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Harry S
Harry S
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2022-12-01
$XPeng Inc.(XPEV)$
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Harry S
Harry S
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2022-11-12
Wow
U.S. Stocks Could Rally Another 25%? One of Wall Street’s Most Implacable Bulls Laid Out His Opinions
One of Wall Street’s most implacable bulls has laid out his argument for why he thinks U.S. stocks c
U.S. Stocks Could Rally Another 25%? One of Wall Street’s Most Implacable Bulls Laid Out His Opinions
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Harry S
Harry S
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2022-10-11
[Strong]
The Biggest Retail Investor Mistakes (And How I Avoid Them): Overpaying For Quality
SummaryInvestors have a tendency to overpay for quality businesses, and the result is often poor lon
The Biggest Retail Investor Mistakes (And How I Avoid Them): Overpaying For Quality
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Harry S
Harry S
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2022-10-10
True
The 2022 Bear Market Cycle May Be Far From Over
SummaryThe bear markets of 1937, 2000, and 2008 suggest a short-term bottom may be found in October.
The 2022 Bear Market Cycle May Be Far From Over
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Harry S
Harry S
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2022-10-04
$Apple(AAPL)$
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Harry S
Harry S
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2022-09-29
$Apple(AAPL)$
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Harry S
Harry S
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2022-09-28
[Smile]
4 Points to Note When Choosing Strong REITs Such as Mapletree Logistics Trust
REITs continue to be a source of consistent dividends during good times and bad.That said, it’s impo
4 Points to Note When Choosing Strong REITs Such as Mapletree Logistics Trust
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Harry S
Harry S
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2022-09-20
[Smile]
Renewed Support Called For Singapore Stock Market
The Singapore stock market headed south again on Monday, one session after halting the two-day slide
Renewed Support Called For Singapore Stock Market
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Harry S
Harry S
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2022-09-16
Good
Buy These EV Charging Stocks for Huge Gains in the 2020s
To make EVs broadly useful, the world will have to build a network of millions of charging ports.The
Buy These EV Charging Stocks for Huge Gains in the 2020s
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Harry S
Harry S
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2022-09-13
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Sorry, this post has been deleted
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One of Wall Street’s Most Implacable Bulls Laid Out His Opinions","url":"https://stock-news.laohu8.com/highlight/detail?id=2282248817","media":"MarketWatch","summary":"One of Wall Street’s most implacable bulls has laid out his argument for why he thinks U.S. stocks c","content":"<html><head></head><body><p>One of Wall Street’s most implacable bulls has laid out his argument for why he thinks U.S. stocks can continue to rally into the year’s end after Thursday’s game-changing October inflation data.</p><p>Tom Lee, head of research at Fundstrat, said in a note to clients dated Friday that while the “inflationistas” doubt that October’s softer-than-expected inflation reading can be repeated, Fundstrat sees three reasons the latest inflation report may represent a turning point in the Federal Reserve’s battle to suppress price pressures.</p><p>Those reasons included a “meaningful slowing” in the consumer price index month over month, “‘bullwhip’ payback” in durable-goods inflation and the contraction in the cost of health insurance.</p><p>Lee explained his reasoning:</p><ul><li>“Shelter finally showed a meaningful slowing in CPI MoM, as OER (owners equivalent rent, >23% of CPI basket) slowed to +0.6% (+0.7%/+0.8% Aug/Sept) and trending towards market reality of deflation in housing.”</li><li>“Durable goods finally showing “bullwhip” payback as durables CPI fell to -0.7% MoM (-8.4% annualized) and even used cars finally showed some weakness down-2.4% for the month (but still 15% further to fall).”</li><li>“Medical health insurance massively flipped to -4% MoM from 12 consecutive months of +2.4% (since Oct 2021) and given annual adjustment is set to fall 40% over the next 12M.”</li></ul><p>Those are signs that inflation is set to “massively slow” during the coming months, Lee said, adding that if all goes well, the U.S. economy could see “three to four months” of core CPI growing at a rate of 0.3% month over month.</p><p>The pace of the so-called core rate of inflation, which omits food and energy costs, slowed to 0.3% in October, lower than Wall Street expectations of a 0.5% increase.</p><p>The most important result of October’s inflation data is that the Fed no longer has its “back to the wall,” which could allow a more substantial easing of the pace of interest-rate hikes, Lee said. Ultimately, he noted, “the case for a pause after December is stronger.”</p><p>Market analysts have been on the lookout for signs that the Fed could either pause its aggressive interest rate hikes or perhaps even move toward cutting interest-rates, because it’s widely believed on Wall Street that this would help end the bear markets in both stocks and bonds this year.</p><p>The Fed has raised the fed-funds rate, a key Wall Street benchmark rate, by 3.75 percentage points since the start of the year, including four consecutive “jumbo” hikes of 75 basis points, including one earlier this month.</p><p>Even if the Fed does keep the rate above 5% for now, the shift from “higher in a hurry” to “predictable but possibly longer” would be more amenable to equity valuations, Lee said.</p><p>Fed-funds rate traders expect the rate to peak at 5% in March and remain there until at least the fourth quarter of 2023, according to the CME’s FedWatch tool.</p><p>Softening inflation could also help stocks by averting a deep recession and raising the chances that the Fed can guide the U.S. economy toward a “soft landing,” Lee said.</p><p>Lee and his team said this latest rally could last as long as 50 days and help the S&P 500 rally as much as 25% higher as investors embrace the notion that the worst of the Fed’s rate hikes are over and that the central bank will likely “pause” those hikes early next year.</p><p>Ultimately, the S&P 500 should be able to surpass its 200-day moving average of around 4,100. If investors receive another soft CPI report in December, the large-cap index might even reach the 4,400-4,500 range.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec39a4c3de35afabad3e3746c47f5856\" tg-width=\"700\" tg-height=\"614\" referrerpolicy=\"no-referrer\"/><span>FUNDSTRAT</span></p><p>Sometimes described as a “permabull,” Lee stood by his bullish outlook for stocks during most of the first half of 2022 but admitted in March that he had been “too bullish” as he continued to press his case for why equity valuations looked attractive.</p><p>U.S. equity indexes saw their best session in more than two years on Thursday as the S&P 500 rallied more than 5.5%, the Nasdaq climbed nearly 7.4% and the Dow Jones Industrial Average advanced more than 1,200 points. Stocks open higher and add to these gains on Friday.</p></body></html>","source":"lsy1603348471595","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>U.S. Stocks Could Rally Another 25%? One of Wall Street’s Most Implacable Bulls Laid Out His Opinions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks Could Rally Another 25%? One of Wall Street’s Most Implacable Bulls Laid Out His Opinions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-12 08:55 GMT+8 <a href=https://www.marketwatch.com/story/u-s-stocks-could-rally-another-25-now-that-fed-no-longer-has-back-against-the-wall-in-inflation-fight-11668176911?mod=newsviewer_click><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of Wall Street’s most implacable bulls has laid out his argument for why he thinks U.S. stocks can continue to rally into the year’s end after Thursday’s game-changing October inflation data.Tom ...</p>\n\n<a href=\"https://www.marketwatch.com/story/u-s-stocks-could-rally-another-25-now-that-fed-no-longer-has-back-against-the-wall-in-inflation-fight-11668176911?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/u-s-stocks-could-rally-another-25-now-that-fed-no-longer-has-back-against-the-wall-in-inflation-fight-11668176911?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2282248817","content_text":"One of Wall Street’s most implacable bulls has laid out his argument for why he thinks U.S. stocks can continue to rally into the year’s end after Thursday’s game-changing October inflation data.Tom Lee, head of research at Fundstrat, said in a note to clients dated Friday that while the “inflationistas” doubt that October’s softer-than-expected inflation reading can be repeated, Fundstrat sees three reasons the latest inflation report may represent a turning point in the Federal Reserve’s battle to suppress price pressures.Those reasons included a “meaningful slowing” in the consumer price index month over month, “‘bullwhip’ payback” in durable-goods inflation and the contraction in the cost of health insurance.Lee explained his reasoning:“Shelter finally showed a meaningful slowing in CPI MoM, as OER (owners equivalent rent, >23% of CPI basket) slowed to +0.6% (+0.7%/+0.8% Aug/Sept) and trending towards market reality of deflation in housing.”“Durable goods finally showing “bullwhip” payback as durables CPI fell to -0.7% MoM (-8.4% annualized) and even used cars finally showed some weakness down-2.4% for the month (but still 15% further to fall).”