Profile - To The Moon

KokJeng

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- KokJengKokJeng
  ·05-31
  $TSLA 20250606 350.0 PUT$
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- KokJengKokJeng
  ·05-29
  $CRWV 20250530 130.0 CALL$
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- KokJengKokJeng
  ·05-23
  $GOOG 20250523 170.0 CALL$
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- KokJengKokJeng
  ·2023-08-10
  $BEST WORLD INTERNATIONAL LTD(CGN.SI)$
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- KokJengKokJeng
  ·2022-12-10
  Ok
  Sorry, this post has been deleted
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- KokJengKokJeng
  ·2022-12-09
  Good
  3 China Stocks That Could Rebound in 2023, According to Analysts
  Story HighlightsChinese tech stocks have been heating up of late, even with a potential global reces
  3 China Stocks That Could Rebound in 2023, According to Analysts
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- KokJengKokJeng
  ·2022-11-22
  What happen !!
  Sorry, this post has been deleted
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- KokJengKokJeng
  ·2022-11-21
  Ok
  Alibaba Q3: Munger Remains Unfazed, Plus 3 Things Not To Overlook
  SummaryAlibaba just reported its Q3 (fiscal year Q2) earnings. The results were solid despite challe
  Alibaba Q3: Munger Remains Unfazed, Plus 3 Things Not To Overlook
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- KokJengKokJeng
  ·2022-11-21
  Good
  The Fed Minutes May Deliver A Massive Blow To The Stock Market
  SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets a
  The Fed Minutes May Deliver A Massive Blow To The Stock Market
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- KokJengKokJeng
  ·2022-11-15
  Go go go
  Cathie Wood Buys the Dip in Bitcoin Fund as Discount Hits Record
  ARKW buys shares of GBTC for the first time since July 2021GBTC is trading near a record discount to
  Cathie Wood Buys the Dip in Bitcoin Fund as Discount Hits Record
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170.0 CALL\">$GOOG 20250523 170.0 CALL$</a>&nbsp;","text":"$GOOG 20250523 170.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/89630f0e4cc5d97f8de1e44b43ee20cc","width":"981","height":"1637"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/438186665811976","isVote":1,"tweetType":1,"viewCount":1205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":207270512308384,"gmtCreate":1691632147134,"gmtModify":1691632149857,"author":{"id":"3581590240761737","authorId":"3581590240761737","name":"KokJeng","avatar":"https://static.tigerbbs.com/cb5ab4a1f7b02ad841a65e3c09be3818","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581590240761737","authorIdStr":"3581590240761737"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CGN.SI\">$BEST WORLD INTERNATIONAL LTD(CGN.SI)$&nbsp;</a>","listText":"<a 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23:39","market":"us","language":"en","title":"3 China Stocks That Could Rebound in 2023, According to Analysts","url":"https://stock-news.laohu8.com/highlight/detail?id=1116584413","media":"TipRanks","summary":"Story HighlightsChinese tech stocks have been heating up of late, even with a potential global reces","content":"<div>\n<p>Story HighlightsChinese tech stocks have been heating up of late, even with a potential global recession on the horizon. As 2023 kicks in, top internet titans like Alibaba, JD.com, and Pinduoduo may ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/3-china-stocks-that-could-rebound-in-2023-according-to-analysts\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 China Stocks That Could Rebound in 2023, According to Analysts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 China Stocks That Could Rebound in 2023, According to Analysts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-08 23:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/3-china-stocks-that-could-rebound-in-2023-according-to-analysts><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Story HighlightsChinese tech stocks have been heating up of late, even with a potential global recession on the horizon. As 2023 kicks in, top internet titans like Alibaba, JD.com, and Pinduoduo may ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/3-china-stocks-that-could-rebound-in-2023-according-to-analysts\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09618":"京东集团-SW","JD":"京东","09988":"阿里巴巴-W","PDD":"拼多多"},"source_url":"https://www.tipranks.com/news/article/3-china-stocks-that-could-rebound-in-2023-according-to-analysts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116584413","content_text":"Story HighlightsChinese tech stocks have been heating up of late, even with a potential global recession on the horizon. As 2023 kicks in, top internet titans like Alibaba, JD.com, and Pinduoduo may have the most room to run as they look to claw back from the depths of the abyss.Chinese stocks have been in a world of pain well before the S&P 500 (SPX) plunged into a bear market in 2022. Indeed, many investors and talking heads have slapped the unenviable title of “uninvestable” on Chinese stocks, given how difficult it is to gauge their inherent risks. Indeed, delisting concerns and other issues based on exogenous events make it hard to value even the “cheapest” Chinese internet ADRs (American Depository Receipts). Despite the added risks of investing in Chinese stocks, many Wall Street analysts continue to view names like Alibaba (NASDAQ: BABA), JD.com (NASDAQ: JD), and Pinduoduo (NASDAQ: PDD) favorably.There’s no