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AustinZhang
AustinZhang
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2021-07-07
peter thiel to embrace harvest season?
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AustinZhang
AustinZhang
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2021-04-08
A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?
2021 King of Bubbles
2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。 在敲响维珍银河上市的铜钟后，他激动地说： 感觉自己离20
2021 King of Bubbles
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AustinZhang
AustinZhang
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2021-04-04
Families of the wealthiest.
50 Big Families Control $1.2 Trillion Wealth! Meet the Rothschilds of America
过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说
50 Big Families Control $1.2 Trillion Wealth! Meet the Rothschilds of America
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AustinZhang
AustinZhang
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2021-03-26
Kate is wonderfully right.
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AustinZhang
AustinZhang
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2021-03-20
Great ariticle, would you like to share it?
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AustinZhang
AustinZhang
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2021-03-16
Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.
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AustinZhang
AustinZhang
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2021-03-16
It sure will go higher and further.
Even good profits, millet's increase expanded to over 8%
周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布
Even good profits, millet's increase expanded to over 8%
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AustinZhang
AustinZhang
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2021-03-11
The title of kids’ game giant is really misleading.
Roblox投資者日會議筆記
@胖虎哒哒：
$Roblox Corporation(RBLX)$ 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所
Roblox投資者日會議筆記
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AustinZhang
AustinZhang
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2021-03-06
alibaba.The dragon slayer becomes the new dragon.Old story.
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AustinZhang
AustinZhang
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2021-03-05
one question, where did you get all these data?
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thiel to embrace harvest season?","listText":"peter thiel to embrace harvest season?","text":"peter thiel to embrace harvest season?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140453822","repostId":"2149942293","repostType":2,"isVote":1,"tweetType":1,"viewCount":3160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341547517,"gmtCreate":1617843389439,"gmtModify":1704703796210,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","listText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","text":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341547517","repostId":"2125176754","repostType":2,"repost":{"id":"2125176754","kind":"highlight","pubTimestamp":1617681390,"share":"https://ttm.financial/m/news/2125176754?lang=en_US&edition=fundamental","pubTime":"2021-04-06 11:56","market":"us","language":"zh","title":"2021 King of Bubbles","url":"https://stock-news.laohu8.com/highlight/detail?id=2125176754","media":"起朱楼宴宾客","summary":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20","content":"<p>In October 2019, Richard Branson, the nearly seventy-year-old founder of the Virgin Group, jumped onto the small balcony of the New York Stock Exchange trading floor in high spirits, wearing a special Under Armour spacesuit.</p><p>Knocking<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell went public, he said excitedly:</p><p>I feel like I'm one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not an ordinary IPO—let alone profits, Virgin Galactic only earns a paltry few hundred thousand dollars a year—Virgin Galactic went public through a merger with a SPAC company with the ticker symbol IPOA.</p><p>If this is a bit difficult to understand, in terms more familiar to Chinese stock market investors, it means Virgin Galactic success.<b>\"Backdoor listing\"</b>That's it.</p><p>After the bell rang, Virgin Galactic' stock price tripled in three months and rose from $10 to more than $60 in the following year.</p><p>However, for this company, which currently has a market capitalization of over $6 billion but had revenue of only $200,000 last year and no revenue in the second, third, or fourth quarters, the biggest beneficiary of this near-perfect round of Capital operations is not Richard Branson, nor the space passengers who bought tickets but were still queuing, but the founder of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's do the math.</p><p>When this SPAC was founded in 2017, it issued a total of 60 million shares, raising $600 million.</p><p>Because the \"gameplay\" of a SPAC is that the sponsor has the right to receive 20% of the shares after the IPO free of charge, that is to say, he automatically owns 15 million shares that fell from the sky. In addition, he also received warrants equivalent to holding 20% of the shares.</p><p>With the successful merger of this SPAC with Virgin Galactic, the founder not only became the chairman of New Virgin Galactic, but his shares also quickly increased in value to $1.5 billion.</p><p>His initial investment was only $25,000 needed to set up this SPAC company.</p><p><b>American capitalists have once again defined the term \"getting something for nothing\".</b></p><p>The initiator was none other than Chamath Palihapitiya, who rose to fame for speaking out for retail investors during the Gamestop retail investor battle against Wall Street a few months ago.</p><p>His most famous speech was this:</p><p>\"...During the 2008 stock market crash, some people owned properties for over ten years, while others lost their houses and cars. Now that retail investors have found an opportunity to band together to buy GME, you actually clamor for legal control. Why have institutions been operating illegally for so many years without even batting an eyelid? Why can they not be held accountable for shorting 140%, while we should bear the responsibility?\" If Wall Street hadn't been using tools that retail investors couldn't use every day, how could 40% more have been exploited by retail investors? We don't know if Wall Street used tools that retail investors couldn't use to profit, but it's an undeniable fact that Chamath himself used SPACs, a \"tool\" that retail investors couldn't even grasp, to make over a billion dollars out of thin air.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting success, he established a series of new SPACs, from IPOB and IPOC to IPOF, raising more than $3 billion.</p><p>So, is he preparing to use the alphabet to achieve his life's ideals?</p><p>one</p><p>Chamath isn't the only one who wants to realize their life dreams through a SPAC.</p><p>Richard Li's SPAC company also successfully IPOed on Nasdaq last October, codenamed BTWN.</p><p>He spent $25,000 to acquire 287.5 shares of founder's stock, and by the close of trading on March 31, the SPAC's market capitalization had reached $750 million.</p><p>In other words, Richard Li created a shell company, and in just five months, without incorporating any assets, the value of his shares had already increased 1,200 times.