,"tweetType":1,"viewCount":1069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940268124,"gmtCreate":1677973776468,"gmtModify":1677973779871,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940268124","repostId":"2316492950","repostType":4,"repost":{"id":"2316492950","kind":"highlight","pubTimestamp":1677987004,"share":"https://ttm.financial/m/news/2316492950?lang=en_US&edition=fundamental","pubTime":"2023-03-05 11:30","market":"us","language":"en","title":"Want $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2316492950","media":"Motley Fool","summary":"Don't let a potential bear market keep you on the sidelines.","content":"<div>\n<p>Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>Want $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWant $1 Million in Retirement? Buy These 2 Stocks in 2023 and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-05 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","TDOC":"Teladoc Health Inc."},"source_url":"https://www.fool.com/investing/2023/03/03/want-1-million-in-retirement-buy-these-2-stocks-in/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316492950","content_text":"Building a $1 million retirement nest egg is the dream of many investors. With the appropriate strategy, allocation, and investing time horizon, this isn't an impossible goal by any means. As you diversify your basket of stocks to work toward this achievement, it's important to select quality businesses across a wide variety of sectors with multiple catalysts to sustain continued returns over a period of years.For example, if you were to invest $200,000 in the stock market right now, promising companies with innovative, industry-leading businesses ripe for future growth could foreseeably compound that investment by 5 times or more in the next decade. With that said, here are two such stocks that could help you build out your retirement plan.1. UpstartUpstart is dealing with extremely choppy market waters right now; however, looking beyond these events to the company's long-term prospects, an altogether brighter picture forms. To understand why, one has to take a deeper look into the inner workings of Upstart and its business, which is driven by artificial intelligence and machine learning. The company operates a lending marketplace that revolves around its innovative technology platform, which leverages more than 1,600 data points to assess the creditworthiness of any given consumer. In other words, it doesn't just the FICO score but atypical factors like education and income to help determine this.By using a far broader range of factors to determine whether an applicant ought to be approved for a loan, as well as the platform's predictive capabilities that calibrate to the economic environment to assess the likelihood of that applicant to default, Upstart has not only been able to democratize the long-stale lending arena but also lower risk for institutional partners with more inclusive and real-time data.Moreover, because Upstart's platform is constantly learning, this not only enables it to adjust to the most current economic conditions, but this also means that more of the company's loan applications are being handled on a fully automated basis.In Upstart's full-year 2022 earnings report, management said that 82% of all loan applications on the platform were fully automated -- the highest level of automation its model has reached in the history of the company. Moreover, 88% of all small-dollar loans are now automated. On top of that, as of the end of 2022, Upstart's model had learned more in the prior seven months than it had in the entire 30 months before that.During 2022, Upstart's number of bank and credit union partners soared 120% from 2021, and its network of auto dealers jumped more than 90% year over year. Bear in mind, the auto lending market alone represents a near $800 billion opportunity, and as of the end of 2022, the company had the second-fastest-growing auto retail software in the country.As Upstart's platform is constantly learning, a challenging economic environment is inevitably going to mean that it approves fewer loans than it would in a situation where the risk of default is lower, but this would also indicate the exact opposite would happen in a more buoyant economic landscape. At the same time, the combination of institutional partners funding far fewer loans right now and a drop in consumers applying for loans has contributed to the declines in Upstart's top and bottom lines recently. While investors will need to continue watching these factors closely in the quarters ahead, it's important to differentiate broader economic headwinds from headwinds tied directly to Upstart's business.The fact that the company is expanding market share, boosting platform automation, and rapidly growing its partner network even in a decidedly bleak lending environment is notable, and could prime the business for a relatively rapid upward trajectory once the economic environment improves and interest rates come down. Even a conservative position in this top growth stock could yield tremendous results over the next five to 10 years when paired with a wide selection of investments in a buy-and-hold investment portfolio. That potential may be too intriguing for some investors to overlook while the stock's currently trading down.2. TeladocTeladoc investors -- and I am one of them -- have faced more than their fair share of volatile market days over the past year. While shares of this healthcare stock are still down 64% from 12 months ago, they've risen roughly 15% since the start of 2023. The market has been far less kind toward unprofitable, growth-oriented businesses in the current economic environment, and Teladoc currently fits squarely into both categories.The full 2022 year saw Teladoc achieve some notable goals, while falling short on other fronts. Revenue totaled $2.4 billion for the 12-month period, an 18% increase from 2021. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was down year over year, but still hit $247 million. Teladoc also continues to see rapid adoption across a wide range of its healthcare services, with its teletherapy arm BetterHelp alone posting revenue growth of 29% year over year in the final quarter of 2022.Teladoc reported a third impairment charge in Q4 of 2022 after having significantly shaved its net losses in the prior quarter. Specifically, it ended the 12-month period with a net loss of $13.7 billion, almost entirely due to impairment charges related to writing down the value of its 2020 Livongo acquisition. Here's the thing, though: While this loss is unpleasant to look at as an investor, these were non-cash impairment charges. In other words, paper-only net losses, which are not the same as actual operational losses.Even though Teladoc overpaid for that acquisition, its contribution to its overall mission of disrupting the still underserved chronic care solutions market remains a notable green flag for the long-term future of the integration of these two businesses. CEO Jason Gorevic noted the following about its chronic care segment and broader platform expansion on the company's 2022 earnings call:Access to our platform is available to over 80 million individuals in the U.S. today, primarily through our relationships with employers and health plans. Over 50% of that population has access to more than one of our products. And when I look at our suite of chronic care solutions, 30% of enrollees are now utilizing more than one chronic care product. Our BetterHelp offering provided over 1 million individuals with access to mental healthcare over the past year, many of whom are unlikely to have received any care at all, if not for our services.Our platform enabled over 22 million visits across specialties last year and over 0.5 billion digital health interactions with an unmatched consumer experience and a net promoter score over 60. That breadth and scale is unrivaled in the industry and gives us a strong foundation on which to expand.Teladoc remains the premier telehealth platform in the U.S., and the increasing diversity and adoption of its offerings bode well for its ability to continue expanding its market share in the years ahead. Management has been clear that moving back to profitability is a key goal for the future. The investments Teladoc is making now could yield robust returns for the company and its shareholders in the years ahead. As such, given Teladoc's long trajectory for growth, forward-thinking investors may find any dips in the stock to be too good to pass up.","news_type":1,"symbols_score_info":{"TDOC":0.9,"UPST":0.9}},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940666902,"gmtCreate":1677880063806,"gmtModify":1677880067288,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940666902","repostId":"2316569960","repostType":4,"repost":{"id":"2316569960","kind":"highlight","pubTimestamp":1677856116,"share":"https://ttm.financial/m/news/2316569960?lang=en_US&edition=fundamental","pubTime":"2023-03-03 23:08","market":"us","language":"en","title":"I Asked ChatGPT for 10 AI Stocks to Buy. Here’s What It Recommended","url":"https://stock-news.laohu8.com/highlight/detail?id=2316569960","media":"InvestorPlace","summary":"Artificial intelligence (AI) is sweeping the economy in 2023.It began with the launch of revolutiona","content":"<div>\n<p>Artificial intelligence (AI) is sweeping the economy in 2023.It began with the launch of revolutionary chatbot ChatGPT.Now this research tool is able to provide a detailed list of AI stocks.Since its ...</p>\n\n<a href=\"https://investorplace.com/2023/03/i-asked-chatgpt-for-10-ai-stocks-to-buy-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n","source":"investorplace","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>I Asked ChatGPT for 10 AI Stocks to Buy. Here’s What It Recommended</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nI Asked ChatGPT for 10 AI Stocks to Buy. Here’s What It Recommended\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-03 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/03/i-asked-chatgpt-for-10-ai-stocks-to-buy-heres-what-it-recommended/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Artificial intelligence (AI) is sweeping the economy in 2023.It began with the launch of revolutionary chatbot ChatGPT.Now this research tool is able to provide a detailed list of AI stocks.Since its ...