SnailWalker personal page - To The Moon

SnailWalker

SnailWalker

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03-31

$CCB(00939)$ dividend play!

03-31

$CCB(00939)$ persistence is the key!

03-08

$CCB(00939)$ persistent is the key!

02-20

$Berkshire Hathaway(BRK.B)$ all time favourite!

02-04

wishing all huat huat huat ah!!!

2024-05-21

$SHENZHENEXPRESS(00548)$ no dividend declared yet?

2024-01-23

$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]

2024-01-11

fun game to play!!! hopefully can earn some stock vouchers!

2023-12-26

$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.

2023-12-15

$Berkshire Hathaway(BRK.B)$ yeah!

2023-12-01

$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.

2023-11-06

nice game to earn some rewards.

2023-10-26

$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.

2023-09-30

$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]

2023-08-18

$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!

2023-04-19

$MAPLELEAF EDU(01317)$ still cannot see the light at the end of tunnel! Any insider news with regards to the suspension? [Cry]

2023-04-11

$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.

2023-02-25

@zengame an underrated gems!

2023-01-14

$Alibaba(09988)$ jialat!

2022-12-22

[Bless] [Bless] [Bless]

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> persistence is the key!","listText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> persistence is the key!","text":"$CCB(00939)$ persistence is the key!","images":[{"img":"https://community-static.tradeup.com/news/5d73a231f2920d990b39c4d1fd8e700c","width":"1022","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/419267905483040","isVote":1,"tweetType":1,"viewCount":840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":411075299045624,"gmtCreate":1741393144251,"gmtModify":1741393149005,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a>&nbsp; persistent is the key!","listText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a>&nbsp; persistent is the key!","text":"$CCB(00939)$ persistent is the key!","images":[{"img":"https://community-static.tradeup.com/news/c04736b6ebf59750b6d7eb31450b847b","width":"1022","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/411075299045624","isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":405652014669880,"gmtCreate":1740064115084,"gmtModify":1740064118965,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> all time favourite!","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> all time favourite!","text":"$Berkshire Hathaway(BRK.B)$ all time favourite!","images":[{"img":"https://community-static.tradeup.com/news/e5b68a5400833e2685afbd1fc336b06c","width":"1220","height":"2887"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/405652014669880","isVote":1,"tweetType":1,"viewCount":1241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":399763378815576,"gmtCreate":1738623709084,"gmtModify":1738623713405,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"wishing all huat huat huat ah!!!","listText":"wishing all huat huat huat ah!!!","text":"wishing all huat huat huat ah!!!","images":[{"img":"https://community-static.tradeup.com/news/21bbb1303e6c8c904365a2766477a862"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399763378815576","isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":308180655181960,"gmtCreate":1716261259324,"gmtModify":1716261263081,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00548\">$SHENZHENEXPRESS(00548)$ </a> no dividend declared yet?","listText":"<a href=\"https://ttm.financial/S/00548\">$SHENZHENEXPRESS(00548)$ </a> no dividend declared yet?","text":"$SHENZHENEXPRESS(00548)$ no dividend declared yet?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/308180655181960","isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":266055757701176,"gmtCreate":1705975441246,"gmtModify":1705980717133,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","text":"$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]","images":[{"img":"https://community-static.tradeup.com/news/8aeeb526bb905f89ea63b3ed553fd27e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/266055757701176","isVote":1,"tweetType":1,"viewCount":2675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":261946966958192,"gmtCreate":1704986654779,"gmtModify":1704986659219,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"fun game to play!!! hopefully can earn some stock vouchers!","listText":"fun game to play!!! hopefully can earn some stock vouchers!","text":"fun game to play!!! hopefully can earn some stock vouchers!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261946966958192","isVote":1,"tweetType":1,"viewCount":1632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256093617217720,"gmtCreate":1703557003575,"gmtModify":1703557006522,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","text":"$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.","images":[{"img":"https://community-static.tradeup.com/news/2b67d06fa53fc09178f2554c3c64e01d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256093617217720","isVote":1,"tweetType":1,"viewCount":2049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":252192422101128,"gmtCreate":1702604226852,"gmtModify":1702604229738,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> yeah!","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> yeah!","text":"$Berkshire Hathaway(BRK.B)$ yeah!","images":[{"img":"https://community-static.tradeup.com/news/2bb4236e3344094029c324592040b2a3","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/252192422101128","isVote":1,"tweetType":1,"viewCount":1605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":247293560434848,"gmtCreate":1701412441368,"gmtModify":1701412443781,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","text":"$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/247293560434848","isVote":1,"tweetType":1,"viewCount":2059,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582922989777578","authorId":"3582922989777578","name":"SPOT_ON","avatar":"https://static.tigerbbs.com/080f029371339d9db26930961de6adb1","crmLevel":11,"crmLevelSwitch":1,"idStr":"3582922989777578","authorIdStr":"3582922989777578"},"content":"hahaha..think you are bankrupt now","text":"hahaha..think you are bankrupt now","html":"hahaha..think you are bankrupt now"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":238495421517832,"gmtCreate":1699261958533,"gmtModify":1699261963217,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"nice game to earn some rewards.","listText":"nice game to earn some rewards.","text":"nice game to earn some rewards.