</p><p><b>Look, nowadays, big shots can achieve two small goals with just a few taps on their fingers, and they don't even need to make a PowerPoint presentation.</b></p><p>Perhaps it's because the money is too easy to make. Since last year, from large PE institutions like CITIC Capital and Hony Capital to well-known investors like Fang Fenglei and Hu Zuliu, and then to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who is suffocating for his dreams, setting up SPACs has become a consensus among big shots.</p><p>Of course, compared to the cryptocurrency ICOs that \"tricked\" various celebrities into joining back then, those currently focusing on the SPAC field are mostly primary market investors.</p><p>Moreover, because SPACs don't need to persuade retail investors to participate like ICOs do from establishment to mergers and acquisitions, they are also more low-key in terms of public opinion.</p><p>Only by<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A recent research report—yes, the same Goldman Sachs where grassroots investment bank employees wrote PowerPoint presentations protesting the overwhelming workload of SPACs—reveals just how popular this \"undercurrent\" truly is.</p><p>According to statistics, a total of 226 SPAC companies conducted IPOs between 2009 and 2019. In 2020 alone, the number of SPACs that went public exceeded the total number of IPOs over the past decade, reaching 228.</p><p>By 2021, the number of SPACs that went public reached 200 in less than three months.</p><p>In addition, in 2020, SPACs raised a total of $77 billion in IPOs, accounting for half of the US stock IPO market. In the first two months of 2021, SPACs raised over $56 billion in IPOs, accounting for two-thirds of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies that went public in the United States in the first two months of this year were companies with empty \"blank checks,\" yet they have already raised more than 350 billion yuan.</p><p>According to Goldman Sachs, more than $100 billion in SPAC funds are currently floating around the market looking for acquisition targets, and if things continue at the current pace, the value of companies acquired by SPACs will exceed $700 billion in the next two years.</p><p>What does $700 billion mean?</p><p><b>In 2020, the global IPO scale was approximately $300 billion. In other words, Goldman Sachs believes that SPACs will expand into a new IPO market in the next two years.</b></p><p>For many years, we have been taught that the reason there are so many backdoor listings and shell companies in the A-share market is because the A-share market is not subject to a registration system. Look at the US stock market, aren't all companies that have gone through legitimate IPOs?</p><p>However, the SPAC fire proved that your uncle is still your uncle—right now...<a href=\"https://laohu8.com/S/00170\">Chinese capital</a>While families were still struggling to find a shell and fry it, the United States had already achieved a fully automated shell production line.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated.<b>It's just a blatant shell company.</b>，<b>Complete an IPO and raise funds through a special channel permitted by U.S. regulations, and then use the funds to acquire a target company with actual business operations.</b></p><p>Thus, through a transformative approach, the target company achieved its own IPO.</p><p>Some have compared it to a \"blind box\" in the investment world, because investors will not know what assets they will ultimately hold until the SPAC completes the acquisition.</p><p>This metaphor is truly ingenious, but it's not just about describing the investment side, but also about describing the initiators of SPACs.</p><p>Let's talk about the former first.</p><p><b>First, the establishment mechanism of SPACs means that funds participating in IPOs have almost no risk of loss.</b>Because if the merger is not completed within the stipulated time, the SPAC sponsor needs to return the funds to the investors untouched.</p><p>Moreover, since the funds are deposited into a specially regulated account during the IPO, there is no risk that the initiator will misappropriate them for his own use.</p><p>Even better, even if a SPAC announces an acquisition target, investors can withdraw their funds at any time before the acquisition is completed if they are not optimistic about the quality of the target company.</p><p>In other words, the funds that participate in SPAC IPOs receive not only a blind box, but also a blind box that you can return 100% of if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized return over the past few years can reach 11.6%, and the chance of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this portion of the funds comes at a time cost, which is the opportunity cost lost by choosing to participate in SPACs instead of making other investments—if the SPAC acquisition fails within two years, this portion of the funds can only break even.</p><p>However, for American investors whose policy interest rates are at rock bottom and will remain at rock bottom for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldman Sachs declared,<b>SPACs are a good alternative to cash in a zero-interest environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, theoretically they do not know what kind of target companies they can find for mergers and acquisitions in the future. According to SEC regulations, SPACs are prohibited from locking in target companies to be acquired before an IPO, otherwise they must make detailed information disclosures, which will greatly affect the IPO process.</p><p>But is that really the case?</p><p>So why are SPACs often set up by PE/VC tycoons who hold assets of companies planning to go public?</p><p>Why did the average time from IPO to merger announcement for SPACs shorten from 387 days in 2010-2019 to 366 days in 2020, and then further shorten to 175 days this year?</p><p>Could there even be a SPAC like Northern Star Investment Corp II that announced its acquisition target less than a month after its IPO?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms have their eyes on the target before the SPAC goes public. They may have been paying attention to it for a long time and may not inject certain assets immediately after the listing; or they may be certain that they will inject certain assets as soon as the SPAC goes public, without having to wait two years...\" \"...Although the acquisition target cannot be publicly mentioned when the SPAC goes public, as long as the expected acquisition target can be described in sufficient detail during the promotion, it goes without saying... Without solid evidence, it is difficult to regulate.\" For SPAC sponsors, like blind box manufacturers, they know from the beginning which blind box contains a rare item, and they can even calculate the probability of a rare item.</p><p>At this point, we can summarize the essence of SPACs—</p><p><b>It's actually a new type of cash-out tool invented by the capital circle. It's a guaranteed cash alternative wealth management product discovered by the capital circle, and a \"Fast Track\" found when everyone was worried about missing out on this capital feast.</b></p><p>I want to find an exit channel for a company I invested in a few years ago, but I'm struggling because the IPO period is too long and the requirements are too high. It's okay, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It's okay, go find a SPAC to do the merger and acquisition.