關於 e language ，我們在網路上蒐集到這些相關的討論、資訊與評價

🌻
Labor shortage的問題最近常出現在新聞裡, 而labor cost也讓企業頭疼. 前幾天Morgan Stanley有出一篇報告, 主要是說Amazon(AMZN)因為人力支出, 獲利會受壓, 短期內股價可能因此會一直盤整下去:

物流人力成本沉重！大摩砍亞馬遜目標價
https://news.cnyes.com/news/id/4730852

而剛好前兩天的新聞有提到, 透過電商購物的消費者增加, 而其實電商會比傳統的零售業, 需要更多的人力在物流中心, 來做商品的包裝, 運送等:

"Demand for distribution workers has skyrocketed as more consumers shop online, in part because picking, packing and shipping e-commerce orders is more labor-intensive than traditional warehouse operations that distribute wholesale goods or replenish store inventory."

Source: https://www.wsj.com/articles/logistics-operators-raise-pay-enlist-robots-to-meet-holiday-demand-11632657600

🌻每周做的功課與閱讀
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post_29.html

🌻如何逢低買進(buy the dip)?
每個人buy the dip的方法不同. 這邊簡單說一下我要buy the dip的話, 會注意哪些事情.
1. 個股所在的類股的表現
2. 均線
3. 大盤
4. 財報發表了沒
5. 股價還有沒有上行的空間(估值高低的問題)

🌻有趣的美股小知識: Why You Should Pay Attention to the Way Management Talks

Nomura(野村)的策略家發現, 當CEO在電話會議中, 用簡單易懂的方式來說明公司業務的話, 公司的股價會比使用複雜語言的CEO的公司股價還高.

Mezrich found that simple really does matter. Using the Gunning Fog index, he ranked companies in the Russell 1000 into tenths, based on their earnings conference calls. Over the past three years, the companies with the simplest language have returned 19.2% annualized, beating the equal-weighted Russell 1000’s 15.7%. Those with the most complex language returned just 13.4%. The complex language portfolio was also more volatile than the simple language portfolio.

“Since senior management delivers an earnings call, simple language may produce more confidence among investors in management’s ability to deliver on their vision,” Mezrich explains. “Hence, simpler language earnings calls can lead to subsequent stock outperformance.”

Source:
https://www.barrons.com/articles/earnings-call-language-stocks-51632526564

Picture: 小鎮的秋景. 圖片來源: Facebook. 攝影者不明.

🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.

這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html

(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).

關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.

分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".

分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.

🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.

Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.

產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.

Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."

🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"

"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。

但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"

"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。

投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"

https://on.wsj.com/3n6JznC

🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.

The path to profitability for many of these companies was to achieve massive scale, analysts said.

https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972

Pictures: 一葉知秋; from EarningsWhispers

[7th Hong Kong Internet Governance Forum] (HKIGF)

Fake News Law: Effective to combat online disinformation?

Date: 15th Sep, 2021 (WED)
Time: 19:00 - 21:00 HKT (11:00 - 13:00 UTC)
Venue: Zoom meeting room (the link will be sent to your email address ) & ISOC HK Facebook
Language: English
Moderator: Edmon Chung - Board of Director, ISOC HK

Discussion Topic:
Fake news law: Effective to combat disinformation online?
立法打擊假新聞，效用大唔大？

The HKSAR government is considering to implement "fake news" law to combat disinformation, especially on online media platforms and social media, due to the appearance of a considerable amount of misinformation and disinformation online. However, some voiced out it might undermine freedom of speech, freedom of press and free flow of information online. Is legislation an effective way to combat "fake news" online? What impact will it cause to the media and online community? What can we learn from "fake news" law in other countries?

Speakers:
Mr. Benjamin Ang - Senior Fellow, S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University (NTU)
Mr. Ronson Chan 陳朗昇 - Chairperson, The Hong Kong Journalists Association (HKJA)
Mr. Raymond Li 李文 - Director, Institute for Journalism and Society (IJS), Hong Kong Baptist University (HKBU)
Mr. Charles Mok 莫乃光 - Director, Tech for Good Asia

In this edition of HKIFG, we have invited experts from different aspects, namely journalist, Hong Kong scholar, IT professional and Singaporean scholar, to talk about their observation and opinion on the potential implementation of "Fake News Law" in Hong Kong. We aim to explore the topic through different perspectives and try to cast new light to the topic by including a case study of a similar enactment in Singapore.

Register here:
https://docs.google.com/forms/d/e/1FAIpQLSc3K8oojg80xFZQb96KXgF7eVnCdlLFe3vxG3FI81MV1eziwQ/viewform

#HKIGF #FakeNewsLaw #Misinformation #Disinformation #ISOCHK

こまばんわ(｀･ω･´)ゞ
こまりまゆげです★

皆でこれかな？あれかな？ってゆうのはOKだけど
wikiやネタバレなしでお願いします☆
操作の事でつまづいてたら序言は助かります☆
ヒントが欲しいときは教えてくれええええって叫びます(｀･ω･´)ゞ

【Undertale/アンダーテール】
https://undertale.jp/


欲しいものリストはコチラ★
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チャンネルメンバーシップはコチラ★
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△こんなコメントは読まれないかも△
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★Thank you for watching!★

Unfortunately I have a few favor to ask you all, due to lack of my foreign language skills.
Please try to leave your comments, including your name, in Japanese even if you don’t have the software to write in Japanese. Please acquire the necessary software to write in Japanese before leaving a comment. I try to communicate with everyone who is watching, however I cannot read or speak any other language besides Japanese. Some Japanese viewers are helping me to translate your comments or even answering your questions behalf of me but they cannot do all the time. I am so sorry. I am doing the best I can to communicate with you. If I didn’t read your name or comments, would you be kind enough accepting my apology? I am not ignoring you. I just don’t know how to say it in your language.
I am greatly appreciate you for watching my live streaming.