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238495421517832","isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234324102373376,"gmtCreate":1698251484749,"gmtModify":1698251487231,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/234324102373376","isVote":1,"tweetType":1,"viewCount":1946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":225032128942136,"gmtCreate":1696017655293,"gmtModify":1696017659438,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","text":"$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/225032128942136","isVote":1,"tweetType":1,"viewCount":1458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":210216467239000,"gmtCreate":1692344697766,"gmtModify":1692344700467,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/210216467239000","isVote":1,"tweetType":1,"viewCount":1260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944220175,"gmtCreate":1681874829698,"gmtModify":1681874832900,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>still cannot see the light at the end of tunnel! Any insider news with regards to the suspension?&nbsp;[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>still cannot see the light at the end of tunnel! Any insider news with regards to the suspension?&nbsp;[Cry]&nbsp;","text":"$MAPLELEAF EDU(01317)$ still cannot see the light at the end of tunnel! Any insider news with regards to the suspension? [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944220175","isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9942812532,"gmtCreate":1681178216127,"gmtModify":1681178218332,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","listText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","text":"$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942812532","isVote":1,"tweetType":1,"viewCount":1022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957245717,"gmtCreate":1677334780239,"gmtModify":1677334784268,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"@zengame an underrated gems!&nbsp;","listText":"@zengame an underrated gems!&nbsp;","text":"@zengame an underrated gems!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957245717","isVote":1,"tweetType":1,"viewCount":537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9958197670,"gmtCreate":1673655564391,"gmtModify":1676538870771,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","text":"$Alibaba(09988)$ jialat!","images":[{"img":"https://community-static.tradeup.com/news/40ad4e0100b0aaf532cf11f3ecca8fe3","width":"1080","height":"2182"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9958197670","isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9922093785,"gmtCreate":1671640954748,"gmtModify":1676538569309,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"[Bless]&nbsp;[Bless]&nbsp;[Bless]&nbsp;","listText":"[Bless]&nbsp;[Bless]&nbsp;[Bless]&nbsp;","text":"[Bless] [Bless] [Bless]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922093785","isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":234324102373376,"gmtCreate":1698251484749,"gmtModify":1698251487231,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/234324102373376","isVote":1,"tweetType":1,"viewCount":1946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256093617217720,"gmtCreate":1703557003575,"gmtModify":1703557006522,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","text":"$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.","images":[{"img":"https://community-static.tradeup.com/news/2b67d06fa53fc09178f2554c3c64e01d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256093617217720","isVote":1,"tweetType":1,"viewCount":2049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":247293560434848,"gmtCreate":1701412441368,"gmtModify":1701412443781,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","text":"$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/247293560434848","isVote":1,"tweetType":1,"viewCount":2059,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582922989777578","authorId":"3582922989777578","name":"SPOT_ON","avatar":"https://static.tigerbbs.com/080f029371339d9db26930961de6adb1","crmLevel":11,"crmLevelSwitch":1,"authorIdStr":"3582922989777578","idStr":"3582922989777578"},"content":"hahaha..think you are bankrupt now","text":"hahaha..think you are bankrupt now","html":"hahaha..think you are bankrupt now"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":210216467239000,"gmtCreate":1692344697766,"gmtModify":1692344700467,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/210216467239000","isVote":1,"tweetType":1,"viewCount":1260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":225032128942136,"gmtCreate":1696017655293,"gmtModify":1696017659438,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","text":"$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/225032128942136","isVote":1,"tweetType":1,"viewCount":1458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":419267905483040,"gmtCreate":1743350736371,"gmtModify":1743405318307,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> persistence is the key!","listText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> persistence is the key!","text":"$CCB(00939)$ persistence is the key!","images":[{"img":"https://community-static.tradeup.com/news/5d73a231f2920d990b39c4d1fd8e700c","width":"1022","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/419267905483040","isVote":1,"tweetType":1,"viewCount":840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":238495421517832,"gmtCreate":1699261958533,"gmtModify":1699261963217,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"nice game to earn some rewards.","listText":"nice game to earn some rewards.","text":"nice game to earn some rewards.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238495421517832","isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915666956,"gmtCreate":1665022427976,"gmtModify":1676537545938,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$</a>financial result unable to piblish; now unable to redeem matured bonds;&nbsp; sigh~~ boarded on a sinking ship!