</p><p>Have a sum of money to invest, and you want to protect your principal while also seeking potentially high returns? No problem, let's invest in a SPAC IPO.</p><p><b>Therefore, a SPAC is not only a blind box, but also a \"packaging box\" before the grand feast ends.</b></p><p>It can help primary market leaders who are worried that their invested companies will miss the IPO window secure the fruits of victory in advance;</p><p>It can act as a white knight for entrepreneurs who fail on their IPO journey for various reasons;</p><p>It can also provide a guaranteed solution for hedge fund investors who are afraid of missing out and chasing high prices.</p><p>From this perspective, it's hard for SPACs not to become popular.</p><p>three</p><p>Since SPACs are such a great thing, why have they only suddenly gained attention in the last two years?</p><p>Aside from the fact that, as mentioned in the previous section, the low-interest-rate environment of the past two years has reduced the time cost of investing in SPACs to almost zero, the remaining reasons can almost be summarized in eight words—</p><p><b>Time waits for no one, seize every minute.</b></p><p>After all, SPACs are by no means a perfect listing model for companies that want to go public. On the contrary, listing through SPACs is the same as the so-called \"bloody listing\" when the Nasdaq bubble bursts.</p><p>Open any SPAC's merger and acquisition prospectus and you will see how expensive it is for the company's founders to go public using a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control of the founders of the target company are almost always drastically diluted.</p><p>This has led to the fact that in the years since the birth of SPACs, any company that can go public through an IPO has been absolutely unwilling to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that cannot be marketed.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you remember the US stock market at that time, the most explosive news was undoubtedly the super unicorns in the shared office space industry.<a href=\"https://laohu8.com/S/WE\">WeWork</a>The IPO failed.</p><p><b>The failure to attempt an IPO not only burst WeWork's valuation bubble, but also embroiled its founders in scandals and caused them to never recover.</b></p><p>Just like back then<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In a report to investors, it was stated:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which even if the company is not profitable, it can still achieve extremely high valuations.\" Not only did WeWork, the behemoth \"unicorn,\" leave the IPO stage in disappointment, but the predicament faced by SoftBank, the investor behind WeWork, also resonated with market investors.</p><p>During the subsequent COVID-19 pandemic, many companies seeking to go public experienced dramatic changes in their revenue and valuations. This prompted companies and investors to deeply consider whether they should pursue an IPO that may yield high returns but remains elusive, or a faster and more predictable monetization model.</p><p>Therefore, Morgan Stanley was only half right at the time.</p><p>This era isn't over yet. God closed the door to IPOs for these unicorns, but opened the window to SPACs—</p><p><b>SPACs, with their readily available funds and pre-agreed transaction prices and conditions, provide invaluable support for market participants eager to monetize.</b></p><p>It's like the faceless man in Spirited Away; whatever you feed it, gold will fall out. As a result, it expanded to account for half of the IPO market in just one year.</p><p>After all, since last year, everyone has had only one wish—<b>Come on!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called an IPOA or an IPOF. After all, it is just a shell company. As long as the bull market continues, they are buying a guaranteed ticket to profit.</p><p>In order to speed things up, big players need to set up SPACs in advance, even if setting up many at once will be criticized by the media. Because SPACs always need to be given time to \"find\" an acquisition target as a \"fig leaf\" to avoid getting into regulatory trouble.</p><p>In order to speed things up, unicorn founders have to reluctantly give up many of the benefits they have already acquired, after all, impatience can ruin big plans. Whether it's stock shares or super voting rights, they all have to give way to the goal of going public.</p><p>It can be said that SPACs are the crystallization of wisdom in this era of short-sighted IPOs, a solution after accumulating a large number of unicorns during the past decade of massive monetary easing, and even more so in this round.<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't understand most about SPACs is why such a capital structure exists, where they raise funds first and then look for listing targets, while at the same time allowing these raised funds to exit at any time and new investors to enter at any time? In such an absurd capital structure, who is going to pay the bill?\" I don't know who paid the bill, but I'm sure that the person who paid the bill in the end won't realize that they were the one who paid the bill until the day the feast ends.</p>","source":"lsy1571700905465","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>2021 King of Bubbles</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2021 King of Bubbles\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">起朱楼宴宾客</strong><span class=\"h-time small\">2021-04-06 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In October 2019, Richard Branson, the nearly seventy-year-old founder of the Virgin Group, jumped onto the small balcony of the New York Stock Exchange trading floor in high spirits, wearing a special Under Armour spacesuit.</p><p>Knocking<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell went public, he said excitedly:</p><p>I feel like I'm one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not an ordinary IPO—let alone profits, Virgin Galactic only earns a paltry few hundred thousand dollars a year—Virgin Galactic went public through a merger with a SPAC company with the ticker symbol IPOA.</p><p>If this is a bit difficult to understand, in terms more familiar to Chinese stock market investors, it means Virgin Galactic success.<b>\"Backdoor listing\"</b>That's it.</p><p>After the bell rang, Virgin Galactic' stock price tripled in three months and rose from $10 to more than $60 in the following year.</p><p>However, for this company, which currently has a market capitalization of over $6 billion but had revenue of only $200,000 last year and no revenue in the second, third, or fourth quarters, the biggest beneficiary of this near-perfect round of Capital operations is not Richard Branson, nor the space passengers who bought tickets but were still queuing, but the founder of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's do the math.</p><p>When this SPAC was founded in 2017, it issued a total of 60 million shares, raising $600 million.</p><p>Because the \"gameplay\" of a SPAC is that the sponsor has the right to receive 20% of the shares after the IPO free of charge, that is to say, he automatically owns 15 million shares that fell from the sky. In addition, he also received warrants equivalent to holding 20% of the shares.</p><p>With the successful merger of this SPAC with Virgin Galactic, the founder not only became the chairman of New Virgin Galactic, but his shares also quickly increased in value to $1.5 billion.