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疫情使老虎機成了賭場“霸王”

Adam Seessel
2020-10-20

對于賭場來說,老虎機恰好是它們最賺錢的項目。

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在博彩業(yè)中利潤率最高的老虎機,是GLP公司成功的關鍵。圖片來源:GLOWIMAGES—GETTY IMAGES

“投資的關鍵不在于評估一個行業(yè)會對社會產(chǎn)生多大的影響,也不是評估這個行業(yè)有多少增值空間,而是要明確這家公司的競爭優(yōu)勢,特別是這些優(yōu)勢能夠持續(xù)多久?!?

—— 沃倫?巴菲特,《財富》,1999年

比博彩公司更可靠的商業(yè)模式少之又少。人們喜歡賭博,因為在每一場賭局中,賭場對其客戶都有統(tǒng)計學優(yōu)勢,所以參與的人越多,賭場賺得越多。再加上人們在富麗堂皇但沒有窗戶的賭場里,在餐飲和娛樂等項目上的消費,你就可以理解為什么賭場是一門好生意。

當然這是在正常時期。

新冠疫情改變了全世界,尤其是依賴客流量的行業(yè),比如主題公園、游艇、音樂廳和賭場等。雖然大部分行業(yè)依舊非常低迷,但賭場尤其是區(qū)域性賭場出人意料地出現(xiàn)了明顯反彈。人們驅(qū)車從家來到賭場,在下午或晚上在這里豪賭一番。盡管如此,有一只博彩股票Gaming and Leisure Properties(股票代碼:GLPI)并沒有完全恢復。事實上,這讓它成為了非常好的投資對象。

GLP的創(chuàng)立者是企業(yè)家彼得?卡利諾。他在近50年前接管了賓夕法尼亞州赫爾希鎮(zhèn)附近的一處賽馬場Penn National,并將其打造成全美最大的區(qū)域賭場公司。卡利諾的父親從費城的一個花商起家,曾經(jīng)多次創(chuàng)業(yè)。他將卡利諾派到賓夕法尼亞中部管理部分家族業(yè)務,包括那家賽馬場。1989年,其家族獲得了該地區(qū)新發(fā)放的賽場外押注業(yè)務特許權(quán),于是卡利諾被父親選中經(jīng)營該業(yè)務。

賓夕法尼亞中部沒有太多娛樂項目,因此人們紛紛涌向卡利諾家族的賽場外押注站。很快,這里變成了家族最主要的收入來源,卡利諾也通過這段經(jīng)歷發(fā)現(xiàn)了自己的特長。他回憶起當時的想法說:“在賽場外押注站買馬,比經(jīng)營賽馬場的利潤更高。我們得到了一些啟示。”

1994年,卡利諾將Penn National上市,與此同時,許多州的議會為了獲得更多的稅收,開始將賭場合法化??ɡZ希望抓住這次機會,并開始在全美收購賭場。2000年,他收購了另外一家賽馬場。這家賽馬場位于西弗吉尼亞州的查爾斯鎮(zhèn)。他希望能夠通過本地的賭博合法化公投。對早期措施的公投以失敗告終,反對者與支持者的比例為2比1,但卡利諾在查爾斯鎮(zhèn)待了一年時間,用他的個人魅力和不懈努力改變了結(jié)果。第二次公投的票差依舊是2比1,但這一次支持者占了上風。

卡利諾用炫麗的燈光裝飾新賭場,并將其命名為“好萊塢”。這座賭場富麗堂皇的裝修風格和魅力吸引了西弗吉尼亞人,在當?shù)厝〉昧司薮蟪晒ΑT撡€場帶來了足夠多的現(xiàn)金,使卡利諾可以在圣路易斯、堪薩斯城、巴吞魯日和哥倫布等地修建或收購頂級賭場,這些賭場與西弗吉尼亞的好萊塢賭場一樣裝修華麗。

區(qū)域賭場就像采石場或有線電視提供商一樣,本身就是很好的生意。當?shù)氐慕?jīng)濟只可以支持少數(shù)賭場,而且各州通常會限制執(zhí)照的數(shù)量,因此減少了競爭對手。卡利諾在美國中部發(fā)揮自己的才能,讓Penn National變成了一家非常成功的公司。Penn National從2013年首次公開募股之后,每年給股東的回報率高達22.5%,是標普500指數(shù)同期平均回報率的三倍。