&nbsp;[Sweats]&nbsp;[Sweats]&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$</a>financial result unable to piblish; now unable to redeem matured bonds;&nbsp; sigh~~ boarded on a sinking ship!&nbsp;[Sweats]&nbsp;[Sweats]&nbsp;","text":"$MAPLELEAF EDU(01317)$financial result unable to piblish; now unable to redeem matured bonds; sigh~~ boarded on a sinking ship! [Sweats] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/9915666956","isVote":1,"tweetType":1,"viewCount":1064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":419469478928744,"gmtCreate":1743405677880,"gmtModify":1743405682648,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> dividend play!","listText":"<a href=\"https://ttm.financial/S/00939\">$CCB(00939)$ </a> dividend play!","text":"$CCB(00939)$ dividend play!","images":[{"img":"https://community-static.tradeup.com/news/cf5b2aeb9bef47496c3df4619f77e8fd","width":"1220","height":"3145"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/419469478928744","isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9942812532,"gmtCreate":1681178216127,"gmtModify":1681178218332,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","listText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","text":"$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942812532","isVote":1,"tweetType":1,"viewCount":1022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963574705,"gmtCreate":1668731841807,"gmtModify":1676538103304,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","text":"$Alibaba(09988)$ [Put] [Put] [Put]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":1,"link":"https://ttm.financial/post/9963574705","isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804660110,"gmtCreate":1627954286230,"gmtModify":1703498464112,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"crash is coming.","listText":"crash is coming.","text":"crash is coming.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/804660110","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":266055757701176,"gmtCreate":1705975441246,"gmtModify":1705980717133,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","text":"$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]","images":[{"img":"https://community-static.tradeup.com/news/8aeeb526bb905f89ea63b3ed553fd27e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/266055757701176","isVote":1,"tweetType":1,"viewCount":2675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9958197670,"gmtCreate":1673655564391,"gmtModify":1676538870771,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","text":"$Alibaba(09988)$ jialat!","images":[{"img":"https://community-static.tradeup.com/news/40ad4e0100b0aaf532cf11f3ecca8fe3","width":"1080","height":"2182"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9958197670","isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9989492665,"gmtCreate":1666056311057,"gmtModify":1676537698140,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"[Salute]&nbsp;[Salute]&nbsp;","listText":"[Salute]&nbsp;[Salute]&nbsp;","text":"[Salute] [Salute]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9989492665","repostId":"1160967547","repostType":4,"repost":{"id":"1160967547","kind":"news","pubTimestamp":1666065333,"share":"https://ttm.financial/m/news/1160967547?lang=&edition=full_marsco","pubTime":"2022-10-18 11:55","market":"other","language":"en","title":"One Trading Strategy Is Winning Big in This Nasty Year for Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1160967547","media":"Bloomberg","summary":"Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is be","content":"<html><head></head><body><ul><li>Dispersion trade up as single stocks swing, VIX stays muted</li><li>Subdued demand for portfolio hedges is behind volatility quirk</li></ul><p>A strange thing keeps happening in this nightmare year on Wall Street: Seemingly surefire bets that outsize volatility will engulf equity indexes keep misfiring, even as those riding turmoil in single stocks pay off handsomely.</p><p>That’s proving a boon for a niche strategy known as dispersion trading, with nimble money managers netting double-digit gains by taking advantage of quirks in the world of equity derivatives.</p><p>Take the Cboe Volatility Index, a gauge of market-wide fear. Even as the S&amp;P 500 careens to fresh lows, it’s stuck below its March peak and actually declined in the aftermath of last week’s hot inflation report. At the same time the Federal Reserve’s disruptive policy-tightening campaign is fueling the wildest price swings for US large cap companies since the global financial crisis.</p><p>The thinking goes that the winners and losers in the S&amp;P 500 have become more pronounced in a world where corporate fundamentals matter. But index volatility is proving less severe, as price moves of its constituents offset each other, while demand for hedges remains muted due to low investor positioning.</p><p>For whatever reason this short-index-long-single-stock-volatility trade is working and may prove particularly lucrative this earnings season. The likes of PepsiCo Inc. and JPMorgan Chase &amp; Co. have been posting notable gains after better-than-expected reports while disappointments such as Morgan Stanley are getting punished.</p><p>“We haven’t seen any panic protection buying that will drive volatility much higher,” said Daniel Danon, managing director at Assenagon Asset Management, whose Assenagon Alpha Volatility fund is up 12% this year. “So your short leg is helping your long leg to perform.”</p><p><img src=\"https://static.tigerbbs.com/fe8b52b93f4df214ea58016e8a3f317f\" tg-width=\"739\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/>The VIX, which tracks the cost of S&amp;P 500 options, has stayed at elevated levels relative to its five-year average, but it’s yet to revisit 2022 highs of above 35 points. At the same time individual members in the S&amp;P 500 have been moving the most since the global financial crisis, according to Societe Generale SA.</p><p>While the Fed’s hike-at-all-costs policy stance has ignited fear and loathing for investors in bonds and currencies, the cost of one-month bearish put options on the equity benchmark versus bullish calls has slipped anew to the lowest since 2017. That suggests limited investor appetite to hedge at the index level.