</p><p>His initial investment was only $25,000 needed to set up this SPAC company.</p><p><b>American capitalists have once again defined the term \"getting something for nothing\".</b></p><p>The initiator was none other than Chamath Palihapitiya, who rose to fame for speaking out for retail investors during the Gamestop retail investor battle against Wall Street a few months ago.</p><p>His most famous speech was this:</p><p>\"...During the 2008 stock market crash, some people owned properties for over ten years, while others lost their houses and cars. Now that retail investors have found an opportunity to band together to buy GME, you actually clamor for legal control. Why have institutions been operating illegally for so many years without even batting an eyelid? Why can they not be held accountable for shorting 140%, while we should bear the responsibility?\" If Wall Street hadn't been using tools that retail investors couldn't use every day, how could 40% more have been exploited by retail investors? We don't know if Wall Street used tools that retail investors couldn't use to profit, but it's an undeniable fact that Chamath himself used SPACs, a \"tool\" that retail investors couldn't even grasp, to make over a billion dollars out of thin air.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting success, he established a series of new SPACs, from IPOB and IPOC to IPOF, raising more than $3 billion.</p><p>So, is he preparing to use the alphabet to achieve his life's ideals?</p><p>one</p><p>Chamath isn't the only one who wants to realize their life dreams through a SPAC.</p><p>Richard Li's SPAC company also successfully IPOed on Nasdaq last October, codenamed BTWN.</p><p>He spent $25,000 to acquire 287.5 shares of founder's stock, and by the close of trading on March 31, the SPAC's market capitalization had reached $750 million.</p><p>In other words, Richard Li created a shell company, and in just five months, without incorporating any assets, the value of his shares had already increased 1,200 times.</p><p><b>Look, nowadays, big shots can achieve two small goals with just a few taps on their fingers, and they don't even need to make a PowerPoint presentation.</b></p><p>Perhaps it's because the money is too easy to make. Since last year, from large PE institutions like CITIC Capital and Hony Capital to well-known investors like Fang Fenglei and Hu Zuliu, and then to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who is suffocating for his dreams, setting up SPACs has become a consensus among big shots.</p><p>Of course, compared to the cryptocurrency ICOs that \"tricked\" various celebrities into joining back then, those currently focusing on the SPAC field are mostly primary market investors.</p><p>Moreover, because SPACs don't need to persuade retail investors to participate like ICOs do from establishment to mergers and acquisitions, they are also more low-key in terms of public opinion.</p><p>Only by<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A recent research report—yes, the same Goldman Sachs where grassroots investment bank employees wrote PowerPoint presentations protesting the overwhelming workload of SPACs—reveals just how popular this \"undercurrent\" truly is.</p><p>According to statistics, a total of 226 SPAC companies conducted IPOs between 2009 and 2019. In 2020 alone, the number of SPACs that went public exceeded the total number of IPOs over the past decade, reaching 228.</p><p>By 2021, the number of SPACs that went public reached 200 in less than three months.</p><p>In addition, in 2020, SPACs raised a total of $77 billion in IPOs, accounting for half of the US stock IPO market. In the first two months of 2021, SPACs raised over $56 billion in IPOs, accounting for two-thirds of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies that went public in the United States in the first two months of this year were companies with empty \"blank checks,\" yet they have already raised more than 350 billion yuan.</p><p>According to Goldman Sachs, more than $100 billion in SPAC funds are currently floating around the market looking for acquisition targets, and if things continue at the current pace, the value of companies acquired by SPACs will exceed $700 billion in the next two years.</p><p>What does $700 billion mean?</p><p><b>In 2020, the global IPO scale was approximately $300 billion. In other words, Goldman Sachs believes that SPACs will expand into a new IPO market in the next two years.</b></p><p>For many years, we have been taught that the reason there are so many backdoor listings and shell companies in the A-share market is because the A-share market is not subject to a registration system. Look at the US stock market, aren't all companies that have gone through legitimate IPOs?</p><p>However, the SPAC fire proved that your uncle is still your uncle—right now...<a href=\"https://laohu8.com/S/00170\">Chinese capital</a>While families were still struggling to find a shell and fry it, the United States had already achieved a fully automated shell production line.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated.<b>It's just a blatant shell company.</b>，<b>Complete an IPO and raise funds through a special channel permitted by U.S. regulations, and then use the funds to acquire a target company with actual business operations.</b></p><p>Thus, through a transformative approach, the target company achieved its own IPO.</p><p>Some have compared it to a \"blind box\" in the investment world, because investors will not know what assets they will ultimately hold until the SPAC completes the acquisition.</p><p>This metaphor is truly ingenious, but it's not just about describing the investment side, but also about describing the initiators of SPACs.</p><p>Let's talk about the former first.</p><p><b>First, the establishment mechanism of SPACs means that funds participating in IPOs have almost no risk of loss.</b>Because if the merger is not completed within the stipulated time, the SPAC sponsor needs to return the funds to the investors untouched.</p><p>Moreover, since the funds are deposited into a specially regulated account during the IPO, there is no risk that the initiator will misappropriate them for his own use.</p><p>Even better, even if a SPAC announces an acquisition target, investors can withdraw their funds at any time before the acquisition is completed if they are not optimistic about the quality of the target company.</p><p>In other words, the funds that participate in SPAC IPOs receive not only a blind box, but also a blind box that you can return 100% of if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized return over the past few years can reach 11.6%, and the chance of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this portion of the funds comes at a time cost, which is the opportunity cost lost by choosing to participate in SPACs instead of making other investments—if the SPAC acquisition fails within two years, this portion of the funds can only break even.</p><p>However, for American investors whose policy interest rates are at rock bottom and will remain at rock bottom for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldman Sachs declared,<b>SPACs are a good alternative to cash in a zero-interest environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, theoretically they do not know what kind of target companies they can find for mergers and acquisitions in the future. According to SEC regulations, SPACs are prohibited from locking in target companies to be acquired before an IPO, otherwise they must make detailed information disclosures, which will greatly affect the IPO process.