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顾北哲
2021-05-13
马斯克这个**,现在看着比特币快崩了就搬出什么能源消耗作为理由停用交易,早干嘛去了?一开始决定支持比特币交易的时候他不知道?任何对比特币稍微有点了解的人会不知道比特币的能耗高?
抱歉,原内容已删除
顾北哲
2021-03-22
$汇森家居(02127)$
每天都是大单净流出?[愤怒]
顾北哲
2021-03-10
垃圾文章
亏损与股价暴涨的矛盾,是B站与华尔街的分歧
顾北哲
2021-02-27
一顿操作猛于虎,一看收益二百五[可爱]
@eehao:
$游戏驿站(GME)$
小赌怡情, 觉得是高手的帮忙点个赞
顾北哲
2021-02-26
Despite the high valuations, I would argue that the “ARK” companies have much better fundamentals than the ones in the dot com bubble
The days of easy money in the stock market are now over
顾北哲
2021-02-26
What are some of the more reasonably valued tech companies?
Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet
顾北哲
2021-02-24
接吻拥抱算你🐴的软色情,一点欲望都没有出家去得了
抱歉,原内容已删除
顾北哲
2021-02-23
0.1% really isn’t a big deal. If you buy and sell $1 million worth of asset you only need to pay 2000. That’s not much at all.
After the GameStop fiasco, momentum builds for an $800 billion tax
顾北哲
2021-02-23
等到经济危机无法解决的时候,唯一的出路就是战争。
《大空头》原型连发警告:恶性通胀已酝酿十年
顾北哲
2021-02-20
头像换成了个二次元妹子?
马斯克:比特币和以太坊“似乎(价格)很高”
顾北哲
2021-02-20
很有意义的分析,涨知识了
美股20年抱团史:拥抱消费与成长
顾北哲
2021-02-10
中国做文娱生意太难了,观众监管两头受堵
抱歉,原内容已删除
顾北哲
2021-02-09
野火烧不尽,春风吹又生
@Z灬:
$游戏驿站(GME)$
在两周发帖劝人走的时候,回我的都是💎👋和挂单$10000,明白了散户是永远救不完的。
顾北哲
2021-02-08
$快手-W(01024)$
几个意思?真有人在这个价格买入?
顾北哲
2021-02-08
$快手-W(01024)$
有没有人想空它丫的?
顾北哲
2021-02-08
第三,如此突然爆发的波动率和成交量如果不加以限制会产生连锁反应对整个资本市场和经济造成冲击。即使在存在限制的情况下,这件事尘埃落定后受到最多伤害的仍然是普通大众。对冲基金的大多数客户是其他共同基金、养老基金、捐赠基金等代表大众利益的机构,那些在高位买入的散户将承受巨大的亏损,而作为富人的对冲基金经理除了拿到的管理费和提成少一些不会受到任何影响。
@五星上将詹姆斯:
$AMC院线(AMC)$
$游戏驿站(GME)$
$诺基亚(NOK)$
突然刷到
顾北哲
2021-02-08
什么**……第一,股票不是商品,没有使用价值,也没有所谓的生产成本;第二,药品明码标价,公平交易,不存在“没法拒绝买入”的情况,嫌贵你可以不买,没有人有义务免费为你提供投入巨量人力物力财力研发出的药品,而逼空却是实实在在地利用资金优势强迫一方在远远脱离基本面的价格买入,无论是发起的一方是散户还是机构;
@五星上将詹姆斯:
$AMC院线(AMC)$
$游戏驿站(GME)$
$诺基亚(NOK)$
突然刷到
顾北哲
2021-02-05
$游戏驿站(GME)$
我寻思你们抄底怎么tm跟抄家似的?
顾北哲
2021-02-04
周五复周五,周五何其多
抱歉,原内容已删除
顾北哲
2021-02-03
$游戏驿站(GME)$
$AMC院线(AMC)$
TO THE MOON!!!!