</p><p>Why that’s the case despite a prolonged drawdown has become a hot topic among market watchers of late. Some point out that money managers have slashed equity exposure to multi-year lows, itself a defensive stance that requires less protection. Others say a relatively orderly decline has made options hedging less rewarding than usual, prompting traders to short equity futures as an alternative way to buffer against losses.</p><p>A relatively well behaved VIX stands out at a time when the Fed’s resolve to crush inflation at decade highs with tighter policy is rocking the underbelly of of US equities. Some oil producers have doubled their share prices in this year’s supply-side mayhem while Big Tech names like Netflix Inc. and Meta Platforms Inc. have plunged big time in a rate-sensitive selloff that’s now casting a shadow over the business cycle.</p><p>“It’s about rotation between sectors at the moment,” said Stephen Crewe, whose Fulcrum Equity Dispersion Fund is up 10% this year. The London-based manager is positioning for continued volatility among companies in the technology and energy sectors. “No one really knows where the US economy is going to end up,” he said.</p><p>The strategy, which has cooled of late after notching outsize gains earlier in the year, is deployed mostly by volatility hedge funds and banks packaging it into systematic strategies. Versions of the trade may buy options on a basket of stocks while others, like those managed by Assenagon and Fulcrum, are more selective. Some are neutral to volatility, whereas others are buying more options than they sell.</p><p><img src=\"https://static.tigerbbs.com/f76b822562cb2fbba098512880ec9038\" tg-width=\"698\" tg-height=\"392\" referrerpolicy=\"no-referrer\"/>With expected swings embedded in index-level option prices relatively contained, it’s been harder for typical derivatives hedges to make money, with the payoff hinging more on getting the strike price or market timing right. For instance, an S&amp;P 500-tracking portfolio that’s added calls on the VIX -- which is supposed to buffer portfolios against a sudden outbreak in price swings -- has suffered a four-percentage-point drag on performance, a Cboe index shows.</p><p>Yet going forward, the big challenge for dispersion traders is hiding in plain sight: Supersized Fed rate hikes risk causing a sudden collapse in economic growth that may in turn spur a big jump in index volatility.</p><p>Still for now, institutions appear to have little appetite for adding market hedges, according to Michael Purves, founder of Tallbacken Capital Advisors. He recommends betting on the VIX to fall till the end of the year.</p><p>“Perhaps yields can creep higher, but not in a shocking way the way they did when they pierced 4% in September,” he wrote in a note. “Markets appear to have processed the notion that there is little doubt that a Fed pivot is not close at hand.”</p></body></html>","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>One Trading Strategy Is Winning Big in This Nasty Year for Stocks</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\">\nOne Trading Strategy Is Winning Big in This Nasty Year for Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-18 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is behind volatility quirkA strange thing keeps happening in this nightmare year on Wall Street: ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIX":"标普500波动率指数"},"source_url":"https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160967547","content_text":"Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is behind volatility quirkA strange thing keeps happening in this nightmare year on Wall Street: Seemingly surefire bets that outsize volatility will engulf equity indexes keep misfiring, even as those riding turmoil in single stocks pay off handsomely.That’s proving a boon for a niche strategy known as dispersion trading, with nimble money managers netting double-digit gains by taking advantage of quirks in the world of equity derivatives.Take the Cboe Volatility Index, a gauge of market-wide fear. Even as the S&P 500 careens to fresh lows, it’s stuck below its March peak and actually declined in the aftermath of last week’s hot inflation report. At the same time the Federal Reserve’s disruptive policy-tightening campaign is fueling the wildest price swings for US large cap companies since the global financial crisis.The thinking goes that the winners and losers in the S&P 500 have become more pronounced in a world where corporate fundamentals matter. But index volatility is proving less severe, as price moves of its constituents offset each other, while demand for hedges remains muted due to low investor positioning.For whatever reason this short-index-long-single-stock-volatility trade is working and may prove particularly lucrative this earnings season. The likes of PepsiCo Inc. and JPMorgan Chase & Co. have been posting notable gains after better-than-expected reports while disappointments such as Morgan Stanley are getting punished.“We haven’t seen any panic protection buying that will drive volatility much higher,” said Daniel Danon, managing director at Assenagon Asset Management, whose Assenagon Alpha Volatility fund is up 12% this year. “So your short leg is helping your long leg to perform.”The VIX, which tracks the cost of S&P 500 options, has stayed at elevated levels relative to its five-year average, but it’s yet to revisit 2022 highs of above 35 points. At the same time individual members in the S&P 500 have been moving the most since the global financial crisis, according to Societe Generale SA.While the Fed’s hike-at-all-costs policy stance has ignited fear and loathing for investors in bonds and currencies, the cost of one-month bearish put options on the equity benchmark versus bullish calls has slipped anew to the lowest since 2017. That suggests limited investor appetite to hedge at the index level.Why that’s the case despite a prolonged drawdown has become a hot topic among market watchers of late. Some point out that money managers have slashed equity exposure to multi-year lows, itself a defensive stance that requires less protection. Others say a relatively orderly decline has made options hedging less rewarding than usual, prompting traders to short equity futures as an alternative way to buffer against losses.A relatively well behaved VIX stands out at a time when the Fed’s resolve to crush inflation at decade highs with tighter policy is rocking the underbelly of of US equities. Some oil producers have doubled their share prices in this year’s supply-side mayhem while Big Tech names like Netflix Inc. and Meta Platforms Inc. have plunged big time in a rate-sensitive selloff that’s now casting a shadow over the business cycle.