</p><p>But is that really the case?</p><p>So why are SPACs often set up by PE/VC tycoons who hold assets of companies planning to go public?</p><p>Why did the average time from IPO to merger announcement for SPACs shorten from 387 days in 2010-2019 to 366 days in 2020, and then further shorten to 175 days this year?</p><p>Could there even be a SPAC like Northern Star Investment Corp II that announced its acquisition target less than a month after its IPO?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms have their eyes on the target before the SPAC goes public. They may have been paying attention to it for a long time and may not inject certain assets immediately after the listing; or they may be certain that they will inject certain assets as soon as the SPAC goes public, without having to wait two years...\" \"...Although the acquisition target cannot be publicly mentioned when the SPAC goes public, as long as the expected acquisition target can be described in sufficient detail during the promotion, it goes without saying... Without solid evidence, it is difficult to regulate.\" For SPAC sponsors, like blind box manufacturers, they know from the beginning which blind box contains a rare item, and they can even calculate the probability of a rare item.</p><p>At this point, we can summarize the essence of SPACs—</p><p><b>It's actually a new type of cash-out tool invented by the capital circle. It's a guaranteed cash alternative wealth management product discovered by the capital circle, and a \"Fast Track\" found when everyone was worried about missing out on this capital feast.</b></p><p>I want to find an exit channel for a company I invested in a few years ago, but I'm struggling because the IPO period is too long and the requirements are too high. It's okay, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It's okay, go find a SPAC to do the merger and acquisition.</p><p>Have a sum of money to invest, and you want to protect your principal while also seeking potentially high returns? No problem, let's invest in a SPAC IPO.</p><p><b>Therefore, a SPAC is not only a blind box, but also a \"packaging box\" before the grand feast ends.</b></p><p>It can help primary market leaders who are worried that their invested companies will miss the IPO window secure the fruits of victory in advance;</p><p>It can act as a white knight for entrepreneurs who fail on their IPO journey for various reasons;</p><p>It can also provide a guaranteed solution for hedge fund investors who are afraid of missing out and chasing high prices.</p><p>From this perspective, it's hard for SPACs not to become popular.</p><p>three</p><p>Since SPACs are such a great thing, why have they only suddenly gained attention in the last two years?</p><p>Aside from the fact that, as mentioned in the previous section, the low-interest-rate environment of the past two years has reduced the time cost of investing in SPACs to almost zero, the remaining reasons can almost be summarized in eight words—</p><p><b>Time waits for no one, seize every minute.</b></p><p>After all, SPACs are by no means a perfect listing model for companies that want to go public. On the contrary, listing through SPACs is the same as the so-called \"bloody listing\" when the Nasdaq bubble bursts.</p><p>Open any SPAC's merger and acquisition prospectus and you will see how expensive it is for the company's founders to go public using a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control of the founders of the target company are almost always drastically diluted.</p><p>This has led to the fact that in the years since the birth of SPACs, any company that can go public through an IPO has been absolutely unwilling to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that cannot be marketed.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you remember the US stock market at that time, the most explosive news was undoubtedly the super unicorns in the shared office space industry.<a href=\"https://laohu8.com/S/WE\">WeWork</a>The IPO failed.</p><p><b>The failure to attempt an IPO not only burst WeWork's valuation bubble, but also embroiled its founders in scandals and caused them to never recover.</b></p><p>Just like back then<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In a report to investors, it was stated:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which even if the company is not profitable, it can still achieve extremely high valuations.\" Not only did WeWork, the behemoth \"unicorn,\" leave the IPO stage in disappointment, but the predicament faced by SoftBank, the investor behind WeWork, also resonated with market investors.</p><p>During the subsequent COVID-19 pandemic, many companies seeking to go public experienced dramatic changes in their revenue and valuations. This prompted companies and investors to deeply consider whether they should pursue an IPO that may yield high returns but remains elusive, or a faster and more predictable monetization model.</p><p>Therefore, Morgan Stanley was only half right at the time.</p><p>This era isn't over yet. God closed the door to IPOs for these unicorns, but opened the window to SPACs—</p><p><b>SPACs, with their readily available funds and pre-agreed transaction prices and conditions, provide invaluable support for market participants eager to monetize.</b></p><p>It's like the faceless man in Spirited Away; whatever you feed it, gold will fall out. As a result, it expanded to account for half of the IPO market in just one year.</p><p>After all, since last year, everyone has had only one wish—<b>Come on!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called an IPOA or an IPOF. After all, it is just a shell company. As long as the bull market continues, they are buying a guaranteed ticket to profit.</p><p>In order to speed things up, big players need to set up SPACs in advance, even if setting up many at once will be criticized by the media. Because SPACs always need to be given time to \"find\" an acquisition target as a \"fig leaf\" to avoid getting into regulatory trouble.</p><p>In order to speed things up, unicorn founders have to reluctantly give up many of the benefits they have already acquired, after all, impatience can ruin big plans. Whether it's stock shares or super voting rights, they all have to give way to the goal of going public.</p><p>It can be said that SPACs are the crystallization of wisdom in this era of short-sighted IPOs, a solution after accumulating a large number of unicorns during the past decade of massive monetary easing, and even more so in this round.<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't understand most about SPACs is why such a capital structure exists, where they raise funds first and then look for listing targets, while at the same time allowing these raised funds to exit at any time and new investors to enter at any time? In such an absurd capital structure, who is going to pay the bill?\" I don't know who paid the bill, but I'm sure that the person who paid the bill in the end won't realize that they were the one who paid the bill until the day the feast ends.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw\">起朱楼宴宾客</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f69a8901240bc6e3841acef55dd4a049","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125176754","content_text":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20多年前开始做的航天梦，又近了一步。