doubt that U.S. investors have been burned by Chinese names in recent years. With swollen regulatory risk discounts and considerable growth to be had over the long run, China’s top internet plays may still be worth considering while they’re miles away from their peaks.Let’s check in on three Strong-Buy-rated Chinese tech titans that Wall Street expects great things from in 2023.Alibaba (BABA)Alibaba is probably the first firm that comes to mind to American investors looking for Chinese tech exposure. It’s been a slow, painful descent for one of China’s most FAANG-like stocks. After plunging by around 80% from peak to trough, BABA stock has shown signs of life in recent weeks, rallying by around 52% off the October trough.Whether the recent rally lasts remains to be seen. Regardless, it’s hard for value-conscious investors to overlook the absurdly-low 1.9 times price-to-sales (P/S) multiple.At these depths, even the slightest positive news could have a significant impact on the stock. With Chinese stocks bouncing due to easing COVID-19 restrictions, Alibaba and the broader basket may, once again, be unignorable as consumer spending looks to heal. Arguably, Alibaba has the most to gain as China reopens its economy and the worst recession fears come to pass.What is the Price Target for BABA Stock?Wall Street is sticking with its “Strong Buy” rating on Alibaba stock, with 15 unanimous Buy recommendations. The average BABA stock price target of $133.73 implies a solid 51.4% gain from here.JD.com (JD)JD.com is an e-commerce player that rallied sharply in recent weeks after enduring a nearly two-year-long 64% plunge. Driven by easing COVID-19 restrictions and a huge third-quarter beat that saw per-share earnings crush estimates ($0.90 EPS vs. $0.70 consensus), JD stock now seems to have the most technical strength behind it.At just 0.6 times sales, JD stock has some low expectations in mind ahead of what’s likely to be a global recession. As China looks to loosen its strict zero-COVID policy, JD could be one of the bigger beneficiaries.In a rising-rate world, U.S. investors can appreciate JD’s latest profitability surge. The company is well-positioned to continue driving margins higher as it looks to take a page out of the playbook of an early Amazon (NASDAQ:AMZN).What is the Price Target for JD Stock?Wall Street loves JD stock, with a “Strong Buy” consensus rating. The average JD stock price target of $77.69 implies 32.92% gains from current levels.Pinduoduo (PDD)Pinduoduo is a Chinese e-commerce play that’s suffered the biggest hit to the chin amid China’s horrific tech sell-off. From peak to trough, shares shed more than 83% of their value. Since bottoming earlier this year, though, PDD stock has been really heating up, rewarding dip-buyers who gave the digital retail play the benefit of the doubt. Shares are now up around 265% from their 2022 lows.Indeed, Pinduoduo is the spiciest Chinese internet stock, but one that could deliver the biggest gains in a turnaround scenario. The recent third-quarter beat was a blowout ($1.23 EPS vs. $0.69 consensus). As the company continues to impress despite the dire macro conditions, growth-savvy investors willing to stomach the risks may be enticed to get back into the name.At 6.4 times sales and 30 times trailing earnings, PDD stock is one of the pricier Chinese e-commerce firms. After six straight sizeable bottom-line beats, though, I view the name as compelling.What is the Price Target for PDD Stock?Wall Street continues to pound the table on Pinduoduo. The average PDD stock price target of $99.51 implies 15.95% gains from here.Conclusion: Wall Street is Most Bullish on BABAIndeed, recent momentum in Chinese stocks may reignite enthusiasm. A sustained rally into 2023 may even cause pundits to shed their “uninvestable” status. Of the three names in this piece, Wall Street expects the biggest gains from Alibaba stock.","news_type":1,"symbols_score_info":{"PDD":0.9,"09618":0.9,"09988":0.9,"BABA":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961753907,"gmtCreate":1669069947110,"gmtModify":1676538145690,"author":{"id":"3581590240761737","authorId":"3581590240761737","name":"KokJeng","avatar":"https://static.tigerbbs.com/cb5ab4a1f7b02ad841a65e3c09be3818","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581590240761737","authorIdStr":"3581590240761737"},"themes":[],"htmlText":"What happen !!","listText":"What happen !!","text":"What happen !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961753907","repostId":"2285107150","repostType":2,"isVote":1,"tweetType":1,"viewCount":2158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961530751,"gmtCreate":1668993113674,"gmtModify":1676538135521,"author":{"id":"3581590240761737","authorId":"3581590240761737","name":"KokJeng","avatar":"https://static.tigerbbs.com/cb5ab4a1f7b02ad841a65e3c09be3818","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581590240761737","authorIdStr":"3581590240761737"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9961530751","repostId":"1102151273","repostType":4,"repost":{"id":"1102151273","kind":"news","pubTimestamp":1668992478,"share":"https://ttm.financial/m/news/1102151273?lang=&edition=fundamental","pubTime":"2022-11-21 09:01","market":"hk","language":"en","title":"Alibaba Q3: Munger Remains Unfazed, Plus 3 Things Not To Overlook","url":"https://stock-news.laohu8.com/highlight/detail?id=1102151273","media":"Seeking Alpha","summary":"SummaryAlibaba just reported its Q3 (fiscal year Q2) earnings. The results were solid despite challe","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Alibaba just reported its Q3 (fiscal year Q2) earnings. The results were solid despite challenges in the past quarter and triggered sharp price rallies.