去老虎APP查看更多动态
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","text":"$汇森家居(02127)$每天都是大单净流出?[愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359822689","isVote":1,"tweetType":1,"viewCount":3177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323459710,"gmtCreate":1615369613530,"gmtModify":1703487990799,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"垃圾文章","listText":"垃圾文章","text":"垃圾文章","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323459710","repostId":"2118738624","repostType":2,"repost":{"id":"2118738624","kind":"news","pubTimestamp":1615357980,"share":"https://www.laohu8.com/m/news/2118738624?lang=&edition=full","pubTime":"2021-03-10 14:33","market":"us","language":"zh","title":"亏损与股价暴涨的矛盾,是B站与华尔街的分歧","url":"https://stock-news.laohu8.com/highlight/detail?id=2118738624","media":"BT财经","summary":"当B站挂牌美股,华尔街的分析师们普遍看好这来自中国的“年轻版奈飞”。业内人士指出,B站的社区氛围鲜明,被许多人认可。营收攀升也带来了成本的迅速攀升,B站还在为其未来的全量版图积极布局。面对这样的B站华尔街的分析师们开始转身,特别是对比奈飞的财报。资本市场看好B站,主要原因是看好其聚拢年轻人的能力。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20210310145157577d235gfxge6fgyba\"/><p><strong>文丨BT财经 常倩倩</strong></p><p>曾经的B站被华尔街看作“年轻版”奈飞,“成年的奈飞”开始走精品化、圈层化的路线,而在美国上市后的B站,却开始抛弃二次元的定位和年轻受众,尝试走“破圈”之路……</p><p>3月9日,中概股集体大涨,其中有256只个股上涨,只有42只个股下跌,<a href=\"https://laohu8.com/S/XNET\">迅雷</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨幅居前,上涨都超10%,B站也扭转2月中旬以来下降趋势,上涨8.81%,报收107美元,市值为384亿美元(约2457亿元)。</p><p>之所以单独提到B站,是因为与其他中概股不同,B站从2018年在纳斯达克上市以来,几乎没有经历过暴跌的“大风大浪”,三年来一直处于上升趋势,累计涨幅超过800%。</p><p>而B站能一直被华尔街看中,股票涨势风生水起,多亏了奈飞。</p><p><strong>华尔街眼中“年轻版”奈飞</strong></p><p><strong>B站是吃到流媒体时代第一波红利的企业。</strong>B站在自制内容方面主打动画和二次元内容,二者反哺了B站的文化基调,大量年轻的流量涌向B站,新的意见领袖和观众体系也被建立起来。</p><p>流媒体通俗点说,就是我们可以在线看网上音视频。传统的媒体文件,比如视频要完全下载下来才能观看,流媒体的特点是在高速互联网时代可以如同流水一般在线看,无需下载,也可以实现边下边看。</p><p>流媒体的运作模式就是,通过内容创作制造流量入口,这个内容可以是平台自己买来的,也可以是用户自发上传的,有了流量,形成内容生态圈,然后就会有更加优质的内容产出,最后就是通过会员和充值实现流量变现,平台的主要目的就是巩固生态圈,保证流量变现的顺利实现。</p><p><strong>流媒体的厉害之处在于,只要有了稳定的生态圈,变现的方式异常多元</strong>,可以卖游戏、卖直播、卖广告、卖周边等等。</p><p>这也是B站的运营方式,在之前B站的很多内容都是内容创作者自发上传的(因此有很多版权纠纷),成本很低,这和流媒体的“鼻祖”奈飞很相似。</p><p>B站大涨的奥秘在于,<strong>华尔街的分析师普遍把B站对标“年轻版的奈飞”,大量投资者认为曾错过投资奈飞的天赐良机,现在绝不能再错过B站。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20210310145158826d235lpz7qaj137r\"/><p><strong>B站大热多亏奈飞</strong></p><p>华尔街是崇尚讲好科技故事的,而B站的热度多亏了奈飞的故事推动。