“Medical health insurance massively flipped to -4% MoM from 12 consecutive months of +2.4% (since Oct 2021) and given annual adjustment is set to fall 40% over the next 12M.”Those are signs that inflation is set to “massively slow” during the coming months, Lee said, adding that if all goes well, the U.S. economy could see “three to four months” of core CPI growing at a rate of 0.3% month over month.The pace of the so-called core rate of inflation, which omits food and energy costs, slowed to 0.3% in October, lower than Wall Street expectations of a 0.5% increase.The most important result of October’s inflation data is that the Fed no longer has its “back to the wall,” which could allow a more substantial easing of the pace of interest-rate hikes, Lee said. Ultimately, he noted, “the case for a pause after December is stronger.”Market analysts have been on the lookout for signs that the Fed could either pause its aggressive interest rate hikes or perhaps even move toward cutting interest-rates, because it’s widely believed on Wall Street that this would help end the bear markets in both stocks and bonds this year.The Fed has raised the fed-funds rate, a key Wall Street benchmark rate, by 3.75 percentage points since the start of the year, including four consecutive “jumbo” hikes of 75 basis points, including one earlier this month.Even if the Fed does keep the rate above 5% for now, the shift from “higher in a hurry” to “predictable but possibly longer” would be more amenable to equity valuations, Lee said.Fed-funds rate traders expect the rate to peak at 5% in March and remain there until at least the fourth quarter of 2023, according to the CME’s FedWatch tool.Softening inflation could also help stocks by averting a deep recession and raising the chances that the Fed can guide the U.S. economy toward a “soft landing,” Lee said.Lee and his team said this latest rally could last as long as 50 days and help the S&P 500 rally as much as 25% higher as investors embrace the notion that the worst of the Fed’s rate hikes are over and that the central bank will likely “pause” those hikes early next year.Ultimately, the S&P 500 should be able to surpass its 200-day moving average of around 4,100. If investors receive another soft CPI report in December, the large-cap index might even reach the 4,400-4,500 range.FUNDSTRATSometimes described as a “permabull,” Lee stood by his bullish outlook for stocks during most of the first half of 2022 but admitted in March that he had been “too bullish” as he continued to press his case for why equity valuations looked attractive.U.S. equity indexes saw their best session in more than two years on Thursday as the S&P 500 rallied more than 5.5%, the Nasdaq climbed nearly 7.4% and the Dow Jones Industrial Average advanced more than 1,200 points. Stocks open higher and add to these gains on Friday.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917867127,"gmtCreate":1665477371969,"gmtModify":1676537613463,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"[Strong] ","listText":"[Strong] ","text":"[Strong]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9917867127","repostId":"1138212662","repostType":4,"repost":{"id":"1138212662","kind":"news","pubTimestamp":1665453317,"share":"https://ttm.financial/m/news/1138212662?lang=&edition=fundamental","pubTime":"2022-10-11 09:55","market":"us","language":"en","title":"The Biggest Retail Investor Mistakes (And How I Avoid Them): Overpaying For Quality","url":"https://stock-news.laohu8.com/highlight/detail?id=1138212662","media":"Seeking Alpha","summary":"SummaryInvestors have a tendency to overpay for quality businesses, and the result is often poor lon","content":"<html><head></head><body><h2>Summary</h2><ul><li>Investors have a tendency to overpay for quality businesses, and the result is often poor long-term returns.</li><li>Defining what "quality" means for an investment and separating it from valuation is a critical process investors sometimes skip.</li><li>In this article, I share my definition of what "quality" means when it comes to stocks, and why its overall importance on valuation is limited.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/377aeedee3bb5020021a94c972cb9427\" tg-width=\"1080\" tg-height=\"608\" width=\"100%\" height=\"auto\"/><span>gesrey</span></p><h2>Introduction</h2><p>Last year, I started writing an article series about retail investor mistakes, and how I avoid them. Those articles covered the topics of "Narrative-Based Investing", "Cycle Awareness", and "Chasing Yield". This article will cover a topic that I think is very timely in the current marketenvironment: Overpaying for a stock because of the business's "quality".</p><p>In my marketplace service, The Cyclical Investor's Club, I analyze about 600 stocks per quarter, and one of the benefits of looking at so many stocks individually is that sometimes I can see certain patterns emerge that other investors might not see. One of the patterns that has been in place for quite some time is that investors are paying way too much for businesses they perceive as being "high quality". Others might refer to stocks of this type as "Blue Chip", "SWAN", or sleep-well-at-night investments. Usually, these are the stocks of businesses that produce goods and services that are household names, or they produce products like consumer staples or necessities like electricity and water. Because of the steady demand for these products and services investors feel will have steady and consistent returns, even during recessions. Big-name brands, dividend streaks, and steady earnings, along with some basic business quality metrics, seem to be the factors investors lean on most to describe "quality".</p><p>That, in and of itself, isn't necessarily a big problem. But what is a problem is that investors tend to then go one step further and assume these sorts of factors that contribute to a "quality" designation for the business also justify a higher valuation for the stock. In short, investors are willing to pay more for "quality". Often a lot more for it. And when they do, they are making a big mistake that will nearly always produce poor returns.</p><p>Below is a sample of the 5-year returns of 7 "quality" businesses from the year 2000 that are still around, and at least of few of them are still considered "quality". The chart starts in 2000 when they were all overvalued using a basic PEG ratio metric and runs until 2005.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cc2c5d1e99477a996f510d4ebbe8f9f\" tg-width=\"635\" tg-height=\"518\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>The bad returns investors get from overpaying for stocks are not always this bad. It's also common for a stock price to simply go nowhere for a decade or more after it gets overvalued. This article will be about how to avoid returns like those above, but also how to avoid 10 years' worth of flat, or underperforming returns as well.</p><h2>Defining Quality</h2><p>In order to understand my approach to "quality", it's best to start with the simpler example of bonds, and then apply what we learn there to stocks. If you buy a bond and hold it until maturity, your nominal return will be whatever the bond yield was when you purchased it. As I write this, the US 10-year Treasury Bond yield is +3.76%. So, if you buy one of these bonds and hold it for 10 years, then you will earn +3.76% per year on your investment, provided the US government pays its obligation. In this case, the "quality" of the bond is determined by two things, the first is the odds the US government will pay you, and the second is the inflation or deflation rate during the holding period. If we assume there is no inflation, and the US government pays up, then this is a "quality" investment. If the borrower who is issuing the bond does not pay their obligation, then it would<i>not</i>be a "quality" investment. In my opinion, at least in retrospect, we can very clearly define what was a "quality" bond investment (one in which you were paid back what you were owed) and a non-quality bond investment, in which you were not paid back what you were owed. If we take this basic understanding and also include inflation so that if you are paid back your money with interest and that amount is greater than inflation, then you made a "quality" investment, and if you are paid back an amount with interest that is lower than the rate of inflation it was a "non-quality" investment, we have a pretty clear understanding of a quality vs. a non-quality bond investment. And while we can always come up with more complicated examples, this basic, binary definition of "quality" I have found to be very useful in stock investing.</p><p>Warren Buffett many decades ago introduced the idea of treating stock investments as "equity bonds". That understanding has inspired a lot of my core "full-cycle" investing approach. The simplest way to treat a stock as an equity bond is to take a stock's earnings yield (which is the inverted P/E ratio, or E/P). So, a stock with a 20 P/E ratio would have a 5% earnings yield. You can then treat that earnings yield, just like you would treat a bond yield. The one caveat is that some businesses can be expected to grow their earnings over time, so rather than just collecting that earnings yield, the investor also gets the benefit of any growth of those earnings over time. This is one of the major benefits of holding stocks long-term rather than bonds (and why I don't own long-term bonds). If there is inflation over the given time period, a bondholder loses purchasing power, while a good business can pass inflation on to its customers allowing earnings to grow at a rate equal to or higher than the inflation rate. So, for a "quality" business, inflation is not a serious risk to the purchasing power of the earnings because the business can pass higher costs on and earnings rise accordingly.