Taurus Pink personal page - To The Moon

Taurus Pink

Taurus Pink

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2023-06-15

Answer : D.Around 5% [开心] [开心] @nerdbull1669 @LMSunshine

@Tiger_comments:[9th Anniv. Quiz] With Fed "June Pause” Strengthened, Be Fear or Greed?

2023-06-20

Answer D. 95% [害羞] [害羞] [害羞] @titajack @koolgal @BenjiFuji @Daily_Discussion @JC888 @nerdbull1669

@Tiger_comments:9th Anniversary Quiz: Investing & Tiger (8)

2023-06-10

Answer B.not allowed [爱心] [爱心] [爱心] @LMSunshine @LMSunshine

@Tiger_comments:[9th Anniv. Quiz] Analysts Suggest Cautious As SPX. Entered Technical Bull Market

2023-07-04

[微笑] [微笑] [微笑]

How an investment that Buffett called a "financial disaster" happened

2023-06-27

🥴🥴🥴🥴🥴🥶🥶🥶🥶

2023-06-25

😁😁😁😁😁😁😁

2023-06-24

🤗🤗🤗🤗🤗🤗🤗

2023-06-20

😬😬😬😬🥰🥰🥰😘😘😘

2023-03-10

So good app. Not just invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.

2024-03-02

[得意] [得意] [得意] [得意]