</p><p>奈飞这种流媒体视频平台,大致相当于网络时代的电视台。他们可以打破电视时代的国境线局限,给世界范围内的人群提供影视类产品来盈利。</p><p>奈飞的故事很励志,早期是一家在线租赁DVD,1999年开始提供订阅服务,2009年该公司提供多达10万部DVD电影,并有1千万的订户。</p><p>利用租赁DVD积累的用户,奈飞开始自制内容在平台播放,2013年凭借《纸牌屋》,被推上全球瞩目的风口浪尖,随后《铁杉树丛》、《女子监狱》……接连多部剧集均保持超高质量成为了现象级话题。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20210310145159496d2354u841dku2wh\"/><p>这是奈飞的好运吗?<strong>事实上这并不是幸运,而是一个完全的平台转型、系统化的以大数据协助创意人的内容生产新模式。</strong>从“倒卖内容”到“创作内容”,奈飞从媒介生意转型成内容生意,它的成就是巨大的。</p><p>2012年起,奈飞开始自制剧集,并从最早的年产出8部一路狂涨到2018年年产出1500部。这个数字意味着什么呢?这种内容创造力,是其它三家竞品公司的总和(HBONOW AmazonVideo HULU)。</p><p>奈飞靠什么取得了成功,靠的是通过大数据讨好“特定的人群”,通俗点说,<strong>奈飞的内容变得越来越圈层化。</strong>奈飞从2010年起就开始通过数据算法分析用户,它们通过这些数据发现大量用户喜欢导演大卫·芬奇,对凯文·斯佩西演的电影好评很高,同时用户还非常喜欢看英国版的《纸牌屋》。</p><p>所以在2011年没有一家传统电视台愿意为英版《纸牌屋》投拍第二季的情况下,奈飞果断以1亿美元买下《纸牌屋》两季26集版权。甚至还为等待凯文·斯佩西的档期,硬生生地延后了10个月才开拍。在2012年,奈飞以一部《纸牌屋》咸鱼翻身,并自此成为纳斯达克表现最好的股票之一;直到近日打败娱乐IP内容之王<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>。</p><p>十年过去了,奈飞的订阅用户已突破2亿人,股票回报率超过2000%,一众华尔街看空者损失惨重,华尔街的分析师们清醒过来。</p><p>不过,今天的奈飞更愿意把自己叫做像迪斯尼那样的综合娱乐公司,而不仅仅是一家互联网公司。当B站挂牌美股,华尔街的分析师们普遍看好这来自中国的“年轻版奈飞”。</p><p><strong>“破圈”的B站</strong></p><p>B站董事长陈睿曾这样说:“B站未来可能会倒闭,但绝对不会变质。”但那时的他不曾预料的是,上市后B站将会重新审视这个问题。</p><p>2015年前的B站,反叛而个性的创作内容充斥着社区。或许是基于ACG二次元文化起家,个性化独特的内容成为B站的代名词,而大名鼎鼎的“鬼畜区”也是在中国互联网史上绝无仅有。这种反叛,对主流文化和现实社会的反叛,让B站的用户愿意把自己“封闭”起来。会员答题就是最好的门槛。</p><p><strong>在奈飞努力打造自己的受众圈层时,B站却在垂直领域中尝试破圈。</strong></p><p>2019年首次举办跨年晚会,B站一举出圈,之后又凭借五四青年节的《后浪》,持续出圈,这一年,B站还进入剧集和综艺、电竞领域,投资<a href=\"https://laohu8.com/S/01003\">欢喜传媒</a>独播剧集《风犬少年的天空》,自制说唱类综艺《说唱新世代》,并与拳头游戏达成英雄联盟全球赛事战略合作,获得S10至S12连续三年的中国大陆地区直播平台领域独家版权。</p><p>与华尔街的分析师们认知的不同,B站的对标平台并非奈飞,而是优爱腾。从二次元起家的B站不愿拘泥于年轻群体,不愿意依照华尔街分析师的分析发展垂直领域,而是通过“破圈”,实现用户的广度。</p><p>业内人士指出,B站的社区氛围鲜明,被许多人认可。然而,<strong>盈利还是关键问题,被认可不代表被资本喜爱。</strong>破圈几乎是企业发展市场的必经之路。即便是以小众文化崛起而闻名的企业,也很难逃过追逐大众趋势的宿命。用户局限在二次元,影响的不仅仅是B站的营收和用户增量,更是其必须要获得且壮大的商业价值认同感。</p><p>鲜艳的成绩背后,有舍有得。2020年第三季度财报显示,B站该季度的营销费用高达11.9亿元,同比增长227%,净亏损也达到9.9亿人民币,创下有史以来最高的纪录。营收攀升也带来了成本的迅速攀升,B站还在为其未来的全量版图积极布局。</p><p>为了破圈,B站继续投入大量营销费用,亏损的口子越来越大。具体来看,B站2015年的营销费用只有0.18亿元,到了2019年这一费用增加至12亿元,5年翻了近66倍,只2020年前三季度的营销费用就有24.71亿元,比2019年全年的营销费用还翻了一番,占总营收的比重近三成。</p><p><strong>虽然使B站的营收不断增长,但亏损却愈发严重</strong>,其中2017年还只亏损1.84亿元,到2020年亏损金额就超过30亿元,近三年累计亏损49亿,同期奈飞的业绩已实现近30亿的<span>净利润</span>。