關於 best leader評價 ，我們在網路上蒐集到這些相關的討論、資訊與評價

🌻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

【時事新聞】

Donald Trump, Bucking Calls to Unite, Claims ‘Mandate’ to Be Provocative
旋風再起，川普的口無遮攔，竟源自於選民的委任

Donald J. Trump’s behavior in recent days — the political threats to the House speaker, Paul D. Ryan; the name-calling on Twitter; the attacks on Hillary Clinton’s marriage — has deeply puzzled Republicans who expected him to move to unite the party, start acting presidential and begin courting the female voters he will need in the general election.
唐納•J•川普(Donald J. Trump)最近幾天的行為—像是對眾議院議長保羅•D•萊恩(Paul D. Ryan)發出政治威脅、在Twitter上罵人、攻擊希拉蕊•柯林頓(Hillary Clinton)的婚姻—讓一些共和黨員深感困惑。他們原本希望川普能動起來，並團結全黨，開始表現出像個總統的樣子，並著手爭取他在大選中所需要的女性選民的支持。


But Mr. Trump’s choices reflect an unusual conviction: He said he had a “mandate” from his supporters to run as a fiery populist outsider and to rely on his raucous rallies to build support through “word of mouth,” rather than to embrace a traditional, mellower and more inclusive approach that congressional Republicans will advocate in meetings with him on Thursday.
但川普的選擇反映出了一個不尋常的信念：他表示自己得到了支持者的「授權」，要以一個激情四射的民粹主義局外人的身份競選，並依靠喧鬧嘈雜的集會，通過「口耳相傳」的方式來尋求支援，而不是採用更傳統、圓滑、且更全面的方式。國會的共和黨員將在週四與他舉行會面時提倡後者的形式。

Mr. Trump’s strategy is replete with risks. Roughly 60 percent of Americans view him negatively, according to pollsters, who say more-of-the-same Trump is not likely to improve those numbers. While a majority of Republican primary voters said they were looking for a political outsider, Mr. Trump will face a majority of voters in November who prefer a candidate with political experience, according to primary exit polls and several national polls. Many Republicans think they will lose the presidency and seats in the House and Senate if he continues using language that offends women and some racial and religious groups.
川普的戰略充滿風險。民調專家們認為，約60%的美國人對川普抱持負面的評價，並指出若是川普不作出重大改變的話，是不太可能改善這些數據的。儘管大部分共和黨初選選民稱他們期待出現一個政治局外人，但初選出口民調和幾次全國性民調顯示，川普在今年11月所面對的選民中，大多數更喜歡有政治經驗的候選人。很多共和黨員認為，如果川普繼續使用會冒犯女性及一些種族和宗教團體的語言，他們將失去總統的寶座和參眾兩院的諸多席次。

Still, Mr. Trump’s message, tone and policy ideas have drawn followers who are more passionate than Republican nominees typically enjoy, and he has monopolized the political conversation and news coverage of the race. Some Republicans argue that he cannot afford to change his stripes too much, while strategists in both parties say he is shrewdly sticking with a style that drowns out attacks that could deepen his negative rating.
但川普的觀點、口吻和政策理念依然吸引了一些追隨者。他們比典型的支持共和黨提名人選的選民更熱情，並且川普壟斷了有關政治的談話和新聞媒體對選舉的報導。一些共和黨員主張川普不能改變太多，而兩黨的策略師則認為他是在精明地堅持一種風格，而這種風格會把可能加深對其負面評價的攻擊淹沒。

“His rally rants and Twitter brawls are meant to dominate the media coverage and public conversation so that Democratic challenges have less space to break through all of the noise,” said Guy Cecil, the chief strategist and co-chairman of Priorities USA, the “super PAC” supporting Mrs. Clinton. “He doesn’t want people talking about his record or positions.”
「他在集會上的咆哮和在Twitter上的爭吵是為了主導媒體報導和公眾談話，這樣一來民主黨的挑戰就沒有太多餘地去突破所有這些噪音，」支持希拉蕊‧柯林頓的超級政治行動委員會「優先美國」(Priorities USA)的首席策略師兼聯合主席蓋伊•塞西爾(Guy Cecil)說。「他不想讓人們討論他的過去記錄或其他職務。」