</p>\n\n<a href=\"https://investorplace.com/2023/03/i-asked-chatgpt-for-10-ai-stocks-to-buy-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","BIDU":"百度","TSLA":"特斯拉","MSFT":"微软","IBM":"IBM","CRM":"赛富时","NVDA":"英伟达","INTC":"英特尔","BABA":"阿里巴巴","GOOG":"谷歌"},"source_url":"https://investorplace.com/2023/03/i-asked-chatgpt-for-10-ai-stocks-to-buy-heres-what-it-recommended/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316569960","content_text":"Artificial intelligence (AI) is sweeping the economy in 2023.It began with the launch of revolutionary chatbot ChatGPT.Now this research tool is able to provide a detailed list of AI stocks.Since its release in November 2022, ChatGPT has demonstrated impressive prowess as a tool for research and organization. While the bot makes it clear that it cannot provide financial advice, it can generate lists of companies in a specific sector that it sees making headlines.ChatGPT successfully provided me with a list of electric vehicle (EV) stocks to buy and generated a functional definition of non-fungible tokens (NFTs). This led to the question of how the chatbot would assess companies in its own space, the field of artificial intelligence (AI). I decided to test it by asking ChatGPT for a list of the best AI stocks to buy.AI is a broad field that spans many industries from tech to transportation. And while recent data has indicated that Americans in general may not be too interested in it, that doesn’t mean investors aren’t. Wall Street is highly bullish on some of the sector’s leading names, and there’s plenty of reason why. As InvestorPlace contributor Josh Enomoto reports:“From the economic angle, AI stocks present an extraordinarily compelling case. According to Grand View Research, the global AI market size reached a valuation of $136.55 billion in 2022. Experts there project that the sector will expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. At the end of the forecasted period, sector revenue should come in at $1.81 trillion.”With that in mind, I asked ChatGPT for its recommendations on the best AI stocks to buy in the market’s latest boom. After posing a few basic questions, it became clear that the chatbot has a better understanding of companies in the AI space, as should be expected. Here’s how it answered my AI stock questions.The Best AI Stocks to Buy, According to ChatGPTI began by asking ChatGPT a basic question: “What are the best artificial intelligence (AI) stocks to buy?” I expected it to respond with the same type of list I received after asking it for the best EV stocks. However, this time the chatbot provided a more detailed list and even an unprompted ranking:Alphabet (GOOG, GOOGL): Google’s parent company is heavily invested in AI technology and has been using it across many of its products and services.Nvidia: A technology company that specializes in graphics processing units (GPUs) used in gaming, data centers, and AI applications.Amazon: Amazon has been using AI and machine learning for many years to improve its customer experience and has also developed its own AI assistant, Alexa.IBM: IBM has a long history of investing in AI research and has developed its own AI system, Watson, which is used in industries such as healthcare and finance.Microsoft: Microsoft is another tech giant that has heavily invested in AI and machine learning, particularly in its Azure cloud computing platform.What separates this list apart from others is the unprompted reasoning for each stock selection that ChatGPT provided. It’s also worth noting that Warren Buffett is betting big on four out of the five AI stocks listed, although his top five list includes Apple, not IBM.As it turns out, though, the five listed by ChatGPT make up the first half of its list for the top 10 AI stocks to buy. The next five it lists are:6. Tesla7. Baidu8. Intel9. Alibaba10. SalesforceOther Noteworthy NamesThough ChatGPT didn’t provide the justification for these stocks, it likely would have if I had prompted it to. Wanting to see more, I asked the bot to name some other publicly traded companies doing important things in the AI space. However, the list that that prompt generated featured different stocks. Here is the stock group it listed upon request:Source: ChatGPTWhile there is some overlap, this list did not include any of the first five stocks that the bot originally named. However, the insights it provides are valuable. Companies like Qualcomm and Splunk don’t make as many headlines as their trendier AI peers. But that doesn’t mean they don’t warrant the same type of consideration. InvestorPlace has previously ranked both companies among the best AI stocks to buy, and it seems that ChatGPT has recognized their merit as well.It is important to note that the chatbot’s data is limited and often not up to date past 2021. That may compromise ChatGPT’s ability to identify the best stocks in any sector. But when it comes to its own field, the chatbot seems to have substantial information. Therefore, it is likely to generate better suggestions.","news_type":1,"symbols_score_info":{"AMZN":0.9,"IBM":0.9,"BIDU":0.9,"TSLA":0.9,"INTC":0.9,"NVDA":0.9,"BABA":0.9,"MSFT":0.9,"CRM":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":1183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940899793,"gmtCreate":1677795686612,"gmtModify":1677795690386,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940899793","repostId":"2316618792","repostType":4,"repost":{"id":"2316618792","kind":"highlight","pubTimestamp":1677771117,"share":"https://ttm.financial/m/news/2316618792?lang=en_US&edition=fundamental","pubTime":"2023-03-02 23:31","market":"us","language":"en","title":"2 Stocks Down 55% and 71% to Buy Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2316618792","media":"Motley Fool","summary":"The bear market has created some rock-solid bargains. Here are two you should take advantage of.","content":"<div>\n<p>The stock market got off to a solid start in 2023, with the S&P 500 up nearly 4% (after being up as much as 9% early last month).Even with the good start, many individual stocks are still deep in bear...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/01/stocks-down-to-buy-right-now-3m-carparts/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Stocks Down 55% and 71% to Buy Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Stocks Down 55% and 71% to Buy Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-02 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/01/stocks-down-to-buy-right-now-3m-carparts/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market got off to a solid start in 2023, with the S&P 500 up nearly 4% (after being up as much as 9% early last month).Even with the good start, many individual stocks are still deep in bear...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/01/stocks-down-to-buy-right-now-3m-carparts/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MMM":"3M","PRTS":"CarParts"},"source_url":"https://www.fool.com/investing/2023/03/01/stocks-down-to-buy-right-now-3m-carparts/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316618792","content_text":"The stock market got off to a solid start in 2023, with the S&P 500 up nearly 4% (after being up as much as 9% early last month).Even with the good start, many individual stocks are still deep in bear market territory, and the Federal Reserve continues to telegraph its intention to keep raising interest rates, which seems even likelier after strong January employment and retail sales reports and a hotter-than-expected personal consumption expenditures reading, which is the Fed's favorite inflation gauge.The good news is that the pressure from rising interest rates and the prospects of a recession are making a lot of quality stocks cheap. Two Motley Fool contributors were asked to explain why 3M and CarParts.com, which are trading down 55% and 71%, respectively, from recent highs, both look like buys right now.Beyond some short-term legal risks, there is good value in 3M stockParkev Tatevosian: Trading down 55% off its high in 2019, now might be an excellent time for investors to consider 3M stock. The 121-year-old company profitably manufactures a diverse assortment of products that give it a presence across multiple industries and in several countries. While the troubled economy has had some effect on the stock price, much of the reason for its current reasonable valuation lies in concerns about its fiscal exposure to multiple lawsuits it is facing.Over decades, 3M has established itself in categories critical to enterprises and consumers. That's put it in a position to consistently deliver revenue topping $30 billion annually. More impressively, 3M has improved efficiencies in its business to expand its earnings per share from $6.72 in 2013 to $10.18 in 2022. Of course, rising profits allowed management to return capital to shareholders. Over the past decade, 3M's annual dividend per share has increased from $2.54 to $5.96.MMM PE Ratio (Forward) data by YChartsFortunately for investors, 3M stock is trading at a relative discount. Measuring by its forward price-to-earnings ratio of 12.46, 3M stock is selling at a valuation investors don't often see. Admittedly, the outcome of the litigation is a justifiable reason for the stock's decreased valuation, but the market may be overreacting to the news. This provides an excellent opportunity for long-term investors to capitalize on the lower price to add this dividend stock to their portfolios.CarParts.com: An under-the-radar e-commerce disruptorJeremy Bowman (CarParts.com): CarParts.com's revenue soared during the early stages of the pandemic, as the company was at the crossroads of two powerful pandemic tailwinds: e-commerce and auto parts. Consumers looked to online retail as they avoided shopping in stores, and auto parts sales also jumped as consumers took advantage of the extra time on their hands to fix up their vehicles. As a result, CarParts.com, the online auto parts retailer formerly known as U.S. Auto Parts, saw revenue growth nearly double in the fourth quarter of 2020 before decelerating as demand and the pandemic disruption normalized.Even as pandemic concerns ease, CarParts.com continues to grow its top line by double-digit percentages, taking market share in the industry, and it's improving its margins on the bottom line as well. In its third-quarter earnings report, revenue rose 16% year over year to $164.8 million, and gross profit increased 19% to $56.1 million. Its adjusted EBITDA also nearly tripled to $6.3 million.CarParts.com grew its business by adding new warehouses around the country so it can serve most of its customers with two-day delivery. It's also innovating with a new Do-It-For-Me service where the company is partnering with mechanics around the country who will seamlessly service customers who bring in CarParts.com parts, allowing them to save money as CarParts.com private-labels most of its merchandise, allowing it to undercut competitors on price.Additionally, the company should benefit from the current economic environment, as high interest rates are making new cars more expensive, encouraging car owners to repair their current vehicles rather than replace them. The auto parts sector also tends to do well in recessionary climates.Finally, the stock trades at a price-to-sales ratio of 0.6 and just 13 times adjusted EBITDA, making it cheap for a stock with its growth potential.If the company can continue growing the top and bottom lines, CarParts.com should be a winner from here.","news_type":1,"symbols_score_info":{"MMM":0.9,"PRTS":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940321014,"gmtCreate":1677712230538,"gmtModify":1677712234626,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940321014","repostId":"1172978802","repostType":4,"repost":{"id":"1172978802","kind":"news","pubTimestamp":1677684590,"share":"https://ttm.financial/m/news/1172978802?lang=en_US&edition=fundamental","pubTime":"2023-03-01 23:29","market":"us","language":"en","title":"YouTube to Add AI-Powered Tools for Video Creators, New CEO Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1172978802","media":"Bloomberg","summary":"Google’s YouTube will incorporate new generative AI features into its video-sharing platform, as the","content":"<div>\n<p>Google’s YouTube will incorporate new generative AI features into its video-sharing platform, as the internet giant hastens to keep up with artificial intelligence rivals such as OpenAI Inc. and ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-01/google-s-youtube-to-add-ai-tools-for-video-creators-new-ceo-mohan-says\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","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>YouTube to Add AI-Powered Tools for Video Creators, New CEO Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYouTube to Add AI-Powered Tools for Video Creators, New CEO Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-01 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-01/google-s-youtube-to-add-ai-tools-for-video-creators-new-ceo-mohan-says><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Google’s YouTube will incorporate new generative AI features into its video-sharing platform, as the internet giant hastens to keep up with artificial intelligence rivals such as OpenAI Inc. and ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-01/google-s-youtube-to-add-ai-tools-for-video-creators-new-ceo-mohan-says\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-01/google-s-youtube-to-add-ai-tools-for-video-creators-new-ceo-mohan-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172978802","content_text":"Google’s YouTube will incorporate new generative AI features into its video-sharing platform, as the internet giant hastens to keep up with artificial intelligence rivals such as OpenAI Inc. and Microsoft Corp. — both of which have rolled out their own consumer-friendly products such as AI chatbots and image-creating services.