</p><p>As I noted in the introduction, definitions and understandings of quality can vary quite a bit when it comes to businesses. I prefer to have a clearer understanding of what "quality" means to me. And my definition is fairly binary in nature. Either a business meets my quality standards, and I will consider buying it, or it does not meet my quality standards, and I will not consider buying it. There are many benefits to framing quality in such a way. The first benefit is that it helps me avoid value traps because if the basic quality standard is not met, then I will not buy the stock at any price. I don't buy "cigar butts" or turnarounds (at least, not on purpose). The second benefit is that a stock's measure of quality does not really mix with the valuation using this approach. Quality is one thing, and valuation is another. If an "equity bond" yields 5%, and it is "high quality", then you can expect to get a 5% real yield over time from the investment.</p><p>So, my definition of quality is that the business has earnings that have a history of growing at a rate above average long-term inflation, which is roughly 3% or so in the United States. In addition, in order to be high quality, the business must have experienced a recessionary environment and earnings must have recovered from the recession in a timely manner. In addition to these factors, I make sure there aren't any clear signs that the historical earnings pattern will change any time soon. Basically, if I can count on earnings per share, adjusted for buybacks and recession downturns, to grow at a mid-single digits rate or better, then I am dealing with a "high quality" business. How fast earnings are growing beyond that is irrelevant when it comes to determining quality. A business growing earnings at 5% and a business growing earnings 15% are the same quality as far as I'm concerned, all else being roughly equal.</p><p>What this definition does is strip out any brand name bias, or dividend streak bias, or fluctuation of earnings out of the equation (as long as they are not very deeply cyclical and recover in a timely manner from downturns). A utility or consumer staple business doesn't get any extra "quality points" from me if they grow earnings at 6% every year without exception compared to a business that has more volatile earnings, but still grows cumulative earnings fine over a full economic cycle. They are both "high quality" to me. Similarly, I don't give "brand names" any special treatment compared to a company whose brand I've never heard of, either. If the earnings metrics are there and look like they will continue, they are both "high-enough quality".</p><p>So, first I look to see that the historical data is there to determine how earnings have grown in the past, then I check to make sure there isn't some clear impediment to earnings growing similarly in the future and that the rate of earnings growth is higher than inflation. If there is reason to expect these things are true, the business is high quality enough to evaluate for a potential purchase. (Just as with a bond if you evaluated a government or corporate entity to see if it was likely they would pay you back your money with interest.)</p><p>What this quality designation boils down to is that quality businesses can 1) pass inflation onto their customers, and 2) reliably grow earnings at least a little faster than that over a full economic cycle. It's very simple.</p><h3>The mistake of mixing valuation with quality</h3><p>I have shared in previous articles that the first thing every investor should do before they buy a stock is to have an acceptable rate of return in mind. Determining quality is really just a way of figuring that the accuracy of your earnings expectation is likely to be reasonably high. A quality stock won't have negative long-term earnings growth, for example. That is literally the opposite of quality in most cases. So, if you invest in a stock with an expectation of a rate of return of 10%, if the business is of reasonable quality and your valuation method is reasonably good, the stock will produce a 10% CAGR, just as you expected (and just like a 10% yielding bond would). The fact that the business did not produce less than a 10% CAGR shows the business was of sufficient quality.</p><p>Now imagine that you take a stock with all the same earnings metrics, but because it is a well-known brand or produces some sort of consumer staple, the market has bid up the price and it now has a much higher valuation. Using the same valuation process as you used before, the expected return is now a 5% long-term CAGR instead of 10%. Because the business is indeed "high quality", your prediction about earnings and earnings growth is correct, and the stock goes on to produce a 5% CAGR. Being "higher quality" didn't affect your expected return. The expected return was very accurate, but it still wasn't a very good return. You got nothing extra out of the fact that earnings were very predictable except for low predictable returns.</p><h2>Historical Example: Nifty Fifty</h2><p>During the late 1960s, a meme of sorts developed that ran directly counter to the lesson I'm sharing in this article. The idea was that because certain "blue chip" stocks were so high quality that they would grow their earnings at a good rate into the future, there really was no price that was too high to pay for them. Basically, any valuation was justified and most of the stocks that became known as the "Nifty Fifty" traded at P/E ratios of 50 or higher (which implies an earnings yield of 2%). The idea was that if you just bought them and held them you would get good returns over the long term because eventually earnings would catch up to the price. But the truth is that you would have had to hold for a very long time in order to get decent returns on the group.</p><p>For 10 years, from 1969 to 1979 here is how the S&P 500 performed after the Nifty Fifty period in the late 1960s.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/063762d28682fb607cad020dabad90a1\" tg-width=\"635\" tg-height=\"435\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>The S&P 500 returns for this decade were nominally flat, and considering inflation averaged in the high single digits during this time, in real terms, the 10-year returns were negative. The single biggest explanatory factor for this poor performance was that in 1969 valuations for stocks were far too high, and the expected returns were far too low.</p><h2>Conclusion</h2><p>Just like with bonds, it makes sense to define "quality" with stocks on whether or not the business's earnings projections can be dependably met over the long term. If they can, and the business can grow earnings at a rate above inflation, then the business is high quality enough to invest in. After those conditions are met, quality doesn't really matter anymore. It is rational once basic quality is established, to seek out valuations that will provide the biggest return for the stock investor, just as, once a bond investor knows they will get their money returned with interest it makes sense for the bond investor to seek out the bonds with the highest yields over any given time period.</p><p>The truth is, if we take a 5-year or 10-year time period, it's relatively easy to identify "high-quality" stocks in the market today. Probably 400 out of the 500 stocks in the S&P 500 are high quality, and a decent investor could do a reasonably good job of predicting the earnings trends 5 years from now. The difficulty is maximizing one's returns. Getting low single-digit returns over 10 years in the stock market is actually pretty easy in almost any environment. You could throw darts at a list of S&P 500 stocks and do that. But if you want to consistently do better than that, valuation is what is important once basic quality is established, and it's buying at attractive valuations that will help an investor achieve better-than-average returns over the long term.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Biggest Retail Investor Mistakes (And How I Avoid Them): Overpaying For Quality</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Biggest Retail Investor Mistakes (And How I Avoid Them): Overpaying For Quality\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-11 09:55 GMT+8 <a href=https://seekingalpha.com/article/4545715-biggest-retail-investor-mistakes-avoid-overpaying-quality><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryInvestors have a tendency to overpay for quality businesses, and the result is often poor long-term returns.Defining what \"quality\" means for an investment and separating it from valuation is a...