</li><li>In the meantime, the Daily Journal Corp.’s recent 13F shows that its Alibaba position remains unchanged in the past quarter.</li><li>This article focuses on the implications of 3 things from its Q3 earnings report: profitability, capital allocation, and valuation.</li><li>And I can see why Munger remains unfazed.</li></ul><p><b>Q3 recap and investment thesis</b></p><p>Alibaba (NYSE: BABA) just released its Q3 2022earnings report(“ER”). Note that its fiscal quarter is shifted from the calendar quarter (so it is its FY Q2). And in the remainder of this article, I will refer to the calendar quarter consistently. By this time, many of the aspects of its Q3 ER have been detailed by other SA authors already. As a result, I will only provide a brief recap of its Q3 results. Then I will quickly zoom in on three things that are less discussed so far in other SA articles.</p><p>Overall, I view the results as solid, especially considering the challenging operating environments in the past quarter. Its Non-GAAP EPS (referred to on a per ADS basis hereafter) dialed in at $1.82, exceeding consensus estimates by $0.17. Topline came in at $29.12B, representing a +3.0% YoY growth but missing consensus estimates slightly by $490M (about 1.6% on a relative basis). Notably, its cloud segment grew 4% YOY and now represents 10% of the total revenue.</p><p><img src=\"https://static.tigerbbs.com/08d0114344dd757db5d5d21a884dd2b6\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: BABA Q3 ER</p><p>The remainder of this article will concentrate on 3 things from its Q3 ER that are less discussed in other articles. Firstly, I will examine its profitability as measured by ROCE (return on capital employed). You will see that its profitability indeed has suffered strong headwinds due to ongoing macro challenges, but still remains at a highly competitive level even when benchmarked against the FAAMG group. Secondly, I will examine its capital allocation. And the picture is similar here. Admittedly, it simply does not enjoy the flexibility it used to even compared to the beginning of the year. But overall, it is still in a strong financial position and can sustainably fund its various growth initiatives. And finally, the valuation is too compressed to ignore in my view.</p><p>Before we dive in, note that the Daily Journal Corp. recently also disclosed its 13F filing. And as shown in the chart below, Alibaba remains as the 3rdlargest position, representing 14.6% of its equity portfolio. And I can see why Munger remains unfazed after we examine the financials more closely next.</p><p><img src=\"https://static.tigerbbs.com/677845cdad0cdf5462cfd630779c29cf\" tg-width=\"640\" tg-height=\"368\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Dataroma.com</p><p><b>Profitability remains competitive</b></p><p>As detailed in my blog article, for a long-term business owner, return on capital employed (“ROCE”) is the most important metric in my mind. And BABA’s ROCE is shown below. The chart plots its ROCE dating back to 2014 and specifically highlights the changes in its ROCE in 2022 (the last two data points on this chart). As you can see, its profitability indeed has suffered strong headwinds due to ongoing macro challenges. To wit, even as recent as Q1 2022, its ROCE hovered around 97% based on quarterly TTM financials. But due to the various headwinds (both macroeconomic and regulatory as to be elaborated later), its ROCE has contracted substantially to the current level of 62.4% based on the Q3 TTM financials.</p><p>However, BABA’s current ROCE still remains at a highly competitive level even when benchmarked against the FAAMG group as you can see from the second following chart below. As a matter of fact, its current ROCE is only behind Apple (AAPL) in this group.</p><p><img src=\"https://static.tigerbbs.com/6edb9f34d10e490e6795015d49dda18e\" tg-width=\"640\" tg-height=\"258\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: author and Seeking Alpha.</p><p><img src=\"https://static.tigerbbs.com/d3d4cd52c813e053fa637f73ee468287\" tg-width=\"640\" tg-height=\"297\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: author and Seeking Alpha.</p><p><b>Capital allocation flexibility remains strong too</b></p><p>BABA has always been in a strong financial position. Its financial position may be a bit weaker than it used to be due to its commitment to the common prosperity funds, high tax rates, and regulatory changes. To wit, BABA made a pledge of about $15.5B to the Chinese common prosperity fund in the next five years (so about $3.1B per year). At the same time, its TTM operating cash was more than $30.5B as of Q1 2022. And its operating cash flow has decreased to about $20.1B as of TTM Q3, a decrease of more than $10B.</p><p>However, under the overall scheme of things, it is still in a quite strong position. It is effectively debt-free (total interest expenses are only about $500M), it does not pay a dividend, and its maintenance CAPEX is really low (total depreciation is only about 10% of its operating income). And it carries a sizeable net cash position (about $10.1 per share) as shown in the table below, by far the highest level relative to a few other stocks (I will explain why I picked this set of stocks next).</p><p>And this is a good point to move onto its valuation, particularly the impact of the net cash position on its valuation.