“It’s about rotation between sectors at the moment,” said Stephen Crewe, whose Fulcrum Equity Dispersion Fund is up 10% this year. The London-based manager is positioning for continued volatility among companies in the technology and energy sectors. “No one really knows where the US economy is going to end up,” he said.The strategy, which has cooled of late after notching outsize gains earlier in the year, is deployed mostly by volatility hedge funds and banks packaging it into systematic strategies. Versions of the trade may buy options on a basket of stocks while others, like those managed by Assenagon and Fulcrum, are more selective. Some are neutral to volatility, whereas others are buying more options than they sell.With expected swings embedded in index-level option prices relatively contained, it’s been harder for typical derivatives hedges to make money, with the payoff hinging more on getting the strike price or market timing right. For instance, an S&P 500-tracking portfolio that’s added calls on the VIX -- which is supposed to buffer portfolios against a sudden outbreak in price swings -- has suffered a four-percentage-point drag on performance, a Cboe index shows.Yet going forward, the big challenge for dispersion traders is hiding in plain sight: Supersized Fed rate hikes risk causing a sudden collapse in economic growth that may in turn spur a big jump in index volatility.Still for now, institutions appear to have little appetite for adding market hedges, according to Michael Purves, founder of Tallbacken Capital Advisors. He recommends betting on the VIX to fall till the end of the year.“Perhaps yields can creep higher, but not in a shocking way the way they did when they pierced 4% in September,” he wrote in a note. “Markets appear to have processed the notion that there is little doubt that a Fed pivot is not close at hand.”","news_type":1,"symbols_score_info":{"VIX":0.9}},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915085978,"gmtCreate":1664927653495,"gmtModify":1676537529262,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$</a><v-v data-views=\"0\"></v-v>[Sweats]&nbsp;[Sweats]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$</a><v-v data-views=\"0\"></v-v>[Sweats]&nbsp;[Sweats]&nbsp;","text":"$Alibaba(09988)$[Sweats] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9915085978","isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"content":"@Remotecam bearish for the next 6 months...","text":"@Remotecam bearish for the next 6 months...","html":"@Remotecam bearish for the next 6 months..."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098363584,"gmtCreate":1644026455582,"gmtModify":1676533883387,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02877\">$SHINEWAY PHARM(02877)$</a>anyone has position on this company?","listText":"<a href=\"https://ttm.financial/S/02877\">$SHINEWAY PHARM(02877)$</a>anyone has position on this company?","text":"$SHINEWAY PHARM(02877)$anyone has position on this company?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9098363584","isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4087945317850020","authorId":"4087945317850020","name":"hh488","avatar":"https://static.tigerbbs.com/7ef8dc41ed1e0c6e411a9a46b77edd66","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"4087945317850020","idStr":"4087945317850020"},"content":"Seem like 3 of us here. [Grin]","text":"Seem like 3 of us here. [Grin]","html":"Seem like 3 of us here. [Grin]"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813712994,"gmtCreate":1630246522618,"gmtModify":1676530250455,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"yeah!","listText":"yeah!","text":"yeah!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/813712994","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://ttm.financial/m/news/1129129956?lang=&edition=full_marsco","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p>\n<ul>\n <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>\n <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>\n <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li>\n</ul>\n<p></p>\n<p>Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p>\n<p>Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p>\n<h3>1. Opendoor is winning the iBuying battle</h3>\n<p>The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p>\n<p>Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p>\n<p>After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p>\n<p>According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p>\n<h3>2. Revenue growth is ahead of schedule</h3>\n<p>When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p>\n<p>Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p>\n<p>In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p>\n<h3>3. SPACs are out of favor with the market... opportunity?</h3>\n<p>Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p>\n<p>Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p>\n<p>But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p>\n<p>Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p>\n<h3>Here's the bottom line</h3>\n<p>Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Unloved Tech Stock Could Make You Rich One Day</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\">\nThis Unloved Tech Stock Could Make You Rich One Day\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-29 09:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838707265,"gmtCreate":1629427302957,"gmtModify":1676530037727,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"still undervalue?!","listText":"still undervalue?!","text":"still undervalue?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/838707265","repostId":"1160234318","repostType":4,"repost":{"id":"1160234318","kind":"news","pubTimestamp":1629426487,"share":"https://ttm.financial/m/news/1160234318?lang=&edition=full_marsco","pubTime":"2021-08-20 10:28","market":"us","language":"en","title":"Alphabet: Fundamentally Undervalued, But There Is Something More","url":"https://stock-news.laohu8.com/highlight/detail?id=1160234318","media":"seekingalpha","summary":"Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking a","content":"<p><b>Summary</b></p>\n<ul>\n <li>Given the growth of EPS and free cash flow, Alphabet does not look expensive now.