\n\n助他圆梦的不是一场司空见惯的IPO——别说利润了，维珍银河连每年的收入都只有可怜的几十万美元——维珍银河的上市，是通过将其与一家股票代码为IPOA的SPAC公司合并实现的。\n如果这么讲有点难理解的话，用中国股民们更加熟悉的词汇来说，就是维珍银河成功“借壳上市”了。\n敲钟后，维珍银河的股价在三个月内翻了3倍，并在之后的一年多中从10美元一度涨到60多美元。\n然而对于这家目前市值超过60亿美元，但去年营收只有20万，且二三四季度颗粒无收的公司来说，在这一轮堪称完美的资本运作中获利最大的，并非理查德·布兰森，当然也不会是买了船票却还在排队的那些太空乘客们，而是那家名为Social Capital Hedosphia Holdings的SPAC公司发起人。\n我们来算一笔账。\n这家SPAC公司在2017年成立时一共对外发行了6000万股，募资达到6亿美元。\n由于SPAC的“玩法”是发起人有权无偿获得IPO之后股份的20%，也就是说，他自动拥有了天上掉下来的1500万股。此外，他还获得了相当于持有股份20%的认股权证。\n而随着这家SPAC公司和维珍银河的成功合并，这位发起人不但成为了新维珍银河公司的董事长，而且手上的股权也迅速升值到15亿美元。\n而他的初始投入，不过是设立这家SPAC公司时所需的2.5万美元。\n美国的资本家们，再一次定义了“空手套白狼”这个词。\n而这位发起人不是别人，正是在几个月前Gamestop散户大战华尔街事件中，为散户“发声”而一战成名的Chamath Palihapitiya。\n他那段最出名的发言是这么说的：\n\n “……2008年股灾，有的人一套十多年，有的人失去了房子和车子，现在散户们找到了个机会抱团买GME，你们居然就叫嚣法律管控，凭啥机构这么多年违法操作，大家连眼皮都不眨一下？凭啥他们做空了140%也可以不被追责，而我们要承担责任？要不是华尔街天天利用散户不能用的工具，怎么可能多40%而被散户抓到空子？”\n\n华尔街有没有利用散户不能用的工具牟利咱不知道，但Chamath自己利用SPAC这种散户连影子都抓不到的“工具”，空手套出来十几亿美金，这倒是板上钉钉的事实。\n\n而在尝到甜头之后，他更是一口气成立了从IPOB、IPOC到IPOF的一连串新SPAC公司，募资超过30亿美元。\n所以，他是准备用字母表实现人生理想吗？\n一\n想用SPAC实现人生理想的，可不止Chamath一个。\n小超人李泽楷的SPAC公司在去年10月也成功的在纳斯达克IPO了，代号BTWN。\n他花了2.5万美元，获得了287.5股创始人股票，而截至到3月31日收盘，这家SPAC公司的市值已经达到了7.5亿美元。\n换句话说，李泽楷造了一个空壳公司，只花了五个月，还没有装进任何资产，持有的股票价值就已经增值了1200倍。\n你看，现如今大佬们只需要动动手指造个壳，就可以实现两个小目标，连PPT都不用做了。\n或许是这钱赚得太容易，从去年开始，从中信资本和弘毅投资这样的大型PE机构，到方风雷、胡祖六等知名投资人，再到沉寂多年的管金生和为梦想窒息的贾跃亭，设立SPAC已经成为大佬们的共识。\n当然，与当年“忽悠”了各类名人加入的数字货币ICO相比，目前在SPAC领域发力的，还基本都是一级市场投资人。\n而且因为SPAC从设立到并购都不用像ICO那样要忽悠着散户一起玩，所以在舆论上也更加的低调。\n只有通过高盛的一份最新研报——对，就是那家底层投行员工因为SPAC工作量爆棚而写PPT抗议的高盛——我们才能知道这股“暗流涌动”究竟有多么的火爆。\n根据统计，在2009年到2019年的十年间，一共有226家SPAC公司进行IPO。而仅仅在2020年一年，IPO的SPAC公司就超过了过去十年的总和，达到228家。\n而到2021年，IPO 的SPAC公司达到200家只用了不到3个月的时间。\n另外，2020年SPAC公司的IPO融资总额是770亿美元，占到了美股IPO市场的半壁江山。而在2021年的前两个月，SPAC的IPO融资额已经突破了560亿美金，达到了美股IPO市场的2/3。\n\n换句话说，今年前两个月在美国上市的公司里，有三分之二都是里面空空如也的“空白支票”公司，而他们已经募到了超过3500亿人民币。\n根据高盛的统计，现在有超过1000亿美元的SPAC资金在市场上四处游荡，寻找收购目标，而如果按现在的速度继续发展，在未来两年时间里，SPAC公司收购的公司价值将超过7000亿美元。\n7000亿美元是什么概念呢？\n2020年，全球的IPO规模大概是3000亿美元。也就是说，高盛觉得SPAC在未来两年将膨胀出一个新的IPO市场出来。\n多少年来我们都被教育，之所以A股存在那么多的借壳炒壳，是因为A股不是注册制。你看美股，不都是正正规规走IPO的公司吗？\n然而SPAC的大火，证明了你大爷还是你大爷——就在中国资本家还在苦苦寻觅一个壳和炒壳的时候，美国已经实现了壳的全自动生产流水线。\n二\n那么，SPAC的本质究竟是什么？\n其实并不复杂，就是一家“明目张胆”的空壳公司，通过一个美国监管允许的特殊渠道完成IPO并且募集到资金，然后再用这笔资金去收购一家有实际业务的目标公司。\n于是，通过移花接木的方式，这家目标公司就实现了自身的上市。\n有人将其比作是投资圈的“盲盒”，因为在SPAC完成并购前，投资者都不会知道最终持有的是什么资产。\n这个比喻着实精妙，但不仅仅在于形容投资端，更在于形容生产SPAC的发起人们。\n先说前者。\n首先，SPAC的设立机制决定了参与IPO的资金几乎没有亏损风险。因为如果在规定时间内没有完成并购，SPAC发起人需要将资金原封不动地退还给投资者。\n而且由于资金在IPO时会被打入了一个特殊监管的账户，所以并没有被发起人挪为他用的风险。\n更妙的是，就算SPAC宣布了并购标的，如果投资人不看好标的公司质量的话，也可以在并购结束前随时取回资金。\n换句话说，参与SPAC IPO的资金拿到的不仅是一个盲盒，更是一个如果打开之后自己不喜欢，还能百分百退货的盲盒。\n因此，根据研究统计，对于参与SPAC IPO的资金来说，过去这些年的平均年化收益率可以达到11.6%，而且亏损几率为零。\n这一盒，谁不爱？\n当然，这部分资金要付出的是时间成本，也就是选择参与SPAC而没有去做其他投资所损耗的机会成本——万一两年内SPAC并购失败，这部分资金只能回本而已。\n不过对于政策利率趴在地板上，且在可以预见的未来都会在地板上的美国投资者来说，这个时间成本现在几乎不存在。\n难怪高盛会宣称，SPAC在零利率环境下是现金的良好替代品。\n\n再说后者。\n对于SPAC的发起人来说，理论上他们也不知道自己未来能找到什么样的标的公司来做并购。因为根据SEC的规定，SPAC不得在IPO前锁定拟收购的标的公司，否则要做详尽的信息披露，而这会大大影响IPO的进程。\n但事实真的是这样吗？\n那为什么设立SPAC的往往是那些手握拟上市公司资产的PE/VC大佬呢？\n为什么SPAC从IPO到宣布并购的平均时间，会从2010~2019年的387天，缩短到2020年的366天，再到今年进一步缩短到175天呢？\n甚至会出现Northern Star Investment Corp II这种上市不到一个月就宣布了并购标的的SPAC公司呢？\n所以，就像一家外资投行的亚洲股票资本市场部负责人对媒体说的那样：\n\n “其实很多私募在SPAC上市前就看好目标了，可能是长期关注的，不一定上市后就立刻注入；也可能是SPAC一挂牌就确定会注入某些资产，不用等两年那么久……”“……虽然在SPAC上市的时候不能公开提及收购目标，但只要在宣传的时候可以把预期的收购对象描述的足够具体，就尽在不言中了……监管没有实锤，也不好管。”\n\n对于SPAC发起人来说，他们和盲盒的生产商一样，从一开始就知道哪个盲盒里面是稀有款，甚至连稀有款的概率都能算得一清二楚。\n到这里，我们可以总结出SPAC的本质了——\n其实就是资本圈发明的一款新型套现工具，是资金圈发现的包赚不赔的现金替代理财，是所有人担心赶不上这场资本盛宴时找到的一条“Fast Track”。\n想为之前几年投的公司找退出渠道，却苦于IPO时间太久、要求太高？没关系，先成立个SPAC吧。\n公司想上市，却连最基本的美股注册制的要求都没达到？没关系，去找个SPAC做并购啊。\n有一笔钱要投资，既要保本又想要潜在的高收益？没问题，去投个SPAC的IPO呗。\n所以，SPAC是个盲盒，更是个盛宴结束前的“打包盒”。\n它可以替那些担心投出去的公司赶不上IPO窗口的一级市场大佬们提前锁定胜利的果实；\n可以为那些在IPO路上因为种种原因铩羽而归的创业者们充当白衣骑士；\n也可以为那些怕踏空又怕追高的对冲基金资金们提供一个包赚不赔的解决方案。\n从这个角度来看，SPAC想不火都难。\n三\n既然SPAC是一个这么好的东东，为什么直到这两年才突然受重视呢？\n除了前一部分提到的，对于资金方而言，这两年的低利率环境让投资SPAC的时间成本降到几乎为零之外，剩下的理由几乎都可以总结为八个字——\n时不我待，只争朝夕。\n毕竟对于想要上市的公司而言，SPAC绝非完美无缺的上市模式，甚至恰恰相反，通过SPAC上市和纳斯达克泡沫破裂时所谓的“流血上市”是一样的。\n打开任意一份SPAC的并购说明书，你就会发现利用SPAC上市对公司创始人来说代价有多么高昂。\n简单来讲，就是在收购完成之后，并购标的公司创始人的财产权与控制权几乎都会被急剧稀释。\n这也就导致了在SPAC诞生后的这么多年来，但凡能走IPO道路上市的公司，都绝不愿意通过SPAC模式上市。而在这样的恶性循环中，留给后者的都是那些上不了市的残次品。\n然而这一局面在2019年10月份发生了天翻地覆的变化。\n如果对那段时间的美股市场有印象的话，最爆炸性的新闻莫过于共享办公界的超级独角兽WeWork上市失败了。\n冲刺IPO失败不仅让WeWork的估值泡沫破裂，更让创始人丑闻缠身，一蹶不振。\n正如当时摩根士丹利在给投资者的一份报告里指出的：\n\n “WeWork IPO的失败，标志着一个时代的终结，一个哪怕公司不盈利，也可以获得超高估值的时代。”\n\n不仅仅是WeWork这只巨无霸“独角兽”从IPO的前台黯然离场刺激到了企业创始人们，WeWork背后投资人软银由此面临的困境也让市场投资者们感同身受。\n而在此后的新冠疫情中，许多谋求上市的企业自身的营收和估值都出现了戏剧性变化，这让企业和投资人开始深思，自己到底是要谋一个可能收益很高但却会摸不着的IPO，还是去求一个更快而且更有可预测性的变现模式。\n因此，大摩当时的话只说对了一半。\n这个时代还没有结束，上帝给这些独角兽们关上了IPO的门，却打开了SPAC的窗——\nSPAC以现成的资金，以及事前说定的交易价格和条件这两大特点，为急于寻求变现的市场参与者提供了难得的支撑。\n它就像千与千寻里的那个无脸男，你喂进去任何事物，都会掉出黄金。于是乎，仅仅用了一年的时间，它就膨胀出了IPO市场的半壁江山。\n毕竟去年以来，所有人都只有一个心愿——快！\n为了快，投资者们根本不再关心上市的SPAC是叫IPOA还是IPOF，反正都只是一个空壳公司，只要牛市还在，自己买的就是一张包赚不赔的船票。\n为了快，大佬们要提前设立好SPAC，哪怕一口气设立很多个会被媒体吐槽。因为总要给SPAC成立到“找到”并购标的留一段时间做“遮羞布”，免得惹来监管的麻烦。\n为了快，独角兽创始人们不得不对很多已经到手的利益忍痛割爱，毕竟小不忍则乱大谋。无论是股票份额，还是超级投票权，统统要让道于上市的目标。\n可以说，SPAC就是这个急功近利的IPO时代的智慧结晶，是过去十年大放水时代里囤积出大量独角兽后的解决方案，更是这一轮的“泡沫之王”。\n四\n高盛在报告的最后，援引了一位斯坦福教授对于SPAC结构的疑惑，\n\n “关于SPAC我最想不通的是，为什么会产生这样一种资本结构，先募集资金，再去寻找上市标的，但同时又允许这部分募集资金随时退出，新投资者随时进入？在这样一种荒谬的资本结构中，究竟是谁来买单呢？”\n\n买单的究竟是谁我不知道，但我敢确信的是，最后买单的人，不到盛宴结束的那一天，一定不会意识到，自己就是那个买单人。","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":3408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349978384,"gmtCreate":1617531997248,"gmtModify":1704700268142,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"Families of the wealthiest. ","listText":"Families of the wealthiest. ","text":"Families of the wealthiest.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349978384","repostId":"2124754238","repostType":4,"repost":{"id":"2124754238","kind":"highlight","pubTimestamp":1617501734,"share":"https://ttm.financial/m/news/2124754238?lang=en_US&edition=fundamental","pubTime":"2021-04-04 10:02","market":"us","language":"zh","title":"50 Big Families Control $1.2 Trillion Wealth! Meet the Rothschilds of America","url":"https://stock-news.laohu8.com/highlight/detail?id=2124754238","media":"华尔街见闻","summary":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说","content":"<p>In the past year or two, you may have heard stories of Elon Musk, Jeff Bezos or Bill Gates taking turns as the richest man in the United States.</p><p>These are individuals. What if you look at it from a different angle, from a family perspective? To put it another way: After reading the new money, what happened to the old money?</p><p>Forbes' list of America's most prominent wealthy families reveals the answer: Many wealthy families remain unmoved, are still wealthy, and are now even more wealthy as their shares rise.</p><p>This can easily be seen in one of the details: To make the list of rich families, you need to have at least $7.3 billion in wealth — a threshold of 1.3 billion, or 22 percent, up from $6 billion five years ago.</p><p>The list lists 50 of the richest families in the United States, with a combined wealth of $1.2 trillion. The last time the list was published in 2015, the total wealth at that time was $916 billion, which is about 30% lower than the current one.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The strong rally in stocks, the family's wealth now stands at $247 billion, an increase of $77.3 billion over the past year. The family owns about 50 percent of Walmart, and the average annual dividend payout on Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch Brothers family (Kochs), the founders of industrial giant Koch, came in second place with a fortune of $115 billion. Koch produces a wide range of industrial products, including pipes, chemicals, water cups, carpets, and more. The Koch family holds an 84% stake in Koch Industries.