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Выбор редакции
17 августа, 09:49

Grishin Robotics инвестировал $45 млн в сингапурский велопрокат

В этом месяце Гришин уже инвестировал в велопрокат в Гонконге. Размер полученной доли в компании также не раскрывают .

Выбор редакции
17 августа, 09:49

Grishin Robotics инвестировал $45 млн в сингапурский велопрокат

В этом месяце Гришин уже инвестировал в велопрокат в Гонконге. Размер полученной доли в компании также не раскрывают .

Выбор редакции
17 августа, 09:49

Grishin Robotics инвестировал $45 млн в сингапурский велопрокат

В этом месяце Гришин уже инвестировал в велопрокат в Гонконге. Размер полученной доли в компании также не раскрывают .

15 августа, 00:12

What David Tepper Bought And Sold In Q2: The Full Breakdown

Remember when several months ago the news that David Tepper disclosed that his Appaloosa bought a (tiny 100,000 share) take in Snapchat in Q1, sending the stock briefly higher, especially after he said that he would add more if the price fell below its IPO price of $17? Well, according to his just released 13F, he didn't, and in fact has since dissolved his entire stake in the company that has since pivoted to dancing hotdogs. That triviality aside, what was most notable about Tapper's Q2 holdings is that in addition to boosting several key tech names, as well as opening a new $500+ million position in Alibaba, he took his total long equity holdings to just over $6.7 billion as of June 30, up from $6.1 billion at the end of March, the highest net long exposure since September 2014. Here is a breakdown of the key position changes for Tepper as of March 31: Top new positions: Alibaba, QQQ ETF, IBB ETF, Dollar General, Stryker, Energy Transfer Equity, L Brands, Wells Fargo, Cemex, Top exits: Regions Financial, Pfizer, Mylan, Teva, Symantec, Charter, ArcelorMittal, United Continental, TerraForm, US Steel Boosted stakes: Micron, Google, Western Digital, Facebook, Apple, United Rentals, Thermo Fisher, UnitedHealth Group, Delta Airlines Cut stakes: Southwest, General Motors, Allergan, Kinder Morgan, Williams Partners, HCA, Nucor Steel, Boston Scientific, Mohawk Industries, PNC Financial And the full visual summary: bold are additions; green are new positions; Red are exits.