</p><p><img src=\"https://static.tigerbbs.com/c851f218d7749d4f4d8d17853526a8b5\" tg-width=\"640\" tg-height=\"210\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: author and Seeking Alpha data.</p><p><b>Valuation is even cheaper when adjusted for ROCE</b></p><p>The chart above shows that BABA’s PE is about 11.4x at its current price. Also as aforementioned, there is about $10.0 of cash behind each BABA share, translating into ~11.8% of the current share price. The cash position is actually higher than in Q1 (about $9.3 per share at that time). And adjusted for the cash position, its current PE is only about 10.1x, actually lower than the 11.7x multiple in Q1 despite the decrease in earnings.</p><p>Readers familiar with our approach know that valuation shouldn&#39;t be looked at in isolation. It should be always interpreted together with the quality of the business. And that is what the next chart intends to do. These seemingly random stocks picked for this chart represent some of the largest Berkshire (BRK.A) (BRK.B) holdings, and hence, the green dotted line is what I call a Buffett value line. As detailed in my earlier article:</p><blockquote><i>The Buffett’s value line is a line linking A) the origin (a business that has 0 ROCE should worth O PE), and B) Buffett’s largest holding AAPL (which happens to have the highest ROCE among this group of stocks).</i></blockquote><p>Since you always have the choice to buy AAPL, it makes little sense to buy stocks above this line (except for the need for diversification). As seen, BABA now lies below this line (right next to AbbVie (ABBV), another stock we also hold) by a good margin, suggesting a valuation that is more compressed when adjusted for ROCE than on the surface.</p><p><img src=\"https://static.tigerbbs.com/f7b16375acb6efb2b50a0b5d855eabcf\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: author and Seeking Alpha data.</p><p><b>Risks and final thoughts</b></p><p>BABA faces many risks. Potential investors should be cautious of the extreme uncertainties here. As detailed by many SA authors (ourselves included), some risks could lead to 100% loss (such as VIE) or large losses (such as delisting). Here, I will limit my discussions to the risks that are more relevant to business fundamentals and operations. I am cautiously optimistic about the company’s business operation outlook in the next 1 or 2 years. The impact of the COVID-19 restrictions in China remains the largest risk in my view. With China’s Zero COVID policy still in place, customer growth in its China Commerce division (TaoBao and Tmall, to name a few) faces an uncertain recovery path. And so do the overall economic conditions in the country.</p><p>To conclude, this article focused on 3 things in BABA’s Q3 ER that are less discussed by other SA authors so far. Its profitability, as measured by ROCE, indeed has suffered strong headwinds, shrinking from ~100% in Q1 to the current 62%. But a ROCE of around 62% is still highly competitive even compared to the FAAMG stocks. Such a robust ROCE, when combined with its capital allocation flexibility, offers healthy growth prospects. For example, its International Commerce Retail segment, including Lazada and AliExpress, offers plenty of upsides. And finally, the valuation, especially when adjusted for its ROCE and sizable cash position, is simply too compressed to make sense the way I see it.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Q3: Munger Remains Unfazed, Plus 3 Things Not To Overlook</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\">\nAlibaba Q3: Munger Remains Unfazed, Plus 3 Things Not To Overlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-21 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559273-alibaba-stock-q3-earnings-munger-remains-unfazed><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAlibaba just reported its Q3 (fiscal year Q2) earnings. The results were solid despite challenges in the past quarter and triggered sharp price rallies.In the meantime, the Daily Journal Corp.’...</p>\n\n<a href=\"https://seekingalpha.com/article/4559273-alibaba-stock-q3-earnings-munger-remains-unfazed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4559273-alibaba-stock-q3-earnings-munger-remains-unfazed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102151273","content_text":"SummaryAlibaba just reported its Q3 (fiscal year Q2) earnings. The results were solid despite challenges in the past quarter and triggered sharp price rallies.In the meantime, the Daily Journal Corp.’s recent 13F shows that its Alibaba position remains unchanged in the past quarter.This article focuses on the implications of 3 things from its Q3 earnings report: profitability, capital allocation, and valuation.And I can see why Munger remains unfazed.Q3 recap and investment thesisAlibaba (NYSE: BABA) just released its Q3 2022earnings report(“ER”). Note that its fiscal quarter is shifted from the calendar quarter (so it is its FY Q2). And in the remainder of this article, I will refer to the calendar quarter consistently. By this time, many of the aspects of its Q3 ER have been detailed by other SA authors already. As a result, I will only provide a brief recap of its Q3 results. Then I will quickly zoom in on three things that are less discussed so far in other SA articles.Overall, I view the results as solid, especially considering the challenging operating environments in the past quarter. Its Non-GAAP EPS (referred to on a per ADS basis hereafter) dialed in at $1.82, exceeding consensus estimates by $0.17. Topline came