</p>\n\n<a href=\"https://seekingalpha.com/article/4545715-biggest-retail-investor-mistakes-avoid-overpaying-quality\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4545715-biggest-retail-investor-mistakes-avoid-overpaying-quality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138212662","content_text":"SummaryInvestors have a tendency to overpay for quality businesses, and the result is often poor long-term returns.Defining what \"quality\" means for an investment and separating it from valuation is a critical process investors sometimes skip.In this article, I share my definition of what \"quality\" means when it comes to stocks, and why its overall importance on valuation is limited.gesreyIntroductionLast year, I started writing an article series about retail investor mistakes, and how I avoid them. Those articles covered the topics of \"Narrative-Based Investing\", \"Cycle Awareness\", and \"Chasing Yield\". This article will cover a topic that I think is very timely in the current marketenvironment: Overpaying for a stock because of the business's \"quality\".In my marketplace service, The Cyclical Investor's Club, I analyze about 600 stocks per quarter, and one of the benefits of looking at so many stocks individually is that sometimes I can see certain patterns emerge that other investors might not see. One of the patterns that has been in place for quite some time is that investors are paying way too much for businesses they perceive as being \"high quality\". Others might refer to stocks of this type as \"Blue Chip\", \"SWAN\", or sleep-well-at-night investments. Usually, these are the stocks of businesses that produce goods and services that are household names, or they produce products like consumer staples or necessities like electricity and water. Because of the steady demand for these products and services investors feel will have steady and consistent returns, even during recessions. Big-name brands, dividend streaks, and steady earnings, along with some basic business quality metrics, seem to be the factors investors lean on most to describe \"quality\".That, in and of itself, isn't necessarily a big problem. But what is a problem is that investors tend to then go one step further and assume these sorts of factors that contribute to a \"quality\" designation for the business also justify a higher valuation for the stock. In short, investors are willing to pay more for \"quality\". Often a lot more for it. And when they do, they are making a big mistake that will nearly always produce poor returns.Below is a sample of the 5-year returns of 7 \"quality\" businesses from the year 2000 that are still around, and at least of few of them are still considered \"quality\". The chart starts in 2000 when they were all overvalued using a basic PEG ratio metric and runs until 2005.Data by YChartsThe bad returns investors get from overpaying for stocks are not always this bad. It's also common for a stock price to simply go nowhere for a decade or more after it gets overvalued. This article will be about how to avoid returns like those above, but also how to avoid 10 years' worth of flat, or underperforming returns as well.Defining QualityIn order to understand my approach to \"quality\", it's best to start with the simpler example of bonds, and then apply what we learn there to stocks. If you buy a bond and hold it until maturity, your nominal return will be whatever the bond yield was when you purchased it. As I write this, the US 10-year Treasury Bond yield is +3.76%. So, if you buy one of these bonds and hold it for 10 years, then you will earn +3.76% per year on your investment, provided the US government pays its obligation. In this case, the \"quality\" of the bond is determined by two things, the first is the odds the US government will pay you, and the second is the inflation or deflation rate during the holding period. If we assume there is no inflation, and the US government pays up, then this is a \"quality\" investment. If the borrower who is issuing the bond does not pay their obligation, then it wouldnotbe a \"quality\" investment. In my opinion, at least in retrospect, we can very clearly define what was a \"quality\" bond investment (one in which you were paid back what you were owed) and a non-quality bond investment, in which you were not paid back what you were owed. If we take this basic understanding and also include inflation so that if you are paid back your money with interest and that amount is greater than inflation, then you made a \"quality\" investment, and if you are paid back an amount with interest that is lower than the rate of inflation it was a \"non-quality\" investment, we have a pretty clear understanding of a quality vs. a non-quality bond investment. And while we can always come up with more complicated examples, this basic, binary definition of \"quality\" I have found to be very useful in stock investing.Warren Buffett many decades ago introduced the idea of treating stock investments as \"equity bonds\". That understanding has inspired a lot of my core \"full-cycle\" investing approach. The simplest way to treat a stock as an equity bond is to take a stock's earnings yield (which is the inverted P/E ratio, or E/P). So, a stock with a 20 P/E ratio would have a 5% earnings yield. You can then treat that earnings yield, just like you would treat a bond yield. The one caveat is that some businesses can be expected to grow their earnings over time, so rather than just collecting that earnings yield, the investor also gets the benefit of any growth of those earnings over time. This is one of the major benefits of holding stocks long-term rather than bonds (and why I don't own long-term bonds). If there is inflation over the given time period, a bondholder loses purchasing power, while a good business can pass inflation on to its customers allowing earnings to grow at a rate equal to or higher than the inflation rate. So, for a \"quality\" business, inflation is not a serious risk to the purchasing power of the earnings because the business can pass higher costs on and earnings rise accordingly.As I noted in the introduction, definitions and understandings of quality can vary quite a bit when it comes to businesses. I prefer to have a clearer understanding of what \"quality\" means to me. And my definition is fairly binary in nature. Either a business meets my quality standards, and I will consider buying it, or it does not meet my quality standards, and I will not consider buying it. There are many benefits to framing quality in such a way. The first benefit is that it helps me avoid value traps because if the basic quality standard is not met, then I will not buy the stock at any price. I don't buy \"cigar butts\" or turnarounds (at least, not on purpose). The second benefit is that a stock's measure of quality does not really mix with the valuation using this approach. Quality is one thing, and valuation is another. If an \"equity bond\" yields 5%, and it is \"high quality\", then you can expect to get a 5% real yield over time from the investment.So, my definition of quality is that the business has earnings that have a history of growing at a rate above average long-term inflation, which is roughly 3% or so in the United States. In addition, in order to be high quality, the business must have experienced a recessionary environment and earnings must have recovered from the recession in a timely manner. In addition to these factors, I make sure there aren't any clear signs that the historical earnings pattern will change any time soon. Basically, if I can count on earnings per share, adjusted for buybacks and recession downturns, to grow at a mid-single digits rate or better, then I am dealing with a \"high quality\" business. How fast earnings are growing beyond that is irrelevant when it comes to determining quality. A business growing earnings at 5% and a business growing earnings 15% are the same quality as far as I'm concerned, all else being roughly equal.What this definition does is strip out any brand name bias, or dividend streak bias, or fluctuation of earnings out of the equation (as long as they are not very deeply cyclical and recover in a timely manner from downturns). A utility or consumer staple business doesn't get any extra \"quality points\" from me if they grow earnings at 6% every year without exception compared to a business that has more volatile earnings, but still grows cumulative earnings fine over a full economic cycle. They are both \"high quality\" to me. Similarly, I don't give \"brand names\" any special treatment compared to a company whose brand I've never heard of, either. If the earnings metrics are there and look like they will continue, they are both \"high-enough quality\".So, first I look to see that the historical data is there to determine how earnings have grown in the past, then I check to make sure there isn't some clear impediment to earnings growing similarly in the future and that the rate of earnings growth is higher than inflation. If there is reason to expect these things are true, the business is high quality enough to evaluate for a potential purchase. (Just as with a bond if you evaluated a government or corporate entity to see if it was likely they would pay you back your money with interest.)What this quality designation boils down to is that quality businesses can 1) pass inflation onto their customers, and 2) reliably grow earnings at least a little faster than that over a full economic cycle. It's very simple.The mistake of mixing valuation with qualityI have shared in previous articles that the first thing every investor should do before they buy a stock is to have an acceptable rate of return in mind. Determining quality is really just a way of figuring that the accuracy of your earnings expectation is likely to be reasonably high. A quality stock won't have negative long-term earnings growth, for example. That is literally the opposite of quality in most cases. So, if you invest in a stock with an expectation of a rate of return of 10%, if the business is of reasonable quality and your valuation method is reasonably good, the stock will produce a 10% CAGR, just as you expected (and just like a 10% yielding bond would). The fact that the business did not produce less than a 10% CAGR shows the business was of sufficient quality.Now imagine that you take a stock with all the same earnings metrics, but because it is a well-known brand or produces some sort of consumer staple, the market has bid up the price and it now has a much higher valuation. Using the same valuation process as you used before, the expected return is now a 5% long-term CAGR instead of 10%. Because the business is indeed \"high quality\", your prediction about earnings and earnings growth is correct, and the stock goes on to produce a 5% CAGR. Being \"higher quality\" didn't affect your expected return. The expected return was very accurate, but it still wasn't a very good return. You got nothing extra out of the fact that earnings were very predictable except for low predictable returns.Historical Example: Nifty FiftyDuring the late 1960s, a meme of sorts developed