“The power of AI is just beginning to emerge in ways that will reinvent video and make the seemingly impossible possible,” Neal Mohan wrote on Wednesday in his first missive to the YouTube community since taking over as chief executive officer of the video service last month. He explained that YouTube creators will soon be able to virtually swap outfits in videos or create “fantastical film settings” through AI’s generative capabilities “in the coming months.”Alphabet Inc.-owned Google is under increasing pressure to release generative AI products — services that can generate detailed text answers or create brand-new images based on information they’ve ingested from the internet and other digital sources. Though Google has long been seen as a pioneer in the field of artificial intelligence research, some critics have said the company has been too slow to roll out its own tools and services that are ready for public consumption. Meanwhile, rivals in recent months have released wildly popular products, including OpenAI’s ChatGPT and Microsoft Corp.’s new Bing chatbot, gaining mainstream favor in spite of concerns that the freewheeling conversations and scripts they generate can sometimes be inaccurate, belligerent or bizarre.Google announced its own ChatGPT competitor, called Bard, in early February, amid a digital-ad slowdown and speculation that AI-powered chatbots could upend the company’s flagship internet-search business. Last year, Google declared a “code red” shortly after ChatGPT’s release — a move akin to pulling a fire alarm internally, sending the company’s AI engineers scrambling for a response.YouTube’s Mohan, for his part, signaled that Google would retain some of its reflexive caution. In his note to the YouTube community, he underscored that the company would take the time to develop its generative AI features “with thoughtful guardrails” as well as “protections to embrace this technology responsibly.”","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":1103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940057074,"gmtCreate":1677625867999,"gmtModify":1677625871427,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940057074","repostId":"2314924625","repostType":4,"repost":{"id":"2314924625","kind":"highlight","pubTimestamp":1677598182,"share":"https://ttm.financial/m/news/2314924625?lang=en_US&edition=fundamental","pubTime":"2023-02-28 23:29","market":"us","language":"en","title":"I Asked ChatGPT for 10 EV Stocks to Buy. Here’s What It Recommended","url":"https://stock-news.laohu8.com/highlight/detail?id=2314924625","media":"InvestorPlace","summary":"ChatGPT provided a basic rundown of electric vehicle (EV) stocks to buy.It selected some of the indu","content":"<div>\n<p>ChatGPT provided a basic rundown of electric vehicle (EV) stocks to buy.It selected some of the industry’s most well-known names, including Tesla.However, the chatbot did not provide any advanced ...</p>\n\n<a href=\"https://investorplace.com/2023/02/i-asked-chatgpt-for-10-ev-stocks-to-buy-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n","source":"investorplace","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>I Asked ChatGPT for 10 EV Stocks to Buy. Here’s What It Recommended</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nI Asked ChatGPT for 10 EV Stocks to Buy. Here’s What It Recommended\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-28 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/02/i-asked-chatgpt-for-10-ev-stocks-to-buy-heres-what-it-recommended/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ChatGPT provided a basic rundown of electric vehicle (EV) stocks to buy.It selected some of the industry’s most well-known names, including Tesla.However, the chatbot did not provide any advanced ...</p>\n\n<a href=\"https://investorplace.com/2023/02/i-asked-chatgpt-for-10-ev-stocks-to-buy-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","BK4587":"ChatGPT概念","FSR":"菲斯克","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4574":"无人驾驶","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LCID":"Lucid Group Inc","F":"福特汽车","BK4511":"特斯拉概念","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","BK4551":"寇图资本持仓","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BYDDY":"比亚迪ADR","BK4122":"互联网与直销零售","BK4588":"碎股","NIO":"蔚来","BK4531":"中概回港概念","BK4566":"资本集团","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","TSLA":"特斯拉","BK4509":"腾讯概念","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU2063271972.USD":"富兰克林创新领域基金","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4559":"巴菲特持仓","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","XPEV":"小鹏汽车","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4567":"ESG概念","BK4526":"热门中概股","SG9999002232.USD":"Allianz Global High Payout USD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0238689110.USD":"贝莱德环球动力股票基金","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H"},"source_url":"https://investorplace.com/2023/02/i-asked-chatgpt-for-10-ev-stocks-to-buy-heres-what-it-recommended/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2314924625","content_text":"ChatGPT provided a basic rundown of electric vehicle (EV) stocks to buy.It selected some of the industry’s most well-known names, including Tesla.However, the chatbot did not provide any advanced insights into the sector.Source: shutterstock.com/Nixx PhotographyNearly three months after the launch of OpenAI’s ChatGPT, investors remain hyper-focused on artificial intelligence (AI). There’s plenty of reason to be. Major companies are working around the clock to perfect their own versions of the chatbot. Some are redoubling their own research and development initiatives, while others, such as Amazon, are rushing to acquire prominent AI startups.And while this new market frenzy has created a new class of winners among AI stocks, it has also led to questions about the type of financial advice ChatGPT can provide. NerdWallet reports that AI technology is not ready to replace financial advisors. But to take this further, InvestorPlace decided to ask the chatbot for its recommendations for the best EV stocks to buy.This isn’t the first time that we’ve tested the power of ChatGPT in financial matters. InvestorPlace Financial News Writer Brenden Rearick has successfully asked the chatbot for its recommendations for a list of cryptos to buy. While he later asked it for a list of cryptos to sell, he concluded that the program is still lacking, as it referenced crypto projects that are long dead.And while Markets Analyst Thomas Yeung has successfully managed to “trick” the bot into picking a more general list of stocks to buy, I wanted to see how it would respond to commands regarding a more specific industry. Given its high investor interest, the EV sector made sense. But it is important to note that the chatbot’s data is limited and often not up to date past 2021.The Best EV Stocks to Buy, According to ChatGPTI decided to keep my commands very general at first, posing the following question: What are the top 10 best EV stocks to buy? ChatGPT began with its classic disclaimer:“As an AI language model, I do not provide financial or investment advice. However, I can give you some information on electric vehicle (EV) stocks that you may find helpful.”From there, the bot declined to rank 10 EV stocks. However, it did provide a list of companies it claims have been making headlines recently:Tesla$Nio (NYSE:NIO)$General MotorsFordLi AutoVolkswagenBYD CompanyXpengFiskerLucidThese names all make sense. Tesla is the leader of the EV sector, and the other companies consistently receive media coverage. All have given investors reason to be watching them, as ChatGPT claims.When asked to provide further context on why it selected these 10 as the top EV stocks to buy, the bot cited Tesla’s head start in the EV race, Nio’s “innovative designs and strong growth potential,” and BYD’s dynamic reach across the industry. It also highlighted Xpeng’s plans for expansion and its investments in autonomous vehicles. Regarding Lucid, it cited the company’s backing from Saudi Arabia, as well as its plans to expand further in the U.S.The points made by ChatGPT are generally well-taken. However, the bot doesn’t account for some key things. While it notes that BYD has partnered with several prominent automakers, it doesn’t mention its recent deal with tech innovator Nvidia, which is especially relevant amid the current AI boom.ChatGPT also doesn’t mention Nio’s G9, an electric SUV that experts have hailed as a likely sales-driving catalyst. And it only names automakers, neglecting to mention companies that power the EV sector, such as infrastructure leader ChargePoint, which Fisker recently partnered with. CHPT certainly has the growth prospects to put on any list of the best EV stocks to buy.Using Everyman DANHowever, different prompts yielded slightly different results. Following Yeung’s example, I decided to create an “’Everyman DAN’ (as one of our editors has termed it), a simple stock picker attempting to please his demanding boss.” These are the five stocks ChatGPT suggested the fictitious high-growth investor James bring back to his boss:TeslaNioGeneral MotorsPlug PowerGlobal X Autonomous And Electric Vehicles ETFAgain, we see that ChatGPT is quick to name Tesla, Nio and General Motors as top EV stocks to buy. But it demonstrates discernment in identifying Plug Power, a clean energy innovator that doesn’t operate exclusively within the EV sector. As it notes:“James saw potential for hydrogen fuel cell technology to become a major player in the electric vehicle market, and he believed that Plug Power was well positioned to benefit from this trend.”On top of that, the DRIV ETF is a good pick for a list of EV stocks to buy, as it offers investors exposure to the sector without the risk that comes with betting on specific stocks. The most logical conclusion is that the prompts used to extract information from ChatGPT made a noticeable difference.ChatGPT states that its criteria for selecting stocks centers around company fundamentals, market potential, competitive landscape, innovation, leadership and valuation. These are the standard metrics that most investors use for assessing potential stock picks. Overall, it seems ChatGPT is capable of picking the EV stocks most likely to turn up during an internet search. What it hasn’t done is demonstrated an ability to dig deeper into the sector and find the best EV stocks to buy that may still be undervalued.","news_type":1,"symbols_score_info":{"XPEV":1,"LCID":0.9,"TSLA":1,"BYDDY":0.9,"F":0.9,"NIO":1,"FSR":0.9}},"isVote":1,"tweetType":1,"viewCount":1360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957736457,"gmtCreate":1677545496279,"gmtModify":1677545500048,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957736457","repostId":"2314592524","repostType":4,"isVote":1,"tweetType":1,"viewCount":1463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957549137,"gmtCreate":1677451985229,"gmtModify":1677451988463,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957549137","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=en_US&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","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>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957278466,"gmtCreate":1677342303456,"gmtModify":1677342307024,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":24,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9957278466","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=en_US&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","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>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9957278466,"gmtCreate":1677342303456,"gmtModify":1677342307024,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":24,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9957278466","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=en_US&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","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>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954333941,"gmtCreate":1675988465383,"gmtModify":1675988468928,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954333941","repostId":"1148777087","repostType":4,"repost":{"id":"1148777087","kind":"news","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1675985369,"share":"https://ttm.financial/m/news/1148777087?lang=en_US&edition=fundamental","pubTime":"2023-02-10 07:29","market":"us","language":"en","title":"Disney, Tesla, Applovin, Affirm, Sonos, and More: These Stocks Are Moving the Most Thursday","url":"https://stock-news.laohu8.com/highlight/detail?id=1148777087","media":"Dow Jones","summary":"Stocks turned lower Thursday, adding to losses from the previous session following hawkish comments ","content":"<html><head></head><body><p>Stocks turned lower Thursday, adding to losses from the previous session following hawkish comments from Federal Reserve officials.