Go to Tiger App to see more news

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Bank of America predicts to reach a trillion-dollar scale in 2027","url":"https://stock-news.laohu8.com/highlight/detail?id=2577528811","media":"智通财经","summary":"智通财经APP获悉，美国银行表示，受人工智能相关领域需求激增推动，2027年全球半导体销售额有望达到约1万亿美元。这一预测较该行此前给出的8600亿美元可谓显著上调。具体来看，美国银行预测2025、2026及2027年行业销售额将分别达到7450亿、8700亿和9710亿美元，较此前预期上调约3%至6%。除芯片销售额外，美国银行分析师还更新了对半导体设备支出的预测，预计2025至2027年支出规模将分别达到1180亿、1280亿和1380亿美元。","content":"<p><html><head></head><body>Zhitong Finance APP learned that Bank of America stated that global semiconductor sales are expected to reach approximately US $1 trillion in 2027, driven by the surge in demand in artificial intelligence (AI)-related fields. This forecast is significantly higher than the bank's previous $860 billion.</p><p>Analysts at the bank pointed out in a report to customers: \"We believe that the growth prospects of memory chips (covering high-bandwidth memory HBM, general-purpose DRAM and NAND flash memory) and data center/AI-related components will be significantly better, and consumer electronics/The performance of the automotive field will slightly offset the overall growth.\"</p><p>The analyst further added: \"... We still believe that the current structural resilience of AI infrastructure construction will be stronger than any previous large-scale industry cycle, so we remain optimistic about AI-related capital expenditures.\"</p><p>Specifically, Bank of America predicts that industry sales will reach US $745 billion, US $870 billion and US $971 billion in 2025, 2026 and 2027 respectively, an increase of about 3% to 6% from previous expectations. Excluding the memory chip sector, sales in 2025-2027 are expected to reach US $538 billion, US $621 billion and US $706 billion respectively.</p><p>The bank also reiterated its top five stock picks in this space:<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(NVDA.US),<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>(AVGO.US),<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US), Lam Group (LRCX.US) and<a href=\"https://laohu8.com/S/KLAC\">Kelei</a>(KLAC.US), believing these companies can best benefit from the \"strong outlook for data center and storage spending.\"</p><p>In addition to chip sales, Bank of America analysts also updated their forecasts for semiconductor equipment spending, expecting spending from 2025 to 2027 to reach US $118 billion, US $128 billion and US $138 billion respectively. While growth intensity is likely to slow in 2026 and 2027, this is in line with the bank's view that chip equipment spending will achieve \"sustainable\" growth in the coming years.</p><p>The analyst added: \"In the long run, we believe that the capital intensity of the semiconductor industry may stabilize in the 14%-17% range, which is 100-400 basis points higher than the historical average of 13%. The core reason for this change Yes, the complexity of the semiconductor manufacturing process has increased significantly. Compared with previous forecasts, spending in the data center/AI field will rise, while spending in the consumer electronics/automotive field will fall.\"</p><p>The analyst finally emphasized: \"Our new industry model shows that the memory chip and data center/AI fields will achieve faster growth, while the slowdown in the recovery of consumer electronics, personal computers, smartphones and automotive terminal markets will affect the overall growth. Form a slight offset. It is worth noting that we currently predict that the year-on-year growth rates of data center-related components such as servers (chips only) and wired infrastructure will reach 55% and 28% respectively in 2025; As the industry enters a broader cyclical recovery in 2026-2027, year-over-year growth rates will pick up further in all end markets. \"</p><p></body></html></p>","source":"stock_zhitongcaijing","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>AI is flying the semiconductor industry! Bank of America predicts to reach a trillion-dollar scale in 2027</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\">\nAI is flying the semiconductor industry! Bank of America predicts to reach a trillion-dollar scale in 2027\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2025-10-21 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Zhitong Finance APP learned that Bank of America stated that global semiconductor sales are expected to reach approximately US $1 trillion in 2027, driven by the surge in demand in artificial intelligence (AI)-related fields. This forecast is significantly higher than the bank's previous $860 billion.</p><p>Analysts at the bank pointed out in a report to customers: \"We believe that the growth prospects of memory chips (covering high-bandwidth memory HBM, general-purpose DRAM and NAND flash memory) and data center/AI-related components will be significantly better, and consumer electronics/The performance of the automotive field will slightly offset the overall growth.\"</p><p>The analyst further added: \"... We still believe that the current structural resilience of AI infrastructure construction will be stronger than any previous large-scale industry cycle, so we remain optimistic about AI-related capital expenditures.\"</p><p>Specifically, Bank of America predicts that industry sales will reach US $745 billion, US $870 billion and US $971 billion in 2025, 2026 and 2027 respectively, an increase of about 3% to 6% from previous expectations. Excluding the memory chip sector, sales in 2025-2027 are expected to reach US $538 billion, US $621 billion and US $706 billion respectively.</p><p>The bank also reiterated its top five stock picks in this space:<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(NVDA.US),<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>(AVGO.US),<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US), Lam Group (LRCX.US) and<a href=\"https://laohu8.com/S/KLAC\">Kelei</a>(KLAC.US), believing these companies can best benefit from the \"strong outlook for data center and storage spending.\"</p><p>In addition to chip sales, Bank of America analysts also updated their forecasts for semiconductor equipment spending, expecting spending from 2025 to 2027 to reach US $118 billion, US $128 billion and US $138 billion respectively. While growth intensity is likely to slow in 2026 and 2027, this is in line with the bank's view that chip equipment spending will achieve \"sustainable\" growth in the coming years.</p><p>The analyst added: \"In the long run, we believe that the capital intensity of the semiconductor industry may stabilize in the 14%-17% range, which is 100-400 basis points higher than the historical average of 13%. The core reason for this change Yes, the complexity of the semiconductor manufacturing process has increased significantly. Compared with previous forecasts, spending in the data center/AI field will rise, while spending in the consumer electronics/automotive field will fall.\"</p><p>The analyst finally emphasized: \"Our new industry model shows that the memory chip and data center/AI fields will achieve faster growth, while the slowdown in the recovery of consumer electronics, personal computers, smartphones and automotive terminal markets will affect the overall growth. Form a slight offset. It is worth noting that we currently predict that the year-on-year growth rates of data center-related components such as servers (chips only) and wired infrastructure will reach 55% and 28% respectively in 2025; As the industry enters a broader cyclical recovery in 2026-2027, year-over-year growth rates will pick up further in all end markets. \"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/1357411.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/036b31d2930c33ad5b8d67f38195f24f","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4588":"碎股","SOXX":"iShares费城交易所半导体ETF","SMH":"半导体指数ETF-HOLDRs"},"source_url":"http://www.zhitongcaijing.com/content/detail/1357411.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2577528811","content_text":"智通财经APP获悉，美国银行表示，受人工智能(AI)相关领域需求激增推动，2027年全球半导体销售额有望达到约1万亿美元。这一预测较该行此前给出的8600亿美元可谓显著上调。该行分析师在致客户报告中指出：“我们认为，存储芯片(涵盖高带宽内存HBM、通用型DRAM及NAND闪存)以及数据中心/AI相关组件的增长前景将显著向好，消费电子/汽车领域的表现则会对整体增长形成小幅抵消。”分析师进一步补充称：“……我们仍认为，当前AI基础设施建设的结构性韧性，将强于以往任何一轮大型行业周期，因此对AI相关资本支出保持乐观态度。”具体来看，美国银行预测2025、2026及2027年行业销售额将分别达到7450亿、8700亿和9710亿美元，较此前预期上调约3%至6%。若剔除存储芯片板块，2025-2027年的销售额预计将分别达到5380亿、6210亿和7060亿美元。该行还重申了在该领域的五大首选股：英伟达(NVDA.US)、博通(AVGO.US)、AMD(AMD.US)、泛林集团(LRCX.US)和科磊(KLAC.US)，认为这些公司最能受益于“数据中心和存储支出的强劲前景”。除芯片销售额外，美国银行分析师还更新了对半导体设备支出的预测，预计2025至2027年支出规模将分别达到1180亿、1280亿和1380亿美元。尽管2026和2027年的增长强度可能放缓，但这符合该行关于未来几年芯片设备支出将实现“可持续”增长的观点。分析师补充道：“长期来看，我们认为半导体行业的资本密集度或将稳定在14%-17%区间，较13%的历史平均水平高出100-400个基点。这一变化的核心原因是，半导体制造工艺的复杂性已显著提升。与此前预测相比，数据中心/AI领域支出将上升，消费电子/汽车领域支出则会下降。”分析师最后强调：“我们的新行业模型显示，存储芯片与数据中心/AI领域将实现更快增长，而消费电子、个人电脑、智能手机及汽车终端市场的复苏放缓，将对整体增长形成小幅抵消。