</li>\n <li>Looking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is pulling Alphabet down.</li>\n <li>The company is still undervalued in the context of the present value of the potential future FCF volume.</li>\n <li>The current state of the market in many aspects has reached extreme points and this is a cause for concern.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76349c9ab8f3f6331a583172e492e24c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>400tmax/iStock Unreleased via Getty Images</span></p>\n<p><b>Thesis</b></p>\n<p>Among the companies from the FAAMG list, Alphabet (GOOG) (GOOGL) has shown the highest price return since the beginning of the year. However, maintaining the current rate of growth of the company's market capitalization looks doubtful. Moreover, the main reasons for these doubts do not relate directly to Alphabet.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca2bf5977f084e40231c372ea4e953f7\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data byYCharts</span></p>\n<p><b>Is Alphabet just growing or accelerating?</b></p>\n<p>Alphabet started publishing disaggregated revenue data relatively recently, but even that data is enough to see how rapidly growth in the key segments of the company's business has accelerated over the past three quarters:</p>\n<p><img src=\"https://static.tigerbbs.com/7ef18c5c0d152abd360d4e1e6a5f7d86\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><img src=\"https://static.tigerbbs.com/de1a4870a4261ce5e4ff958b006d6b05\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d229d96e3f324a3dbdb1f72b52c1c5b3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>If we talk about revenue in general, then there is now an exponential growth. Moreover, the result of the last quarter turned out to be above the long-term trend:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2943b4f848efdba9f29e35d2f37a14d3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>Of course, this is a consequence of the increased interest in digital advertising during the phase of the end of the coronavirus pandemic. Basically, this was the</i>&nbsp;<i>expected</i>&nbsp;<i>effect.</i></p>\n<p><b>Market Cap vs Financial Results</b></p>\n<p>The most rough version of evaluating the current market price of a company is to analyze the mutual dynamics of changes in the size of capitalization and key operating indicators.</p>\n<p>Over the last decade, Alphabet's capitalization has been in a qualitative linear relationship with its revenue TTM absolute size. And this relationship indicates an overvalued state of the company even in the context of the expected results of the next three quarters:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6147fa35fc829f5dcb156557895e67f4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But in the case of EPS, Alphabet's current market cap is fairly balanced:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3368b0fde66f762da5b38fb54e0eebce\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>The relationship between capitalization and free cash flow turns out to be of the highest quality. And this relationship also confirms the balanced state of the company's current price:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34dbd99f491ef12b268f9c0d597e2ced\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>So, at first glance, given the growth of EPS and free cash flow, the company does not look expensive now. And this is impressive.</i></p>\n<p><b>Comparative Valuation</b></p>\n<p>Comparative analysis of Alphabet's multiples did not give an unambiguous result. But it revealed one characteristic detail, which should be discussed.</p>\n<p>Comparing Alphabet to a broad sample of tech companies through historical multiples, it can be concluded that the company is in balance with the market.</p>\n<p>This is indicated by the EV/EBITDA multiple:</p>\n<p><img src=\"https://static.tigerbbs.com/1041e7dcef35b920b35acfbfd9f692c4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df80b3691561bd0413d9fd70ba6ba2b1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>And the EV/FCF multiple:</p>\n<p><img src=\"https://static.tigerbbs.com/d6bfbb2e5f3b01ff92ccb097f52d3e1d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfe8094ed0774076017dc9c6311f91d4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But if we turn to the forward multiples,<i>they will not allow us to draw such a conclusion</i>. So, judging by the Forward P/S (next FY) multiple, Alphabet is overvalued by 25%:</p>\n<p><img src=\"https://static.tigerbbs.com/eecbffc5c6a6c5dd6a4c660076fcac73\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9522696b884da86938cbd5552fcc5feb\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>If we adjust this multiple for the expected growth rate, the result will not change much:</p>\n<p><img src=\"https://static.tigerbbs.com/fe20a41142f56a3b67d470198521488a\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cb5901359f0343da4135b9e99782564\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>Judging by the forward P/E (next FY) multiple, Alphabet is balanced:</p>\n<p><img src=\"https://static.tigerbbs.com/8d8c203a8e7992753f480acea8dc104d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ceb3882c35c854fe5209649a8e43ffb9\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But, the growth-adjusted forward P/E multiple indicates overvaluation:</p>\n<p><img src=\"https://static.tigerbbs.com/ab1456724d050ce5158dc999cf4712c6\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ae370ac3d9070d29c50075d95845b3a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>As you can see, if we compare Alphabet in the context of the current multiples, then the company is quite adequately assessed. But if you look at the forward multiples, and especially in the context of the expected growth rates of EPS and revenue, then the market is pulling Alphabet down.