關於 they are billions科技 ，我們在網路上蒐集到這些相關的討論、資訊與評價

今天, 應該是最炫最酷的一家公司, Robinhood, 上市的一天. 它獲利了嗎? 我想沒有多少投資人會care. 最關心的, 應該是它的營收成長率, 還有股價.

在我們一直追逐科技成長股, 被他們的高營收成長率, 潛在的高報酬昏眩的時候, 會不會忘記他們醜得要命的財務報表?

而在今年, 大家追逐的這些趨勢股表現不佳的時候, 是不是也給了我們一些省思?

其實美股中, 還有很多財務報表漂亮, 但聽起來一點也不有趣(甚至很無聊)的公司, 但他們股價穩定, 長期下來, 也給了投資人很大的回報. 像之前介紹過的POOL, 過去幾年也是平均一年翻一倍的漲幅.

而在IPO中, 也有這類的好公司.

Carrier Global(CARR), 2020年4月上市的IPO, 算是工業類股, 漲了快5倍. 有在獲利. (開利冷氣應該有聽過?就是這家公司)

Academy Sports and Outdoors (ASO), 民生消費股, 也有獲利, 2020年10月上市的IPO, 目前也漲了3倍.

下面這篇文章挺好. 與大家分享. 就像文章作者所提的, 龜兔賽跑, 穩(漲)的烏龜, 不一定會輸.

也祝福大家找到&培養自己的能力圈, 穩穩獲利.

Jim Cramer: The Biggest Thing That Happened Thursday Was the Boring Stuff

No, it wasn't Robinhood or the mega-cap tech companies, it was names we depend on like Carrier Global.
By JIM CRAMER Jul 29, 2021 | 03:38 PM EDT

Stocks quotes in this article: HOOD, FB, PYPL, CARR, RTX, NUE, AGCO, ZM, ALGN, AAPL, EBAY, AMD, XLNX

One of the most glorious things I have seen involving the stock market in ages happened today.

Was it Vlad Tenev ringing the opening bell for his breakthrough, disruptive Robinhood (HOOD) , representing 22 million mostly young new investors? Was it the free-for-all decline in the stock of the "F" in FAANG, Facebook (FB) ? Or the clobbering that Paypal (PYPL) took after what looked to be a good quarter?

Nah. I was bumping into Dave Gitlin, CEO of Carrier Global (CARR) , and his charming daughter, a college student at the University of Wisconsin. They were calmly waiting for me to finish "Squawk on the Street" to say, "Hi," and I couldn't be more thrilled. Because unlike the much ballyhooed Robinhood deal, which seems like a bust, Carrier Global came public back in April 2020 at $12 and today, after tremendous earnings, not sales, but earnings, it made an all-time high at $53, after reporting a terrific number with tremendous HVAC sales, up 31%, and an earnings surprise of 55 cents vs. the 30 cents that Wall Street was expecting.

Carrier, which was spun off when United Technologies merged with Raytheon (RTX) had some tailwinds, like the need to have clean air inside, because of the pandemic and clear air outside because office buildings are responsible for 40% of carbon emissions. But the huge upside surprise and the gigantic buyback belonged to Dave and his team and I that's what I told his daughter. I made sure she knew how proud she should be about how this man made so much money for people. Twelve to 53 in 15 months time is the name of the game.

Look, I am not trying to take away from anything that Robinhood and its co-founder and CEO Vlad Tenev have created. Far from it. They have created billions for themselves and are now letting people participate in their great sales growth. You got a chance to pay a fortune per share and many Robinhoodies did, as tons of stock was allocated to the 22 million people who joined Robinhood, because of a bang up app that every young person seems to know.

I am simply saying that HVAC, yep heating, ventilation and air conditioning is one of the most boring businesses on earth and at times like today, with all of the hoopla of Robinhood it is easy to forget is how lots of money can be made being boring, and I like that. The most exciting thing that happened this year is Carrier helped provide refrigeration for vaccines. That's just fine with me.

Unlike Robinhood, Carrier hasn't brought anyone into the stock market. It's more laser-like focus on air conditioning once spun off from Raytheon means nothing to people. Just Wall Street gibberish. But you have probably walked by a Carrier machine thousands of times and never thought anything of it. Yet, you could have bought it for a song at six times earnings instead of 25 times sales.