</p><p>面对这样的B站华尔街的分析师们开始转身,特别是对比奈飞的财报。从2月中旬开始,B站股价一路下跌,累计跌幅近30%,不过,到了3月9日,受中概股集体上扬的影响,B站再次上涨。</p><p>虽然从用户数量还是月活跃度,2020年B站都交出了非常优异的答卷。即使面对高亏损,在陈睿看来,B站破圈“势在必行”。</p><p>对比B站2020年的势如破竹,2021年能否成功,仍是未知数。B站2020年底举办的跨年晚会,用户评价明显不如上一年,在豆瓣评分上,2019年晚会评分9.1分,2020年仅为6.7分。今年春节前夕,B站还陷入巨大争议中,被大量用户举报、抵制,在<a href=\"https://laohu8.com/S/WB\">微博</a>多次登上热搜,甚至被勒令参与2021春节网络环境专项整治行动。</p><p>资本市场看好B站,主要原因是看好其聚拢年轻人的能力。<a href=\"https://laohu8.com/S/601211\">国泰君安</a>发布报告称,B站核心优势在于沉淀了高质量用户。失去了核心优势,B站又该何去何从呢?</p><p><strong>欢迎关注【BT财经】,阅读更多精彩内容。</strong></p><p><strong>版权所有,禁止私自转载!如涉及侵权,请联系删除。</strong></p></article></body></html>","source":"tencent","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>亏损与股价暴涨的矛盾,是B站与华尔街的分歧</title>\n<style 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}\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\">\n亏损与股价暴涨的矛盾,是B站与华尔街的分歧\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 14:33 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103101452027e655315&s=b><strong>BT财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文丨BT财经 常倩倩曾经的B站被华尔街看作“年轻版”奈飞,“成年的奈飞”开始走精品化、圈层化的路线,而在美国上市后的B站,却开始抛弃二次元的定位和年轻受众,尝试走“破圈”之路……3月9日,中概股集体大涨,其中有256只个股上涨,只有42只个股下跌,迅雷、蔚来、拼多多涨幅居前,上涨都超10%,B站也扭转2月中旬以来下降趋势,上涨8.81%,报收107美元,市值为384亿美元(约2457亿元)。之所以...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103101452027e655315&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edc98c04cdc47dd0d16e08274ce9a364","relate_stocks":{"BILI":"哔哩哔哩","NFLX":"奈飞"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103101452027e655315&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2118738624","content_text":"文丨BT财经 常倩倩曾经的B站被华尔街看作“年轻版”奈飞,“成年的奈飞”开始走精品化、圈层化的路线,而在美国上市后的B站,却开始抛弃二次元的定位和年轻受众,尝试走“破圈”之路……3月9日,中概股集体大涨,其中有256只个股上涨,只有42只个股下跌,迅雷、蔚来、拼多多涨幅居前,上涨都超10%,B站也扭转2月中旬以来下降趋势,上涨8.81%,报收107美元,市值为384亿美元(约2457亿元)。之所以单独提到B站,是因为与其他中概股不同,B站从2018年在纳斯达克上市以来,几乎没有经历过暴跌的“大风大浪”,三年来一直处于上升趋势,累计涨幅超过800%。而B站能一直被华尔街看中,股票涨势风生水起,多亏了奈飞。华尔街眼中“年轻版”奈飞B站是吃到流媒体时代第一波红利的企业。B站在自制内容方面主打动画和二次元内容,二者反哺了B站的文化基调,大量年轻的流量涌向B站,新的意见领袖和观众体系也被建立起来。流媒体通俗点说,就是我们可以在线看网上音视频。传统的媒体文件,比如视频要完全下载下来才能观看,流媒体的特点是在高速互联网时代可以如同流水一般在线看,无需下载,也可以实现边下边看。流媒体的运作模式就是,通过内容创作制造流量入口,这个内容可以是平台自己买来的,也可以是用户自发上传的,有了流量,形成内容生态圈,然后就会有更加优质的内容产出,最后就是通过会员和充值实现流量变现,平台的主要目的就是巩固生态圈,保证流量变现的顺利实现。