</i></p>\n<p><b>Fundamental Valuation (DCF model)</b></p>\n<p>To forecast Alphabet's revenue for the next decade, I used the current averageestimatesof analysts. Importantly, sentiment about Alphabet's future growth has improved significantly this year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d9fe4f01e79caf2ec0eb3ff42bcd62b\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Pro</span></p>\n<p>Operating margins have also jumped recently:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8265910d416d9c95f4544e6db5a18d55\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data byYCharts</span></p>\n<p>But the model is based on the assumption that the operating margin over the next 10 years will gradually decline from 26% to 21% in the terminal year. This is the standard approach, assuming increased competition in the industry.</p>\n<p>Here is the calculation of the Weighted Average Cost of Capital:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2eec731cefc1f1305b7f2a8ddd9863e6\" tg-width=\"434\" tg-height=\"385\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p>\n<p>Some explanations:</p>\n<ul>\n <li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.25%).</li>\n <li>I used the currentvalueof the three-year beta coefficient. For the terminal year, I used Beta equal to 1.</li>\n <li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li>\n</ul>\n<p>When building the model, I used the following key assumptions:</p>\n<ul>\n <li>The relative size of CAPEX will be at the average of the previous six years (14%).</li>\n <li>The averagetax ratewill amount to 26%.</li>\n</ul>\n<p>And, here's the model itself:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b39411acd119f583bda3362999499f95\" tg-width=\"640\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>(high resolution)Source: Author</span></p>\n<p><i>The DCF-based target price of Alphabet's shares is $4,430, offering ~62% upside. But, if we moderate the forecast for the operating margin and suppose that UST10 rises to 2%, then the growth potential drops to approximately 30%. This, however, is also a positive result.</i></p>\n<p>Technical picture</p>\n<p>Most stocks and indices follow their exponential trend, which tends to be well-identified on the graph with log y-axis. Let's take a look at Alphabet this way:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bec0b304aec5fd73b20552517ddf8d54\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>Starting from 2010, Alphabet's stock price had been following its long-term exponential trend. But now the company's stock price is above this trend by two standard deviations.<i>It means that Alphabet's stock price is growing at a faster than exponential rate. Generally speaking, it indicates an unstable state.</i></p>\n<p>But, sometimes this is a signal that the price intends to grow in this way and further. A prime example is Microsoft (MSFT), which overtook its long-term exponential trend last year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/acc09617c1d8eb3259b2f778c531b1cb\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><b>Dynamics of risks</b></p>\n<p>The risks that will be discussed in this block do not relate to the company itself, but to the market as a whole.</p>\n<p>The capitalization of Alphabet now accounts for about 4.3% of the capitalization of the entire US stock market. At the beginning of the year, this figure barely exceeded 3%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9303db3db81e41dd706bdfd5e999185e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p></p>\n<p>Only Apple (AAPL) and Microsoft have comparable shares...</p>\n<p>Further, over the past 14 years, the value of the Nasdaq index as a percentage of the S&amp;P 500 index has grown from 175% to 330%. Moreover, the dynamics of the last few quarters suggest that this trend has reached a certain ceiling:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/264902a1ecd03164d6b1d969f99f8543\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p></p>\n<p>At the same time, microcycles allow us to expect that the market is entering a phase of increased volatility and tighter monetary policy:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d33e233159547a9eda0b4d79ebb8db81\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>And it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level relative to GDP:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cae2307c42c76775fc9ae39cf8d6cb14\" tg-width=\"720\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>Source: cmegroup.com</span></p>\n<p><i>In short, the current state of the market in many aspects has reached extreme points and this is a cause for concern.</i></p>\n<p><b>Bottom line</b></p>\n<p>Looking at the results that Alphabet has shown in the last two quarters, the company's current price is not surprising.</p>\n<p>But the continuation of this growth at the same rates does not seem so obvious anymore. Especially with an eye to the general market situation and the expectation of a tightening of monetary policy in the US. On the whole, a neutral rating suggests itself.</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>Alphabet: Fundamentally Undervalued, But There Is Something 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\">\nAlphabet: Fundamentally Undervalued, But There Is Something More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-20 10:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is...</p>\n\n<a href=\"https://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more\">Web 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://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160234318","content_text":"Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is pulling Alphabet down.\nThe company is still undervalued in the context of the present value of the potential future FCF volume.\nThe current state of the market in many aspects has reached extreme points and this is a cause for concern.\n\n400tmax/iStock Unreleased via Getty Images\nThesis\nAmong the companies from the FAAMG list, Alphabet (GOOG) (GOOGL) has shown the highest price return since the beginning of the year. However, maintaining the current rate of growth of the company's market capitalization looks doubtful. Moreover, the main reasons for these doubts do not relate directly to Alphabet.\nData byYCharts\nIs Alphabet just growing or accelerating?\nAlphabet started publishing disaggregated revenue data relatively recently, but even that data is enough to see how rapidly growth in the key segments of the company's business has accelerated over the past three quarters:\n\n\nSource:VisualizedAnalytics.com\nIf we talk about revenue in general, then there is now an exponential growth. Moreover, the result of the last quarter turned out to be above the long-term trend:\nSource:VisualizedAnalytics.com\nOf course, this is a consequence of the increased interest in digital advertising during the phase of the end of the coronavirus pandemic. Basically, this was the expected effect.