The Carriers, with CEOs who pay themselves lavishly but perhaps not excessively, or the Nucor's (NUE) the steel company that's also well managed and sells at six times earnings, represent valuable properties, especially when the U.S. government is about to agree on a trillion dollar infrastructure bill and the country has more than 6% GDP. We don't know why they are re-opening trades or closing trades, delta-variant trades or building and bridge investments. Forgive me, though for comparing the company of Robinhood, with something that may stay special for a while vs. companies that get described as venerable, solid and built to last.

These companies are not rarities. You know people have to eat, right? You know that there would be famine without farming. So why not buy the stock of Agco (AGCO) , No. 2 farm equipment, which went from $40 to $130 in a year and a half without ever being expensive. Combines too boring? Again fine with me. Now that the masks are off -- or at least in some places, although Zoom (ZM) is still crushing it -- I, like many others, including my daughter, didn't like how her teeth looked even as, to me, they were perfect. Dentists tell you to get Align (ALGN) . I wanted them on "Mad Money" but the show was just too darned jammed. The stock's up the most in the S&P 500, with a product that, again, like the Purloined Letter, is right in front of you.

I love tech. Created the term FANG, added the "A" when it was clear that Apple (AAPL) had to take the acronymic stage between another "A" and an "N." I am proud that those who bet against me on Twitter, the legion, are betting against FAANG. I wrote obituaries for a goodly time in my career as a reporter but I never wrote as many as have been penned to talk about the group has already made the ultimate measure on behalf of shareholders.

Oh and it's not like I don't like tech or fin tech. I felt the slings and arrows of Facebook and PayPal today. Facebook's management once again lowered the boom on its future talking about real deceleration in growth. I thought it was too dire. PayPal's Dan Schulman talked about how the separation with its former partner, eBay (EBAY) gets done now and earnings will be hurt. This was one of the least revelatory surprises ever. I think both are practicing UPOD, Underpromising to Overdeliver, and, sure this time might be different, but it's sure been the way they have handled it in the past.

Far better to be in the straight out blow outs like Advance Micro (AMD) which had still one more banner day, this time because the company it is buying, the dowdy Xilinx (XLNX) , a sleepy semiconductor company, had tremendous earnings. The two together could be unassailable and even as AMD is now richly valued it is deservingly so.

I can't wait to hear Vlad Tenev's reflection on Robinhood's debut as a public company and about the novel offering that gave millions of shares to his clients. Vlad's not so much a rags to riches American story. He's a poor Bulgarian to insanely rich American because of his on ingenuity. That's a story with celebrating in itself.

I am simply pointing out that unlike Vlad, whom you would have had invested with when you weren't allowed or able to, Dave Gitlin sure didn't keep you out of the better bet, the stock of HVAC king Carrier.

You did.

🌻風險管理

跌了幾十趴的個股還要繼續抱下去嗎? 去年飆漲的SPAC, 今年還漲的回來嗎?(可以跟下篇一起看).

開始玩成長股後, 我學到最難的一堂課是風險控制. 每個人對風險控制的觀念不一樣, 這跟每個人的心理素質也有關係.

風險管理, 也就是"留得青山在, 不怕沒柴燒".

風險管理:
https://zh.wikipedia.org/wiki/%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86

🌻There Are Too Many Defenseless(無防禦性的) Stocks
(可以的話, 我希望您可以好好讀一下這篇文章. 我希望能夠幫您守住些財富, 減少些損失, 甚至創造些獲利. "Too many", 也就代表了股票沒有稀有性)

The underwriters just created too many stocks. There's too many new companies, too many companies that help you with analytics(分析), too many that offer video, too many data collectors and too many real-time analysis, and too many cybersecurity companies. There's been too many new electric vehicle derivatives, too many cannabis (大麻) plays and way too many new fintechs(金融科技).

The effect? We are now facing a bewildering number of companies that simply do the same things and can't be differentiated (無差異性的) and, frankly, are too hard to understand unless you are deeply involved in the transfer of data from on your premises to the cloud(雲端).

Why does this matter?

Because these stocks are defenseless. They are defenseless against inflation (通膨) because so many of them sell at a multiple to sales and any company that trades as a multiple to sales (指的是以P/S為估值方式, 非傳統的P/E. 軟體公司主要是用P/S) will see its value erode more quickly than any other in this stock market because the company has to graduate from a multiple to sales to a multiple of earnings, or just keep losing money. So many new investors have not experienced real inflation where these kinds of stocks can't be given away.

They are defenseless against an economic boom. I have been reading through countless software as a whatever with a go to market strategy and a huge TAM (total addressable market, 指的是市場大小) to land and expand(指的是雲端公司的商業模式), and my eyes glaze over. Who needs a company with all of those buzzwords that's growing at 27% and losing money when I have plenty of high quality industrials that are growing at 27% and spewing cash to the point the biggest issue is how much should be put to growth versus rewarding shareholders.