in at $29.12B, representing a +3.0% YoY growth but missing consensus estimates slightly by $490M (about 1.6% on a relative basis). Notably, its cloud segment grew 4% YOY and now represents 10% of the total revenue.Source: BABA Q3 ERThe remainder of this article will concentrate on 3 things from its Q3 ER that are less discussed in other articles. Firstly, I will examine its profitability as measured by ROCE (return on capital employed). You will see that its profitability indeed has suffered strong headwinds due to ongoing macro challenges, but still remains at a highly competitive level even when benchmarked against the FAAMG group. Secondly, I will examine its capital allocation. And the picture is similar here. Admittedly, it simply does not enjoy the flexibility it used to even compared to the beginning of the year. But overall, it is still in a strong financial position and can sustainably fund its various growth initiatives. And finally, the valuation is too compressed to ignore in my view.Before we dive in, note that the Daily Journal Corp. recently also disclosed its 13F filing. And as shown in the chart below, Alibaba remains as the 3rdlargest position, representing 14.6% of its equity portfolio. And I can see why Munger remains unfazed after we examine the financials more closely next.Source: Dataroma.comProfitability remains competitiveAs detailed in my blog article, for a long-term business owner, return on capital employed (“ROCE”) is the most important metric in my mind. And BABA’s ROCE is shown below. The chart plots its ROCE dating back to 2014 and specifically highlights the changes in its ROCE in 2022 (the last two data points on this chart). As you can see, its profitability indeed has suffered strong headwinds due to ongoing macro challenges. To wit, even as recent as Q1 2022, its ROCE hovered around 97% based on quarterly TTM financials. But due to the various headwinds (both macroeconomic and regulatory as to be elaborated later), its ROCE has contracted substantially to the current level of 62.4% based on the Q3 TTM financials.However, BABA’s current ROCE still remains at a highly competitive level even when benchmarked against the FAAMG group as you can see from the second following chart below. As a matter of fact, its current ROCE is only behind Apple (AAPL) in this group.Source: author and Seeking Alpha.Source: author and Seeking Alpha.Capital allocation flexibility remains strong tooBABA has always been in a strong financial position. Its financial position may be a bit weaker than it used to be due to its commitment to the common prosperity funds, high tax rates, and regulatory changes. To wit, BABA made a pledge of about $15.5B to the Chinese common prosperity fund in the next five years (so about $3.1B per year). At the same time, its TTM operating cash was more than $30.5B as of Q1 2022. And its operating cash flow has decreased to about $20.1B as of TTM Q3, a decrease of more than $10B.However, under the overall scheme of things, it is still in a quite strong position. It is effectively debt-free (total interest expenses are only about $500M), it does not pay a dividend, and its maintenance CAPEX is really low (total depreciation is only about 10% of its operating income). And it carries a sizeable net cash position (about $10.1 per share) as shown in the table below, by far the highest level relative to a few other stocks (I will explain why I picked this set of stocks next).And this is a good point to move onto its valuation, particularly the impact of the net cash position on its valuation.Source: author and Seeking Alpha data.Valuation is even cheaper when adjusted for ROCEThe chart above shows that BABA’s PE is about 11.4x at its current price. Also as aforementioned, there is about $10.0 of cash behind each BABA share, translating into ~11.8% of the current share price. The cash position is actually higher than in Q1 (about $9.3 per share at that time). And adjusted for the cash position, its current PE is only about 10.1x, actually lower than the 11.7x multiple in Q1 despite the decrease in earnings.Readers familiar with our approach know that valuation shouldn't be looked at in isolation. It should be always interpreted together with the quality of the business. And that is what the next chart intends to do. These seemingly random stocks picked for this chart represent some of the largest Berkshire (BRK.A) (BRK.B) holdings, and hence, the green dotted line is what I call a Buffett value line. As detailed in my earlier article:The Buffett’s value line is a line linking A) the origin (a business that has 0 ROCE should worth O PE), and B) Buffett’s largest holding AAPL (which happens to have the highest ROCE among this group of stocks).Since you always have the choice to buy AAPL, it makes little sense to buy stocks above this line (except for the need for diversification). As seen, BABA now lies below this line (right next to AbbVie (ABBV), another stock we also hold) by a good margin, suggesting a valuation that is more compressed when adjusted for ROCE than on the surface.Source: author and Seeking Alpha data.Risks and final thoughtsBABA faces many risks. Potential investors should be cautious of the extreme uncertainties here. As detailed by many SA authors (ourselves included), some risks could lead to 100% loss (such as VIE) or large losses (such as delisting). Here, I will limit my discussions to the risks that are more relevant to business fundamentals and operations. I am cautiously optimistic about the company’s business operation outlook in the