值得注意的是，我们目前预测2025年服务器(仅含芯片)、有线基础设施等数据中心相关组件的同比增速，将分别达到55%和28%;随着2026-2027年行业进入更广泛的周期性复苏，所有终端市场的同比增速都将进一步回升。”","news_type":1,"symbols_score_info":{"SOXX":0.6,"SMH":0.6}},"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":491606446014856,"gmtCreate":1761043765452,"gmtModify":1761043769201,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;","listText":"[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;[得意]&nbsp;&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/491606446014856","repostId":"1194080234","repostType":4,"isVote":1,"tweetType":1,"viewCount":1491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382953413722160,"gmtCreate":1734522939061,"gmtModify":1734522942837,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382953413722160","repostId":"382727291211992","repostType":1,"repost":{"id":382727291211992,"gmtCreate":1734447409468,"gmtModify":1735270619333,"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/1f15eae4f682dc4cb91bfca455452752","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3570103090255456","idStr":"3570103090255456"},"themes":[],"title":"RGTI zooms to $11 as FOMC meeting Kicks Off?","htmlText":"On Mon, 16 Dec 2024, US market still exhibited a nervous stance, despite CME Fedwatch tool still registers an elevated 97% probability of a -0.25% interest cut, while bitcoin surged to a record high of $107,800 intraday. When US market called it a day: DJIA: -0.25% (-110.58 to 43,717.48). Closed lower for 8th straight day. S&amp;P 500: +0.38% (+22.99 to 6,074.08). Coming off its first losing week in the past month. Nasdaq: +1.24% (247.17 to 20,173.89). Tech index crossed its first 20,000 points record high. Magnificent Seven performances on 16 Dec 2024 Although Nasdaq had a new ‘peak’, only two sectors and two particular stocks “helped” push Nasdaq its finishing close; not all Magnificent Seven stocks. (see above) It was sector “Communications services” and","listText":"On Mon, 16 Dec 2024, US market still exhibited a nervous stance, despite CME Fedwatch tool still registers an elevated 97% probability of a -0.25% interest cut, while bitcoin surged to a record high of $107,800 intraday. When US market called it a day: DJIA: -0.25% (-110.58 to 43,717.48). Closed lower for 8th straight day. S&amp;P 500: +0.38% (+22.99 to 6,074.08). Coming off its first losing week in the past month. Nasdaq: +1.24% (247.17 to 20,173.89). Tech index crossed its first 20,000 points record high. Magnificent Seven performances on 16 Dec 2024 Although Nasdaq had a new ‘peak’, only two sectors and two particular stocks “helped” push Nasdaq its finishing close; not all Magnificent Seven stocks. (see above) It was sector “Communications services” and","text":"On Mon, 16 Dec 2024, US market still exhibited a nervous stance, despite CME Fedwatch tool still registers an elevated 97% probability of a -0.25% interest cut, while bitcoin surged to a record high of $107,800 intraday. When US market called it a day: DJIA: -0.25% (-110.58 to 43,717.48). Closed lower for 8th straight day. S&P 500: +0.38% (+22.99 to 6,074.08). Coming off its first losing week in the past month. Nasdaq: +1.24% (247.17 to 20,173.89). Tech index crossed its first 20,000 points record high. Magnificent Seven performances on 16 Dec 2024 Although Nasdaq had a new ‘peak’, only two sectors and two particular stocks “helped” push Nasdaq its finishing close; not all Magnificent Seven stocks. (see above) It was sector “Communications services” and","images":[{"img":"https://community-static.tradeup.com/news/adb2260654a7ca7cdc68a0cd368ba664","width":"573","height":"229"},{"img":"https://community-static.tradeup.com/news/1968fe3a226ca4e67458e585fdc963b5","width":"1095","height":"673"},{"img":"https://community-static.tradeup.com/news/01795f95f1f39a7c8ae37666428d9f2d","width":"1070","height":"676"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382727291211992","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379701650481336,"gmtCreate":1733726148226,"gmtModify":1733726151819,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus 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[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358136508195120","repostId":"357907856326976","repostType":1,"repost":{"id":357907856326976,"gmtCreate":1728400169512,"gmtModify":1728459077529,"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/1f15eae4f682dc4cb91bfca455452752","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3570103090255456","idStr":"3570103090255456"},"themes":[],"title":"US Stocks  Surge/Crash  as Earnings Kick Off ?","htmlText":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&amp;P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","listText":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&amp;P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","text":"Last week was an “interesting” way to kickstart Q4 2024 and the first week of October. 3 main events influenced and presided over the US market: Tue, 01 Oct 2024. Iran missiles attack. Status - “opened”. Tue, 01 Oct 2024. US Port strike. Status - “pend until 15 Jan 2024”. Fri, 04 Oct 2024. US Non-farm payroll report. Status - “completed”. Coupled with the 4 jobs related reports released between Tue, 01 Oct to Fri, 04 Oct, the US market edged marginally higher by the end of the week. (see below) Despite a (a) fluctuating rate cut bets, (b) geopolitical tensions, and (3) supply chain concerns: DJIA: +0.15% (+63.0 to 42,352.75). S&P 500: +0.43% (+24.55 to 5,715.07). Nasdaq: +0.38% (+68.02 to 18,137.85). As we head into a new week, I will be curious if residual effect from last week’s even","images":[{"img":"https://community-static.tradeup.com/news/29988d4c42c11039659e58be73bd3288","width":"380","height":"148"},{"img":"https://community-static.tradeup.com/news/9b3c9267d4065c7795acbba91d5e4fa2","width":"1466","height":"916"},{"img":"https://community-static.tradeup.com/news/e2eda332cfd9c1e55fb23f14c0f08f47","width":"868","height":"223"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357907856326976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":15,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358062199619968,"gmtCreate":1728454314643,"gmtModify":1728454317338,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","listText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358062199619968","repostId":"1151646934","repostType":4,"repost":{"id":"1151646934","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":1728438828,"share":"https://ttm.financial/m/news/1151646934?lang=en_US&edition=fundamental","pubTime":"2024-10-09 09:53","market":"us","language":"zh","title":"Market news: U.S. Department of Justice considers proposing to spin off some Google businesses","url":"https://stock-news.laohu8.com/highlight/detail?id=1151646934","media":"老虎资讯综合","summary":"10月9日，美国称正在考虑分拆$谷歌(GOOG)$，以作为垄断案的补救措施。（彭博）","content":"<p><html><head></head><body>On October 9, the U.S. Department of Justice told a federal judge that it is considering recommending forcing Google to sell some of its business to mitigate the damage caused by its monopoly on the online search market.</p><p>In a court filing Tuesday, the Justice Department said Judge Amit Mehta could also mandate Alphabet to provide the underlying data used to build search results and artificial intelligence products. \"Behavioral and structural remedies are being considered to prevent Google from using products such as Chrome, Play and Android to create an advantage over competitors or new entrants in Google Search and Google Search-related products and features,\" the Justice Department said in the filing, and Google has gained benefits in scale and data by entering into illegal distribution agreements with other tech companies to make its search engine a default option on smartphones and web browsers. This is the first time authorities have split a company on the grounds of an illegal monopoly since an effort to split Microsoft failed 20 years ago.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d85ad46bcf54fbb7874e571b13bc2db\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></body></html></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>Market news: U.S. Department of Justice considers proposing to spin off some Google businesses</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\">\nMarket news: U.S. Department of Justice considers proposing to spin off some Google businesses\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\">2024-10-09 09:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On October 9, the U.S. Department of Justice told a federal judge that it is considering recommending forcing Google to sell some of its business to mitigate the damage caused by its monopoly on the online search market.</p><p>In a court filing Tuesday, the Justice Department said Judge Amit Mehta could also mandate Alphabet to provide the underlying data used to build search results and artificial intelligence products. \"Behavioral and structural remedies are being considered to prevent Google from using products such as Chrome, Play and Android to create an advantage over competitors or new entrants in Google Search and Google Search-related products and features,\" the Justice Department said in the filing, and Google has gained benefits in scale and data by entering into illegal distribution agreements with other tech companies to make its search engine a default option on smartphones and web browsers. This is the first time authorities have split a company on the grounds of an illegal monopoly since an effort to split Microsoft failed 20 years ago.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d85ad46bcf54fbb7874e571b13bc2db\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f348812ea39b45cad3d64af127992eb9","relate_stocks":{"LU0082616367.USD":"摩根大通美国科技A（dist）","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","GOOGL":"谷歌A","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BK4553":"喜马拉雅资本持仓","GOOG":"谷歌","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151646934","content_text":"10月9日，美国司法部对一名联邦法官表示，司法部正在考虑建议强制谷歌出售其部分业务，以减轻其对在线搜索市场的垄断所造成的损害。在周二提交的一份法庭文件中，司法部称，法官Amit Mehta还可以强制要求Alphabet提供用于构建搜索结果和人工智能产品的基础数据。司法部在文件中称，“正在考虑采取行为和结构性补救措施，防止谷歌利用Chrome、Play和Android等产品在谷歌搜索以及谷歌搜索相关产品和功能方面对竞争对手或新进入者形成优势”，谷歌通过与其他科技公司签订非法分销协议，使其搜索引擎成为智能手机和网络浏览器的默认选项，从而获得了规模和数据上的利益。