</p><p>These stocks were making moves Thursday:</p><p><b>Walt Disney (ticker: DIS)</b> dropped 1.3% after the entertainment giant said it planned to cut 7,000 jobs. The company’s restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts’ estimates.</p><p><b>Tesla (TSLA)</b> rose 3%. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting on March 1.</p><p><b>Applovin (APP)</b> reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market to remain “relatively stable” in the first quarter. The stock was soaring 27%.</p><p><b>Affirm Holdings (AFRM) </b>said it would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 17%.</p><p><b>Sonos (SONO)</b>, the smart speaker company, surged 16.6% after posting record revenue in its fiscal first quarter and beating analysts’ earnings expectations.</p><p><b>Globus Medical (GMED)</b>, a medical device company, said it would buy <b>NuVasive (NUVA)</b>, which makes technology for spine surgery, in an all-stock transaction with a value of $3.1 billion. Shares of Globus were fell 18%, while NuVasive rose 3%.</p><p><b>International Flavors &amp; Fragrances (IFF) </b>fell 19% after the company posted fourth-quarter earnings that slightly beat expectations and issued a full-year outlook below consensus.</p><p><b>GitLab (GTLB)</b> shares tumbled 14% after the software company announced it will slash about 7% of its staff.</p><p><b>Baxter International (BAX) </b>fell 12.2% after the medical supply company reported fourth-quarter earnings that missed expectations and fiscal-year guidance well below Wall Street expectations.</p><p><b>Mattel (MAT)</b> was down 11% after fourth-quarter profit and sales at the toy maker missed analysts’ estimates. The company also guided for flat sales in 2023.</p><p><b>MGM Resorts (MGM)</b> rose 6.4%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion. Fellow casino operator <b>Wynn Resorts (WYNN)</b> gained 4.7% after it also posted quarterly revenue that beat estimates.</p></body></html>","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>Disney, Tesla, Applovin, Affirm, Sonos, and More: These Stocks Are Moving the Most Thursday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney, Tesla, Applovin, Affirm, Sonos, and More: These Stocks Are Moving the Most Thursday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-10 07:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stocks turned lower Thursday, adding to losses from the previous session following hawkish comments from Federal Reserve officials.</p><p>These stocks were making moves Thursday:</p><p><b>Walt Disney (ticker: DIS)</b> dropped 1.3% after the entertainment giant said it planned to cut 7,000 jobs. The company’s restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts’ estimates.</p><p><b>Tesla (TSLA)</b> rose 3%. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting on March 1.</p><p><b>Applovin (APP)</b> reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market to remain “relatively stable” in the first quarter. The stock was soaring 27%.</p><p><b>Affirm Holdings (AFRM) </b>said it would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 17%.</p><p><b>Sonos (SONO)</b>, the smart speaker company, surged 16.6% after posting record revenue in its fiscal first quarter and beating analysts’ earnings expectations.</p><p><b>Globus Medical (GMED)</b>, a medical device company, said it would buy <b>NuVasive (NUVA)</b>, which makes technology for spine surgery, in an all-stock transaction with a value of $3.1 billion. Shares of Globus were fell 18%, while NuVasive rose 3%.</p><p><b>International Flavors &amp; Fragrances (IFF) </b>fell 19% after the company posted fourth-quarter earnings that slightly beat expectations and issued a full-year outlook below consensus.</p><p><b>GitLab (GTLB)</b> shares tumbled 14% after the software company announced it will slash about 7% of its staff.</p><p><b>Baxter International (BAX) </b>fell 12.2% after the medical supply company reported fourth-quarter earnings that missed expectations and fiscal-year guidance well below Wall Street expectations.</p><p><b>Mattel (MAT)</b> was down 11% after fourth-quarter profit and sales at the toy maker missed analysts’ estimates. The company also guided for flat sales in 2023.</p><p><b>MGM Resorts (MGM)</b> rose 6.4%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion. Fellow casino operator <b>Wynn Resorts (WYNN)</b> gained 4.7% after it also posted quarterly revenue that beat estimates.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAX":"百特国际","MAT":"美国美泰公司","SONO":"搜诺思公司","WYNN":"永利度假村","MGM":"美高梅","GTLB":"GitLab, Inc.","TSLA":"特斯拉","AFRM":"Affirm Holdings, Inc.","DIS":"迪士尼","IFF":"国际香料香精","GMED":"Globus Medical Inc","NUVA":"纽瓦索器材","APP":"AppLovin Corporation"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148777087","content_text":"Stocks turned lower Thursday, adding to losses from the previous session following hawkish comments from Federal Reserve officials.These stocks were making moves Thursday:Walt Disney (ticker: DIS) dropped 1.3% after the entertainment giant said it planned to cut 7,000 jobs. The company’s restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts’ estimates.Tesla (TSLA) rose 3%. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting on March 1.Applovin (APP) reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market to remain “relatively stable” in the first quarter. The stock was soaring 27%.Affirm Holdings (AFRM) said it would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 17%.Sonos (SONO), the smart speaker company, surged 16.6% after posting record revenue in its fiscal first quarter and beating analysts’ earnings expectations.Globus Medical (GMED), a medical device company, said it would buy NuVasive (NUVA), which makes technology for spine surgery, in an all-stock transaction with a value of $3.1 billion. Shares of Globus were fell 18%, while NuVasive rose 3%.International Flavors & Fragrances (IFF) fell 19% after the company posted fourth-quarter earnings that slightly beat expectations and issued a full-year outlook below consensus.GitLab (GTLB) shares tumbled 14% after the software company announced it will slash about 7% of its staff.Baxter International (BAX) fell 12.2% after the medical supply company reported fourth-quarter earnings that missed expectations and fiscal-year guidance well below Wall Street expectations.Mattel (MAT) was down 11% after fourth-quarter profit and sales at the toy maker missed analysts’ estimates. The company also guided for flat sales in 2023.MGM Resorts (MGM) rose 6.4%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion. Fellow casino operator Wynn Resorts (WYNN) gained 4.7% after it also posted quarterly revenue that beat estimates.","news_type":1,"symbols_score_info":{"APP":0.9,"BAX":0.9,"MGM":0.9,"MAT":0.9,"NUVA":0.9,"GMED":0.9,"IFF":0.9,"DIS":0.9,"SONO":0.9,"WYNN":0.9,"GTLB":0.9,"TSLA":0.9,"AFRM":0.9}},"isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952301615,"gmtCreate":1674430167338,"gmtModify":1676538939876,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9952301615","repostId":"2305977227","repostType":4,"repost":{"id":"2305977227","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1674428043,"share":"https://ttm.financial/m/news/2305977227?lang=en_US&edition=fundamental","pubTime":"2023-01-23 06:54","market":"us","language":"en","title":"Tesla, Microsoft, AT&T, Visa, Chevron and More Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2305977227","media":"Dow Jones","summary":"By Nicholas Jasinski \n\n\n     It will be a big week of fourth-quarter earnings, with about 90 S&P 500","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\nBy Nicholas Jasinski \n</pre>\n<p>\n     It will be a big week of fourth-quarter earnings, with about 90 S&amp;P 500 companies scheduled to report. There will be plenty of notable economic data releases for investors to watch out for as well. \n</p>\n<p>\n     Highlights will include results from Microsoft, Johnson &amp; Johnson, General Electric, Verizon Communications, and Lockheed Martin -- all on Tuesday. Wednesday will bring results from Tesla, AT&amp;T, Boeing, and <a href=\"https://laohu8.com/S/IBM\">IBM</a>. American Airlines Group, Comcast, Intel, Mastercard, Southwest Airlines, and <a href=\"https://laohu8.com/S/V\">Visa</a> report on Thursday, then American Express, Charter Communications, and Chevron will close the week on Friday. \n</p>\n<p>\n     On Monday, the Conference Board reports its Leading Economic Index for December, then S&amp;P Global releases both the Manufacturing and Services Purchasing Managers' Indexes for January on Tuesday. Both are expected to remain in contraction territory. \n</p>\n<p>\n     On Thursday, the Bureau of Economic Analysis will report fourth-quarter gross-domestic-product, which is expected to show a 2.5% annual rate of growth. Also on Thursday, the Census Bureau will release the durable goods report for December. \n</p>\n<p>\n     Finally, the Bureau of Economic Analysis will report personal income and outlays for December on Friday. Earnings are expected to show a 0.2% month-over-month rise, while spending is seen slipping 0.1%. The Federal Reserve's preferred inflation gauge will be part of the same report, and is forecast to be up 4.4% from a year earlier. \n</p>\n<p>\n     Monday 1/23 \n</p>\n<p>\n     Baker Hughes, Brown &amp; Brown, and <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a> report quarterly results. \n</p>\n<p>\n     The Conference Board releases its Leading Economic Index for December. Consensus estimate is for a 0.6% month-over-month decline, after a 1% drop in November. \n</p>\n<p>\n     Tuesday 1/24 \n</p>\n<p>\n     Microsoft reports second-quarter fiscal-2023 results. The software giant recently announced 10,000 layoffs as part of cost-cutting measures. Analysts expect only 3% year-over-year revenue growth for the quarter, the slowest since 2016. \n</p>\n<p>\n     <a href=\"https://laohu8.com/S/MMM\">3M</a>, Capital One Financial, Danaher, D.R. Horton, General Electric, Halliburton, Johnson &amp; Johnson, Lockheed Martin, Paccar, Raytheon