that ran directly counter to the lesson I'm sharing in this article. The idea was that because certain \"blue chip\" stocks were so high quality that they would grow their earnings at a good rate into the future, there really was no price that was too high to pay for them. Basically, any valuation was justified and most of the stocks that became known as the \"Nifty Fifty\" traded at P/E ratios of 50 or higher (which implies an earnings yield of 2%). The idea was that if you just bought them and held them you would get good returns over the long term because eventually earnings would catch up to the price. But the truth is that you would have had to hold for a very long time in order to get decent returns on the group.For 10 years, from 1969 to 1979 here is how the S&P 500 performed after the Nifty Fifty period in the late 1960s.Data by YChartsThe S&P 500 returns for this decade were nominally flat, and considering inflation averaged in the high single digits during this time, in real terms, the 10-year returns were negative. The single biggest explanatory factor for this poor performance was that in 1969 valuations for stocks were far too high, and the expected returns were far too low.ConclusionJust like with bonds, it makes sense to define \"quality\" with stocks on whether or not the business's earnings projections can be dependably met over the long term. If they can, and the business can grow earnings at a rate above inflation, then the business is high quality enough to invest in. After those conditions are met, quality doesn't really matter anymore. It is rational once basic quality is established, to seek out valuations that will provide the biggest return for the stock investor, just as, once a bond investor knows they will get their money returned with interest it makes sense for the bond investor to seek out the bonds with the highest yields over any given time period.The truth is, if we take a 5-year or 10-year time period, it's relatively easy to identify \"high-quality\" stocks in the market today. Probably 400 out of the 500 stocks in the S&P 500 are high quality, and a decent investor could do a reasonably good job of predicting the earnings trends 5 years from now. The difficulty is maximizing one's returns. Getting low single-digit returns over 10 years in the stock market is actually pretty easy in almost any environment. You could throw darts at a list of S&P 500 stocks and do that. But if you want to consistently do better than that, valuation is what is important once basic quality is established, and it's buying at attractive valuations that will help an investor achieve better-than-average returns over the long term.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917044808,"gmtCreate":1665401045905,"gmtModify":1676537599645,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"True ","listText":"True ","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9917044808","repostId":"1129204631","repostType":4,"repost":{"id":"1129204631","kind":"news","pubTimestamp":1665415321,"share":"https://ttm.financial/m/news/1129204631?lang=&edition=fundamental","pubTime":"2022-10-10 23:22","market":"us","language":"en","title":"The 2022 Bear Market Cycle May Be Far From Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1129204631","media":"Seeking Alpha","summary":"SummaryThe bear markets of 1937, 2000, and 2008 suggest a short-term bottom may be found in October.","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The bear markets of 1937, 2000, and 2008 suggest a short-term bottom may be found in October.</li><li>However, that doesn't mean it will be the bottom.</li><li>Whether the market bottoms or not will depend on interest rates.</li></ul><p>The bear market of 2022 still has further to run based on historical trends and valuations versus interest rates. The 2022 S&P 500 continues to trace bear markets of 1937, 2000, and 2008, which is more an indication of the ebb and flow of human nature than past and future events.</p><p>The mid-August peak served as another turning point for the S&P 500, leading to a new September low. At this point, the historical references of the great bear markets of the past suggest another low is due sometime around October 25, give or take a couple of days, followed by an upward move and perhaps some consolidation.</p><p><img src=\"https://static.tigerbbs.com/49a5b3b87d56cd4bd4441ffe78d7917b\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p><b>An October New Low?</b></p><p>From a perspective of events that could lead to a continued decline and bottom at the end of October, a better-than-feared earnings season could be one such event. Whether a late October low will be the bottom or a short-term low is yet to be seen, but given how high valuations are, more work will need to be done for the bottom to be put in place.</p><p>It's All About Rates</p><p>The S&P 500 earnings yield for 2022 minus the 10-Yr real yield is currently 4.56%. Historically, that is at the lower end of the range and associated with market tops, not bottoms. For example, the 4.5% region was visited in December 2016, January 2018, October 2018, and June 2020. The only case that didn't see a significant decline was in December 2016, when the index consolidated sideways for nearly three months.</p><p><img src=\"https://static.tigerbbs.com/cbe9b42330ab57d8cb7fcad9ad287b66\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>Since 2014, the average spread between the S&P 500 current year earnings yields and the 10-Yr real yield has been around 5.2%, with a standard deviation range of 4.87% to 5.57%. Currently, the S&P 500 premium to the 10-yr TIP is more than two standard deviations from the average. The spread would need to rise by 30 bps to get the index back to within one standard deviation, or by 65 bps to return to the historical average.</p><p><img src=\"https://static.tigerbbs.com/716b902ff03171d3d6501fc54cd5e4ff\" tg-width=\"640\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>Another 9% Decline?</p><p>The S&P 500 has an earnings yield based on 2022 earnings estimates of 6.17%. An increase of 30 bps would increase the yield to 6.47%, and an increase of 60 bps would increase the yield to 6.77%. The earnings yield is simply the inverse of the PE ratio, which means the current PE ratio is 16.2 and would need to fall to 15.4 or 14.7 to bring the S&P 500 back to a historically average fair value.</p><p>With the earnings estimates for 2022 currently tracking at $224.73, it would value the S&P 500 in a range of 3,460 to 3,300. That would equal a further decline in the index of around 5% to 9%.</p><p><img src=\"https://static.tigerbbs.com/65e039fb8224601f45af66fa8d842e51\" tg-width=\"640\" tg-height=\"346\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>What will tell us when this bear market is over is more likely to be interest rates and the dollar index, as these will likely provide a much better signal than other metrics. Because if rates continue to rise, the S&P 500 will need to continue to decline with the pace of rates risings.</p><p>Rate Cuts?</p><p>Typically, the 10-year minus the 2-year spread tells us when the Fed is about to start cutting rates. It is at the point where the spread begins to rise that tends to serve as the best reference for the end of a rate-hiking cycle and the start of a rate-cutting cycle.</p><p><img src=\"https://static.tigerbbs.com/446920a17ef8c631f042c4e6c66a83c5\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>As the market anticipates Fed rate cuts, the 2-Year yield begins to fall back to the 10-Year. It is the opposite, with the 10-2 year spread just recently making a new low in September and showing very little if no signs of turning higher.</p><p><img src=\"https://static.tigerbbs.com/4ebdd77840eddc274c550c53a8b6d962\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>Meanwhile, the best way to determine when the 10-2 Year spread may begin to rise is by looking at the unemployment rate because that tends to be a very good predictor of where yields are heading. Typically, when the unemployment starts to run higher, it indicates that the 10-2 year spread will widen, suggesting a rate cut cycle is near.</p><p><img src=\"https://static.tigerbbs.com/a37e7dfd2cd888c6f32ea805482bc8b2\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>In this case, Friday's job report showed the unemployment rate fell to 3.5% from 3.7% last month and back to its July lows. That leaves the spread between the ten and 2-year Treasury nowhere close to putting in a bottom, and means the Fed is probably nowhere close to finishing its rate hiking cycle.</p><p>If the Fed is nowhere close to finishing its rate hiking cycle, then rates probably aren't finished rising. Thus, the equity market bear market cycle probably still has further to run, even if the equity market finds a short-term bottom at the end of October.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 2022 Bear Market Cycle May Be Far From Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe 2022 Bear Market Cycle May Be Far From Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-10 23:22 GMT+8 <a href=https://seekingalpha.com/article/4545463-2022-bear-market-cycle-far-from-over><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe bear markets of 1937, 2000, and 2008 suggest a short-term bottom may be found in October.However, that doesn't mean it will be the bottom.Whether the market bottoms or not will depend on ...