一次拆分和一個意外

2013年,Penn National一分為二:一家公司擁有賭場執(zhí)照并經(jīng)營賭場業(yè)務,另一家擁有房地產(chǎn)并作為經(jīng)營公司的房東。這種一家“輕資產(chǎn)”公司和一家“重資產(chǎn)”公司的結(jié)構(gòu),在酒店業(yè)的效果很好。但讓許多人大跌眼鏡的是,卡利諾決定接管地產(chǎn)公司,也就是后來的Gaming and Leisure Properties,而不是賭場經(jīng)營公司。但通過簡單分析一些基本情況,就能夠理解卡利諾的決定。

與酒店行業(yè)不同,賭場經(jīng)營者必須支付所有資本支出,包括維護或擴建等成本。而房東不需要支付任何費用。更妙的是,卡利諾設計的這次拆分,使賭場在向銀行支付利息之前,首先要向房東支付租金。房東什么也不必做,只要坐收房租即可,因此成為多家區(qū)域賭場的房東是非常劃算的生意。

雖然在疫情爆發(fā)之初,公司的46家物業(yè)被迫關閉,但現(xiàn)在已經(jīng)全部重開,并且業(yè)績喜人:雖然收入較去年減少了10%,但營業(yè)利潤卻增長了20%。為什么會這樣?賭場活動傳播病毒的風險較高,比如21點和撲克牌等桌面項目以及自助餐廳等,這些活動在賭場的利潤最低,但它們也因為新冠疫情被迫關閉,這是新冠疫情眾多意外后果之一。而老虎機可以隔開擺放,幾乎不需要人與人的互動,因此是安全的。而對于賭場來說,老虎機恰好也是它們最賺錢的項目。

新冠疫情導致Gaming and Leisure Properties公司的股價下跌,這并不令人意外,但讓人感到好奇的是,考慮到上述因素,其股價依舊比年初下跌了10%。我從今年春天開始為客戶購買GLPI的股票,即使到今天我依舊認為無論是長期還是短期投資,這家公司仍然是極具吸引力的投資目標。

GLP引人注目的業(yè)績非常適合長期持有,尤其是希望獲得收益保障的投資者。作為一家房地產(chǎn)投資信托(REIT),該公司需要將其大部分利潤作為股息發(fā)放給股東。從短期來看,該公司的股票行情可能會有一些小障礙,但這些障礙很快就會消失,因此公司股票可能相對較快地上漲30%。

新冠疫情爆發(fā)之后,GLP將股息減少了約15%;并選擇以股票支付大部分股息。GLP之所以這樣做,并不是因為其財務狀況不穩(wěn)定;事實上,在美國三大賭場房地產(chǎn)投資信托中,GLP的區(qū)域多樣化程度最高。當時,GLP不確定其租戶能否安全度過疫情,而且卡利諾希望保證公司能夠履行其義務。然而,削減股息讓REIT投資者感到緊張,因此GLP從年初至今的表現(xiàn)一直落后于其同行。

公司股票遭到的另外一重打擊來自所謂的iGaming或在線博彩帶來的風險。就像上一代人為了開辟新的稅收來源將賭場合法化一樣,目前各州正在將在線博彩和在線體育投注合法化。有人認為,在線博彩可能會搶走實體賭場的顧客,就像電子商務對傳統(tǒng)零售業(yè)客流量的虹吸效應一樣。然而,無論是實際證據(jù)還是常識都證明這種觀點是錯誤的。例如,新澤西州從2013年就已經(jīng)將在線博彩合法化,但過去五年的四年中,大西洋城賭場的收入都實現(xiàn)了增長。這是因為人們對于博彩業(yè)更想要的是親身體驗,這種渴望比購物更加強烈。這也是卡利諾用璀璨的燈光裝飾賭場的原因。

卡利諾說:“人是社會性動物。他們會不會在自家沙發(fā)上為比賽下注?當然會。但他們會不會重新回到賭場?肯定會?!?/p>

GLP表示將在2021年初恢復全部用現(xiàn)金發(fā)放股息。目前GLP支付的股息為2.4美元,其收益率接近6.5%。與10年期美國國債的收益率相比,該收益率低于其歷史水平。如果GLP恢復現(xiàn)金發(fā)放股息,我認為其股票的收益率將接近5%,這意味著股票會上漲約30%,從當前的每股38美元上漲到約50美元。GLP明年應該還會提高股息,這會帶來更大的股價上漲潛力。