Technologies, Texas Instruments, Union Pacific, and Verizon Communications release earnings. \n</p>\n<p>\n     S&amp;P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for January. Economists forecast a 46.5 reading for the Manufacturing PMI and a 47.5 reading for the Services PMI. This compares with 46.2 and 44.7, respectively, in December. \n</p>\n<p>\n     Wednesday 1/25 \n</p>\n<p>\n     Abbott Laboratories, Ameriprise Financial, ASML Holding, AT&amp;T, Automatic Data Processing, Boeing, Crown Castle, CSX, <a href=\"https://laohu8.com/S/ELV\">Elevance Health</a>, Freeport-McMoRan, General Dynamics, Hess, IBM, Kimberly-Clark, Lam Research, Las Vegas Sands, Nasdaq, NextEra Energy, Norfolk Southern, <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a>, TE Connectivity, Tesla, and <a href=\"https://laohu8.com/S/USBOV\">U.S. Bancorp</a> announce quarterly results. \n</p>\n<p>\n     Thursday 1/26 \n</p>\n<p>\n     American Airlines Group, Archer-Daniels-Midland, Blackstone, Comcast, Dow, Intel, KLA, Marsh &amp; McLennan, Mastercard, Northrop Grumman, Nucor, SAP, Sherwin-Williams, Southwest Airlines, Valero Energy, and Visa hold conference calls to discuss earnings. \n</p>\n<p>\n     The Bureau of Economic Analysis reports fourth-quarter gross-domestic-product growth. The economy is expected to have grown at a 2.5% annual rate, following a 3.2% increase for the third quarter. \n</p>\n<p>\n     The Census Bureau releases the durable goods report for December. The consensus call is for new orders for manufactured durable goods to increase 2.5%, to $277 billion. \n</p>\n<p>\n     Friday 1/27 \n</p>\n<p>\n     American Express, Charter Communications, Chevron, Colgate-Palmolive, HCA Healthcare, and Roper Technologies report quarterly results. \n</p>\n<p>\n     The BEA reports personal income and outlays for December. Personal income is expected to rise 0.2% month over month compared with a 0.4% gain in November, while spending is seen declining 0.1% after rising 0.1% previously. The Federal Reserve's favored inflation gauge, the core personal-consumption expenditures price index, is forecast to increase 4.4% year over year, three-tenths of a percentage point less than in November. \n</p>\n<p>\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 22, 2023 21:15 ET (02:15 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Tesla, Microsoft, AT&T, Visa, Chevron and More Stocks for Investors to Watch This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, Microsoft, AT&T, Visa, Chevron and More Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-01-23 06:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\nBy Nicholas Jasinski \n</pre>\n<p>\n     It will be a big week of fourth-quarter earnings, with about 90 S&amp;P 500 companies scheduled to report. There will be plenty of notable economic data releases for investors to watch out for as well. \n</p>\n<p>\n     Highlights will include results from Microsoft, Johnson &amp; Johnson, General Electric, Verizon Communications, and Lockheed Martin -- all on Tuesday. Wednesday will bring results from Tesla, AT&amp;T, Boeing, and <a href=\"https://laohu8.com/S/IBM\">IBM</a>. American Airlines Group, Comcast, Intel, Mastercard, Southwest Airlines, and <a href=\"https://laohu8.com/S/V\">Visa</a> report on Thursday, then American Express, Charter Communications, and Chevron will close the week on Friday. \n</p>\n<p>\n     On Monday, the Conference Board reports its Leading Economic Index for December, then S&amp;P Global releases both the Manufacturing and Services Purchasing Managers' Indexes for January on Tuesday. Both are expected to remain in contraction territory. \n</p>\n<p>\n     On Thursday, the Bureau of Economic Analysis will report fourth-quarter gross-domestic-product, which is expected to show a 2.5% annual rate of growth. Also on Thursday, the Census Bureau will release the durable goods report for December. \n</p>\n<p>\n     Finally, the Bureau of Economic Analysis will report personal income and outlays for December on Friday. Earnings are expected to show a 0.2% month-over-month rise, while spending is seen slipping 0.1%. The Federal Reserve's preferred inflation gauge will be part of the same report, and is forecast to be up 4.4% from a year earlier. \n</p>\n<p>\n     Monday 1/23 \n</p>\n<p>\n     Baker Hughes, Brown &amp; Brown, and <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a> report quarterly results. \n</p>\n<p>\n     The Conference Board releases its Leading Economic Index for December. Consensus estimate is for a 0.6% month-over-month decline, after a 1% drop in November. \n</p>\n<p>\n     Tuesday 1/24 \n</p>\n<p>\n     Microsoft reports second-quarter fiscal-2023 results. The software giant recently announced 10,000 layoffs as part of cost-cutting measures. Analysts expect only 3% year-over-year revenue growth for the quarter, the slowest since 2016. \n</p>\n<p>\n     <a href=\"https://laohu8.com/S/MMM\">3M</a>, Capital One Financial, Danaher, D.R. Horton, General Electric, Halliburton, Johnson &amp; Johnson, Lockheed Martin, Paccar, Raytheon Technologies, Texas Instruments, Union Pacific, and Verizon Communications release earnings. \n</p>\n<p>\n     S&amp;P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for January. Economists forecast a 46.5 reading for the Manufacturing PMI and a 47.5 reading for the Services PMI. This compares with 46.2 and 44.7, respectively, in December. \n</p>\n<p>\n     Wednesday 1/25 \n</p>\n<p>\n     Abbott Laboratories, Ameriprise Financial, ASML Holding, AT&amp;T, Automatic Data Processing, Boeing, Crown Castle, CSX, <a href=\"https://laohu8.com/S/ELV\">Elevance Health</a>, Freeport-McMoRan, General Dynamics, Hess, IBM, Kimberly-Clark, Lam Research, Las Vegas Sands, Nasdaq, NextEra Energy, Norfolk Southern, <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a>, TE Connectivity, Tesla, and <a href=\"https://laohu8.com/S/USBOV\">U.S. Bancorp</a> announce quarterly results. \n</p>\n<p>\n     Thursday 1/26 \n</p>\n<p>\n     American Airlines Group, Archer-Daniels-Midland, Blackstone, Comcast, Dow, Intel, KLA, Marsh &amp; McLennan, Mastercard, Northrop Grumman, Nucor, SAP, Sherwin-Williams, Southwest Airlines, Valero Energy, and Visa hold conference calls to discuss earnings. \n</p>\n<p>\n     The Bureau of Economic Analysis reports fourth-quarter gross-domestic-product growth. The economy is expected to have grown at a 2.5% annual rate, following a 3.2% increase for the third quarter. \n</p>\n<p>\n     The Census Bureau releases the durable goods report for December. The consensus call is for new orders for manufactured durable goods to increase 2.5%, to $277 billion. \n</p>\n<p>\n     Friday 1/27 \n</p>\n<p>\n     American Express, Charter Communications, Chevron, Colgate-Palmolive, HCA Healthcare, and Roper Technologies report quarterly results. \n</p>\n<p>\n     The BEA reports personal income and outlays for December. Personal income is expected to rise 0.2% month over month compared with a 0.4% gain in November, while spending is seen declining 0.1% after rising 0.1% previously. The Federal Reserve's favored inflation gauge, the core personal-consumption expenditures price index, is forecast to increase 4.4% year over year, three-tenths of a percentage point less than in November. \n</p>\n<p>\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 22, 2023 21:15 ET (02:15 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","BK4007":"制药","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC",".IXIC":"NASDAQ Composite","BK4201":"综合性石油与天然气企业","V":"Visa","TSLA":"特斯拉",".DJI":"道琼斯","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4097":"系统软件","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4527":"明星科技股","LU0149725797.USD":"汇丰美国股市经济规模基金","CVX":"雪佛龙","BK4511":"特斯拉概念","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4500":"航空公司","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","BK4534":"瑞士信贷持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999001424.SGD":"United E-Commerce Fund SGD",".SPX":"S&P 500 Index","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","MSFT":"微软","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4516":"特朗普概念","LU1046421795.USD":"富达环球科技A-ACC","BA":"波音","BK4515":"5G概念","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","BK4559":"巴菲特持仓","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0122376428.USD":"贝莱德世界能源基金A2","BK4579":"人工智能","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","T":"At&T"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2305977227","content_text":"By Nicholas Jasinski \n\n\n     It will be a big week of fourth-quarter earnings, with about 90 S&P 500 companies scheduled to report. There will be plenty of notable economic data releases for investors to watch out for as well. \n\n\n     Highlights will include results from Microsoft, Johnson & Johnson, General Electric, Verizon Communications, and Lockheed Martin -- all on Tuesday. Wednesday will bring results from Tesla, AT&T, Boeing, and IBM. American Airlines Group, Comcast, Intel, Mastercard, Southwest Airlines, and Visa report on Thursday, then American Express, Charter Communications, and Chevron will close the week on Friday. \n\n\n     On Monday, the Conference Board reports its Leading Economic Index for December, then S&P Global releases both the Manufacturing and Services Purchasing Managers' Indexes for January on Tuesday. Both are expected to remain in contraction territory. \n\n\n     On Thursday, the Bureau of Economic Analysis will report fourth-quarter gross-domestic-product, which is expected to show a 2.5% annual rate of growth. Also on Thursday, the Census Bureau will release the durable goods report for December. \n\n\n     Finally, the Bureau of Economic Analysis will report personal income and outlays for December on Friday. Earnings are expected to show a 0.2% month-over-month rise, while spending is seen slipping 0.1%. The Federal Reserve's preferred inflation gauge will be part of the same report, and is forecast to be up 4.4% from a year earlier. \n\n\n     Monday 1/23 \n\n\n     Baker Hughes, Brown & Brown, and Synchrony Financial report quarterly results. \n\n\n     The Conference Board releases its Leading Economic Index for December. Consensus estimate is for a 0.6% month-over-month decline, after a 1% drop in November. \n\n\n     Tuesday 1/24 \n\n\n     Microsoft reports second-quarter fiscal-2023 results. The software giant recently announced 10,000 layoffs as part of cost-cutting measures. Analysts expect only 3% year-over-year revenue growth for the quarter, the slowest since 2016. \n\n\n3M, Capital One Financial, Danaher, D.R. Horton, General Electric, Halliburton, Johnson & Johnson, Lockheed Martin, Paccar, Raytheon Technologies, Texas Instruments, Union Pacific, and Verizon Communications release earnings. \n\n\n     S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for January. Economists forecast a 46.5 reading for the Manufacturing PMI and a 47.5 reading for the Services PMI. This compares with 46.2 and 44.7, respectively, in December. \n\n\n     Wednesday 1/25 \n\n\n     Abbott Laboratories, Ameriprise Financial, ASML Holding, AT&T, Automatic Data Processing, Boeing, Crown Castle, CSX, Elevance Health, Freeport-McMoRan, General Dynamics, Hess, IBM, Kimberly-Clark, Lam Research, Las Vegas Sands, Nasdaq, NextEra Energy, Norfolk Southern, ServiceNow, TE Connectivity, Tesla, and U.S. Bancorp announce quarterly results. \n\n\n     Thursday 1/26 \n\n\n     American Airlines Group, Archer-Daniels-Midland, Blackstone, Comcast, Dow, Intel, KLA, Marsh & McLennan, Mastercard, Northrop Grumman, Nucor, SAP, Sherwin-Williams, Southwest Airlines, Valero Energy, and Visa hold conference calls to discuss earnings. \n\n\n     The Bureau of Economic Analysis reports fourth-quarter gross-domestic-product growth. The economy is expected to have