</p>\n\n<a href=\"https://seekingalpha.com/article/4545463-2022-bear-market-cycle-far-from-over\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4545463-2022-bear-market-cycle-far-from-over","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129204631","content_text":"SummaryThe bear markets of 1937, 2000, and 2008 suggest a short-term bottom may be found in October.However, that doesn't mean it will be the bottom.Whether the market bottoms or not will depend on interest rates.The bear market of 2022 still has further to run based on historical trends and valuations versus interest rates. The 2022 S&P 500 continues to trace bear markets of 1937, 2000, and 2008, which is more an indication of the ebb and flow of human nature than past and future events.The mid-August peak served as another turning point for the S&P 500, leading to a new September low. At this point, the historical references of the great bear markets of the past suggest another low is due sometime around October 25, give or take a couple of days, followed by an upward move and perhaps some consolidation.BloombergAn October New Low?From a perspective of events that could lead to a continued decline and bottom at the end of October, a better-than-feared earnings season could be one such event. Whether a late October low will be the bottom or a short-term low is yet to be seen, but given how high valuations are, more work will need to be done for the bottom to be put in place.It's All About RatesThe S&P 500 earnings yield for 2022 minus the 10-Yr real yield is currently 4.56%. Historically, that is at the lower end of the range and associated with market tops, not bottoms. For example, the 4.5% region was visited in December 2016, January 2018, October 2018, and June 2020. The only case that didn't see a significant decline was in December 2016, when the index consolidated sideways for nearly three months.BloombergSince 2014, the average spread between the S&P 500 current year earnings yields and the 10-Yr real yield has been around 5.2%, with a standard deviation range of 4.87% to 5.57%. Currently, the S&P 500 premium to the 10-yr TIP is more than two standard deviations from the average. The spread would need to rise by 30 bps to get the index back to within one standard deviation, or by 65 bps to return to the historical average.BloombergAnother 9% Decline?The S&P 500 has an earnings yield based on 2022 earnings estimates of 6.17%. An increase of 30 bps would increase the yield to 6.47%, and an increase of 60 bps would increase the yield to 6.77%. The earnings yield is simply the inverse of the PE ratio, which means the current PE ratio is 16.2 and would need to fall to 15.4 or 14.7 to bring the S&P 500 back to a historically average fair value.With the earnings estimates for 2022 currently tracking at $224.73, it would value the S&P 500 in a range of 3,460 to 3,300. That would equal a further decline in the index of around 5% to 9%.BloombergWhat will tell us when this bear market is over is more likely to be interest rates and the dollar index, as these will likely provide a much better signal than other metrics. Because if rates continue to rise, the S&P 500 will need to continue to decline with the pace of rates risings.Rate Cuts?Typically, the 10-year minus the 2-year spread tells us when the Fed is about to start cutting rates. It is at the point where the spread begins to rise that tends to serve as the best reference for the end of a rate-hiking cycle and the start of a rate-cutting cycle.BloombergAs the market anticipates Fed rate cuts, the 2-Year yield begins to fall back to the 10-Year. It is the opposite, with the 10-2 year spread just recently making a new low in September and showing very little if no signs of turning higher.BloombergMeanwhile, the best way to determine when the 10-2 Year spread may begin to rise is by looking at the unemployment rate because that tends to be a very good predictor of where yields are heading. Typically, when the unemployment starts to run higher, it indicates that the 10-2 year spread will widen, suggesting a rate cut cycle is near.BloombergIn this case, Friday's job report showed the unemployment rate fell to 3.5% from 3.7% last month and back to its July lows. That leaves the spread between the ten and 2-year Treasury nowhere close to putting in a bottom, and means the Fed is probably nowhere close to finishing its rate hiking cycle.If the Fed is nowhere close to finishing its rate hiking cycle, then rates probably aren't finished rising. Thus, the equity market bear market cycle probably still has further to run, even if the equity market finds a short-term bottom at the end of October.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9912677490,"gmtCreate":1664838783810,"gmtModify":1676537515028,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a><v-v data-views=\"1\"></v-v>","text":"$Apple(AAPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912677490","isVote":1,"tweetType":1,"viewCount":1982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9918509875,"gmtCreate":1664411341997,"gmtModify":1676537448919,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a><v-v data-views=\"1\"></v-v>","text":"$Apple(AAPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9918509875","isVote":1,"tweetType":1,"viewCount":1897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9918181551,"gmtCreate":1664333795874,"gmtModify":1676537435594,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"[Smile] ","listText":"[Smile] ","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9918181551","repostId":"1102023805","repostType":4,"repost":{"id":"1102023805","kind":"news","pubTimestamp":1664331660,"share":"https://ttm.financial/m/news/1102023805?lang=&edition=fundamental","pubTime":"2022-09-28 10:21","market":"sg","language":"en","title":"4 Points to Note When Choosing Strong REITs Such as Mapletree Logistics Trust","url":"https://stock-news.laohu8.com/highlight/detail?id=1102023805","media":"The Smart Investor","summary":"REITs continue to be a source of consistent dividends during good times and bad.That said, it’s impo","content":"<html><head></head><body><p>REITs continue to be a source of consistent dividends during good times and bad.</p><p>That said, it’s important to distinguish between goodREITsand poorly-performing ones.</p><p>For a REIT to qualify as a long-term hold, it needs to display certain characteristics.</p><p>An example of a strong and well-managed REIT is <b>Mapletree Logistics Trust</b>(SGX: M44U), or MLT.</p><p>With interest rates heading higher, the logistics-focused REIT saw its unit price fall 15%recently to a year-low of S$1.58.</p><p>Income-focused investors should view such a drop as a great opportunity to accumulate units of the REIT on the cheap.</p><p>You may be wondering how you can identify if a REIT is a good one to add to your buy watchlist.</p><p>Here are four pointers you need to take note of.</p><p><b>A strong sponsor</b></p><p>A key attribute to look for is the presence of a strong sponsor.</p><p>Such a sponsor can not only provide financial support for a REIT in case it runs into trouble, but will also provide it with a steady pipeline of properties for acquisitions.</p><p>MLT’s sponsor is Mapletree Investments Pte Ltd (MIPL), a global real estate development and investment firm that owns and manages S$78.7 billion of properties as of 31 March 2022.</p><p>MIPL is also the sponsor for industrial REIT <b>Mapletree Industrial Trust</b>(SGX: ME8U), or MIT, and retail cum commercial REIT <b>Mapletree Pan Asia Commercial Trust</b>(SGX: N2IU).</p><p>Other reputable sponsors include <b>Frasers Property Limited</b>(SGX: TQ5), or FPL, and <b>CapitaLand Investment Limited</b>(SGX: 9CI), or CLI.</p><p>Both FPL and CLI are real estate giants with assets under management of S$40.7 billion as of 31 March 2022 for the former and S$125 billion as of 30 June 2022 for the latter.</p><p><b>Low or moderate gearing level</b></p><p>Another important factor to watch for is a REIT’s gearing level.</p><p>The Monetary Authority of Singapore has imposed a maximum regulatory gearing limit of 50% for all REITs.</p><p>If a REIT’s leverage is too close to the 50% mark, it will stunt its ability to tap on more debt to acquire and leave it with no option but to undertake equity fundraising.</p><p><b>Frasers Logistics & Commercial Trust</b>(SGX: BUOU), or FLCT, has a gearing ratio of just 29.2% as of 30 June 2022.</p><p>The REIT has debt headroom of close to S$2.9 billion to tap on for accretive acquisitions that will increase its distribution per unit (DPU).</p><p><b>Keppel DC REIT</b>(SGX: AJBU), a data centre REIT, sports a gearing ratio of 35.3% as of 30 June 2022, allowing it room to tap on borrowings to purchase more data centres.</p><p><b>Track record of DPU rises</b></p><p>As REIT investors rely on steady distributions as a passive income source, any REIT that has demonstrated a good track record of rising DPU should be on your radar.</p><p>MIT has chalked up an impressive track record, with its DPU rising without a pause from S$0.0841 in fiscal 2011/2012 to S$0.138 in fiscal 2021/2022.</p><p>Healthcare REIT <b>Parkway Life REIT</b>(SGX: C2PU) can boast a similar streak.</p><p>Its core DPU has risen without fail every year, going from S$0.0683 in fiscal 2008 to S$0.1408 in fiscal 2021.</p><p>Investors can deduce that these REITs must be doing something right to see uninterrupted increases in their DPU over such a long stretch.</p><p><b>A healthy acquisition pipeline</b></p><p>Finally, a fourth attribute to watch for is the presence of a healthy acquisition pipeline.</p><p>REITs grow using a variety of methods that include acquisitions and organic growth (i.e. asset enhancement initiatives and positive rental reversions).</p><p>If a REIT’s sponsor does not have a ready pipeline of properties to inject into the REIT, the REIT manager may take more effort in locating a suitable acquisition to boost DPU.</p><p>On this note, Keppel DC REIT has identified more than S$2 billion worth of acquisitions from its sponsor’s subsidiary and private data centre funds.</p><p><b>Daiwa House Logistics Trust</b>(SGX: DHLU), a Japan-focused logistics REIT, has identified suitable pipeline assets in both Japan and Southeast Asia that can be acquired from its sponsor <b>Daiwa House Industry Co Ltd</b>(TYO: 1925).