next 1 or 2 years. The impact of the COVID-19 restrictions in China remains the largest risk in my view. With China’s Zero COVID policy still in place, customer growth in its China Commerce division (TaoBao and Tmall, to name a few) faces an uncertain recovery path. And so do the overall economic conditions in the country.To conclude, this article focused on 3 things in BABA’s Q3 ER that are less discussed by other SA authors so far. Its profitability, as measured by ROCE, indeed has suffered strong headwinds, shrinking from ~100% in Q1 to the current 62%. But a ROCE of around 62% is still highly competitive even compared to the FAAMG stocks. Such a robust ROCE, when combined with its capital allocation flexibility, offers healthy growth prospects. For example, its International Commerce Retail segment, including Lazada and AliExpress, offers plenty of upsides. And finally, the valuation, especially when adjusted for its ROCE and sizable cash position, is simply too compressed to make sense the way I see it.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961530275,"gmtCreate":1668993090597,"gmtModify":1676538135512,"author":{"id":"3581590240761737","authorId":"3581590240761737","name":"KokJeng","avatar":"https://static.tigerbbs.com/cb5ab4a1f7b02ad841a65e3c09be3818","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581590240761737","authorIdStr":"3581590240761737"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9961530275","repostId":"1117170787","repostType":4,"repost":{"id":"1117170787","kind":"news","pubTimestamp":1669002303,"share":"https://ttm.financial/m/news/1117170787?lang=&edition=fundamental","pubTime":"2022-11-21 11:45","market":"us","language":"en","title":"The Fed Minutes May Deliver A Massive Blow To The Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1117170787","media":"Seeking Alpha","summary":"SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets a","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The November Fed Minutes will be released Wednesday afternoon.</li><li>The bond and currency markets are already preparing for very hawkish minutes.</li><li>Fed board members appear to think rates may head towards 5%.</li></ul><p>It will be a holiday-shortened trading week, but it will not be short on news events. The massive news event will come on Wednesday at 2 PM with the release of the November Fed minutes. These minutes will likely reverse the equity market&#39;s celebration following a lower-than-expected October CPI report, as the Fed has a different view and is already pushing back hard.</p><p>Since the release of that CPI report on November 10, Fed-speak has been crystal clear - slower rate hikes do not mean a lower terminal rate, and one better-than-expected CPI report isn&#39;t going to change the path of monetary policy. Ultimately, these speakers seem to think rates are going even higher.</p><p>St. Louis Fed Governor James Bullard suggested dovish assumptions about monetary policy justified additional rate hikes.</p><p>The November FOMC statement indicated the likelihood of a slower pace of rate hikes coming, while the FOMC press conference indicated that the terminal rate was likely to be higher than previously expected in September. Since the FOMC meeting, a strong case has been laid out by many FOMC members for the overnight rate to head over 5% and potentially to go as high as 5.25% in 2023.</p><p>If this message of higher rates is correctly delivered in the FOMC minutes, then it seems more likely than not that the equity market rally since the October CPI report in mid-November should not only pause but reverse.</p><p><b>VIX Positioning</b></p><p>Additionally, the VIX should rise sharply heading into the FOMC meeting on December 14. Not on worries over a 50 or 75 bps rate hike but due to concerns over the Fed&#39;s Summary of Economic Projections and the committee&#39;s dot plot for terminal rate for the end of 2023.</p><p>In fact, throughout 2022, there has been a pattern of the VIX rising or falling into the FOMC meeting following the market&#39;s perception of the Fed minutes. Currently, the VIX is trading towards the lower end of its trading range, around 23. The last time the VIX was this low heading into the release of the FOMC minutes came back on August 17, which also marked the end of the August rally and was followed by a sharp rise in the VIX and a very sharp decline in the S&amp;P 500. The same thing also happened at the beginning of April, which also marked the end of the March rally, and early January, which marked the market peak.</p><p><img src=\"https://static.tigerbbs.com/2eb742a0f644a317b0c584c79d197735\" tg-width=\"640\" tg-height=\"321\" referrerpolicy=\"no-referrer\"/></p><p>TradingView</p><p><b>Rates And The Dollar</b></p><p>The bond market is already anticipating the more hawkish commentary out of the Fed minutes to be released this week. The Fed funds rates again call for the peak rate to be above 5% and back to levels seen immediately following the November FOMC meeting. Additionally, that peak rate is now seen coming in July instead of May, incorporating smaller rate hikes.</p><p><img src=\"https://static.tigerbbs.com/085a10f01649229138206ef78793ac66\" tg-width=\"640\" tg-height=\"499\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>The view of higher rates has also helped lift the 2-year yield, moving it back above 4.5%, and stopped the bleeding of the dollar index. These are critical signs that the bond and currency markets are listening to what the FOMC members are saying and taking the calls for higher rates very seriously. The Fed minutes should enforce the view of the Fed officials and should only help to push the dollar and rates even higher.