【MHWIB】モンハン動画再生リスト
https://www.youtube.com/watch?v=SwD2e...

こまりまゆげTwitterはこちらから☆
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　https://www.youtube.com/channel/UCOGt...

●こまクラ！サバイバル生活☆再生リスト
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●BO4再生リスト
　https://www.youtube.com/watch?v=T6PWt...
●【BO4】初心者がキルレ0.5から1.2目指す！
　https://www.youtube.com/watch?v=LUsOy...
●【フォートナイト】史上最低最悪?!スクワッドでチートが現れた！！
　https://www.youtube.com/watch?v=X5E0G...
●【バイオハザード：RE2】
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#Undertale,#アンダーテール,#初見プレイ
#女性実況,

Support the stream: https://streamlabs.com/こまりまゆげ

嗨我是Hebe! 我第一次用中文做影片，神經大條的我跟大家分享這難忘的經驗，看完你們也不要犯啊... 困在海關快十小時，那為什麼我被遣返回台灣？學生去美國要注意什麼呢！

我第一次不是用內建的字幕，效果如何？哈哈剛洗完頭毛，真的好毛！

Hello people, this is my first Mandarin video, y'all can simply just enjoy the Mandarin language hehe!

My instagram ▶ @TheHebeLee http://www.instagram.com/thehebelee/
My Facebook ▶ https://www.facebook.com/hebeyunlee/
E-Mail ▶ hebe900211@yahoo.com.tw

【又到了甜點時間啦！這次要分享三道美味又營養的甜點／點心，包含花生醬香蕉冰淇淋、提拉米蘇奇亞籽布丁、藍莓起司乳酪蛋糕杯，都是純素、全素的，而且都不同烤（夏天就是要做免烤甜點啊～）。希望你們也會喜歡！

Love,
Nora

【食譜於下方】

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• IG - https://www.instagram.com/barrelleaf/
• FB - http://fb.me/barrelleafstoastnotebook
• 食譜電子書 - http://bit.ly/nora-eb7ook-bundle

• 加入我的 Patreon - http://bit.ly/NoraHsu-Patreon
• 支持創作 - https://p.ecpay.com.tw/00C410F

• E-mail - nora@barrelleaf.com
• Website - https://www.barrelleaf.com/
• Patreon - https://www.patreon.com/barrelleaf

» 我如何變成 Vegan - https://youtu.be/Jtjf87f7s4Y

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食譜

【花生醬香蕉冰淇淋】
https://bit.ly/pb-banana-fudge-ice-cream

【地瓜巧克力布朗尼】
https://bit.ly/vegan-sweet-potato-brownies

【提拉米蘇奇亞籽布丁】
https://bit.ly/vegan-tiramisu-chia-pudding

→　自製 Vegan 奶油乳酪 - https://youtu.be/FljR_P7zhwI

【全素藍莓起司乳酪蛋糕杯】
- 底層：
傳統燕麥片 22.5 g
杏仁 23 g
椰棗 30 g
鹽 1 小撮
飲用水 1~2 tsp

- 內餡：
生腰果 88 g, 浸泡於飲用水中 3~5 小時
冷凍藍莓 70 g
椰奶奶油（冷藏過的椰奶上層部份） 60 g
檸檬汁 1 Tbsp
楓糖漿 1 Tbsp
鹽 1 小撮


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• 我的器具食材 - https://bit.ly/BarrelLeaf-Shop
• iHerb 購物 - http://bit.ly/shop-iherb-zh

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我常在 iHerb 上採買食材*
用折扣碼 MOK5777 享 9-95 折
http://www.iherb.com/?rcode=MOK5777

ACEfamily （植物奶、穀片、果乾）*
用折扣碼 barrelleaf 滿500折50
https://www.acefamily.com.tw/?rcode=BARRELLEAF

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Music by
xxiuk - inthespring - https://soundcloud.com/xxiuk/inthespring
SwuM - Skates https://chll.to/858cd3e4
Blue Wednesday, Felty - Caffeine https://chll.to/b3634ae9
Moods, Yasper - Pick Up https://chll.to/ec759dd0
Tree & Lucy - Chill Edit - https://open.spotify.com/track/7tKp6Jxt0xlunmyUGhpaS7?si=3e44b11da887435b
Chandler Juliet - Love Language - https://thmatc.co/?l=5746E363


此影片無贊助
*以上含 Affiliate links

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00:00 開頭
00:24 花生醬香蕉冰淇淋
03:01 提拉米蘇奇亞籽布丁
06:39 藍莓乳酪蛋糕杯