05 августа, 23:29

Amazon isn’t the No. 1 villain in retail sector’s demise

Retail stocks have been annihilated recently, despite the economy eking out growth. The fundamentals of the retail business look horrible: Sales are stagnating and profitability is getting worse with every passing quarter. Jeff Bezos and Amazon get most of the credit, but this credit is misplaced. Today, online sales represent only 8.5 percent of total retail sales. Amazon, at $80 billion in sales, accounts only for 1.5 percent of total U.S. retail sales, which at the end of 2016 were around $5.5 trillion. Though it is human nature to look for the simplest explanation, in truth, the confluence of a half-dozen unrelated developments is responsible for weak retail sales. Our consumption needs and preferences have changed significantly. Ten years ago we spent a pittance on cellphones. Today Apple sells roughly $100 billion worth of i-goods in the U.S., and about two-thirds of those sales are iPhones. Apple's U.S. market share is about 44 percent, thus the total smart mobile phone market in the U.S. is $150 billion a year. Add spending on smartphone accessories (cases, cables, glass protectors, etc.) and we are probably looking at $200 billion total spending a year on smartphones and accessories. Ten years ago (before the introduction of the iPhone) smartphone sales were close to zero. Nokia was the king of dumb phones, with sales in the U.S. in 2006 of $4 billion. The total dumb cellphone handset market in the U.S. in 2006 was probably closer to $10 billion. Consumer income has not changed much since 2006, thus over the last 10 years $190 billion in consumer spending was diverted toward mobile phones. It gets more interesting. In 2006 a cellphone was a luxury only affordable by adults, but today 7-year-olds have iPhones. Our phone bill per household more than doubled over the last decade. Not to bore you with too many data points, but Verizon's wireless's revenue in 2006 was $38 billion. Fast-forward 10 years and it is $89 billion — a $51 billion increase. Verizon's market share is about 30 percent, thus the total spending increase on wireless services is close to $150 billion. Between phones and their services, this is $340 billion that will not be spent on T-shirts and shoes. But we are not done. The combination of mid-single-digit health-care inflation and the proliferation of high-deductible plans has increased consumer direct health-care costs and further chipped away at our discretionary dollars. Health-care spending in the U.S. is $3.3 trillion, and just 3 percent of that figure is almost $100 billion. Then there are soft, hard-to-quantify factors. Millennials and millennial-want-to-be generations (speaking for myself here) don't really care about clothes as much as we may have 10 years ago. After all, our high-tech billionaires wear hoodies and flip-flops to work. Lack of fashion sense did not hinder their success, so why should the rest of us care about the dress code? In the '90s casual Fridays were a big deal – yippee, we could wear jeans to work! Fast-forward 20 years, and every day is casual. Suits? They are worn to job interviews or to impress old-fashioned clients. Consumer habits have slowly changed, and we now put less value on clothes (and thus spend less money on them) and more value on having the latest iThing. All this brings us to a hard and sad reality: The U.S. is over-retailed. We simply have too many stores. Americans have four or five times more square footage per capita than other developed countries. This bloated square footage was created for a different consumer, the one who in in the '90s and '00s was borrowing money against her house and spending it at her local shopping mall. Today's post-Great Recession consumer is deleveraging, paying off her debt, spending money on new necessities such as mobile phones, and paying more for the old ones such as health care. Yes, Amazon and online sales do matter. Ten years ago only 2.5 percent of retail sales took place online, and today that number is 8.5 percent – about a $300 billion change. Some of these online sales were captured by brick-and-mortar online sales, some by e-commerce giants like Amazon, and some by brands selling directly to consumers. But as you can see, online sales are just one piece of a very complex retail puzzle. All the aforementioned factors combined explain why, when gasoline prices declined by almost 50 percent (gifting consumers hundreds of dollars of discretionary spending a month), retailers' profitability and consumer spending did not flinch – those savings were more than absorbed by other expenses. Understanding that online sales (when we say this we really mean Amazon) are not the only culprit responsible for horrible retail numbers is crucial in the analysis of retail stocks. If you are only solving "who can fight back the best against Amazon?" you are only solving for one variable in a multivariable problem: – Consumers' habits have changed; the U.S. is over-retailed; and consumer spending is being diverted to different parts of the economy. As value investors we are naturally attracted to hated sectors. However, we demand a much greater margin of safety from retail stocks, because estimating their future cash flows (and thus fair value) is becoming increasingly difficult. Warren Buffett has said that you want to own a business that can be run by an idiot, because one day it will be. A successful retail business in today's world cannot be run by by an idiot. It requires Bezos-like qualities: being totally consumer-focused, taking risks, thinking long term. Vitaliy N. Katsenelson, CFA I am the CIO at Investment Management Associates, which is anything but your average investment firm. (Seriously, take a look.) I wrote two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Polish is one of them – go figure.) In a brief moment of senility, Forbes magazine called me “the new Benjamin Graham.” (They must have been impressed by the eloquence of the Polish translation.) Smitten by this article? Don’t let your love remain unrequited.   Sign up here to get my latest articles in your inbox.

Выбор редакции
31 июля, 08:39

Китайская платежная система Alipay договорилась об эквайринге с ВТБ

Российский банк ВТБ стал партнером собственного платежного сервиса китайской Alibaba Group - системы Alipay в России. Как пишет "Коммерсант" со ссылкой на представителей обеих сторон, стороны договорились об эквайринге.

Выбор редакции
30 июля, 23:36

Сервис с Востока // Alipay начнут широко принимать в России

Китайские платежные сервисы расширяют присутствие в России. Alipay (входит в Alibaba Group) договорилась об эквайринговом партнерстве с ВТБ. Сервис будет ориентирован в первую очередь на китайских туристов, число которых в последнее время неуклонно растет и уже приближается к 1 млн в год.

Выбор редакции
29 июля, 10:56

Singapore slings? Taking on Alibaba, Amazon launches Prime Now in the city state

Amazon.com Inc launched its two-hour delivery service in Singapore on Thursday, marking the e-commerce giant's biggest push into Southeast Asia and its first head-on battle with Chinese rival, Alibaba Group Holding. While Amazon already delivered to Singapore, higher-end services had not been available, including Prime subscriptions which elsewhere provide free delivery, e-books as well as access to the company's video-streaming service. Amazon provides video streaming separately in Singapore.