grown at a 2.5% annual rate, following a 3.2% increase for the third quarter. \n\n\n     The Census Bureau releases the durable goods report for December. The consensus call is for new orders for manufactured durable goods to increase 2.5%, to $277 billion. \n\n\n     Friday 1/27 \n\n\n     American Express, Charter Communications, Chevron, Colgate-Palmolive, HCA Healthcare, and Roper Technologies report quarterly results. \n\n\n     The BEA reports personal income and outlays for December. Personal income is expected to rise 0.2% month over month compared with a 0.4% gain in November, while spending is seen declining 0.1% after rising 0.1% previously. The Federal Reserve's favored inflation gauge, the core personal-consumption expenditures price index, is forecast to increase 4.4% year over year, three-tenths of a percentage point less than in November. \n\n\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 22, 2023 21:15 ET (02:15 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"CVX":0.9,"BA":0.9,"T":0.9,".SPX":0.9,"V":0.9,"TSLA":1,".DJI":0.9,"MSFT":1,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922059009,"gmtCreate":1671662018802,"gmtModify":1676538571037,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9922059009","repostId":"2293531190","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9980425394,"gmtCreate":1665799472718,"gmtModify":1676537666427,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/9980425394","repostId":"2275952060","repostType":4,"repost":{"id":"2275952060","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1665788512,"share":"https://ttm.financial/m/news/2275952060?lang=en_US&edition=fundamental","pubTime":"2022-10-15 07:01","market":"us","language":"en","title":"US STOCKS-Wall St Drops As Consumer Data Stokes Inflation Worry","url":"https://stock-news.laohu8.com/highlight/detail?id=2275952060","media":"Reuters","summary":"* JPM reports higher-than-expected Q3 profit* S&P 500, Nasdaq post weekly declines* U.S. consumer se","content":"<html><head></head><body><p>* JPM reports higher-than-expected Q3 profit</p><p>* S&amp;P 500, Nasdaq post weekly declines</p><p>* U.S. consumer sentiment edges up October; inflation ests. worsen</p><p>* Dow down 1.34%, S&amp;P 500 down 2.37%, Nasdaq down 3.08%</p><p>NEW YORK, Oct 14 (Reuters) - U.S. stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve&#39;s aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season.</p><p>In the last session of a volatile week, equities opened higher, then reversed course after data from the University of Michigan showed consumer sentiment improved in October but inflation expectations worsened as gasoline prices moved higher. Retail sales data also indicated resilience among consumers.</p><p>&#34;The main thrust for the market right now is higher interest rates, higher inflation and the Fed is going to continue to move its fed funds target higher,&#34; said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan.</p><p>&#34;The narrative that we’ve seen peak inflation is not evident yet and that’s depressing the market.&#34;</p><p>On Thursday, a reading on consumer prices (CPI) showed inflation remained stubbornly high.</p><p>Fed officials have been largely in sync when commenting on the need to raise rates and St. Louis Fed President James Bullard said in a Reuters interview the recent CPI data warrants a continued &#34;frontloading&#34; through larger three-quarter-percentage point steps, although that does not necessarily mean rates need to be raised above the central bank&#39;s most recent projections.</p><p>The Dow Jones Industrial Average fell 403.89 points, or 1.34%, to 29,634.83, the S&amp;P 500 lost 86.84 points, or 2.37%, to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08%, to 10,321.39.</p><p>Friday&#39;s decline marked the 37th time the S&amp;P 500 recorded a gain or loss of at least 2% compared with only seven such session in all of 2021. For the week, the Dow gained 1.15%, the S&amp;P 500 lost 1.56% and the Nasdaq fell 3.11%.</p><p>Corporate earnings season started to pick up steam and helped the bank index, which posted a narrow 0.03% gain after quarterly results from JPMorgan Chase &amp; Co, up 1.66%, Citigroup Inc, up 0.65%, and Wells Fargo &amp; Co, up 1.86%, boosted the shares of each.</p><p>&#34;The message I got from them is things are looking pretty good from an economic perspective despite the challenges but they increased loan-loss reserves just in anticipation that you are going to see some more slowing,&#34; said Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.</p><p>UnitedHealth gained 0.63% as one of only three Dow components to move higher on the day after the health insurer posted better-than-expected quarterly results while raising its annual forecast.</p><p>Analysts now expect third-quarter profits for S&amp;P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.</p><p>Kroger Co shares dropped 7.32% after the supermarket chain said it would buy smaller rival Albertsons Companies Inc in a $24.6 billion deal.</p><p>Tesla Inc slumped 7.55% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.</p><p>Volume on U.S. exchanges was 10.88 billion shares, compared with the 11.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.20-to-1 ratio; on Nasdaq, a 2.87-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 5 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 71 new highs and 235 new lows.</p></body></html>","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>US STOCKS-Wall St Drops As Consumer Data Stokes Inflation Worry</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St Drops As Consumer Data Stokes Inflation Worry\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-15 07:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* JPM reports higher-than-expected Q3 profit</p><p>* S&amp;P 500, Nasdaq post weekly declines</p><p>* U.S. consumer sentiment edges up October; inflation ests. worsen</p><p>* Dow down 1.34%, S&amp;P 500 down 2.37%, Nasdaq down 3.08%</p><p>NEW YORK, Oct 14 (Reuters) - U.S. stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve&#39;s aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season.</p><p>In the last session of a volatile week, equities opened higher, then reversed course after data from the University of Michigan showed consumer sentiment improved in October but inflation expectations worsened as gasoline prices moved higher. Retail sales data also indicated resilience among consumers.</p><p>&#34;The main thrust for the market right now is higher interest rates, higher inflation and the Fed is going to continue to move its fed funds target higher,&#34; said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan.</p><p>&#34;The narrative that we’ve seen peak inflation is not evident yet and that’s depressing the market.&#34;</p><p>On Thursday, a reading on consumer prices (CPI) showed inflation remained stubbornly high.</p><p>Fed officials have been largely in sync when commenting on the need to raise rates and St. Louis Fed President James Bullard said in a Reuters interview the recent CPI data warrants a continued &#34;frontloading&#34; through larger three-quarter-percentage point steps, although that does not necessarily mean rates need to be raised above the central bank&#39;s most recent projections.</p><p>The Dow Jones Industrial Average fell 403.89 points, or 1.34%, to 29,634.83, the S&amp;P 500 lost 86.84 points, or 2.37%, to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08%, to 10,321.39.</p><p>Friday&#39;s decline marked the 37th time the S&amp;P 500 recorded a gain or loss of at least 2% compared with only seven such session in all of 2021. For the week, the Dow gained 1.15%, the S&amp;P 500 lost 1.56% and the Nasdaq fell 3.11%.</p><p>Corporate earnings season started to pick up steam and helped the bank index, which posted a narrow 0.03% gain after quarterly results from JPMorgan Chase &amp; Co, up 1.66%, Citigroup Inc, up 0.65%, and Wells Fargo &amp; Co, up 1.86%, boosted the shares of each.</p><p>&#34;The message I got from them is things are looking pretty good from an economic perspective despite the challenges but they increased loan-loss reserves just in anticipation that you are going to see some more slowing,&#34; said Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.</p><p>UnitedHealth gained 0.63% as one of only three Dow components to move higher on the day after the health insurer posted better-than-expected quarterly results while raising its annual forecast.</p><p>Analysts now expect third-quarter profits for S&amp;P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.</p><p>Kroger Co shares dropped 7.32% after the supermarket chain said it would buy smaller rival Albertsons Companies Inc in a $24.6 billion deal.</p><p>Tesla Inc slumped 7.55% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.</p><p>Volume on U.S. exchanges was 10.88 billion shares, compared with the 11.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.20-to-1 ratio; on Nasdaq, a 2.87-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 5 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 71 new highs and 235 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","C":"花旗","UNH":"联合健康",".IXIC":"NASDAQ Composite","KR":"克罗格",".DJI":"道琼斯","WFC":"富国银行","TSLA":"特斯拉",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2275952060","content_text":"* JPM reports higher-than-expected Q3 profit* S&P 500, Nasdaq post weekly declines* U.S. consumer sentiment edges up October; inflation ests. worsen* Dow down 1.34%, S&P 500 down 2.37%, Nasdaq down 3.08%NEW YORK, Oct 14 (Reuters) - U.S. stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season.In the last session of a volatile week, equities opened higher, then reversed course after data from the University of Michigan showed consumer sentiment improved in October but inflation expectations worsened as gasoline prices moved higher. Retail sales data also indicated resilience among consumers.\"The main thrust for the market right now is higher interest rates, higher inflation and the Fed is going to continue to move its fed funds target higher,\" said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan.\"The narrative that we’ve seen peak inflation is not evident yet and that’s depressing the market.\"On Thursday, a reading on consumer prices (CPI) showed inflation remained stubbornly high.Fed officials have been largely in sync when commenting on the need to raise rates and St. Louis Fed President James Bullard said in a Reuters interview the recent CPI data warrants a continued \"frontloading\" through larger three-quarter-percentage point steps, although that does not necessarily mean rates need to be raised above the central bank's most recent projections.The Dow Jones Industrial Average fell 403.89 points, or 1.34%, to 29,634.83, the S&P 500 lost 86.84 points, or 2.37%, to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08%, to 10,321.39.Friday's decline marked the 37th time the S&P 500 recorded a gain or loss of at least 2% compared with only seven such session in all of 2021. For the week, the Dow gained 1.15%, the S&P 500 lost 1.56% and the Nasdaq fell 3.11%.Corporate earnings season started to pick up steam and helped the bank index, which posted a narrow 0.03% gain after quarterly results from JPMorgan Chase & Co, up 1.66%, Citigroup Inc, up 0.65%, and Wells Fargo & Co, up 1.86%, boosted the shares of each.\"The message I got from them is things are looking pretty good from an economic perspective despite the challenges but they increased loan-loss reserves just in anticipation that you are going to see some more slowing,\" said Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.UnitedHealth gained 0.63% as one of only three Dow components to move higher on the day after the health insurer posted better-than-expected quarterly results while raising its annual forecast.Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.Kroger Co shares dropped 7.32% after the supermarket chain said it would buy smaller rival Albertsons Companies Inc in a $24.6 billion deal.Tesla Inc slumped 7.55% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.Volume on U.S. exchanges was 10.88 billion shares, compared with the 11.48 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 4.20-to-1 ratio; on Nasdaq, a 2.87-to-1 ratio favored decliners.The S&P 500 posted 5 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 71 new highs and 235 new lows.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"KR":0.9,"UNH":0.9,".IXIC":0.9,"JPM":0.9,"WFC":0.9,"TSLA":0.9,"C":0.9}},"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962791256,"gmtCreate":1669845383675,"gmtModify":1676538253617,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9962791256","repostId":"1106229901","repostType":4,"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9089110119,"gmtCreate":1649972256282,"gmtModify":1676534617227,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089110119","repostId":"1189220790","repostType":4,"isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001767753,"gmtCreate":1641335240654,"gmtModify":1676533598267,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001767753","repostId":"2200406435","repostType":4,"repost":{"id":"2200406435","kind":"highlight","pubTimestamp":1641310325,"share":"https://ttm.financial/m/news/2200406435?lang=en_US&edition=fundamental","pubTime":"2022-01-04 23:32","market":"us","language":"en","title":"3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2200406435","media":"Motley Fool","summary":"Strong free cash flow and high growth rates are a winning combo.","content":"<div>\n<p>One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard \"value\"...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-04 23:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard \"value\"...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4525":"远程办公概念","BK4528":"SaaS概念","BK4023":"应用软件","PINS":"Pinterest, Inc.","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","DOCU":"Docusign","BK4554":"元宇宙及AR概念","ZM":"Zoom","FCF":"第一联邦金融","BK4508":"社交媒体","BK4077":"互动媒体与服务","BK4535":"淡马锡持仓","BK4505":"高瓴资本持仓","BK4211":"区域性银行","BK4534":"瑞士信贷持仓","BK4532":"文艺复兴科技持仓"},"source_url":"https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200406435","content_text":"One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard \"value\" and found companies that were incredibly cheap, but often seriously broken, that unfortunately deserved their discounted valuations.By simply accepting that most premium stocks trade at expensive-looking valuations, I entered the land of long-term investing and ultimately multibagger potential.Today we will study Zoom Video Communications (NASDAQ:ZM), Pinterest (NYSE:PINS), and DocuSign (NASDAQ:DOCU), three stocks that fit this expensive-looking mold, yet could be wildly undervalued when looking out over the next decade, thanks to their high revenue growth and strong free cash flow (FCF) generation.High growth at intriguing valuationsMarket CapLevered FCFP/FCF RatioRevenue Growth YOYZoom Video$55 billion$1.51 billion36100%Pinterest$24 billion$470 million5176%DocuSign$29 billion$753 million3951%Data source: Yahoo! Finance and CMLViz statistics. Note that Levered FCF and Revenue Growth are using trailing 12-month figures. YOY = year over year. FCF = free cash flow. P/FCF = price-to-FCF.While highly unscientific, one of my favorite ways to measure a stock's growth potential versus its current price is to compare year-over-year revenue growth with its price-to-FCF ratio. As shown in the table above, Zoom, Pinterest, and DocuSign all have a growth rate higher than their FCF multiples.Whenever a stock's growth rate is higher than its FCF multiple, it catches my attention, highlighting the beautiful combination of solid sales growth with reasonably priced cash generation. With that in mind, let's look at my three recommendations.1. Zoom Video CommunicationsFirst up today is the fastest growing and cheapest valuation of the trio, Zoom Video Communications. Because its share price has dropped nearly 50% over the last six months amid decelerating sales growth, Zoom looks attractively valued compared to the $1.5 billion in free cash flow it created over the previous 12 months.While its 100% revenue growth over the last 12 months will probably not repeat in 2022, its third-quarter growth of 35% year over year is more than enough to make its freshly discounted valuation appealing. Furthermore, with 14 consecutive quarters with a dollar-based net expansion (DBNE) rate above 130%, Zoom has demonstrated that its land-and-expand business model is firing on all cylinders.DBNE is a great way to measure increased product use by existing customers, despite not accounting for customer churn. For Zoom, this 130% rate is highly promising as it shows that it is getting its foot in the door with its famous Meetings product and upselling customers on newer products, such as Zoom Rooms and Zoom Phone. Should the company's DBNE continue at these levels, it will signal that its business model is still succeeding.Furthermore, with international sales only accounting for 33% of Zoom's total revenue, its global ambitions are still in their infancy. This international growth runway, paired with the company's strong FCF and recently discounted share price, makes Zoom a great core holding for the next decade.2. PinterestNext up, we have Pinterest with its inspiration-creating platform and newly developed FCF generation. Unfortunately, despite the promise of these positive cash flows, Pinterest's stock has dropped over 50% in the last six months, due to a rumored abandoned acquisition by PayPal and a decline in monthly active users (MAUs).But two key things are happening behind the scenes for Pinterest, making today's valuation very tempting.First, the company's fledgling shopping features are starting to take off, with product searches up over 100% for the third quarter, year over year. Better yet, members of the all-important Generation Z demographic (ages 9 to 24) increased their product searches on the shop tab by over 200% for the third quarter.Second, despite having four times the number of international MAUs than in the U.S., the international segment only accounts for 21% of Pinterest's overall revenue. This is due to the massive gap in average revenue per user (ARPU) between U.S. and international users, which is $5.55 and $0.38, respectively.This gap is essential for investors to watch as Pinterest launched its shopping features in seven key international markets during the third quarter: Italy, Spain, the Netherlands, Austria, Switzerland, Brazil, and Mexico. As these markets mature, along with Pinterest's shopping features in general, investors should see this ARPU gap between the U.S. and international narrow, bringing strong monetization to the company's global footprint.3. DocuSignFamous for its e-signature product, DocuSign is on a mission to prove that it is more than just a one-trick pony. Moving beyond its e-signature dominance, the company has its eyes set on a broader target market that it hopes to serve through its Agreement Cloud, which consists of four segments: prepare, sign, act, and manage.With its Agreement Cloud, DocuSign intends to parlay its leadership in e-signatures into becoming the leader in automated end-to-end agreement processes. While the company does not break out numbers for each segment of the Agreement Cloud, we can get a good idea of its ongoing success through DocuSign's 121% dollar-based net retention (DBNR) rate.DBNR shows the rate at which existing customers are expanding their use of the company's products. Since DBNR includes customer churn, a figure above 120% is exceptional. So DocuSign's track record of being above this mark for six consecutive quarters is very impressive. It highlights the potential that might be building within the company's broader Agreement Cloud ambitions. And that makes DocuSign's 30% share-price drop in the last month an appealing entry point for new investors.DocuSign already has a 17% FCF margin, which makes it look like another discounted, but strong, cash-generating stock to buy and hold for the next decade.","news_type":1,"symbols_score_info":{"FCF":1,"DOCU":1,"PINS":1,"ZM":1}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176558001,"gmtCreate":1626909389103,"gmtModify":1703480229274,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/176558001","repostId":"1160993283","repostType":4,"repost":{"id":"1160993283","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626881542,"share":"https://ttm.financial/m/news/1160993283?lang=en_US&edition=fundamental","pubTime":"2021-07-21 23:32","market":"us","language":"en","title":"Nio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit","url":"https://stock-news.laohu8.com/highlight/detail?id=1160993283","media":"Benzinga","summary":"Chinese startupNio, Inc.NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that $one$ of its senior talents has been poached by legacy automakerGeneral Motor CompanyGM 1.22%.The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer; Rachad Youssef, chief product officer; Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.Armenta, Youssef and Fullove will be ba","content":"<p>Chinese startup<b>Nio, Inc.</b>NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its senior talents has been poached by legacy automaker<b>General Motor Company</b>GM 1.22%.</p>\n<p><b>What Happened:</b>GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.</p>\n<p>The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer;&nbsp;Rachad Youssef,&nbsp;chief product officer;&nbsp;Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.</p>\n<p>Armenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.</p>\n<p>Youssef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has&nbsp;yet to be updated with the new position, shows&nbsp;he has been with Nio since June 2016 as <a href=\"https://laohu8.com/S/VP..UK\">VP</a>, software product management.</p>\n<p>Before his tenure at Nio, Youssef was employed at<b>Amazon, Inc.</b>AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.</p>\n<p><b>Why It's Important:</b>GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.</p>\n<p>BrightDrop is scheduled to launch the EV600 van this year, and it has signed<b>FedEx Corporation</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">Express</a> as its first customer.</p>\n<p>Nio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-21 23:32</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Chinese startup<b>Nio, Inc.</b>NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its senior talents has been poached by legacy automaker<b>General Motor Company</b>GM 1.22%.</p>\n<p><b>What Happened:</b>GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.</p>\n<p>The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer;&nbsp;Rachad Youssef,&nbsp;chief product officer;&nbsp;Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.</p>\n<p>Armenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.</p>\n<p>Youssef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has&nbsp;yet to be updated with the new position, shows&nbsp;he has been with Nio since June 2016 as <a href=\"https://laohu8.com/S/VP..UK\">VP</a>, software product management.</p>\n<p>Before his tenure at Nio, Youssef was employed at<b>Amazon, Inc.</b>AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.</p>\n<p><b>Why It's Important:</b>GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.</p>\n<p>BrightDrop is scheduled to launch the EV600 van this year, and it has signed<b>FedEx Corporation</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">Express</a> as its first customer.