與此同時,卡利諾依舊像往常一樣,在賓夕法尼亞中部經(jīng)營公司,關注新房地產(chǎn)交易,讓股價自由變化。他說:“我每個月才會去看一次股價。我一直以來堅持的理念是,拿出好的業(yè)績,投資者會自己找到答案?!保ㄘ敻恢形木W(wǎng))

本文作者亞當?西塞爾是一位注冊投資顧問,現(xiàn)任引力資本管理有限責任公司(Gravity Capital Management LLC)的投資組合經(jīng)理。引力資本管理的投資組合中可能持有、已經(jīng)持有或未來可能持有本文中提到的個別證券。本文僅代表作者本人的觀點,并不完整。本文中包含的信息為截至本文發(fā)表時的信息,文中的數(shù)據(jù)和事實可能發(fā)生變化。

翻譯:劉進龍

審校:汪皓

“投資的關鍵不在于評估一個行業(yè)會對社會產(chǎn)生多大的影響,也不是評估這個行業(yè)有多少增值空間,而是要明確這家公司的競爭優(yōu)勢,特別是這些優(yōu)勢能夠持續(xù)多久?!?

—— 沃倫?巴菲特,《財富》,1999年

比博彩公司更可靠的商業(yè)模式少之又少。人們喜歡賭博,因為在每一場賭局中,賭場對其客戶都有統(tǒng)計學優(yōu)勢,所以參與的人越多,賭場賺得越多。再加上人們在富麗堂皇但沒有窗戶的賭場里,在餐飲和娛樂等項目上的消費,你就可以理解為什么賭場是一門好生意。

當然這是在正常時期。

新冠疫情改變了全世界,尤其是依賴客流量的行業(yè),比如主題公園、游艇、音樂廳和賭場等。雖然大部分行業(yè)依舊非常低迷,但賭場尤其是區(qū)域性賭場出人意料地出現(xiàn)了明顯反彈。人們驅(qū)車從家來到賭場,在下午或晚上在這里豪賭一番。盡管如此,有一只博彩股票Gaming and Leisure Properties(股票代碼:GLPI)并沒有完全恢復。事實上,這讓它成為了非常好的投資對象。

GLP的創(chuàng)立者是企業(yè)家彼得?卡利諾。他在近50年前接管了賓夕法尼亞州赫爾希鎮(zhèn)附近的一處賽馬場Penn National,并將其打造成全美最大的區(qū)域賭場公司。卡利諾的父親從費城的一個花商起家,曾經(jīng)多次創(chuàng)業(yè)。他將卡利諾派到賓夕法尼亞中部管理部分家族業(yè)務,包括那家賽馬場。1989年,其家族獲得了該地區(qū)新發(fā)放的賽場外押注業(yè)務特許權(quán),于是卡利諾被父親選中經(jīng)營該業(yè)務。

賓夕法尼亞中部沒有太多娛樂項目,因此人們紛紛涌向卡利諾家族的賽場外押注站。很快,這里變成了家族最主要的收入來源,卡利諾也通過這段經(jīng)歷發(fā)現(xiàn)了自己的特長。他回憶起當時的想法說:“在賽場外押注站買馬,比經(jīng)營賽馬場的利潤更高。我們得到了一些啟示?!?/p>

1994年,卡利諾將Penn National上市,與此同時,許多州的議會為了獲得更多的稅收,開始將賭場合法化。卡利諾希望抓住這次機會,并開始在全美收購賭場。2000年,他收購了另外一家賽馬場。這家賽馬場位于西弗吉尼亞州的查爾斯鎮(zhèn)。他希望能夠通過本地的賭博合法化公投。對早期措施的公投以失敗告終,反對者與支持者的比例為2比1,但卡利諾在查爾斯鎮(zhèn)待了一年時間,用他的個人魅力和不懈努力改變了結(jié)果。第二次公投的票差依舊是2比1,但這一次支持者占了上風。

卡利諾用炫麗的燈光裝飾新賭場,并將其命名為“好萊塢”。這座賭場富麗堂皇的裝修風格和魅力吸引了西弗吉尼亞人,在當?shù)厝〉昧司薮蟪晒ΑT撡€場帶來了足夠多的現(xiàn)金,使卡利諾可以在圣路易斯、堪薩斯城、巴吞魯日和哥倫布等地修建或收購頂級賭場,這些賭場與西弗吉尼亞的好萊塢賭場一樣裝修華麗。