这是自20年前拆分微软的努力失败以来，当局首次以非法垄断为由拆分一家公司。","news_type":1,"symbols_score_info":{"GOOG":1,"GOOGL":1}},"isVote":1,"tweetType":1,"viewCount":1361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358129489928304,"gmtCreate":1728454278694,"gmtModify":1728454282812,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","listText":"[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;[龇牙]&nbsp;&nbsp;","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358129489928304","repostId":"1154163803","repostType":4,"repost":{"id":"1154163803","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":1728452032,"share":"https://ttm.financial/m/news/1154163803?lang=en_US&edition=fundamental","pubTime":"2024-10-09 13:33","market":"us","language":"zh","title":"TSMC's September sales were NT $251.87 billion, a year-on-year increase of 39.6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1154163803","media":"老虎资讯综合","summary":"10月9日，$台积电(TSM)$：9月销售额2518.7亿元台币，同比增长39.6％。","content":"<p><html><head></head><body>October 9th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced net revenue for September, with sales in September of NT $251.87 billion, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; So far this year, TSMC's sales have totaled NT $2,025.85 billion, an increase of 31.9% from the same period last year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b8c7dbc320403a5a245ce3b66ba43d\" title=\"\" tg-width=\"1081\" tg-height=\"273\"/></p><p></body></html></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>TSMC's September sales were NT $251.87 billion, a year-on-year increase of 39.6%</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\">\nTSMC's September sales were NT $251.87 billion, a year-on-year increase of 39.6%\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\">2024-10-09 13:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>October 9th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced net revenue for September, with sales in September of NT $251.87 billion, a year-on-year increase of 39.6% and a month-on-month increase of 0.4%; So far this year, TSMC's sales have totaled NT $2,025.85 billion, an increase of 31.9% from the same period last year.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b8c7dbc320403a5a245ce3b66ba43d\" title=\"\" tg-width=\"1081\" tg-height=\"273\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8ab46ee73bd1bbc4ed7da6a69f14e5d5","relate_stocks":{"LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","03145":"华夏亚洲高息股","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","TSM":"台积电","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","BK4526":"热门中概股","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","BK4141":"半导体产品","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","BK4503":"景林资产持仓","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK4505":"高瓴资本持仓","EWT":"台湾ETF-iShares MSCI","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154163803","content_text":"10月9日，台积电公布了9月的净营收，9月销售额2518.7亿元台币，同比增长39.6％，环比增长0.4%；今年迄今，台积电销售额总计新台币20258.5亿元台币，较去年同期增长31.9%。","news_type":1,"symbols_score_info":{"TSM":1,"EWT":0.6,"TWmain":1,"03145":0.6}},"isVote":1,"tweetType":1,"viewCount":1529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354325302329488,"gmtCreate":1727513387837,"gmtModify":1727513391682,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354325302329488","isVote":1,"tweetType":1,"viewCount":1664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351433602662504,"gmtCreate":1726837878357,"gmtModify":1726837881056,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[龇牙] [龇牙] [龇牙]","listText":"[龇牙] [龇牙] [龇牙]","text":"[龇牙] [龇牙] [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351433602662504","isVote":1,"tweetType":1,"viewCount":1220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9979330609,"gmtCreate":1686779523901,"gmtModify":1686779530154,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"Answer : D.Around 5%&nbsp; [开心] [开心]<a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","listText":"Answer : D.Around 5%&nbsp; [开心] [开心]<a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","text":"Answer : D.Around 5% [开心] [开心] @nerdbull1669 @LMSunshine","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":15,"commentSize":10,"repostSize":0,"link":"https://ttm.financial/post/9979330609","repostId":"187275402805248","repostType":1,"repost":{"id":187275402805248,"gmtCreate":1686729677152,"gmtModify":1686746354239,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3501196737273098","idStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] With Fed \"June Pause” Strengthened, Be Fear or Greed?","htmlText":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The <a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$</a> rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. <a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a> rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; <a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&lt;/</a>","listText":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The <a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$</a> rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. <a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a> rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; <a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&lt;/</a>","text":"Topic for tigers: In today's market, do you see more greed or fear?May CPI data on Tuesday shows US inflation continued to cool down, and expectations for the Fed to pause(Probabilities of no change is 95.34% )interest rate hikes in June were strengthened.Even most Economists expect Fed to pause in June as follows:After the CPI data, all the three major U.S. stock indexes closed up collectively. The $道琼斯(.DJI)$ rose for six consecutive days, hitting a four-month high. .On the disk, technology stocks continued to lead. $特斯拉(TSLA)$ rose 3.55%, rising for 13 consecutive trading days, setting a new record for the company's longest winning streak in history; $英伟达(NVDA)$</","images":[{"img":"https://community-static.tradeup.com/news/87f39fdb5501cfe8909fecf0784e873d","width":"404","height":"143"},{"img":"https://community-static.tradeup.com/news/3ce79cf03fe87ac4ef323ae0e1fc68e2"},{"img":"https://community-static.tradeup.com/news/7c7d83901db86398bce2c3f5916fc5a1","width":"1080","height":"1132"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187275402805248","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":9,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9979321876,"gmtCreate":1687216944195,"gmtModify":1687216949182,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"Answer&nbsp; D. 95% [害羞] [害羞] [害羞]<a href=\"https://ttm.financial/U/4105792568509970\"> @titajack </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4110175785559852\"> @BenjiFuji </a><a href=\"https://ttm.financial/U/3527667621665671\"> @Daily_Discussion </a><a href=\"https://ttm.financial/U/3570103090255456\"> @JC888 </a><a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a>","listText":"Answer&nbsp; D. 95% [害羞] [害羞] [害羞]<a href=\"https://ttm.financial/U/4105792568509970\"> @titajack </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4110175785559852\"> @BenjiFuji </a><a href=\"https://ttm.financial/U/3527667621665671\"> @Daily_Discussion </a><a href=\"https://ttm.financial/U/3570103090255456\"> @JC888 </a><a href=\"https://ttm.financial/U/4102123614530830\"> @nerdbull1669 </a>","text":"Answer D. 95% [害羞] [害羞] [害羞] @titajack @koolgal @BenjiFuji @Daily_Discussion @JC888 @nerdbull1669","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":9,"repostSize":0,"link":"https://ttm.financial/post/9979321876","repostId":"189132762316896","repostType":1,"repost":{"id":189132762316896,"gmtCreate":1687180347895,"gmtModify":1687180379337,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3501196737273098","idStr":"3501196737273098"},"themes":[],"title":"9th Anniversary Quiz: Investing & Tiger (8)","htmlText":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","listText":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","text":"Hello, everyone! It’s time for quiz!!!!!!!Our eighth question is: What percentage of Tiger's US equities is self-clearing?Remember to write your answer in the comment section and repost!Don’t forget to follow me and join the quiz!","images":[{"img":"https://community-static.tradeup.com/news/acbfdb5f93c82462ad3a5ca017e00efc","width":"1000","height":"1000"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189132762316896","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9979952993,"gmtCreate":1686353238313,"gmtModify":1686353262839,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"Answer B.not allowed [爱心] [爱心] [爱心] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","listText":"Answer B.not allowed [爱心] [爱心] [爱心] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a>","text":"Answer B.not allowed [爱心] [爱心] [爱心] @LMSunshine @LMSunshine","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":12,"commentSize":10,"repostSize":0,"link":"https://ttm.financial/post/9979952993","repostId":"185597897265152","repostType":1,"repost":{"id":185597897265152,"gmtCreate":1686320129902,"gmtModify":1686563137787,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3501196737273098","idStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] Analysts Suggest Cautious As SPX. Entered Technical Bull Market","htmlText":"On Thursday, three major US stock indexes collectively closed higher. At the close, <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&amp;P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&amp;P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","listText":"On