28 июля, 21:37

Iron Mountain (IRM) Q2 FFO Tops Estimates, Revenues Lag

Synergies from Recall Holdings acquisition, transformation initiatives and continued strong performance at its storage rental business drove Iron Mountain's (IRM) second-quarter 2017 results.

28 июля, 21:04

Expedia (EXPE) Surpasses Q2 Earnings, Revenue Estimates

Expedia's (EXPE) solid travel booking platform, a stronger travel market, contribution from a series of acquisitions and management execution positively impacted second-quarter 2017 results.

28 июля, 18:06

Cypress Semiconductor (CY) Beats on Q2 Earnings and Revenues

Cypress Semiconductor (CY) posted better-than-expected second-quarter earnings driven by growth in automotive, IoT wireless connectivity and USB-C solutions.

28 июля, 16:39

Торжество Безоса. Титул богатейшего человека планеты как символ перемен

Основатель Amazon, пусть на несколько часов, но стал самым богатым человеком в мире, обойдя Билла Гейтса, который удерживал это звание почти двадцать лет. И это — знаковое событие, не просто обмен позициями, а своего рода смена эпох

Выбор редакции
28 июля, 14:02

Cybercrime requires stricter supervision

THE size of cybercrime market, involving data loopholes and malware, are three times bigger than that of cyber security services, market watchers and researchers told the Internet Security Summit today. Alibaba 

27 июля, 19:16

Сколько миллиардеров нужно, чтобы спасти планету

Могут ли самые состоятельные люди планеты, отдав все свое богатство, оказать существенное влияние на изменение климата? Агентство Bloomberg попыталось посчитать, сколько за год потребуется денег на покупку квот на выбросы углекислого газа в атмосферу.

27 июля, 19:16

Сколько миллиардеров нужно, чтобы спасти планету

Могут ли самые состоятельные люди планеты, отдав все свое богатство, оказать существенное влияние на изменение климата? Агентство Bloomberg попыталось посчитать, сколько за год потребуется денег на покупку квот на выбросы углекислого газа в атмосферу.

27 июля, 04:12

Singapore slings? Taking on Alibaba, Amazon launches Prime Now in the city state

SINGAPORE (Reuters) - Amazon.com Inc launched its two-hour delivery service in Singapore on Thursday, marking the e-commerce giant's biggest push into Southeast Asia and its first head-on battle with Chinese rival, Alibaba Group Holding.

26 июля, 17:05

Texas Instruments (TXN) Tops Q2 Earnings & Revenue Estimates

Texas Instruments (TXN) posted strong results driven by strength in auto, industrial, communications and personal electronics markets.

26 июля, 14:00

Bull of the Day: Facebook (FB)

Bull of the Day: Facebook (FB)

25 июля, 15:58

Can Aaron's (AAN) Retain Positive Earnings Trend in Q2?

Aaron's, Inc. (AAN) is scheduled to release second-quarter 2017 results on Jul 28.

24 июля, 19:01

Alibaba forms Malaysian payment JV

ALIBABA’S financial affiliate Ant Financial Services Group and Malaysia’s second-biggest bank, CIMB Group Hildings Bhd, will form a joint venture to provide mobile wallet and related financial services

08 апреля, 08:56

Джек Ма и его «короли солдат»: в России выходит книга о создателе Alibaba

Forbes публикует отрывок из книги «Alibaba. История мирового восхождения от первого лица», написанной бывшим внештатным советником компании Дунканом Кларком. Книга выходит в издательстве «Эксмо»

24 января 2016, 00:00

Давос-2016: что в сухом остатке?

Одним из главных событий конца января стала 46-я сессия Всемирного экономического форума (ВЭФ), проходившая с 20 по 22 января в швейцарском Давосе. Основатель и бессменный руководитель Давосского форума швейцарский профессор Клаус Шваб только что издал свою книгу о «четвёртой промышленной революции» (The Fourth Industrial Revolution, by Klaus Schwab. World Economic Forum, 2016), название которой и послужило обозначением главной темы форума 2016 года: «Возглавляя...