區(qū)域賭場就像采石場或有線電視提供商一樣,本身就是很好的生意。當?shù)氐慕?jīng)濟只可以支持少數(shù)賭場,而且各州通常會限制執(zhí)照的數(shù)量,因此減少了競爭對手??ɡZ在美國中部發(fā)揮自己的才能,讓Penn National變成了一家非常成功的公司。Penn National從2013年首次公開募股之后,每年給股東的回報率高達22.5%,是標普500指數(shù)同期平均回報率的三倍。

一次拆分和一個意外

2013年,Penn National一分為二:一家公司擁有賭場執(zhí)照并經(jīng)營賭場業(yè)務,另一家擁有房地產(chǎn)并作為經(jīng)營公司的房東。這種一家“輕資產(chǎn)”公司和一家“重資產(chǎn)”公司的結(jié)構(gòu),在酒店業(yè)的效果很好。但讓許多人大跌眼鏡的是,卡利諾決定接管地產(chǎn)公司,也就是后來的Gaming and Leisure Properties,而不是賭場經(jīng)營公司。但通過簡單分析一些基本情況,就能夠理解卡利諾的決定。

與酒店行業(yè)不同,賭場經(jīng)營者必須支付所有資本支出,包括維護或擴建等成本。而房東不需要支付任何費用。更妙的是,卡利諾設計的這次拆分,使賭場在向銀行支付利息之前,首先要向房東支付租金。房東什么也不必做,只要坐收房租即可,因此成為多家區(qū)域賭場的房東是非常劃算的生意。

雖然在疫情爆發(fā)之初,公司的46家物業(yè)被迫關閉,但現(xiàn)在已經(jīng)全部重開,并且業(yè)績喜人:雖然收入較去年減少了10%,但營業(yè)利潤卻增長了20%。為什么會這樣?賭場活動傳播病毒的風險較高,比如21點和撲克牌等桌面項目以及自助餐廳等,這些活動在賭場的利潤最低,但它們也因為新冠疫情被迫關閉,這是新冠疫情眾多意外后果之一。而老虎機可以隔開擺放,幾乎不需要人與人的互動,因此是安全的。而對于賭場來說,老虎機恰好也是它們最賺錢的項目。

新冠疫情導致Gaming and Leisure Properties公司的股價下跌,這并不令人意外,但讓人感到好奇的是,考慮到上述因素,其股價依舊比年初下跌了10%。我從今年春天開始為客戶購買GLPI的股票,即使到今天我依舊認為無論是長期還是短期投資,這家公司仍然是極具吸引力的投資目標。

GLP引人注目的業(yè)績非常適合長期持有,尤其是希望獲得收益保障的投資者。作為一家房地產(chǎn)投資信托(REIT),該公司需要將其大部分利潤作為股息發(fā)放給股東。從短期來看,該公司的股票行情可能會有一些小障礙,但這些障礙很快就會消失,因此公司股票可能相對較快地上漲30%。

新冠疫情爆發(fā)之后,GLP將股息減少了約15%;并選擇以股票支付大部分股息。GLP之所以這樣做,并不是因為其財務狀況不穩(wěn)定;事實上,在美國三大賭場房地產(chǎn)投資信托中,GLP的區(qū)域多樣化程度最高。當時,GLP不確定其租戶能否安全度過疫情,而且卡利諾希望保證公司能夠履行其義務。然而,削減股息讓REIT投資者感到緊張,因此GLP從年初至今的表現(xiàn)一直落后于其同行。

公司股票遭到的另外一重打擊來自所謂的iGaming或在線博彩帶來的風險。就像上一代人為了開辟新的稅收來源將賭場合法化一樣,目前各州正在將在線博彩和在線體育投注合法化。有人認為,在線博彩可能會搶走實體賭場的顧客,就像電子商務對傳統(tǒng)零售業(yè)客流量的虹吸效應一樣。然而,無論是實際證據(jù)還是常識都證明這種觀點是錯誤的。例如,新澤西州從2013年就已經(jīng)將在線博彩合法化,但過去五年的四年中,大西洋城賭場的收入都實現(xiàn)了增長。這是因為人們對于博彩業(yè)更想要的是親身體驗,這種渴望比購物更加強烈。這也是卡利諾用璀璨的燈光裝飾賭場的原因。