Thursday, three major US stock indexes collectively closed higher. At the close, <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&amp;P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&amp;P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","text":"On Thursday, three major US stock indexes collectively closed higher. At the close, $S&P 500(.SPX)$ settled at 4293.93, rebounding 20% from its low point in October 2022, entering a technical bull market. It also signalled the ending of the longest $S&P 500(.SPX)$ bear market since the 1940s. Tech sector rally end the second longest bear marketThe S&P 500 index has been in bear market territory for 244 trading days, marking the longest duration since May 15, 1948. That year, the bear market lasted for 484 trading days. Historically, bear markets have an average duration of 142 trading days.S&P 500 index has risen 11.5% year-to-date, but a large portion of the gains are attributed to surges","images":[{"img":"https://community-static.tradeup.com/news/e5b60827ac5865da6b69db1de4f9474e","width":"950","height":"1580"},{"img":"https://community-static.tradeup.com/news/8c908266987fc98b3287b8e6362b0624","width":"560","height":"240"},{"img":"https://community-static.tradeup.com/news/f09a0c82d8d8204398d3f2ef2be5092d","width":"1000","height":"836"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185597897265152","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194112009691344,"gmtCreate":1688430396698,"gmtModify":1688430403332,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[微笑]&nbsp;[微笑]&nbsp;[微笑]&nbsp;","listText":"[微笑]&nbsp;[微笑]&nbsp;[微笑]&nbsp;","text":"[微笑] [微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/194112009691344","repostId":"1131220953","repostType":4,"repost":{"id":"1131220953","kind":"news","pubTimestamp":1688396881,"share":"https://ttm.financial/m/news/1131220953?lang=en_US&edition=fundamental","pubTime":"2023-07-03 23:08","market":"us","language":"zh","title":"How an investment that Buffett called a \"financial disaster\" happened","url":"https://stock-news.laohu8.com/highlight/detail?id=1131220953","media":"聪明投资者","summary":"我从不想跟一个丑女人上床，但当我确信好几次醒来，身边躺的就是。","content":"<p><html><head></head><body>In Buffett's investment career, there are countless successful cases.</p><p><p style=\"text-align: justify;\">But a wise man will inevitably make a mistake. In fact, Buffett has repeatedly reflected on the mistakes in his investment.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share exchange.</p><p><p style=\"text-align: justify;\">At that time, Buffett was full of confidence in the company, publicly praising it as a \"business pearl\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, in the following years, everything changed. Dexter faced competition from imported low-priced shoes, and profits declined, dragging down Berkshire's entire shoe industry.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was merged into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To add insult to injury, when Buffett bought, he chose to pay 1.6% of Berkshire Hathaway's stock instead of cash, which is equivalent to spending the stock of one great business for the stock of another failed company.</p><p><p style=\"text-align: justify;\">In fact, when he first bought this company, Buffett was very confident, especially optimistic about its management. The founder, Harold Alfond, is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment is ultimately considered a failure, Buffett doesn't think it's a management problem, but the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst deal he ever made, but never shied away from the fact that he might make more mistakes. He once jokingly quoted a Bob Dylan lyric in his shareholder letter to explain this kind of thing-\"<strong>I never wanted to sleep with an ugly woman, but when I was sure several times I woke up, I was lying beside me.</strong>”</p><p><p style=\"text-align: justify;\">Munger added lightly to this matter at the shareholders' meeting: \"<strong>This shows that no matter how hard you try to build a system to avoid mistakes, even if you try hard to stay within your ability, you will still make mistakes. I think I can confidently assure that this won't be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investment in the shoe industry</h2><p style=\"text-align: justify;\">Buffett's investment in the shoe industry began with the purchase of Brown Shoes in 1991. This is a brand that produces work shoes and boots in North America, with extraordinary gross sales profit and asset return.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company specializing in nurses' shoes.</p><p><p style=\"text-align: justify;\">Because the performance of these two shoe companies in those years exceeded Buffett's expectations, in 1993, he decided to buy Dexter Shoes in Maine, a brand specializing in high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's relationship with Dexter is also related to Brown shoes.</p><p><p style=\"text-align: justify;\">Peter Lunder, Dexter's president at the time, recalled that he met Buffett through Frank Rooney, chairman and president of Melville Shoes.</p><p><p style=\"text-align: justify;\">Frank had tried to buy Dexter in 1978. At that time, Peter and his uncle, Dexter's chairman Harold Alfond, both attended the meeting, but after the exchange, they finally felt that their company was still young and had a lot of unfinished business to do, so they could not sell it.</p><p><p style=\"text-align: justify;\">In the end, they didn't agree to each other's acquisition proposal, but continued to remain independent.</p><p><p style=\"text-align: justify;\">However, the other party didn't give up. Since then, he has approached them many times to discuss the acquisition, including others who wanted to buy them, but every time the uncle and nephew were perfunctory and didn't sell it.</p><p><p style=\"text-align: justify;\">Until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, his family sold Brown Shoes to Berkshire, and Frank became attached to Buffett.</p><p><p style=\"text-align: justify;\">Since then, Buffett has contacted Dexter through Frank with a takeover request.</p><p><p style=\"text-align: justify;\">The initial negotiations were not very successful, because neither Peter nor Harold wanted cash, they were only interested in stocks.</p><p><p style=\"text-align: justify;\">It wasn't until 1993 that Buffett and Frank approached them again. After a four-hour meeting, the two sides finally reached an agreement to exchange Berkshire stock for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, at the age of 79, Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, the idea that they chose Berkshire stock was quite clever, and this deal also made Buffett become attached to them. Many years later, Buffett's inscription photo was still hanging on the wall of Peter's office.</p><p><h2 style=\"text-align: justify;\">2. Dexter's management</h2><p style=\"text-align: justify;\">In fact, when Buffett bought Brown Shoes, he already knew that the competition in the shoe industry is quite fierce, and it is difficult for the domestic shoe industry in the United States to compete with low-priced products imported from abroad.</p><p><p style=\"text-align: justify;\">He said: \"About 85% of the 1 billion pairs purchased in the United States a year are imported from abroad, and most manufacturing plants in the industry are lackluster.\"</p><p><p style=\"text-align: justify;\">\"Due to the wide variety of styles and models, the inventory pressure is quite heavy, and the income is also a large amount of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett has a fancy to the management of Brown Shoes and its founder.</p><p><p style=\"text-align: justify;\">Regarding Brown Shoes, he said, \"In such an environment, only an excellent manager like Frank and a business like this established by Mr. Heffernan can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank in to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter is also Buffett's bet on Harold Alfond. He believed that both Brown shoes and Dexter were capable of fighting against foreign invaders.</p><p><p style=\"text-align: justify;\">In those years of his peak, Dexter did well, and founder Harold was also a legend.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he was just an adult during the Great Depression in the United States. Harold didn't go to college. After graduating from high school, he followed his father in the shoemaking business in Maine.</p><p><p style=\"text-align: justify;\">At first, he worked in a shoe factory, earning 25 cents an hour. He founded Dexter in 1956 with $10,000. Two years later, his nephew, Peter Lunder, joined.</p><p><p style=\"text-align: justify;\">Since then, the two have established an enterprise with an annual output of 7.5 million pairs of shoes. Most of their shoes are manufactured in Maine, with the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">The company became one of the first manufacturers in the country to retail its own products when Dexter pioneered the opening of a factory outlet store at its plant in Skohigan, Maine, in 1971.</p><p><p style=\"text-align: justify;\">Eventually, Dexter expanded the model to more than 80 outlet stores nationwide. At their heyday, they employed more than 4,000 people and generated annual sales of over $250 million.</p><p><p style=\"text-align: justify;\">Buffel commented on Dexter, saying it has a long history of profitability, enduring franchises and excellent management.