\nMarket Cap vs Financial Results\nThe most rough version of evaluating the current market price of a company is to analyze the mutual dynamics of changes in the size of capitalization and key operating indicators.\nOver the last decade, Alphabet's capitalization has been in a qualitative linear relationship with its revenue TTM absolute size. And this relationship indicates an overvalued state of the company even in the context of the expected results of the next three quarters:\nSource:VisualizedAnalytics.com\nBut in the case of EPS, Alphabet's current market cap is fairly balanced:\nSource:VisualizedAnalytics.com\nThe relationship between capitalization and free cash flow turns out to be of the highest quality. And this relationship also confirms the balanced state of the company's current price:\nSource:VisualizedAnalytics.com\nSo, at first glance, given the growth of EPS and free cash flow, the company does not look expensive now. And this is impressive.\nComparative Valuation\nComparative analysis of Alphabet's multiples did not give an unambiguous result. But it revealed one characteristic detail, which should be discussed.\nComparing Alphabet to a broad sample of tech companies through historical multiples, it can be concluded that the company is in balance with the market.\nThis is indicated by the EV/EBITDA multiple:\n\nSource:VisualizedAnalytics.com\nAnd the EV/FCF multiple:\n\nSource:VisualizedAnalytics.com\nBut if we turn to the forward multiples,they will not allow us to draw such a conclusion. So, judging by the Forward P/S (next FY) multiple, Alphabet is overvalued by 25%:\n\nSource:VisualizedAnalytics.com\nIf we adjust this multiple for the expected growth rate, the result will not change much:\n\nSource:VisualizedAnalytics.com\nJudging by the forward P/E (next FY) multiple, Alphabet is balanced:\n\nSource:VisualizedAnalytics.com\nBut, the growth-adjusted forward P/E multiple indicates overvaluation:\n\nSource:VisualizedAnalytics.com\nAs you can see, if we compare Alphabet in the context of the current multiples, then the company is quite adequately assessed. But if you look at the forward multiples, and especially in the context of the expected growth rates of EPS and revenue, then the market is pulling Alphabet down.\nFundamental Valuation (DCF model)\nTo forecast Alphabet's revenue for the next decade, I used the current averageestimatesof analysts. Importantly, sentiment about Alphabet's future growth has improved significantly this year:\nSource: Seeking Alpha Pro\nOperating margins have also jumped recently:\nData byYCharts\nBut the model is based on the assumption that the operating margin over the next 10 years will gradually decline from 26% to 21% in the terminal year. This is the standard approach, assuming increased competition in the industry.\nHere is the calculation of the Weighted Average Cost of Capital:\nSource: Author\nSome explanations:\n\nIn order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.25%).\nI used the currentvalueof the three-year beta coefficient. For the terminal year, I used Beta equal to 1.\nTo calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.\n\nWhen building the model, I used the following key assumptions:\n\nThe relative size of CAPEX will be at the average of the previous six years (14%).\nThe averagetax ratewill amount to 26%.\n\nAnd, here's the model itself:\n(high resolution)Source: Author\nThe DCF-based target price of Alphabet's shares is $4,430, offering ~62% upside. But, if we moderate the forecast for the operating margin and suppose that UST10 rises to 2%, then the growth potential drops to approximately 30%. This, however, is also a positive result.\nTechnical picture\nMost stocks and indices follow their exponential trend, which tends to be well-identified on the graph with log y-axis. Let's take a look at Alphabet this way:\nSource:VisualizedAnalytics.com\nStarting from 2010, Alphabet's stock price had been following its long-term exponential trend. But now the company's stock price is above this trend by two standard deviations.It means that Alphabet's stock price is growing at a faster than exponential rate. Generally speaking, it indicates an unstable state.\nBut, sometimes this is a signal that the price intends to grow in this way and further. A prime example is Microsoft (MSFT), which overtook its long-term exponential trend last year:\nSource:VisualizedAnalytics.com\nDynamics of risks\nThe risks that will be discussed in this block do not relate to the company itself, but to the market as a whole.\nThe capitalization of Alphabet now accounts for about 4.3% of the capitalization of the entire US stock market. At the beginning of the year, this figure barely exceeded 3%:\nSource:VisualizedAnalytics.com\n\nOnly Apple (AAPL) and Microsoft have comparable shares...\nFurther, over the past 14 years, the value of the Nasdaq index as a percentage of the S&P 500 index has grown from 175% to 330%. Moreover, the dynamics of the last few quarters suggest that this trend has reached a certain ceiling:\nSource:VisualizedAnalytics.com\n\nAt the same time, microcycles allow us to expect that the market is entering a phase of increased volatility and tighter monetary policy:\nSource:VisualizedAnalytics.com\nAnd it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level relative to GDP:\nSource: cmegroup.com\nIn short, the current state of the market in many aspects has reached extreme points and this is a cause for concern.\nBottom line\nLooking at the results that Alphabet has shown in the last two quarters, the company's current price is not surprising.\nBut the continuation of this growth at the same rates does not seem so obvious anymore. Especially with an eye to the general market situation and the expectation of a tightening of monetary policy in the US. On the whole, a neutral rating suggests itself.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966588628,"gmtCreate":1669594149464,"gmtModify":1676538210029,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","text":"$Alibaba(09988)$ [Put] [Put] [Put]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9966588628","isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}