卡利諾說:“人是社會性動物。他們會不會在自家沙發(fā)上為比賽下注?當然會。但他們會不會重新回到賭場?肯定會?!?/p>

GLP表示將在2021年初恢復全部用現(xiàn)金發(fā)放股息。目前GLP支付的股息為2.4美元,其收益率接近6.5%。與10年期美國國債的收益率相比,該收益率低于其歷史水平。如果GLP恢復現(xiàn)金發(fā)放股息,我認為其股票的收益率將接近5%,這意味著股票會上漲約30%,從當前的每股38美元上漲到約50美元。GLP明年應該還會提高股息,這會帶來更大的股價上漲潛力。

與此同時,卡利諾依舊像往常一樣,在賓夕法尼亞中部經(jīng)營公司,關注新房地產(chǎn)交易,讓股價自由變化。他說:“我每個月才會去看一次股價。我一直以來堅持的理念是,拿出好的業(yè)績,投資者會自己找到答案。”(財富中文網(wǎng))

本文作者亞當?西塞爾是一位注冊投資顧問,現(xiàn)任引力資本管理有限責任公司(Gravity Capital Management LLC)的投資組合經(jīng)理。引力資本管理的投資組合中可能持有、已經(jīng)持有或未來可能持有本文中提到的個別證券。本文僅代表作者本人的觀點,并不完整。本文中包含的信息為截至本文發(fā)表時的信息,文中的數(shù)據(jù)和事實可能發(fā)生變化。

翻譯:劉進龍

審校:汪皓

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

—Warren Buffett, Fortune, 1999

Few business models are more reliable than a casino’s. People love to gamble, and because the house has a statistical advantage over its customers in every game it runs, the more people play, the more the casino makes. Factor in all the cash people spend on dining and entertainment inside those bright, windowless boxes and you’ll understand why casinos are inherently good businesses.

In normal times, that is.

COVID-19 turned the world upside down, especially for businesses that depend on big crowds: theme parks, cruise ships, concert halls, and, of course, casinos. While most of these businesses remain severely depressed, casinos—especially the regional ones, where people drive from their homes for an afternoon or evening of gambling—are making a remarkable and unexpected comeback. Despite this, one casino stock—Gaming and Leisure Properties (ticker: GLPI)—has not fully recovered. That makes it a very good bet, indeed.

GLP is the creation of entrepreneur Peter Carlino, who nearly 50 years ago took over Penn National, a horse track near Hershey, Pa., and turned it into the nation’s largest regional casino business. Carlino’s father, who began modestly as a florist in Philadelphia, was a serial entrepreneur who sent his son to central Pennsylvania to oversee some of the family businesses, including the racetrack. In 1989, the family won the region’s new offtrack betting concession, and Carlino’s father tapped Peter to run it.

With little else to entertain them, central Pennsylvanians flocked to the Carlinos’ OTB parlors. It quickly became the family’s top moneymaker, and Peter Carlino sensed he’d found his calling. “Taking bets on horses at the OTB window is much more profitable than the track itself,” he remembers thinking. “We’re on to something.”

Carlino took Penn National public in 1994, around the same time that many state legislatures, eager for more tax revenue, began to legalize casinos. Carlino wanted in on the action and began to buy ones around the country. In 2000, he bought another horse track, this one in Charles Town, W.Va., in hopes that he could pass a local referendum to legalize gambling. An earlier measure had lost by a 2-to-1 margin, but Carlino spent in a year in Charles Town, applying his considerable charm and energy to reversing the outcome. When the second vote was held, the margin was 2-to-1 for instead of 2-to-1 against.

Carlino decorated the new casino with flashing lights and named it the Hollywood. Drawn by the sparkle and pizzazz, West Virginians made the Hollywood a huge success. This generated enough cash to allow Carlino to build or acquire the top casinos in St. Louis, Kansas City, Baton Rouge, and Columbus, all of them infused with the same aspirational glitz as the one in West Virginia.

Like a rock quarry or a cable television provider, regional casinos are inherently good businesses. Local economies can support only a few of them, and states often limit the number of licenses granted, restraining the number of competitors. Combined with Carlino’s knack for bringing flair to middle America, Penn National became an enormously successful company. From its IPO to 2013, Penn National compounded shareholders’ returns at 22.5% a year, three times the average rate of the S&P 500 over that period.