</p><p><p style=\"text-align: justify;\">Harold and Peter also said at the time that the merger would be good for both companies.</p><p><p style=\"text-align: justify;\">\"Berkshire Hathaway is familiar with the shoe industry and shares our management philosophy of focusing on long-term goals,\" they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, just like Buffett's previous operations, there was no change in management.</p><p><p style=\"text-align: justify;\">In the shareholder letter that year, Buffett gave high praise to Dexter-\"This time I can assure you that Dexter doesn't need to be transformed. Dexter is Charlie and I in my career. One of the best companies I have ever seen.\"</p><p><p style=\"text-align: justify;\">He also added that paying with Berkshire stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"best company\" to \"worst deal\"</h2><p style=\"text-align: justify;\">Buffett has high expectations for Dexter, but the follow-up of this investment is not good.</p><p><p style=\"text-align: justify;\">In the following years, according to Buffett's initial judgment, the American footwear industry was unsustainable due to competition from overseas imported low-priced products, and its performance declined continuously.</p><p><p style=\"text-align: justify;\">And management seems unable to reverse this trend. Buffett finally acknowledged this problem in his shareholder letter in 1999:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and services sectors are almost perfect, except Dexter Shoes, but the problem with this company is not management.</p><p><p style=\"text-align: justify;\">In terms of work experience, vitality and seriousness, Dexter is no different from the excellent managers of other subsidiaries. The main reason is that our manufacturing base is located in the United States, which lacks competitive advantage.</p><p><p style=\"text-align: justify;\">In total, 93% of the 1.3 billion pairs of shoes consumed in the United States in 1999 came from imports, and cheap labor costs were the main key factor. \"</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's countermeasure was to look for potential OEMs from overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">\"It was a mistake for me to buy Dexter in 1993, and what's worse is that I bought it for Berkshire shares at that time,\" Buffett admitted in a letter in 2000.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognizes the company's management and praises them, saying, \"The managers of our shoemaking business, both public and private, are first-class. They work hard in a very difficult environment, even if they no longer have to bow down for five buckets of rice, for which I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's shoe-making business had a pre-tax loss of $46.2 million. Although Brown Shoes still made a profit, it still couldn't reverse the overall loss.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32d33adf34253dc54e1ea2ff8b901d5f\" title=\"制图：聪明投资者\" tg-width=\"1080\" tg-height=\"608\"/><span>Charting: The Smart Investor</span></p><p>Charting: The Smart Investor</p><p><p style=\"text-align: justify;\">Buffett hoped that the managers of Brown Shoes would turn Dexter's predicament around and merge Dexter into Brown Shoes.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond also left the company he founded and devoted himself to charity.</p><p><p style=\"text-align: justify;\">The following year after the merger, it achieved certain results. Berkshire's footwear profit rebounded to $24 million, a substantial improvement of $70 million from the loss in 2001.</p><p><p style=\"text-align: justify;\">Buffett, on the other hand, said that Dexter's operations were back on track, although it cost a lot to solve the problem.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery didn't last.</p><p><p style=\"text-align: justify;\">At this point, Dexter's story is almost over, but Buffett has mentioned this company many times in his career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he bemoaned his mistake again:</p><p><p style=\"text-align: justify;\"><strong>\"Dexter Company is a shoe company that I bought in 1993 with 25,203 Berkshire A shares worth $433 million. In the following years, not only did I think my sustained competitive advantage disappear without a trace. And this is just the beginning: because I used Berkshire stock, I amplified this mistake a lot.\"</strong></p><p><p style=\"text-align: justify;\">\"In the final analysis, I just gave up a share, which is now worth $220 billion, 1.6% of an excellent business, and bought back a worthless business. So far, Dexter is the worst deal I have ever made.\"</p><p><p style=\"text-align: justify;\">In 2014, Buffett called the investment a financial disaster and deserved a place in the Guinness Book of World Records.</p><p><h2 style=\"text-align: justify;\">4. The biggest winner-the Alfond family</h2><p style=\"text-align: justify;\">Although this acquisition was called by Buffett himself the worst deal he has ever made, the Alfonds made a huge profit in this investment because they got Berkshire stock and became the biggest winner of this deal.</p><p><p style=\"text-align: justify;\">In fact, this has also become the choice of many companies that sell themselves to Berkshire, and they are more inclined to own Berkshire stocks.</p><p><p style=\"text-align: justify;\">After the Berkshire acquisition, Harold Alfond managed Dexter until it was merged into Brown Shoes in 2001.</p><p><p style=\"text-align: justify;\">Harold Alfond has generously donated his wealth, and through his own private foundation, he has been supporting local charitable causes.</p><p><p style=\"text-align: justify;\">For a long time, the Alfonds have not sold a single share of Berkshire stock, and Berkshire's rising stock price has undoubtedly provided them with more wealth and their charity. More support.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is an accomplished athlete, a sports fan, and a strong believer that sports provide valuable personal growth opportunities for young people.</p><p><p style=\"text-align: justify;\">Many of his donations went to public and private colleges and universities, as well as private secondary schools, for the construction of athletic facilities and fields. Many academic, athletic, healthcare, and community buildings and facilities bear Alfond's name.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated nearly all of his wealth to his foundation, which still supports philanthropy in Maine today.</p><p><p style=\"text-align: justify;\">To some extent, this can be regarded as Buffett, who also loves philanthropy, and ultimately leads to the same goal.</p><p></body></html></p>","source":"Capital-nature","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>How an investment that Buffett called a \"financial disaster\" happened</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\">\nHow an investment that Buffett called a \"financial disaster\" happened\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">聪明投资者</strong><span class=\"h-time small\">2023-07-03 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In Buffett's investment career, there are countless successful cases.</p><p><p style=\"text-align: justify;\">But a wise man will inevitably make a mistake. In fact, Buffett has repeatedly reflected on the mistakes in his investment.</p><p><p style=\"text-align: justify;\">In 1993, Buffett acquired Dexter Shoe in a share exchange.</p><p><p style=\"text-align: justify;\">At that time, Buffett was full of confidence in the company, publicly praising it as a \"business pearl\" and one of the best-managed companies he had ever seen in his career.</p><p><p style=\"text-align: justify;\">However, in the following years, everything changed. Dexter faced competition from imported low-priced shoes, and profits declined, dragging down Berkshire's entire shoe industry.</p><p><p style=\"text-align: justify;\">Eventually, in 2001, it was merged into Berkshire's Brown Shoes.</p><p><p style=\"text-align: justify;\">To add insult to injury, when Buffett bought, he chose to pay 1.6% of Berkshire Hathaway's stock instead of cash, which is equivalent to spending the stock of one great business for the stock of another failed company.</p><p><p style=\"text-align: justify;\">In fact, when he first bought this company, Buffett was very confident, especially optimistic about its management. The founder, Harold Alfond, is also a legendary entrepreneur.</p><p><p style=\"text-align: justify;\">Even if the investment is ultimately considered a failure, Buffett doesn't think it's a management problem, but the business itself.</p><p><p style=\"text-align: justify;\">Buffett called it the worst deal he ever made, but never shied away from the fact that he might make more mistakes. He once jokingly quoted a Bob Dylan lyric in his shareholder letter to explain this kind of thing-\"<strong>I never wanted to sleep with an ugly woman, but when I was sure several times I woke up, I was lying beside me.</strong>”</p><p><p style=\"text-align: justify;\">Munger added lightly to this matter at the shareholders' meeting: \"<strong>This shows that no matter how hard you try to build a system to avoid mistakes, even if you try hard to stay within your ability, you will still make mistakes. I think I can confidently assure that this won't be the last time we make a mistake.