Mr. Trump, in a telephone interview, compared his candidacy to hit Broadway shows and championship baseball teams, saying that success begot success and that he would be foolish to change his behavior now.
接受電話採訪時，川普將自己的候選人身份比作熱門的百老匯表演和奪冠的棒球隊，稱成功是成功之母，並表示現在改變行為舉止是愚蠢的。

“You win the pennant and now you’re in the World Series — you gonna change?” Mr. Trump said. “People like the way I’m doing.”
「在聯盟內獲勝了，現在要參加世界大賽，這時候改變？」 川普說。「人們喜歡我現在的方式。」

He argued that he stood a better chance of inspiring voters in states like Ohio and Pennsylvania if he was his authentic self, rather than shifting from populist outsider to political insider to please a relative handful of Republican elites who are part of the establishment he has railed against for months. He said his huge rallies, where outbursts of violence and racist taunts have vexed many Republican leaders, and his attacks against adversaries on Twitter and in television interviews would continue because he believes Americans admire his aggressive, take-charge style.
他說，只要堅持做真實的自己，而不是從一個民粹主義外行變成一個政治內行，好取悅相對而言屬於少數的共和黨精英，他就有更大的機會去爭取俄亥俄和賓夕法尼亞等州選民。共和黨精英正是他數月來所抨擊的建制派的一部分。他說他會繼續舉辦大型集會，繼續在Twitter上和電視採訪中回敬對手的批評謾罵，因為他相信美國人欣賞他這種好鬥、發號施令的風格。支持川普的大型集會中，充滿爆發力的暴力行為和種族歧視的酸言酸語，使很多共和黨領袖大為光火。

“I think I have a mandate from the people,” Mr. Trump continued, referring to his victories in 29 states, including Nebraska and West Virginia on Tuesday night. “The people are tired of incompetent leadership at the highest level. They’re tired of trade deals that are ripping our jobs apart and taking their wages.”
「我認為我得到了人民的授權，」 川普繼續說。他指的是他在29個州取得的勝利，包括週二晚上在內布拉斯加和西維吉尼亞州的獲勝。「人們厭倦了最高階層者在領導方面的無能。他們厭倦了就業機會被破壞，厭倦了掠奪他們的工資的貿易協定。」

Mandates are usually claimed after a presidential candidate wins a general election, not a party nomination, but part of Mr. Trump’s style and strategy is to project a supreme confidence in himself and his popularity with voters. Several Republicans said they put little stock in his claim, arguing that he had won support from only a fraction of the electorate and had yet to prove he was worthy of leading the entire Republican Party, not just his fractious and highly visible wing.
總統候選人通常是在贏得大選，而不是黨內提名後稱自己獲得了授權，但川普的風格和戰略的一部分就是展現對他自己，以及選民所對他支持的超級自信。多名共和黨員表示他們幾乎不相信川普所說的話，且認為他只是贏得了全體選民中的一小部分人的支援，尚需證明他適合領導整個共和黨，而不只是他所在的那個脾氣暴躁且愛出風頭的派系。

“Donald Trump did earn a mandate from Republican primary voters,” said Senator Patrick J. Toomey, a Republican facing a tough re-election fight in Pennsylvania, whose primary Mr. Trump won with 57 percent of the vote. “My advice to him is that he should now consider how he will appeal to the many Republican and non-Republican voters who have serious concerns about his candidacy.”
「唐納•川普的確從共和黨初選選民那裡贏得了授權，」面臨著激烈的連任競選大戰的賓夕維尼亞州共和黨參議員派翠克•J•圖米(Patrick J. Toomey)說。「我對他的建議是，他現在應該考慮如何向對他的候選人身份嚴重關切的那許許多多的共和黨和非共和黨選民來爭取支持。」在該州的初選中，川普贏得了57%的選票。

Former Senator Judd Gregg of New Hampshire said that electoral mandates were a fallacy in American politics, and that leaders only did well when they focused on “ideas in the center that unite people.”
前新罕布夏州參議員賈德•葛列格(Judd Gregg)表示，選民的授權是美國政治中的一個謬論，且領導者只有在把重點放在「把人們團結起來的核心理念」上時，才會有好的表現。