A split, and a surprise

In 2013, Penn National split in two: One company owned the casino licenses and ran the operations, while the other owned the real estate and served as the operating company’s landlord. This same structure—one “asset-light” company and one “asset-heavy”—had worked well in the hotel industry. But it surprised many when Carlino decided to run the landlord—the company that became Gaming and Leisure Properties—instead of the operator. A glimpse at the underlying fundamentals, however, explains why.

Unlike in the hotel industry, the casino operator must pay for all capital expenditures, either maintenance or expansions. The landlord pays nothing. Even better, Carlino structured the separation so that rent expense to the landlord had to be paid even before interest was paid to the banks. With little to do but sit back and collect the rent, this makes being a landlord to a portfolio of regional casinos a very good business indeed.

While the company’s 46 properties had to shut down early in the pandemic, they have now all reopened, with impressive results: Revenues are down 10% compared with last year, but operating profits are up 20%. How can this be? In one of COVID’s many unintended consequences, casino activities that pose a high risk of spreading the virus—table games like blackjack and poker, and all-you-can-eat buffets—are also a casino’s least profitable but have had to be shut down. Slot machines, on the other hand, can be spread far apart, require little human interaction, and are thus safe to play. Happily for casinos, slots also happen to be among their highest-margin games.

It wasn’t a surprise when COVID slammed the shares of Gaming and Leisure Properties, but given the above it’s curious that the stock remains down more than 10% year to date. I started buying GLPI for clients this spring, and I think it remains an attractive investment today in both the long- and short-term.

GLP’s attractive economics make it a good long-term hold, especially for those seeking income. As a real estate investment trust, or REIT, the company is required to pay most of its profits out as dividends. Short-term, there are several minor clouds overshadowing the stock that may soon lift, giving investors the potential for a relatively quick 30% upside.

When COVID first struck, GLP cut its dividend roughly 15%; it also elected to pay most of it in stock. This was not because GLP’s finances were shaky; indeed, GLP is the most regionally diversified among the three American casino REITs. Back then, it wasn’t clear how GLP’s tenants would survive the pandemic, and Carlino wanted to make sure that the company could meet its obligations. Nevertheless, cutting a dividend spooks REIT investors, so GLP has trailed its peers year to date.

The other knock on the stock is the risk of so-called iGaming, or online casino play. Just as states legalized casinos a generation ago in search of new tax revenues, states are now in the process of legalizing both iGaming and online betting on sports. Some think that iGaming may drain customers from brick-and-mortar casinos just as e-commerce has siphoned off traditional retail foot traffic. Both the evidence and common sense, however, suggest otherwise. Online gaming has been legal in New Jersey, for example, since 2013, but Atlantic City casino revenues have risen in four of the past five years. That’s because even more than shopping, gambling is something people want to experience in person. There’s a reason Carlino built his company around those flashing lights.

“People are social animals,” Carlino says. “Will they place a bet on a game on their couch? Sure. But will they also keep coming back to the casino? Of course.”

GLP has said it will restore its dividend to all cash in early 2021. At its current $2.40 payout, GLP trades at a nearly 6.5% yield. This is a discount to where it historically trades relative to 10-year U.S. Treasury bonds. When the dividend resumes in cash, I believe the stock will trade at a yield of less than 5%, which means that the stock should appreciate roughly 30%, from its current $38 to around $50 a share. The company should also increase the dividend next year, providing further upside potential.

Meanwhile, Carlino remains in central Pennsylvania, doing what he has always done: running the business, keeping his eye out for new real estate deals, and letting the stock price take care of itself. “I look at the stock price maybe once a month,” he says. “My philosophy has always been, put up the numbers; investors will figure it out.”

Adam Seessel is the portfolio manager at Gravity Capital Management LLC, a registered investment adviser. Certain of the securities mentioned in the article may be currently held, have been held, or may be held in the future in a portfolio managed by Gravity. The article represents the views and belief of the author and does not purport to be complete. The information in this article is as of the publication date, and the data and facts presented in the article may change.

財富中文網(wǎng)所刊載內(nèi)容之知識產(chǎn)權(quán)為財富媒體知識產(chǎn)權(quán)有限公司及/或相關權(quán)利人專屬所有或持有。未經(jīng)許可,禁止進行轉(zhuǎn)載、摘編、復制及建立鏡像等任何使用。
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