</p><p>Third on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the candy company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to the Chinese, and that is Mars, a multinational company famous for its M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name to tell which business they own — Cargill Inc., one of the world's four largest grain merchants.</p><p>The next rich family may be known to women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Family, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder), with a family wealth of $40 billion.</p><p>In sixth place is the Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and consumer chemicals, with a fortune of $37 billion that has been passed down for five generations to date.</p><p>The Johnson family, who runs the asset management giant Fidelity, has a wealth of $37bn. Today, along with his daughter, Abigail Johnson, Edward Johnson III owns and operates Fidelity Investments and Fidelity International.</p><p>In eighth place is the Cox family, which started in media, with a fortune of $34.5 billion. They manage Cox Enterprises, a private multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten of the list whose wealth has not changed. The total wealth of the other rich families has increased significantly compared with five years ago.</p><p>Moreover, the Sacklers family, owners of opioid maker Purdue Pharma, are among the few giants on the list whose wealth has shrunk, and the attorneys general of nearly every U.S. state have been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese family and the only non-white family is the Zhao family, which ranks 40th on the list with a fortune of $8.6 billion. They control Westlake Chemical — one of the largest producers of low-density polyethylene in the United States and the second-largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>Other wealthy families on the list include the well-known Rockefeller family,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler Family, Mellon Family,<a href=\"https://laohu8.com/S/JNJ\">Johnson & Johnson</a>Family, Marriott Family, etc.</p><p>However, there is no need to envy them, because being super rich doesn't mean that these families are happy. On this list, there are at least six families that have experienced extreme pain, or public feud between family members, including legal battles over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American Visual information website, produced a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>","source":"wallstreetcn_api","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>50 Big Families Control $1.2 Trillion Wealth! Meet the Rothschilds of America</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n50 Big Families Control $1.2 Trillion Wealth! Meet the Rothschilds of America\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-04 10:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past year or two, you may have heard stories of Elon Musk, Jeff Bezos or Bill Gates taking turns as the richest man in the United States.</p><p>These are individuals. What if you look at it from a different angle, from a family perspective? To put it another way: After reading the new money, what happened to the old money?</p><p>Forbes' list of America's most prominent wealthy families reveals the answer: Many wealthy families remain unmoved, are still wealthy, and are now even more wealthy as their shares rise.</p><p>This can easily be seen in one of the details: To make the list of rich families, you need to have at least $7.3 billion in wealth — a threshold of 1.3 billion, or 22 percent, up from $6 billion five years ago.</p><p>The list lists 50 of the richest families in the United States, with a combined wealth of $1.2 trillion. The last time the list was published in 2015, the total wealth at that time was $916 billion, which is about 30% lower than the current one.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The strong rally in stocks, the family's wealth now stands at $247 billion, an increase of $77.3 billion over the past year. The family owns about 50 percent of Walmart, and the average annual dividend payout on Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch Brothers family (Kochs), the founders of industrial giant Koch, came in second place with a fortune of $115 billion. Koch produces a wide range of industrial products, including pipes, chemicals, water cups, carpets, and more. The Koch family holds an 84% stake in Koch Industries.</p><p>Third on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the candy company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to the Chinese, and that is Mars, a multinational company famous for its M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name to tell which business they own — Cargill Inc., one of the world's four largest grain merchants.</p><p>The next rich family may be known to women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Family, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder), with a family wealth of $40 billion.</p><p>In sixth place is the Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and consumer chemicals, with a fortune of $37 billion that has been passed down for five generations to date.</p><p>The Johnson family, who runs the asset management giant Fidelity, has a wealth of $37bn. Today, along with his daughter, Abigail Johnson, Edward Johnson III owns and operates Fidelity Investments and Fidelity International.</p><p>In eighth place is the Cox family, which started in media, with a fortune of $34.5 billion. They manage Cox Enterprises, a private multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten of the list whose wealth has not changed. The total wealth of the other rich families has increased significantly compared with five years ago.</p><p>Moreover, the Sacklers family, owners of opioid maker Purdue Pharma, are among the few giants on the list whose wealth has shrunk, and the attorneys general of nearly every U.S. state have been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese family and the only non-white family is the Zhao family, which ranks 40th on the list with a fortune of $8.6 billion. They control Westlake Chemical — one of the largest producers of low-density polyethylene in the United States and the second-largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>Other wealthy families on the list include the well-known Rockefeller family,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler Family, Mellon Family,<a href=\"https://laohu8.com/S/JNJ\">Johnson & Johnson</a>Family, Marriott Family, etc.</p><p>However, there is no need to envy them, because being super rich doesn't mean that these families are happy. On this list, there are at least six families that have experienced extreme pain, or public feud between family members, including legal battles over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American Visual information website, produced a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3626144\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179","relate_stocks":{"WMT":"沃尔玛"},"source_url":"https://wallstreetcn.com/articles/3626144","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2124754238","content_text":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说法就是：看完了新钱，那些老钱怎么样了呢？