</p><p>Higher rates and a strong dollar should help financial conditions tighten, pushing stock prices lower and increasing implied volatility levels.</p><p><img src=\"https://static.tigerbbs.com/d88b54ba9843396edf02be5023d2da16\" tg-width=\"640\" tg-height=\"321\" referrerpolicy=\"no-referrer\"/></p><p>TradingView</p><p><b>Fall Back Plan</b></p><p>Just in case the market doesn&#39;t respond appropriately to these minutes. The Fed is taking no chances heading into the FOMC meeting this time and will ensure that there will be no mix-ups from a potential article drop heading into the December meeting. There will be no repeat of the October version of the dovish pivot.</p><p>This time Jay Powell will take things into his own hands and talk for an hour at the Brookings Institute on November 30, starting at 1:30 PM ET. The talk is even more critical because it will come one day before the official FOMC blackout period starts heading into the December 14 FOMC meeting. It will be Powell&#39;s chance to make sure the market does not veer off course over those two weeks.</p><p>The Fed has been telling the market all year that it intended to raise rates aggressively and wanted financial conditions to tighten. Yes, there have been countertrend rallies along the way, but if one thing is clear, the Fed has been committed to higher rates. If the minutes do not deliver that message this week, Powell will be sure to do on November 30 what he did on August 26 at Jackson Hole, putting the hammer down on the equity market again.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Minutes May Deliver A Massive Blow To The Stock Market</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\">\nThe Fed Minutes May Deliver A Massive Blow To The Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-21 11:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets are already preparing for very hawkish minutes.Fed board members appear to think rates may head ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4559258-fed-minutes-may-deliver-massive-blow-to-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117170787","content_text":"SummaryThe November Fed Minutes will be released Wednesday afternoon.The bond and currency markets are already preparing for very hawkish minutes.Fed board members appear to think rates may head towards 5%.It will be a holiday-shortened trading week, but it will not be short on news events. The massive news event will come on Wednesday at 2 PM with the release of the November Fed minutes. These minutes will likely reverse the equity market's celebration following a lower-than-expected October CPI report, as the Fed has a different view and is already pushing back hard.Since the release of that CPI report on November 10, Fed-speak has been crystal clear - slower rate hikes do not mean a lower terminal rate, and one better-than-expected CPI report isn't going to change the path of monetary policy. Ultimately, these speakers seem to think rates are going even higher.St. Louis Fed Governor James Bullard suggested dovish assumptions about monetary policy justified additional rate hikes.The November FOMC statement indicated the likelihood of a slower pace of rate hikes coming, while the FOMC press conference indicated that the terminal rate was likely to be higher than previously expected in September. Since the FOMC meeting, a strong case has been laid out by many FOMC members for the overnight rate to head over 5% and potentially to go as high as 5.25% in 2023.If this message of higher rates is correctly delivered in the FOMC minutes, then it seems more likely than not that the equity market rally since the October CPI report in mid-November should not only pause but reverse.VIX PositioningAdditionally, the VIX should rise sharply heading into the FOMC meeting on December 14. Not on worries over a 50 or 75 bps rate hike but due to concerns over the Fed's Summary of Economic Projections and the committee's dot plot for terminal rate for the end of 2023.In fact, throughout 2022, there has been a pattern of the VIX rising or falling into the FOMC meeting following the market's perception of the Fed minutes. Currently, the VIX is trading towards the lower end of its trading range, around 23. The last time the VIX was this low heading into the release of the FOMC minutes came back on August 17, which also marked the end of the August rally and was followed by a sharp rise in the VIX and a very sharp decline in the S&P 500. The same thing also happened at the beginning of April, which also marked the end of the March rally, and early January, which marked the market peak.TradingViewRates And The DollarThe bond market is already anticipating the more hawkish commentary out of the Fed minutes to be released this week. The Fed funds rates again call for the peak rate to be above 5% and back to levels seen immediately following the November FOMC meeting. Additionally, that peak rate is now seen coming in July instead of May, incorporating smaller rate hikes.BloombergThe view of higher rates has also helped lift the 2-year yield, moving it back above 4.5%, and stopped the bleeding of the dollar index. These are critical signs that the bond and currency markets are listening to what the FOMC members are saying and taking the calls for higher rates very seriously. The Fed minutes should enforce the view of the Fed officials and should only help to push the dollar and