They are defenseless against older companies with a balanced policy toward dividends and buybacks, so that supply is mopped up while demand is bolstered by a yield. The land and expanders don't have anything backing them up which makes them vulnerable to sudden shocks down as we have seen.

They are defenseless against insider selling. If capital gains rates are going up, these are the companies with the most vulnerable stocks because so many of the people in these new companies have stocks that are still up substantially from when they got stock so a company with a stock down 30%-40% is vulnerable from scads of insider selling, including secondaries I am now expecting with increasing frequency.

They are defenseless against SPACs. While there are many good SPACs there are too many SPACs with too much stock sloshing around. I keep thinking about that MP Materials (MP) secondary offering in late March, where entities controlled by CEO James Litinsky sold 4.6 million shares of his company in a deal priced at $35. Now it is a small percentage of his holdings and many others involved with the company sold small amounts, too. That's not the point. It's more of a statement: this stock traded at $50. You might have been inclined to buy on the pullback but you would have been massacred as the stock is now at $27. If you have a so-called successful SPAC its success might be measured by how much money you took out of it before its stock fell by 50%. There are hundreds of things and when you consider all of the warrants out there, you know this market is going to be overwhelmed with this stuff.

You aren't going to see these kinds of secondaries at Deere (DE) or Caterpillar (CAT) , that's for certain.

Now there are people out there willing to buy the incredibly almost stupidly risky stocks, people like Cathie Wood, who demonstrated her unflappable conviction to her method of buying stocks that worked when there's scarcity value but there's anything but that now.

Maybe she can take down tens of billions of dollars worth and save the day. I wouldn't count on it. I am sorry to question her stock picking, lord knows she's been amazing. But unless others copy her, we know the stocks she is buying resemble what's not working at all. Maybe someday, but not now.

I try to figure out what the end game for these stocks might be if the economy keeps heating up and inflation accelerates. There's simply not enough money from young people or ETFs based on high growth or Cathie Wood to keep these stocks higher, and there's too much opportunity for the insiders to do what MP did, something that crunched the stock even as it reported a quarter ahead of expectations, which meant something at one point but means absolutely nothing now. Nothing at all.

文章來源: https://realmoney.thestreet.com/jim-cramer/jim-cramer-there-are-too-many-defenseless-stocks-15649142

Picture來源:
https://society6.com/product/boxing-cat_print

[時事英文] Tiktok收購風波: 出售原因及交易前景

需要下一篇關於TikTok的時事英文歡迎留言「The clock is ticking on TikTok. 」。

「the clock is ticking」 表示時間緊迫、時間正在飛快流逝的意思，用來催促應該儘速做某事。

★★★★★★★★★★★★

文章來自《華爾街日報》:

為什麼TikTok可能會被出售?

TikTok parent ByteDance Ltd., a Beijing-based company, has mulled a range of options in recent months to assuage concerns from officials in the U.S. and other countries about the service’s ties to China. Concerns about a potential U.S. ban, in part, drove discussions to explore a deal. The Redmond, Wash., software giant on Sunday said it is interested in buying TikTok’s U.S. business—as well as the app’s service in Canada, Australia and New Zealand—and is willing to try to address the White House’s concerns, though it warned that it would walk away from talks by Sept. 15 if a deal isn’t completed.

1. mull sth over 仔細思考、反覆考慮
2. assuage (v.) 緩和；減輕；平息
3. drive sth to 驅使
4. explore a deal 探討交易、尋求交易
5. software giant 軟體巨頭 (指微軟)
6. address (v.) concerns 解除、處理疑慮
7. walk away from talks 不再進行談判

TikTok母公司、總部位於北京的字節跳動近幾個月來考慮了一系列選擇，以緩解美國和其他國家官員對TikTok與中國關係的擔憂。對美國可能出台禁令的擔憂，在一定程度上推動了尋求出售交易的討論。微軟周日表示，有意收購TikTok的美國業務以及該應用在加拿大、澳洲和新西蘭的服務，並願意嘗試解除白宮的顧慮，但微軟警告稱，如果待9月15日不能達成交易，將不再進行談判。

★★★★★★★★★★★★

圍繞TikTok的安全擔憂究竟是什麼？

U.S. officials have said they are concerned TikTok—which has hundreds of millions of users world-wide, and about 100 million in the U.S.—could provide data collected from American users to China’s authoritarian government. TikTok has said it would never do so. Officials also worry that the app could be used to spread Chinese propaganda and that the platform’s moderators are censoring content to appease Chinese government leaders.