</p><p>These two examples provide a good showcase of how a REIT can prepare to acquire assets once the sponsor stabilises and readies the property for injection into the REIT.</p></body></html>","source":"lsy1602567310727","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>4 Points to Note When Choosing Strong REITs Such as Mapletree Logistics Trust</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Points to Note When Choosing Strong REITs Such as Mapletree Logistics Trust\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-28 10:21 GMT+8 <a href=https://thesmartinvestor.com.sg/4-points-to-note-when-choosing-strong-reits-such-as-mapletree-logistics-trust/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>REITs continue to be a source of consistent dividends during good times and bad.That said, it’s important to distinguish between goodREITsand poorly-performing ones.For a REIT to qualify as a long-...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/4-points-to-note-when-choosing-strong-reits-such-as-mapletree-logistics-trust/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"M44U.SI":"丰树物流信托"},"source_url":"https://thesmartinvestor.com.sg/4-points-to-note-when-choosing-strong-reits-such-as-mapletree-logistics-trust/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102023805","content_text":"REITs continue to be a source of consistent dividends during good times and bad.That said, it’s important to distinguish between goodREITsand poorly-performing ones.For a REIT to qualify as a long-term hold, it needs to display certain characteristics.An example of a strong and well-managed REIT is Mapletree Logistics Trust(SGX: M44U), or MLT.With interest rates heading higher, the logistics-focused REIT saw its unit price fall 15%recently to a year-low of S$1.58.Income-focused investors should view such a drop as a great opportunity to accumulate units of the REIT on the cheap.You may be wondering how you can identify if a REIT is a good one to add to your buy watchlist.Here are four pointers you need to take note of.A strong sponsorA key attribute to look for is the presence of a strong sponsor.Such a sponsor can not only provide financial support for a REIT in case it runs into trouble, but will also provide it with a steady pipeline of properties for acquisitions.MLT’s sponsor is Mapletree Investments Pte Ltd (MIPL), a global real estate development and investment firm that owns and manages S$78.7 billion of properties as of 31 March 2022.MIPL is also the sponsor for industrial REIT Mapletree Industrial Trust(SGX: ME8U), or MIT, and retail cum commercial REIT Mapletree Pan Asia Commercial Trust(SGX: N2IU).Other reputable sponsors include Frasers Property Limited(SGX: TQ5), or FPL, and CapitaLand Investment Limited(SGX: 9CI), or CLI.Both FPL and CLI are real estate giants with assets under management of S$40.7 billion as of 31 March 2022 for the former and S$125 billion as of 30 June 2022 for the latter.Low or moderate gearing levelAnother important factor to watch for is a REIT’s gearing level.The Monetary Authority of Singapore has imposed a maximum regulatory gearing limit of 50% for all REITs.If a REIT’s leverage is too close to the 50% mark, it will stunt its ability to tap on more debt to acquire and leave it with no option but to undertake equity fundraising.Frasers Logistics & Commercial Trust(SGX: BUOU), or FLCT, has a gearing ratio of just 29.2% as of 30 June 2022.The REIT has debt headroom of close to S$2.9 billion to tap on for accretive acquisitions that will increase its distribution per unit (DPU).Keppel DC REIT(SGX: AJBU), a data centre REIT, sports a gearing ratio of 35.3% as of 30 June 2022, allowing it room to tap on borrowings to purchase more data centres.Track record of DPU risesAs REIT investors rely on steady distributions as a passive income source, any REIT that has demonstrated a good track record of rising DPU should be on your radar.MIT has chalked up an impressive track record, with its DPU rising without a pause from S$0.0841 in fiscal 2011/2012 to S$0.138 in fiscal 2021/2022.Healthcare REIT Parkway Life REIT(SGX: C2PU) can boast a similar streak.Its core DPU has risen without fail every year, going from S$0.0683 in fiscal 2008 to S$0.1408 in fiscal 2021.Investors can deduce that these REITs must be doing something right to see uninterrupted increases in their DPU over such a long stretch.A healthy acquisition pipelineFinally, a fourth attribute to watch for is the presence of a healthy acquisition pipeline.REITs grow using a variety of methods that include acquisitions and organic growth (i.e. asset enhancement initiatives and positive rental reversions).If a REIT’s sponsor does not have a ready pipeline of properties to inject into the REIT, the REIT manager may take more effort in locating a suitable acquisition to boost DPU.On this note, Keppel DC REIT has identified more than S$2 billion worth of acquisitions from its sponsor’s subsidiary and private data centre funds.Daiwa House Logistics Trust(SGX: DHLU), a Japan-focused logistics REIT, has identified suitable pipeline assets in both Japan and Southeast Asia that can be acquired from its sponsor Daiwa House Industry Co Ltd(TYO: 1925).These two examples provide a good showcase of how a REIT can prepare to acquire assets once the sponsor stabilises and readies the property for injection into the REIT.","news_type":1,"symbols_score_info":{"M44U.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910591729,"gmtCreate":1663638485561,"gmtModify":1676537306279,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"[Smile] ","listText":"[Smile] ","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9910591729","repostId":"1109151327","repostType":4,"repost":{"id":"1109151327","kind":"news","pubTimestamp":1663632335,"share":"https://ttm.financial/m/news/1109151327?lang=&edition=fundamental","pubTime":"2022-09-20 08:05","market":"sg","language":"en","title":"Renewed Support Called For Singapore Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1109151327","media":"RTTNews","summary":"The Singapore stock market headed south again on Monday, one session after halting the two-day slide","content":"<html><head></head><body><p>The Singapore stock market headed south again on Monday, one session after halting the two-day slide in which it had fallen almost 25 points or 0.8 percent. The Straits Times Index now rests just above the 3,255-point plateau, although it's likely to bounce higher again on Tuesday.</p><p>The global forecast for the Asian markets is cautiously optimistic as some traders believe the heavy selling in recent sessions has been overdone. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.</p><p>The STI finished modestly lower on Monday following losses from the industrials and mixed performances from the financials and properties.</p><p>For the day, the index slipped 11.98 points or 0.37 percent to finish at 3,256.31 after trading between 3,252.21 and 3,274.47. Volume was 1.02 billion shares worth 811 million Singapore dollars. There were 295 decliners and 188 gainers.</p><p>Among the actives, CapitaLand Integrated Commercial Trust gained 0.48 percent, while CapitaLand Investment and Hongkong Land both skidded 0.82 percent, City Developments added 0.49 percent, DBS Group shed 0.45 percent, Genting Singapore declined 1.23 percent, Keppel Corp plunged 1.64 percent, Mapletree Pan Asia Commercial Trust sank 0.53 percent, Mapletree Logistics Trust climbed 1.18 percent, Oversea-Chinese Banking Corporation lost 0.40 percent, SATS rose 0.25 percent, SembCorp Industries tumbled 1.24 percent, Singapore Exchange slumped 0.83 percent, Singapore Technologies Engineering retreated 1.08 percent, SingTel fell 0.37 percent, United Overseas Bank collected 0.18 percent, Wilmar International dropped 0.50 percent, Yangzijiang Financial tanked 1.28 percent, Yangzijiang Shipbuilding plummeted 1.94 percent and Ascendas REIT, Thai Beverage, Mapletree Industrial Trust, Comfort DelGro and Jardine Matheson were unchanged.</p><p>The lead from Wall Street ends up positive as the major averages opened lower on Monday, bounced back and forth across the unchanged line before ending in the green.</p><p>The Dow jumped 197.26 points or 0.64 percent to finish at 31,019.68, while the NASDAQ jumped 86.62 points or 0.76 percent to close at 11,535.02 and the S&O 500 gained 26.56 points or 0.69 percent to end at 3,899.89.</p><p>Trading activity was subdued as traders looked ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike.</p><p>A number of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan.</p><p>Traders largely shrugged off a report from the National Association of Home Builders showing U.S. homebuilder confidence declined for the ninth consecutive month in September.</p><p>Oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 a barrel.</p></body></html>","source":"lsy1626938412129","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>Renewed Support Called For Singapore Stock Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRenewed Support Called For Singapore Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-20 08:05 GMT+8 <a href=https://www.rttnews.com/3312167/renewed-support-called-for-singapore-stock-market.aspx?type=acom><strong>RTTNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Singapore stock market headed south again on Monday, one session after halting the two-day slide in which it had fallen almost 25 points or 0.8 percent. The Straits Times Index now rests just ...</p>\n\n<a href=\"https://www.rttnews.com/3312167/renewed-support-called-for-singapore-stock-market.aspx?type=acom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3312167/renewed-support-called-for-singapore-stock-market.aspx?type=acom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109151327","content_text":"The Singapore stock market headed south again on Monday, one session after halting the two-day slide in which it had fallen almost 25 points or 0.8 percent. The Straits Times Index now rests just above the 3,255-point plateau, although it's likely to bounce higher again on Tuesday.The global forecast for the Asian markets is cautiously optimistic as some traders believe the heavy selling in recent sessions has been overdone. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.The STI finished modestly lower on Monday following losses from the industrials and mixed performances from the financials and properties.For the day, the index slipped 11.98 points or 0.37 percent to finish at 3,256.31 after trading between 3,252.21 and 3,274.47. Volume was 1.02 billion shares worth 811 million Singapore dollars. There were 295 decliners and 188 gainers.Among the actives, CapitaLand Integrated Commercial Trust gained 0.48 percent, while CapitaLand Investment and Hongkong Land both skidded 0.82 percent, City Developments added 0.49 percent, DBS Group shed 0.45 percent, Genting Singapore declined 1.23 percent, Keppel Corp plunged 1.64 percent, Mapletree Pan Asia Commercial Trust sank 0.53 percent, Mapletree Logistics Trust climbed 1.18 percent, Oversea-Chinese Banking Corporation lost 0.40 percent, SATS rose 0.25 percent, SembCorp Industries tumbled 1.24 percent, Singapore Exchange slumped 0.83 percent, Singapore Technologies Engineering retreated 1.08 percent, SingTel fell 0.37 percent, United Overseas Bank collected 0.18 percent, Wilmar International dropped 0.50 percent, Yangzijiang Financial tanked 1.28 percent, Yangzijiang Shipbuilding plummeted 1.94 percent and Ascendas REIT, Thai Beverage, Mapletree Industrial Trust, Comfort DelGro and Jardine Matheson were unchanged.The lead from Wall Street ends up positive as the major averages opened lower on Monday, bounced back and forth across the unchanged line before ending in the green.The Dow jumped 197.26 points or 0.64 percent to finish at 31,019.68, while the NASDAQ jumped 86.62 points or 0.76 percent to close at 11,535.02 and the S&O 500 gained 26.56 points or 0.69 percent to end at 3,899.89.Trading activity was subdued as traders looked ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike.A number of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan.Traders largely shrugged off a report from the National Association of Home Builders showing U.S. homebuilder confidence declined for the ninth consecutive month in September.Oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 a barrel.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934722447,"gmtCreate":1663304756089,"gmtModify":1676537248980,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9934722447","repostId":"2267631321","repostType":4,"repost":{"id":"2267631321","kind":"highlight","pubTimestamp":1663289263,"share":"https://ttm.financial/m/news/2267631321?lang=&edition=fundamental","pubTime":"2022-09-16 08:47","market":"us","language":"en","title":"Buy These EV Charging Stocks for Huge Gains in the 2020s","url":"https://stock-news.laohu8.com/highlight/detail?id=2267631321","media":"InvestorPlace","summary":"To make EVs broadly useful, the world will have to build a network of millions of charging ports.The","content":"<div>\n<p>To make EVs broadly useful, the world will have to build a network of millions of charging ports.The owners of those charging ports will be $100-plus billion giants one day.EV charging stocks are a ...</p>\n\n<a href=\"https://investorplace.com/hypergrowthinvesting/2022/09/3-ev-charging-stocks-to-buy-for-huge-gains-in-the-2020s/\">Web Link</a>\n\n</div>\n","source":"investorplace","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>Buy These EV Charging Stocks for Huge Gains in the 2020s</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy These EV Charging Stocks for Huge Gains in the 2020s\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-16 08:47 GMT+8 <a href=https://investorplace.com/hypergrowthinvesting/2022/09/3-ev-charging-stocks-to-buy-for-huge-gains-in-the-2020s/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>To make EVs broadly useful, the world will have to build a network of millions of charging ports.The owners of those charging ports will be $100-plus billion giants one day.EV charging stocks are a ...</p>\n\n<a href=\"https://investorplace.com/hypergrowthinvesting/2022/09/3-ev-charging-stocks-to-buy-for-huge-gains-in-the-2020s/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BLNK":"Blink Charging","CHPT":"ChargePoint Holdings Inc."},"source_url":"https://investorplace.com/hypergrowthinvesting/2022/09/3-ev-charging-stocks-to-buy-for-huge-gains-in-the-2020s/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2267631321","content_text":"To make EVs broadly useful, the world will have to build a network of millions of charging ports.The owners of those charging ports will be $100-plus billion giants one day.EV charging stocks are a broad, less risky bet on the entire EV revolution.Source: Blue Planet Studio / ShutterstockThe EV Revolution has arrived. And everyone is rushing to buy Tesla and Nio stock to gain exposure to this megatrend. But there’s actually a much better, off-the-radar way to play this revolution: EV charging stocks.The logic is simple.No charging stations, no working EVs.Gas cars run on fuel. Without fuel, a gas car is just a metal box with four wheels that doesn’t go anywhere. That’s why, to make gas cars broadly useful, the world built out a network of millions of refueling stations. The owners of those stations — Chevron, Exxon Mobil and Shell — are $100-plus billion giants.The same thinking applies to electric vehicles.EVs run on charge. Without a charge, an EV is just a metal box with four wheels that doesn’t go anywhere. And to make EVs broadly useful, the world will have to build a network of millions of charging ports. The owners of those charging ports will be $100-plus billion giants one day — the new Chevron, Exxon and Shell.The best part? It doesn’t matter which auto maker wins the EV wars. So long as consumers buy more EVs, there will be a greater need for charging station infrastructure. Thus, EV charging stocks are a broad, less risky bet on the entire EV revolution.With that in mind, here are my two favorite EV charging stocks to buy for huge gains in the 2020s:Blink ChargingChargePointEV Charging Stocks to Buy: Blink ChargingAt the top of this list is the stock market’s longest tenured EV charging operator, Blink Charging.Many EV charging stocks came public in 2020 as companies tried to capitalize on investor enthusiasm for all things EV-related. Blink Charging was not one of those companies. Instead, it has been on Wall Street for over 10 years.But it wasn’t until the EV Revolution went mainstream that BLNK stock soared into the spotlight. From 2020 to ‘21, BLNK stock was up more than 2,000%.This year, the stock market has struggled, to say the least. But once it finds solid ground again, stocks like this will regain their highs. Indeed, this big rally in BLNK was just the beginning.Blink is America’s second-largest charging station operator, with more than 23,000 EV charging stations throughout the U.S., Europe and Middle East. The company has a broad range of high-quality chargers for every need. And it has scored partnerships with important clients across all verticals — such as food, McDonald’s (MCD); commercial, Meta (META); and retail, Whole Foods.Blink should be able to leverage its incumbent technological advantages and partnership network to become one of the largest EV station operators in the U.S. and Europe. (This isn’t a winner-take-all market).Yet, Blink is worth just $1.2 billion today. That implies the stock still has enormous upside potential over the next several years.ChargePointThe second on this list of EV charging stocks to buy is the highest-quality name on it, too: ChargePoint.ChargePoint is America’s largest EV charging station operator. The company operates over 30,000 U.S. charging stations. And it commands 73% EV charging station market share in North America, making it 7X larger than the closest competitor.This size is a huge advantage because of network effects.Roughly 62% of the Fortune 50 — including Meta, Netflix (NFLX), Salesforce (CRM), Microsoft (MSFT), and Adobe— already deploy ChargePoint charging stations at their corporate offices. ChargePoint should be able to leverage this already-huge and very well-known commercial client portfolio to keep winning more corporate contracts.The same is true across the education, hospitality, and residential verticals. ChargePoint counts Harvard, Stanford, Best Western, Disney (DIS), and Brookfield (BAM) as customers (among many, many others).Meanwhile, from a consumer-facing perspective, ChargePoint has teamed up with auto makers like BMW (BMWYY) so that its charging locations are seamlessly integrated into in-car navigation systems. Andthe company has a widely downloaded app that allows EV drivers to easily locate ChargePoint charging stations.All that will push ChargePoint to top-of-mind for consumers. And that should provide a huge tailwind for ChargePoint to also dominate the at-home residential EV charging market.Overall, the network effects at play here are powerful and pervasive.Indeed, they’re so much so that ChargePoint will very likely replace Shell as the world’s largest “refueling” station operator.Of course, that implies enormous long-term upside potential for CHPT stock.","news_type":1,"symbols_score_info":{"BLNK":0.9,"CHPT":0.9}},"isVote":1,"tweetType":1,"viewCount":2969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935973290,"gmtCreate":1663029412910,"gmtModify":1676537185513,"author":{"id":"4101691105425760","authorId":"4101691105425760","name":"Harry S","avatar":"https://static.tigerbbs.com/30f2206e539f2175ef68264baf0a18f7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101691105425760","idStr":"4101691105425760"},"themes":[],"htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935973290","repostId":"2267757983","repostType":4,"isVote":1,"tweetType":1,"viewCount":2324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}