《福布斯》公布的美国最显赫的富豪家族榜揭示了答案：很多富豪家族岿然不动，依然是富豪，并且如今随着公司股价走高，现在是豪上更壕了。这一点从其中一个细节就能轻松看出来：要登上这份富豪家族榜，至少要有73亿美元财富——这个门槛比五年前的60亿美元提高了13亿，提高幅度达到22%。这份榜单一共列举了50个美国最富有的家族，他们的财富总额高达1.2万亿美元。上一次发榜单是在2015年，当时的财富总额是9160亿美元，这比目前低了30%左右。具体来看，沃尔玛继承人沃尔顿家族依然稳坐榜首。受益于疫情期间沃尔玛股票的强劲上涨，该家族的财富现在达到2470亿美元，过去一年增加了773亿美元。该家族持有沃尔玛约50%的股份，平均每年仅股息分红就超过7亿美元。工业巨头科赫的创始人科赫兄弟家族（Kochs）以1150亿美元财富位列第二。科赫生产范围广泛的工业制品，包括管道、化学品、水杯、地毯等。科赫家族持有科赫工业集团（Koch Industries）84%的股份。榜单第三位是兄妹一家亲：杰奎琳·玛斯（Jacqueline Mars）、约翰·玛斯（John Mars）以及他们已故的兄弟小福雷斯特（Forrest Jr.），家族财富940亿美元。他们主要是继承了祖父Frank Mars于1911年创立的糖果公司股份。这个糖果公司中国人非常熟悉，那就是以M＆M和士力架（Snickers）闻名的跨国企业Mars。该公司年收入为350亿美元。位列第四的是Cargill-MacMillan家族，财富470亿美元。看这名字就知道他们拥有哪家企业了——全球四大粮商之一嘉吉（Cargill Inc.）。下一个富豪家族可能全球的女人们都知道：雅诗兰黛家族，他们拥有雅诗兰黛集团（Estee Lauder）的股权，家族财富达400亿美元。排在第六位的是庄臣家族，他们拥有全球家用清洁和化学消费品制造商庄臣集团（SC Johnson），财富为370亿美元，迄今，家族财富已经传承了五代。资管巨头富达（Fidelity）的掌控人约翰逊家族，财富为370亿美元。如今，爱德华·约翰逊三世与女儿Abigail Johnson一起拥有并经营富达投资（Fidelity Investments）和富达国际（Fidelity International）。排名第八的是以媒体起家的考克斯家族，财富345亿美元。他们管理着考克斯集团(Cox Enterprises)，这是一家总部位于美国佐治亚州亚特兰大的私营跨国企业集团。值得注意的是，考克斯家族是榜单前十位唯一一个财富数额没有变动的家族，其余富豪家族的财富总额都比五年前有着显著的增加。此外，阿片类药物生产商普渡集团（Purdue Pharma）的所有者Sacklers家族是榜单上少数几个财富缩水的豪门，几乎每个美国州的检察长都因该公司在阿片类药物危机中的作用而受到起诉。这50大富豪家族中，唯一一个华裔、也是唯一一个非白人家族是赵氏家族，以86亿美元财富排在榜单第40位。他们控制着西湖化工（Westlake Chemical）——美国最大的低密度聚乙烯生产商之一，也是全球第二大PVC生产商。这个家族的创始人赵廷箴出生于苏州，二战后迁居台湾，又举家迁往美国，1985年在德州创立了西湖化学公司。其余在列的富豪家族包括中国人耳熟能详的洛克菲勒家族、杜邦家族、科勒家族、梅隆家族、强生家族、万豪家族等。不过也不需要羡慕他们，因为超级富有并不意味着这些家庭就很幸福。在这份名单上，有至少6个家族经历了非常的痛苦，或者家庭成员之间公开不和，包括围绕家族信托基金的官司大战、虚假收养，甚至谋杀指控。美国视觉化信息网站Visual Capitalist根据这份富豪榜制作了一张图：","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":3658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356898373,"gmtCreate":1616767493192,"gmtModify":1704798651193,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"Kate is wonderfully right.","listText":"Kate is wonderfully right.","text":"Kate is wonderfully right.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356898373","repostId":"2122729479","repostType":2,"isVote":1,"tweetType":1,"viewCount":3510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350480391,"gmtCreate":1616252051713,"gmtModify":1704792489101,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350480391","repostId":"2120116882","repostType":2,"isVote":1,"tweetType":1,"viewCount":3739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325216174,"gmtCreate":1615901977098,"gmtModify":1704788185715,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","listText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","text":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325216174","repostId":"2119946315","repostType":2,"isVote":1,"tweetType":1,"viewCount":3955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325869199,"gmtCreate":1615886696511,"gmtModify":1704787934883,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"It sure will go higher and further.","listText":"It sure will go higher and further.","text":"It sure will go higher and further.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325869199","repostId":"1122634502","repostType":4,"repost":{"id":"1122634502","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615872763,"share":"https://ttm.financial/m/news/1122634502?lang=en_US&edition=fundamental","pubTime":"2021-03-16 13:32","market":"hk","language":"zh","title":"Even good profits, millet's increase expanded to over 8%","url":"https://stock-news.laohu8.com/highlight/detail?id=1122634502","media":"老虎资讯综合","summary":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布","content":"<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase has continued to expand, and now it has risen by more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>It comes after a U.S. judge temporarily blocked the U.S. Defense Department's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK$27.5 to HK$28, the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</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>Even good profits, millet's increase expanded to over 8%</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{ 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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEven good profits, millet's increase expanded to over 8%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-16 13:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase has continued to expand, and now it has risen by more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>It comes after a U.S. judge temporarily blocked the U.S. Defense Department's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK$27.5 to HK$28, the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14d6e649b06703312499e84952510944","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122634502","content_text":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布研究报告，将小米集团目标价由27.5港元升至28港元，评级由“持有”升至“买入”，上调其2020-22年净利润预测4%、5%及6%，主要反映智能手机业务的利润率前景。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":3640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321201091,"gmtCreate":1615435217713,"gmtModify":1704782726982,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"The title of kids’ game giant is really misleading.","listText":"The title of kids’ game giant is really misleading.","text":"The title of kids’ game giant is really misleading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321201091","repostId":"323065144","repostType":1,"repost":{"id":323065144,"gmtCreate":1615290598688,"gmtModify":1704780666572,"author":{"id":"3510558082622800","authorId":"3510558082622800","name":"胖虎哒哒","avatar":"https://static.tigerbbs.com/75b95d9326c02813b7b87ba8c1eccb5a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3510558082622800","authorIdStr":"3510558082622800"},"themes":[],"title":"Roblox投資者日會議筆記","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a> 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a> 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","text":"$Roblox Corporation(RBLX)$ 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","images":[{"img":"https://static.tigerbbs.com/1fc46b31726897c62c237399fa08fbc2","width":"512","height":"320"},{"img":"https://static.tigerbbs.com/ccb666f8eadc1d151e3873de6a297040","width":"688","height":"362"},{"img":"https://static.tigerbbs.com/666abdb4b6e0ceebae17643758477b68","width":"688","height":"387"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323065144","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320929553,"gmtCreate":1615001730672,"gmtModify":1704778103130,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"alibaba.The dragon slayer becomes the new dragon.Old story.","listText":"alibaba.The dragon slayer becomes the new dragon.Old story.","text":"alibaba.The dragon slayer becomes the new dragon.Old story.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320929553","repostId":"2116574238","repostType":4,"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367119836,"gmtCreate":1614919439325,"gmtModify":1704776992911,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"title":"","htmlText":"one question, where did you get all these data?","listText":"one question, where did you get all these data?","text":"one question, where did you get all these data?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367119836","repostId":"2116120135","repostType":2,"isVote":1,"tweetType":1,"viewCount":3850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}