8. hundreds of millions of 數億的
9. world-wide 全球
10. provide data (that has been) collected 提供被收集的數據
11. authoritarian government 威權政府
12. propaganda 宣傳
13. moderator 評分審核人
14. censor (v.) content 審查內容
15. appease (v.) government leaders取悅政府(領袖)

美國官員曾表示，他們擔心TikTok可能會向中國威權政府提供從美國用戶那裡收集的數據。TikTok在全球擁有數億用戶，在美國的用戶約為一億。TikTok已表示永遠不會這麼做。官員們還認為這款應用可能被用來傳播宣傳中國的內容，並擔心該平台的審核人員審查內容以取悅北京方面。

★★★★★★★★★★★★

為什麼微軟可能會收購TikTok?

The purchase of TikTok’s U.S. operations, a deal that would likely cost billions of dollars, would bring a huge pool of mostly young users to a company that has thrived during Microsoft Chief Executive Satya Nadella’s tenure largely by focusing on corporate customers. Microsoft would likely invest to grow the app’s user base as well as its relationships with advertisers as it competes with the likes of platforms owned by Facebook Inc., Twitter Inc., Snap Inc. and others. TikTok globally isn’t profitable though Microsoft has deep pockets to invest in the platform. Microsoft could leverage its pool of TikTok’s mostly younger users to bolster its Xbox videogame business and its advertising business, which currently centers on its Bing search engine.

16. would likely 有可能…
would (假設語氣): https://bit.ly/2PuV06F

17. a huge pool of users一大批用戶
pool: https://bit.ly/3idpPZV

18. thrive (v.) 興旺、繁榮
19. tenure 任期
20. user base 用戶基礎
21. advertiser 廣告商
22. the like of sb/sth; sb's/sth's like …之類
23. profitable 有盈利的
24. have deep pockets to invest 有雄厚資金可以投資 (口袋夠深)
25. leverage (v.) 借助已有的…實現新（或更好）的目標
https://bit.ly/30zgi9q
26. bolster (v.) 提高；改善
27. center (v.) on 集中在
28. search engine 搜索引擎

收購TikTok的美國業務可能會花費數十億美元，同時這將為微軟帶來一大批用戶，其中大多數是年輕用戶。在首席執行官納德拉(Satya Nadella)任內，微軟主要通過專注企業客戶實現了蓬勃發展。在與Facebook Inc. (FB)、Twitter Inc. (TWTR)、Snap Inc. (SNAP)等公司的平台展開競爭之際，微軟可能會投資擴大該應用的用戶基礎及其與廣告客戶的關係。TikTok在全球還沒有盈利，不過微軟有雄厚的資金投資這個平台。微軟可以利用TikTok以年輕人為主體的用戶群，提振Xbox遊戲業務和廣告業務。目前，微軟的廣告業務主要集中在必應(Bing)搜索引擎上。

★★★★★★★★★★★★

中國對TikTok美國業務可能出售的消息反應如何？

How is news of the potential sale being received in China?
The potential sale is hardening suspicions of some in China that the U.S. is trying to sabotage efforts to nurture homegrown technology enterprises, with TikTok being among the country’s first apps that is a global smash hit. The partial or complete sale of TikTok has also raised concerns about the precedent a deal could set for Chinese companies with global ambitions as U.S.-China relations unravel.

29. potential sale 可能進行的交易
30. harden suspicion 加劇懷疑
31. sabotage暗中破壞、蓄意破壞（計劃或行動）
32. nurture (v.) 扶植
33. homegrown technology enterprises本土科技企業
34. a global smash hit 一款全球轟動的(應用軟體)
35. raise concerns 引起關注、擔心
36. set a precedent 設下先例
37. unravel (v.) 破壞 (這裡指中美關係出現裂痕)

考慮到TikTok是中國首款在全球轟動的應用軟體，這筆可能進行的出售交易令中國的一些人更加懷疑，美國是在試圖破壞中國培養本土科技企業的努力。此外，在美中關係出現裂痕之際，部分或完全出售TikTok也讓人擔心該交易會為心懷全球抱負的中國企業樹下什麼樣的先例。

《華爾街日報》完整報導：https://rb.gy/qu5r20

圖片出處: https://on.ft.com/2EY7DoU

★★★★★★★★★★★★

📰 華爾街日報訂閱方案: https://bit.ly/39ULVh1

🎓 華爾街日報獎助學金計畫 (A20): https://bit.ly/2C2tUAI

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