</strong>”</p><p><h2 style=\"text-align: justify;\">1. Buffett's investment in the shoe industry</h2><p style=\"text-align: justify;\">Buffett's investment in the shoe industry began with the purchase of Brown Shoes in 1991. This is a brand that produces work shoes and boots in North America, with extraordinary gross sales profit and asset return.</p><p><p style=\"text-align: justify;\">The following year, Brown Shoes bought Lowell Shoes, a company specializing in nurses' shoes.</p><p><p style=\"text-align: justify;\">Because the performance of these two shoe companies in those years exceeded Buffett's expectations, in 1993, he decided to buy Dexter Shoes in Maine, a brand specializing in high-end men's and women's shoes.</p><p><p style=\"text-align: justify;\">Buffett's relationship with Dexter is also related to Brown shoes.</p><p><p style=\"text-align: justify;\">Peter Lunder, Dexter's president at the time, recalled that he met Buffett through Frank Rooney, chairman and president of Melville Shoes.</p><p><p style=\"text-align: justify;\">Frank had tried to buy Dexter in 1978. At that time, Peter and his uncle, Dexter's chairman Harold Alfond, both attended the meeting, but after the exchange, they finally felt that their company was still young and had a lot of unfinished business to do, so they could not sell it.</p><p><p style=\"text-align: justify;\">In the end, they didn't agree to each other's acquisition proposal, but continued to remain independent.</p><p><p style=\"text-align: justify;\">However, the other party didn't give up. Since then, he has approached them many times to discuss the acquisition, including others who wanted to buy them, but every time the uncle and nephew were perfunctory and didn't sell it.</p><p><p style=\"text-align: justify;\">Until 1992, when Frank's father-in-law, Ray W. Heffernan, chairman of Brown Shoes, died, his family sold Brown Shoes to Berkshire, and Frank became attached to Buffett.</p><p><p style=\"text-align: justify;\">Since then, Buffett has contacted Dexter through Frank with a takeover request.</p><p><p style=\"text-align: justify;\">The initial negotiations were not very successful, because neither Peter nor Harold wanted cash, they were only interested in stocks.</p><p><p style=\"text-align: justify;\">It wasn't until 1993 that Buffett and Frank approached them again. After a four-hour meeting, the two sides finally reached an agreement to exchange Berkshire stock for Dexter.</p><p><p style=\"text-align: justify;\">In 1993, at the age of 79, Harold Alfond sold Dexter to Warren Buffett in exchange for shares in Berkshire Hathaway.</p><p><p style=\"text-align: justify;\">In hindsight, the idea that they chose Berkshire stock was quite clever, and this deal also made Buffett become attached to them. Many years later, Buffett's inscription photo was still hanging on the wall of Peter's office.</p><p><h2 style=\"text-align: justify;\">2. Dexter's management</h2><p style=\"text-align: justify;\">In fact, when Buffett bought Brown Shoes, he already knew that the competition in the shoe industry is quite fierce, and it is difficult for the domestic shoe industry in the United States to compete with low-priced products imported from abroad.</p><p><p style=\"text-align: justify;\">He said: \"About 85% of the 1 billion pairs purchased in the United States a year are imported from abroad, and most manufacturing plants in the industry are lackluster.\"</p><p><p style=\"text-align: justify;\">\"Due to the wide variety of styles and models, the inventory pressure is quite heavy, and the income is also a large amount of accounts receivable.\"</p><p><p style=\"text-align: justify;\">But Buffett has a fancy to the management of Brown Shoes and its founder.</p><p><p style=\"text-align: justify;\">Regarding Brown Shoes, he said, \"In such an environment, only an excellent manager like Frank and a business like this established by Mr. Heffernan can survive.\"</p><p><p style=\"text-align: justify;\">After buying Brown Shoes, Buffett called Frank in to manage the company.</p><p><p style=\"text-align: justify;\">Similarly, buying Dexter is also Buffett's bet on Harold Alfond. He believed that both Brown shoes and Dexter were capable of fighting against foreign invaders.</p><p><p style=\"text-align: justify;\">In those years of his peak, Dexter did well, and founder Harold was also a legend.</p><p><p style=\"text-align: justify;\">Born in Massachusetts in 1914, he was just an adult during the Great Depression in the United States. Harold didn't go to college. After graduating from high school, he followed his father in the shoemaking business in Maine.</p><p><p style=\"text-align: justify;\">At first, he worked in a shoe factory, earning 25 cents an hour. He founded Dexter in 1956 with $10,000. Two years later, his nephew, Peter Lunder, joined.</p><p><p style=\"text-align: justify;\">Since then, the two have established an enterprise with an annual output of 7.5 million pairs of shoes. Most of their shoes are manufactured in Maine, with the rest in Puerto Rico.</p><p><p style=\"text-align: justify;\">The company became one of the first manufacturers in the country to retail its own products when Dexter pioneered the opening of a factory outlet store at its plant in Skohigan, Maine, in 1971.</p><p><p style=\"text-align: justify;\">Eventually, Dexter expanded the model to more than 80 outlet stores nationwide. At their heyday, they employed more than 4,000 people and generated annual sales of over $250 million.</p><p><p style=\"text-align: justify;\">Buffel commented on Dexter, saying it has a long history of profitability, enduring franchises and excellent management.</p><p><p style=\"text-align: justify;\">Harold and Peter also said at the time that the merger would be good for both companies.</p><p><p style=\"text-align: justify;\">\"Berkshire Hathaway is familiar with the shoe industry and shares our management philosophy of focusing on long-term goals,\" they said.</p><p><p style=\"text-align: justify;\">After buying Dexter, just like Buffett's previous operations, there was no change in management.</p><p><p style=\"text-align: justify;\">In the shareholder letter that year, Buffett gave high praise to Dexter-\"This time I can assure you that Dexter doesn't need to be transformed. Dexter is Charlie and I in my career. One of the best companies I have ever seen.\"</p><p><p style=\"text-align: justify;\">He also added that paying with Berkshire stock was a wise decision.</p><p><h2 style=\"text-align: justify;\">3. From \"best company\" to \"worst deal\"</h2><p style=\"text-align: justify;\">Buffett has high expectations for Dexter, but the follow-up of this investment is not good.</p><p><p style=\"text-align: justify;\">In the following years, according to Buffett's initial judgment, the American footwear industry was unsustainable due to competition from overseas imported low-priced products, and its performance declined continuously.</p><p><p style=\"text-align: justify;\">And management seems unable to reverse this trend. Buffett finally acknowledged this problem in his shareholder letter in 1999:</p><p><p style=\"text-align: justify;\">\"Our manufacturing, retail and services sectors are almost perfect, except Dexter Shoes, but the problem with this company is not management.</p><p><p style=\"text-align: justify;\">In terms of work experience, vitality and seriousness, Dexter is no different from the excellent managers of other subsidiaries. The main reason is that our manufacturing base is located in the United States, which lacks competitive advantage.</p><p><p style=\"text-align: justify;\">In total, 93% of the 1.3 billion pairs of shoes consumed in the United States in 1999 came from imports, and cheap labor costs were the main key factor. \"</p><p><p style=\"text-align: justify;\">Faced with this problem, Buffett's countermeasure was to look for potential OEMs from overseas, but this did not solve the problem.</p><p><p style=\"text-align: justify;\">\"It was a mistake for me to buy Dexter in 1993, and what's worse is that I bought it for Berkshire shares at that time,\" Buffett admitted in a letter in 2000.</p><p><p style=\"text-align: justify;\">Of course, Buffett still recognizes the company's management and praises them, saying, \"The managers of our shoemaking business, both public and private, are first-class. They work hard in a very difficult environment, even if they no longer have to bow down for five buckets of rice, for which I sincerely admire and thank them.\"</p><p><p style=\"text-align: justify;\">By 2001, Berkshire's shoe-making business had a pre-tax loss of $46.2 million. Although Brown Shoes still made a profit, it still couldn't reverse the overall loss.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32d33adf34253dc54e1ea2ff8b901d5f\" title=\"制图：聪明投资者\" tg-width=\"1080\" tg-height=\"608\"/><span>Charting: The Smart Investor</span></p><p>Charting: The Smart Investor</p><p><p style=\"text-align: justify;\">Buffett hoped that the managers of Brown Shoes would turn Dexter's predicament around and merge Dexter into Brown Shoes.</p><p><p style=\"text-align: justify;\">At this point, Harold Alfond also left the company he founded and devoted himself to charity.</p><p><p style=\"text-align: justify;\">The following year after the merger, it achieved certain results. Berkshire's footwear profit rebounded to $24 million, a substantial improvement of $70 million from the loss in 2001.</p><p><p style=\"text-align: justify;\">Buffett, on the other hand, said that Dexter's operations were back on track, although it cost a lot to solve the problem.</p><p><p style=\"text-align: justify;\">Unfortunately, this recovery didn't last.