流媒体的厉害之处在于,只要有了稳定的生态圈,变现的方式异常多元,可以卖游戏、卖直播、卖广告、卖周边等等。这也是B站的运营方式,在之前B站的很多内容都是内容创作者自发上传的(因此有很多版权纠纷),成本很低,这和流媒体的“鼻祖”奈飞很相似。B站大涨的奥秘在于,华尔街的分析师普遍把B站对标“年轻版的奈飞”,大量投资者认为曾错过投资奈飞的天赐良机,现在绝不能再错过B站。B站大热多亏奈飞华尔街是崇尚讲好科技故事的,而B站的热度多亏了奈飞的故事推动。奈飞这种流媒体视频平台,大致相当于网络时代的电视台。他们可以打破电视时代的国境线局限,给世界范围内的人群提供影视类产品来盈利。奈飞的故事很励志,早期是一家在线租赁DVD,1999年开始提供订阅服务,2009年该公司提供多达10万部DVD电影,并有1千万的订户。利用租赁DVD积累的用户,奈飞开始自制内容在平台播放,2013年凭借《纸牌屋》,被推上全球瞩目的风口浪尖,随后《铁杉树丛》、《女子监狱》……接连多部剧集均保持超高质量成为了现象级话题。这是奈飞的好运吗?事实上这并不是幸运,而是一个完全的平台转型、系统化的以大数据协助创意人的内容生产新模式。从“倒卖内容”到“创作内容”,奈飞从媒介生意转型成内容生意,它的成就是巨大的。2012年起,奈飞开始自制剧集,并从最早的年产出8部一路狂涨到2018年年产出1500部。这个数字意味着什么呢?这种内容创造力,是其它三家竞品公司的总和(HBONOW AmazonVideo HULU)。奈飞靠什么取得了成功,靠的是通过大数据讨好“特定的人群”,通俗点说,奈飞的内容变得越来越圈层化。奈飞从2010年起就开始通过数据算法分析用户,它们通过这些数据发现大量用户喜欢导演大卫·芬奇,对凯文·斯佩西演的电影好评很高,同时用户还非常喜欢看英国版的《纸牌屋》。所以在2011年没有一家传统电视台愿意为英版《纸牌屋》投拍第二季的情况下,奈飞果断以1亿美元买下《纸牌屋》两季26集版权。甚至还为等待凯文·斯佩西的档期,硬生生地延后了10个月才开拍。在2012年,奈飞以一部《纸牌屋》咸鱼翻身,并自此成为纳斯达克表现最好的股票之一;直到近日打败娱乐IP内容之王迪士尼。十年过去了,奈飞的订阅用户已突破2亿人,股票回报率超过2000%,一众华尔街看空者损失惨重,华尔街的分析师们清醒过来。不过,今天的奈飞更愿意把自己叫做像迪斯尼那样的综合娱乐公司,而不仅仅是一家互联网公司。当B站挂牌美股,华尔街的分析师们普遍看好这来自中国的“年轻版奈飞”。“破圈”的B站B站董事长陈睿曾这样说:“B站未来可能会倒闭,但绝对不会变质。”但那时的他不曾预料的是,上市后B站将会重新审视这个问题。2015年前的B站,反叛而个性的创作内容充斥着社区。或许是基于ACG二次元文化起家,个性化独特的内容成为B站的代名词,而大名鼎鼎的“鬼畜区”也是在中国互联网史上绝无仅有。这种反叛,对主流文化和现实社会的反叛,让B站的用户愿意把自己“封闭”起来。会员答题就是最好的门槛。在奈飞努力打造自己的受众圈层时,B站却在垂直领域中尝试破圈。2019年首次举办跨年晚会,B站一举出圈,之后又凭借五四青年节的《后浪》,持续出圈,这一年,B站还进入剧集和综艺、电竞领域,投资欢喜传媒独播剧集《风犬少年的天空》,自制说唱类综艺《说唱新世代》,并与拳头游戏达成英雄联盟全球赛事战略合作,获得S10至S12连续三年的中国大陆地区直播平台领域独家版权。与华尔街的分析师们认知的不同,B站的对标平台并非奈飞,而是优爱腾。从二次元起家的B站不愿拘泥于年轻群体,不愿意依照华尔街分析师的分析发展垂直领域,而是通过“破圈”,实现用户的广度。业内人士指出,B站的社区氛围鲜明,被许多人认可。然而,盈利还是关键问题,被认可不代表被资本喜爱。破圈几乎是企业发展市场的必经之路。即便是以小众文化崛起而闻名的企业,也很难逃过追逐大众趋势的宿命。用户局限在二次元,影响的不仅仅是B站的营收和用户增量,更是其必须要获得且壮大的商业价值认同感。鲜艳的成绩背后,有舍有得。2020年第三季度财报显示,B站该季度的营销费用高达11.9亿元,同比增长227%,净亏损也达到9.9亿人民币,创下有史以来最高的纪录。营收攀升也带来了成本的迅速攀升,B站还在为其未来的全量版图积极布局。为了破圈,B站继续投入大量营销费用,亏损的口子越来越大。具体来看,B站2015年的营销费用只有0.18亿元,到了2019年这一费用增加至12亿元,5年翻了近66倍,只2020年前三季度的营销费用就有24.71亿元,比2019年全年的营销费用还翻了一番,占总营收的比重近三成。虽然使B站的营收不断增长,但亏损却愈发严重,其中2017年还只亏损1.84亿元,到2020年亏损金额就超过30亿元,近三年累计亏损49亿,同期奈飞的业绩已实现近30亿的净利润。面对这样的B站华尔街的分析师们开始转身,特别是对比奈飞的财报。从2月中旬开始,B站股价一路下跌,累计跌幅近30%,不过,到了3月9日,受中概股集体上扬的影响,B站再次上涨。虽然从用户数量还是月活跃度,2020年B站都交出了非常优异的答卷。即使面对高亏损,在陈睿看来,B站破圈“势在必行”。对比B站2020年的势如破竹,2021年能否成功,仍是未知数。B站2020年底举办的跨年晚会,用户评价明显不如上一年,在豆瓣评分上,2019年晚会评分9.1分,2020年仅为6.7分。