</p>\n<p>Nio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NGD":"New Gold","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160993283","content_text":"Chinese startupNio, Inc.NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that one of its senior talents has been poached by legacy automakerGeneral Motor CompanyGM 1.22%.\nWhat Happened:GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.\nThe new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer; Rachad Youssef, chief product officer; Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.\nArmenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.\nYoussef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has yet to be updated with the new position, shows he has been with Nio since June 2016 as VP, software product management.\nBefore his tenure at Nio, Youssef was employed atAmazon, Inc.AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.\nWhy It's Important:GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.\nBrightDrop is scheduled to launch the EV600 van this year, and it has signedFedEx CorporationFDX 0.03%Express as its first customer.\nNio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.","news_type":1,"symbols_score_info":{"NIO":0.9,"UNT":0.9,"NGD":0.9}},"isVote":1,"tweetType":1,"viewCount":543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949725923,"gmtCreate":1678916382962,"gmtModify":1678916386591,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586514899418238","idStr":"3586514899418238"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949725923","repostId":"1123603567","repostType":4,"repost":{"id":"1123603567","kind":"news","pubTimestamp":1678891090,"share":"https://ttm.financial/m/news/1123603567?lang=en_US&edition=fundamental","pubTime":"2023-03-15 22:38","market":"us","language":"en","title":"72 Hours in Washington: How the Frenzied SVB Rescue Took Shape","url":"https://stock-news.laohu8.com/highlight/detail?id=1123603567","media":"Bloomberg","summary":"Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer m","content":"<div>\n<p>Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer money should be used.It was approaching midnight in Washington and 9 p.m. in Santa Clara, California....</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","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>72 Hours in Washington: How the Frenzied SVB Rescue Took Shape</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n72 Hours in Washington: How the Frenzied SVB Rescue Took Shape\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-15 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer money should be used.It was approaching midnight in Washington and 9 p.m. in Santa Clara, California....</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WAL":"阿莱恩斯西部银行","PACW":"西太平洋合众银行","SBNY":"签字银行"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-15/svb-bailout-shaped-by-biden-administration-over-72-hours?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123603567","content_text":"Haunted by the fallout from the 2008 financial crisis, President Biden told aides that no taxpayer money should be used.It was approaching midnight in Washington and 9 p.m. in Santa Clara, California. The news was bad—and getting worse. Everyone from President Joe Biden on down was getting acrash courseonSilicon Valley Bank, the once-obscure tech lender that has now cast abig shadow over the financial markets.At the White House and the US Department of the Treasury next door, bleary-eyed officials were racing to prevent the trouble at SVB from exploding into a full-blown banking crisis. A block west at the Federal Deposit Insurance Corp., regulators were arguing about what to do. Over at the Gridiron Club dinner, Washington’s annual see-and-be-seen white-tie journalism roast, a marquee guest, Federal Reserve Chair Jerome Powell, was conspicuously absent.That Saturday, March 11, the fate of techdom’s preeminent bank—and with it, some feared, the future of the global economy—was being gamed out in Washington. Over the next 24 hours, almost everyone in the financial industry would be on tenterhooks as federal officials raced to complete a rescue before Asian markets opened Sunday night.Almost a week later, the implications of the SVB fiasco, thesecond-biggest bank failure in US history, are still coming into focus. Questions keep piling up. How could SVB, a favorite of venture capitalists and unicorn startups, succumb to arun in the smartphone age? Why hadn’t banking regulators seen this coming?Federal authorities want answers, too. The Department of Justice and the Securities and Exchange Commission haveopened investigationsinto the collapse. One potential focus:sales of SVB stockin the weeks before the failure by Greg Becker, chief executive officer of the bank’s parent company. Biden, meanwhile, has pledged a push totighten banking rules, which the Fed is already considering doing for midsize institutions like SVB.This much is sure: All these years later, Washington is still haunted by the Wall Street fiascoes that triggered the Great Recession. The colossal bank bailouts of that era saved the economy, but they also rankled ordinary Americans, gave birth to the Tea Party movement on the right and Occupy Wall Street on the left, and transformed US politics. Backlash to the bailouts died down, but the resentment never really went away. It may have ultimately helped Donald Trump win the White House in 2016, some political scientists havesaid.Which is probably why President Biden has been reluctant to even say the word “bailout.” He vowed on March 13 that “no losses will be borne by the taxpayers.” For the time being, Biden is right. This doesn’t look like aLehman momentthat could upend the whole economy. But itdoeslook likea Bear Stearns one—a smaller debacle pointing to more pain to come, in this case, because of the sharp rise in interest rates that triggered SVB’s problems and are still roiling the financial system.Federal authorities have taken the extraordinary step ofguaranteeing all deposits at SVBand opening a broaderemergency lending program. By midweek, the fix was holding. If it doesn’t, the next move might have to be a suspension of the$250,000 limit on federal deposit insurance.Policymakers, venture capitalists, banking executives and tech entrepreneurs are all struggling to figure out the next steps. SVB’s failure has changed the conversation about banking and the regulators who oversee it. Suddenly, everyone is thinking about other risks that might be lurking. On March 14,Moody’s Investors Service cut its outlook for the entire US banking system, to negative from stable, citing the run on deposits at SVB. Two other lenders have gone bust, too: crypto playersSilvergate Capital Corp.andSignature Bank.The death spiral at SVB began with credit ratings. In early March, Moody’s informed the bank it was considering a multilevel downgrade that would have pushed it to the brink of junk-bond status. In response, Goldman Sachs Group Inc., hired by SVB to help it raise fresh capital, jumped into action. It offloaded a chunk of SVB’s investment portfolio at a $1.8 billion loss. On Wednesday, March 8, Goldman pitched a plan to investors to help plug that hole, and then some, by raising $2.25 billion in capital fromGeneral Atlanticand other investors. Itdidn’t work.“The Catch-22 of the situation is that, by announcing the need to raise capital, they in essence accelerated customer concern, resulting in the liquidity stress that ultimately caused their collapse,” says Olivier Sarkozy, managing partner atFurther Global, a private equity firm. “It would have been far better to announce the $2.25 billion they were seeking had been secured.”In the bankers’ view, they were racing the clock to defuse the Moody’s threat. That didn’t leave them enough time to canvass the market, line up the funding and present a neatly put-together deal. Then CEO Becker held what turned out to be a disastrous call with VCs and limited partners. “Stay calm,” he said. It was too late. Bankers tapping away at their phones watched, aghast, as social media lit up with reports of a viral bank run.By 3 p.m. the next day, Thursday, March 9, the news out of Santa Clarahad reached the White House. Such high-profile venture firms asUnion Square Venturesand thePeter Thiel-backedFounders Fundhad already been encouraging the companies they invested in to yank their deposits, almost all of which were uninsured because they exceeded the $250,000 limit on federal guarantees. Founders Fund haddrained its own accountsfrom the bank by midday.The message was echoed by other VC titans.Bookface, an internal social network for founders of companies backed by the startup acceleratorY Combinator, was abuzz, as was a messenger threadof more than 1,000 founders fromAndreessen Horowitz, with many encouraging each other to pull cash from the bank. By day’s end, depositors had tried to withdraw $42 billion.Silicon Valley bigs—many with a libertarian, get-government-off-our-backs bent—quickly looked to Washington. They implored the administration to step in and rescue depositors, or risk having banks topple like dominoes. On Friday morning, March 10, the new White House Chief of Staff Jeff Zients and Lael Brainard, the former Fed vice chair who’djust becomedirector of Biden’s National Economic Council, went to the Oval Office to brief the president. They told him there was potential for the bank to be shut down—as it was later that day, even before the close of financial markets—and that there was a possibility of contagion, according to a source familiar with the discussion.From dawn to midnight the following day, Zients, Brainard and other aides working in the White House’s West Wing developed a set of options. By Saturday afternoon, it was clear that regulators would probably need to take action to prevent contagion. When Treasury Secretary Janet Yellen and top aides briefed Biden on the options, he was adamant: The federal government stood ready to protect depositors, small businesses and employees. Executives and investors could take their lumps. He didn’t want taxpayers to be on the hook, and any deal had to include firing management.In the Bay Area, Iba Masood was struggling to make sense of it all. Masood, the co-founder and CEO of a tech startup calledTara.AI, had raised $14 million from investors. And she’d parked every penny of the company’s money at SVB. Masood began firing off emails and texts—hundreds and hundreds of them, until her carpal tunnel flared up. Tara.AI, she told her investors, was facing a perilous squeeze. She hopped in her C300 Mercedes-Benz and raced through a driving rainstorm to a Bank of America branch. Drenched, she hastily opened a corporate account. She felt good, she said, confident. She’d wake up the next morning and have the money in the new account.But there was no next morning for SVB. It was too late. The money was frozen.Trae Stephens, a partner at Founders Fund, said the firm had had a long, fruitful relationship with SVB. But that long, fruitful relationship wasn’t going to help Thiel’s firm honor its fiduciary duty to look out for its backers and limited partners. And it wasn’t going to help all those startups make payroll.“The most inconvenient thing about the situation last week was actually the name of the bank. It got instantly politicized,” Stephens said in aMarch 14 interview on Bloomberg Television. To him, the idea that Washington had somehow bailed out rich VCs and techies is hogwash. “The government did what it needed to protect and shore up these smaller regional banks, to ensure there weren’t any further runs. It seems like they acted quickly—and did the right thing.”","news_type":1,"symbols_score_info":{"FRC":0.9,"SIVB":0.9,"WAL":0.9,"SBNY":0.9,"PACW":0.9}},"isVote":1,"tweetType":1,"viewCount":3489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}