rates even higher.Higher rates and a strong dollar should help financial conditions tighten, pushing stock prices lower and increasing implied volatility levels.TradingViewFall Back PlanJust in case the market doesn't respond appropriately to these minutes. The Fed is taking no chances heading into the FOMC meeting this time and will ensure that there will be no mix-ups from a potential article drop heading into the December meeting. There will be no repeat of the October version of the dovish pivot.This time Jay Powell will take things into his own hands and talk for an hour at the Brookings Institute on November 30, starting at 1:30 PM ET. The talk is even more critical because it will come one day before the official FOMC blackout period starts heading into the December 14 FOMC meeting. It will be Powell's chance to make sure the market does not veer off course over those two weeks.The Fed has been telling the market all year that it intended to raise rates aggressively and wanted financial conditions to tighten. Yes, there have been countertrend rallies along the way, but if one thing is clear, the Fed has been committed to higher rates. If the minutes do not deliver that message this week, Powell will be sure to do on November 30 what he did on August 26 at Jackson Hole, putting the hammer down on the equity market again.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969722531,"gmtCreate":1668527409523,"gmtModify":1676538071375,"author":{"id":"3581590240761737","authorId":"3581590240761737","name":"KokJeng","avatar":"https://static.tigerbbs.com/cb5ab4a1f7b02ad841a65e3c09be3818","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581590240761737","authorIdStr":"3581590240761737"},"themes":[],"htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9969722531","repostId":"1165156145","repostType":4,"repost":{"id":"1165156145","kind":"news","pubTimestamp":1668521223,"share":"https://ttm.financial/m/news/1165156145?lang=&edition=fundamental","pubTime":"2022-11-15 22:07","market":"us","language":"en","title":"Cathie Wood Buys the Dip in Bitcoin Fund as Discount Hits Record","url":"https://stock-news.laohu8.com/highlight/detail?id=1165156145","media":"Bloomberg","summary":"ARKW buys shares of GBTC for the first time since July 2021GBTC is trading near a record discount to","content":"<div>\n<p>ARKW buys shares of GBTC for the first time since July 2021GBTC is trading near a record discount to its underlying coinsThe Grayscale Bitcoin Trust’s record discount to assets has finally got too ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-15/cathie-wood-buys-the-dip-in-bitcoin-fund-as-discount-hits-record?srnd=premium\">Web Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Buys the Dip in Bitcoin Fund as Discount Hits Record</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\">\nCathie Wood Buys the Dip in Bitcoin Fund as Discount Hits Record\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-15 22:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-15/cathie-wood-buys-the-dip-in-bitcoin-fund-as-discount-hits-record?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARKW buys shares of GBTC for the first time since July 2021GBTC is trading near a record discount to its underlying coinsThe Grayscale Bitcoin Trust’s record discount to assets has finally got too ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-15/cathie-wood-buys-the-dip-in-bitcoin-fund-as-discount-hits-record?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKW":"ARK Next Generation Internet ETF","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2022-11-15/cathie-wood-buys-the-dip-in-bitcoin-fund-as-discount-hits-record?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165156145","content_text":"ARKW buys shares of GBTC for the first time since July 2021GBTC is trading near a record discount to its underlying coinsThe Grayscale Bitcoin Trust’s record discount to assets has finally got too much for Cathie Wood to ignore.Ark Investment Management snapped up more than 315,000 shares worth roughly $2.8 million of the beleaguered crypto fund on Monday for the ARK Next Generation Internet exchange-traded fund (tickerARKW), Bloomberg data show. That’s the firm’s first purchase of the Grayscale product (ticker GBTC) sinceJuly 2021, according to website Ark Invest Daily Trades, which tracks the firm’s portfolio moves.Wood’s purchases come as the trust, which is solely invested in Bitcoin and meant to track its price, has languished near anunprecedenteddiscount relative to the value of its underlying cryptocurrency. The dislocation is a product of the fund’s structure, which doesn’t allow for redemptions, meaning that shares can’t be destroyed to keep pace with shifting demand. That dynamic has widened GBTC’s gap dramatically in the past week, as fallout from crypto exchange FTX’s shock Chapter 11 bankruptcy filing drags Bitcoin lower.Read more: ‘Broken’ Crypto Fund Hits Record 42% Discount as ETFs Hum AlongGBTC is the ninth largest holding in ARKW, which has held shares of the trust since late 2015.While long-term holders of the $10 billion Bitcoin fund have been punished by the discount -- the trust has surged nearly 1,200% since the start of 2016, compared to Bitcoin’s meteoric 3,700% rise -- the dislocation could also be seen as an opportunity.Buying GBTC at a 40% discount to its net-asset value is akin to buying Bitcoin near $11,000, versus its current price of $16,400,accordingto Bloomberg Intelligence.","news_type":1,"symbols_score_info":{"ARKW":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}