“I don’t even think the 1980 Reagan landslide gave Reagan a mandate,” said Mr. Gregg, whose state gave Mr. Trump his first win in the primaries, and who has not decided if he will follow through on his pledge to support the Republican nominee. “He was effective because the country was in terrible shape and he was able to bring large numbers of people behind his ideas. Trump hasn’t done that.”
「我甚至認為雷根1980年的壓倒性勝利都沒讓他得到授權，」尚未決定是否兌現支持共和黨提名人選承諾的葛列格說。在他所在的州，川普贏得了初選中的首場勝利。「他能有效發揮是因為當時國家是一個爛攤子，所以他能夠讓大量民眾支持自己的觀點。然而川普還沒做到這一點。」

But Patrick J. Buchanan, the conservative commentator and past presidential candidate, said Mr. Trump was rallying historic numbers of voters with a mix of conservative ideas and anti-establishment populism that evoked, among other politicians, Ross Perot and his magnetic appeal in the 1992 campaign. Mr. Perot lost, of course, but Mr. Buchanan said that Mr. Trump might stand a better chance.
但曾經競選過總統的保守派評論人士派翠克•J•布坎南(Patrick J. Buchanan)表示，川普正在用保守思想和反正統民粹主義的結合，團結一群規模空前龐大的選民。這種反正統民粹主義讓人想起了羅斯•佩羅(Ross Perot)等政界人物，以及佩羅在1992年競選總統時那有如磁鐵般的吸引力。當然佩羅失敗了，但布坎南稱川普的機會可能比佩羅再大一些。

“With the largest Republican turnout ever, Trump eliminated 16 rivals and is on track to winning more votes than any Republican nominee in history,” he said. “That gives him a mandate to lead the Republican Party and move ahead with his plans to secure the border, pull back from foreign interventions and wars, and end these terrible trade deals.”
「在共和黨投票人數達到有史以來的最高點的情況下，川普淘汰了16名競爭對手，並且有望成為史上獲得選票最多的共和黨提名人，」他說。「這會給他授權來領導共和黨，並推進保護邊境、從境外干預和戰爭中抽身，以及結束這些糟糕的貿易協定的計畫。」

In Mr. Trump’s view, the rallies and the Twitter wars — even when he is punching down against a little-known evangelical leader (Russell Moore of the Southern Baptist Convention) and a cable talk show host (Joe Scarborough of MSNBC), as he did recently — are crowd-pleasers, creating buzz that is critical to dominating the political landscape and overshadowing Mrs. Clinton’s message and attacks. Last week, he kept his commitments for rallies in Nebraska, Oregon and Washington State, even though he already had a lock on the nomination.
在川普看來，集會和Twitter上的戰火—即便是在他像前不久所做的那樣，攻擊一名鮮為人知的基督教福音派領袖（美南浸信會[Southern Baptist Convention]的羅素•摩爾[Russell Moore]）和一個有線頻道脫口秀節目主持人（MSNBC的喬•斯卡伯 [Joe Scarborough]）時—都是取悅民眾的行為，能夠製造轟動，而這種轟動，對主導政治形勢和讓希拉蕊‧柯林頓的言論及攻擊黯然失色是至關重要的。上個星期，他履行了在內布拉斯加、俄勒岡和華盛頓州舉行集會的諾言，儘管他在獲得提名一事上已勢不可擋。

“In a Broadway theater, the best, the best, absolute best sale is called ‘word of mouth,’ ” said Mr. Trump, who once dabbled in theater producing. “If people love a Broadway show, it’s better than if you write a good review. Word of mouth is the No. 1 thing. And the word of mouth at my rallies is like, ‘You’ve got to go see it.’ And, you know, one person goes and they talk about it to 20 people.”
「在百老匯劇場裡，最好的，最棒的，且鐵定是最強的銷售技巧叫『口耳相傳』，」曾涉足戲劇製作的特朗普說。「要是人們喜歡百老匯的一齣戲，這比寫一篇優秀的戲劇評論還有用。口耳相傳是最有效的。而我的集會上的口耳相傳就是，『你一定得親自去看看。』而且我想你也知道，要是有一個人去了，他們就會告訴另外的20個人。」

#高雄人 #學習英文 請找 #多益達人林立英文