</p><p><p style=\"text-align: justify;\">At this point, Dexter's story is almost over, but Buffett has mentioned this company many times in his career.</p><p><p style=\"text-align: justify;\">In a 2007 letter to shareholders, he bemoaned his mistake again:</p><p><p style=\"text-align: justify;\"><strong>\"Dexter Company is a shoe company that I bought in 1993 with 25,203 Berkshire A shares worth $433 million. In the following years, not only did I think my sustained competitive advantage disappear without a trace. And this is just the beginning: because I used Berkshire stock, I amplified this mistake a lot.\"</strong></p><p><p style=\"text-align: justify;\">\"In the final analysis, I just gave up a share, which is now worth $220 billion, 1.6% of an excellent business, and bought back a worthless business. So far, Dexter is the worst deal I have ever made.\"</p><p><p style=\"text-align: justify;\">In 2014, Buffett called the investment a financial disaster and deserved a place in the Guinness Book of World Records.</p><p><h2 style=\"text-align: justify;\">4. The biggest winner-the Alfond family</h2><p style=\"text-align: justify;\">Although this acquisition was called by Buffett himself the worst deal he has ever made, the Alfonds made a huge profit in this investment because they got Berkshire stock and became the biggest winner of this deal.</p><p><p style=\"text-align: justify;\">In fact, this has also become the choice of many companies that sell themselves to Berkshire, and they are more inclined to own Berkshire stocks.</p><p><p style=\"text-align: justify;\">After the Berkshire acquisition, Harold Alfond managed Dexter until it was merged into Brown Shoes in 2001.</p><p><p style=\"text-align: justify;\">Harold Alfond has generously donated his wealth, and through his own private foundation, he has been supporting local charitable causes.</p><p><p style=\"text-align: justify;\">For a long time, the Alfonds have not sold a single share of Berkshire stock, and Berkshire's rising stock price has undoubtedly provided them with more wealth and their charity. More support.</p><p><p style=\"text-align: justify;\">During his lifetime, Harold contributed millions of dollars to charity and was still working at the age of 90.</p><p><p style=\"text-align: justify;\">Because Harold is an accomplished athlete, a sports fan, and a strong believer that sports provide valuable personal growth opportunities for young people.</p><p><p style=\"text-align: justify;\">Many of his donations went to public and private colleges and universities, as well as private secondary schools, for the construction of athletic facilities and fields. Many academic, athletic, healthcare, and community buildings and facilities bear Alfond's name.</p><p><p style=\"text-align: justify;\">In 2007, Harold Alfond died.</p><p><p style=\"text-align: justify;\">He donated nearly all of his wealth to his foundation, which still supports philanthropy in Maine today.</p><p><p style=\"text-align: justify;\">To some extent, this can be regarded as Buffett, who also loves philanthropy, and ultimately leads to the same goal.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/O0HdWcmiN2fviXGW0PaOVw?global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A4%7D\">聪明投资者</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://mp.weixin.qq.com/s/O0HdWcmiN2fviXGW0PaOVw?global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A4%7D","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131220953","content_text":"在巴菲特的投资生涯中，成功的案例数不胜数。但智者千虑，难免有一失，实际上，巴菲特就曾多次反省自己投资中的那些的错误。1993年，巴菲特以换股方式收购德克斯特鞋业（Dexter Shoe）。当时巴菲特对这家公司充满信心，公开赞誉它是一颗“商业明珠”，是他职业生涯中见过的管理得最好的公司之一。然而，在此后的几年间，一切都发生了变化，德克斯特面临进口低价鞋的竞争，利润下滑，拖累了伯克希尔的整个鞋业。最终，2001年，它被并入伯克希尔的布朗鞋业。雪上加霜的是，巴菲特在买入时，选择用伯克希尔哈撒韦公司1.6%的股票支付而非现金，相当于花费一家出色企业的股票换取了另一家失败公司的股票。其实当初买入这家公司时，巴菲特很有信心，尤其看好其管理层。创始人哈罗德·阿尔方德也是一个传奇企业家。即便最终这笔投资被认为失败，巴菲特也不认为是管理层的问题，而是生意本身。巴菲特将其称为自己做的最糟糕的交易，但从不回避自己可能犯更多错误的事实，他曾在股东信中开玩笑地引用一段鲍勃·迪伦歌词，来解释这种事情——“我从不想跟一个丑女人上床，但当我确信好几次醒来，身边躺的就是。” 而芒格则对此事在股东会上淡淡补充：“这表明，无论你多么努力地建立避免错误的系统，即使你很努力的保持在你的能力范围内，你仍然会犯错误。我想我可以自信地保证，这不会是我们最后一次犯错。”1、巴菲特对于鞋业的投资巴菲特对于鞋业的投资，始于1991年买下布朗鞋业。这是北美地区一个生产工作鞋与工作靴的品牌，拥有非凡的销售毛利与资产报酬。次年，布朗鞋业买下 Lowell 鞋业，一家专门制造护士专用鞋的公司。因为这两家鞋业公司那几年的表现超出了巴菲特的预期，1993年，他决定买下缅因州的德克斯特鞋业，一家专门制造高级男女鞋的品牌。而巴菲特与德克斯特的结缘，也与布朗鞋业有关。德克斯特当时的总裁彼得·伦德（Peter Lunder）回忆称，自己正是通过梅尔维尔鞋业的董事长兼总裁弗兰克·鲁尼（Frank Rooney）认识巴菲特的。弗兰克在 1978 年曾试图收购德克斯特。当时彼得和他的叔叔，也就是德克斯特董事长哈罗德·阿尔方德（Harold Alfond）都参加了会议，但交流后两人最终觉得，自己的公司还很年轻，还有很多未完的事情要去做，所以不能卖出去。最终他们没有同意对方的收购建议，而是继续保持独立。然而对方并没有放弃，此后多次找他们洽谈收购的事情，包括也有其他人想收购他们，但每次叔侄两人都敷衍了过去，并没有卖出。一直到1992年，弗兰克的岳父，也就是布朗鞋业的董事长——雷·W·赫弗南 (Ray W. Heffernan)去世，他的家人把布朗鞋业卖给了伯克希尔，弗兰克由此与巴菲特结缘。此后，巴菲特通过弗兰克联系了德克斯特，提出了收购要求。最初的洽谈不是很成功，因为彼得和哈罗德都不想要现金，他们只对股票感兴趣。直到1993年，巴菲特和弗兰克再次找到他们，双方经过了四个小时的会议，最终达成一致，用伯克希尔的股票来换取德克斯特。1993 年，79 岁的哈罗德·阿尔方德将德克斯特卖给了沃伦·巴菲特，换取了伯克希尔哈撒韦公司的股票。事后来看，他们选择要伯克希尔股票的这一想法，相当聪明，而这笔交易也让巴菲特和他们结缘，很多年后，在彼得办公室的墙上，都还一直挂着巴菲特的题字照片。2、德克斯特的管理层实际上，巴菲特在买入布朗鞋业时就已经知道，鞋子这个行业竞争相当激烈，美国本土制鞋业难以与国外进口的低价产品竞争。他说：“在全美一年 10 亿双的采购量中，大约有 85%是从国外进口，而产业中大部分的制造工厂表现都乏善可陈。”“由于款式与型号繁多导致库存压力相当重，同时收入还都是大笔的应收账款。”但巴菲特看中了布朗鞋业的管理层和它的创始人。针对布朗鞋业，他说：“在这样的环境底下，只有像弗兰克这样优秀的经理人再加上赫弗南先生所建立这样的事业才有可能生存。”在买入布朗鞋业后，巴菲特把弗兰克叫来管理公司。同样的，买入德克斯特，同样是巴菲特对于哈罗德·阿尔方德的押注。他认为布朗鞋业与德克斯特都有能力对抗外来入侵者。而在巅峰时期的那几年，德克斯特确实表现出色，创始人哈罗德也是一个传奇人物。1914 年出生于马萨诸塞州，美国经济大萧条期间，他刚好成年。哈罗德没有上过大学，高中毕业的他，就跟随父亲在缅因州从事制鞋业务。最开始，他在制鞋工厂做工，时薪25美分。1956年，他用一万美元创立了德克斯特。两年后，他的侄子彼得·伦德（Peter Lunder）加入。从此两人建立起了年产 750 万双鞋子的企业。他们的大部分鞋子都在缅因州生产，其余的则在波多黎各。1971 年，德克斯特在缅因州斯科希甘的工厂率先开设工厂直销店，该公司成为全国首批零售自己产品的制造商之一。最终，德克斯特将这种模式扩展到全国 80 多家直销店。在鼎盛时期，他们雇佣了 4,000 多名员工，年销售额超过 2.5 亿美元。巴菲尔评价德克斯特，说它拥有悠久的盈利历史、经久不衰的特许经营权和卓越的管理。哈罗德和彼得当时也表示，合并对两家公司都有好处。“伯克希尔哈撒韦公司熟悉制鞋业，并认同我们专注于长期目标的管理理念，”他们说。在买入德克斯特后，一如巴菲特以往的操作，没有更换管理层。在那年的股东信中，巴菲特对德克斯特给予了极高的赞赏——“这次我可以向大家保证德克斯特并不需要改造，德克斯特是查理跟我在职业生涯中，所见过最好的公司之一。”他还补充道，用伯克希尔股票来支付是一个明智的决定。3、从“最好的公司”到“最糟糕的交易”巴菲特对于德克斯特给予了很高的期望，但这笔投资的后续并不美好。此后几年，果然按照巴菲特一开始的判断，美国制鞋业受到海外进口低价产品的竞争，难以为继，业绩也连连下滑。而管理层似乎也不能扭转这种趋势，巴菲特在1999年的股东信中终于承认了这一问题：“我们旗下的制造、零售与服务业的表现几乎接近完美，德克斯特鞋业除外，不过该公司的问题不在于经营管理。就工作上的经验、活力与认真而言，德克斯特与其它子公司优秀的经理人毫无二致。主要原因还在于我们的制造据点位于美国本土，缺乏竞争优势。总计 1999 年，在美国 13 亿双的鞋子消耗量中，93%来自于进口，廉价的劳工成本是主要的关键因素。”面对这一问题，巴菲特的对策是从海外寻找潜在的代工，但这并未解决问题。“我在 1993 年斥资买下德克斯特根本是个错误，更惨的是当时我还是用伯克希尔股份换来的。”巴菲特在 2000 年的信中承认。当然，巴菲特依然认可公司的管理层，赞赏他们称：“于公于私我们制鞋事业的经理人都称得上是一流的，他们在非常艰苦的环境下努力工作，即便他们早已不必为了五斗米而折腰，为此我衷心地佩服并感谢他们。”到了2001年，伯克希尔的制鞋事业营运税前损失高达 4,620 万美元，尽管布朗鞋业仍有获利，依然无法扭转整体的亏损。制图：聪明投资者制图：聪明投资者巴菲特寄希望于布朗鞋业的管理者来扭转德克斯特的困局，将德克斯特并入了布朗鞋业。至此，哈罗德·阿尔方德也离开了他一手创立的公司，专心致力于慈善事业了。并入后的次年取得了一定的效果，伯克希尔鞋类利润回升至 2,400 万美元，较 2001 年的亏损，大幅改善了 7,000 万美元。而巴菲特则表示德克斯特的营运已回归正轨，尽管解决问题耗费了不少成本。可惜这种复苏却没能持续。至此，德克斯特的故事已经结束得差不多了，但巴菲特在此后的生涯里多次提及这家公司。在 2007 年致股东的信中，他再次哀叹自己的错误：“德克斯特公司是 1993 年我用价值 4.33 亿美元的 25203 股伯克希尔的 A 股股票，买下的制鞋公司。在随后几年里，不但我自认为的持续竞争优势消失得无影无踪。而且这只是个开始：由于用的是伯克希尔的股票，我将这个错误放大很多。”“说到底，我就是放弃一份，现在的价值是 2200 亿美元，出色的生意的 1.6％，买回了一项毫无价值的生意。到此为止，德克斯特是我做的最糟糕的交易。”2014年，巴菲特在信中称这笔投资是一场金融灾难，应该在吉尼斯世界纪录中占有一席之地。4、最大的赢家——阿尔方德家族虽然这笔收购被巴菲特本人称为他做过的最糟糕的交易，但阿尔方德家族却在这笔投资中大赚特赚，因为他们拿到了伯克希尔的股票，成为了这笔交易的最大赢家。实际上，这也成为很多卖身给伯克希尔企业的选择，他们更倾向于拥有伯克希尔的股票。在伯克希尔收购后，哈罗德·阿尔方德一直管理德克斯特，直到它在2001 年被并入布朗鞋业。哈罗德·阿尔方德慷慨地捐出了他的财富，通过他自己的私人基金会，他一直在支持当地的慈善事业。很长一段时间内，阿尔方德家族都没有卖出一股伯克希尔的股票，而伯克希尔不断上涨的股价，无疑为他们提供了更多财富，也为他们的慈善事业提供了更多支持。在他的一生中，哈罗德为慈善事业贡献了数百万美元，90岁高龄时依然在工作。因为哈罗德是一位多才多艺的运动员、体育迷，并且坚信体育为年轻人提供了宝贵的个人成长机会。他的许多捐赠都捐给了公立私立的学院和大学，以及私立中学，用于建造运动设施和运动场。很多学术、体育、医疗保健和社区建筑和设施都冠以 Alfond 的名字。2007 年，哈罗德·阿尔方德去世。他将几乎所有财富都捐给了自己的基金会，该基金会至今仍在支持缅因州的慈善事业。某种程度上，这也算和同样热爱慈善事业的巴菲特，最终殊途同归吧。","news_type":1,"symbols_score_info":{"BRK.A":1.1,"BRK.B":1.1}},"isVote":1,"tweetType":1,"viewCount":1596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191773492486424,"gmtCreate":1687828356049,"gmtModify":1687828361335,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus 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only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","listText":"So good app. Not just&nbsp; invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","text":"So good app. Not just invest only. Also include other one. Like can watch video, getting any news,get some rewards,can share your article.pretty good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9949377816","isVote":1,"tweetType":1,"viewCount":1136,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000487","authorId":"9000000000000487","name":"MaudNelly","avatar":"https://static.tigerbbs.com/1e0fafb6a0868fdff5a6626301b88f7c","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000487","idStr":"9000000000000487"},"content":"Looks like we can do everything related to investment at here.","text":"Looks like we can do everything related to investment at here.","html":"Looks like we can do everything related to investment at here."},{"author":{"id":"9000000000000712","authorId":"9000000000000712","name":"AndreaClarissa","avatar":"https://static.tigerbbs.com/9cf11fbf7e9cf7863269c430ae07d7c9","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000712","idStr":"9000000000000712"},"content":"We can post our idea about market on here.","text":"We can post our idea about market on here.","html":"We can post our idea about market on here."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":279935473525024,"gmtCreate":1709365088076,"gmtModify":1709365091333,"author":{"id":"4141087974150782","authorId":"4141087974150782","name":"Taurus Pink","avatar":"https://community-static.tradeup.com/news/39e934cbdc05761469dbe8569c8d86af","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4141087974150782","idStr":"4141087974150782"},"themes":[],"htmlText":"[得意] [得意] [得意] [得意]","listText":"[得意] [得意] [得意] [得意]","text":"[得意] [得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/279935473525024","isVote":1,"tweetType":1,"viewCount":1118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}