今年春节前夕,B站还陷入巨大争议中,被大量用户举报、抵制,在微博多次登上热搜,甚至被勒令参与2021春节网络环境专项整治行动。资本市场看好B站,主要原因是看好其聚拢年轻人的能力。国泰君安发布报告称,B站核心优势在于沉淀了高质量用户。失去了核心优势,B站又该何去何从呢?欢迎关注【BT财经】,阅读更多精彩内容。版权所有,禁止私自转载!如涉及侵权,请联系删除。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":366944257,"gmtCreate":1614388426879,"gmtModify":1703477174278,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"一顿操作猛于虎,一看收益二百五[可爱]","listText":"一顿操作猛于虎,一看收益二百五[可爱]","text":"一顿操作猛于虎,一看收益二百五[可爱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366944257","repostId":"366908587","repostType":1,"repost":{"id":366908587,"gmtCreate":1614375736849,"gmtModify":1703477056873,"author":{"id":"3571559308386743","authorId":"3571559308386743","name":"eehao","avatar":"https://static.tigerbbs.com/99d79c56c31f46107566434d8d5c4f2c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571559308386743","authorIdStr":"3571559308386743"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>小赌怡情, 觉得是高手的帮忙点个赞","listText":"<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>小赌怡情, 觉得是高手的帮忙点个赞","text":"$游戏驿站(GME)$小赌怡情, 觉得是高手的帮忙点个赞","images":[{"img":"https://static.tigerbbs.com/b1876aee4d857f0d99ef43cd4204c1a3","width":"1080","height":"2246"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366908587","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":368841565,"gmtCreate":1614311803157,"gmtModify":1703476195510,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"Despite the high valuations, I would argue that the “ARK” companies have much better fundamentals than the ones in the dot com bubble ","listText":"Despite the high valuations, I would argue that the “ARK” companies have much better fundamentals than the ones in the dot com bubble ","text":"Despite the high valuations, I would argue that the “ARK” companies have much better fundamentals than the ones in the dot com bubble","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368841565","repostId":"1197533827","repostType":2,"repost":{"id":"1197533827","kind":"news","pubTimestamp":1614160523,"share":"https://www.laohu8.com/m/news/1197533827?lang=&edition=full","pubTime":"2021-02-24 17:55","market":"us","language":"en","title":"The days of easy money in the stock market are now over","url":"https://stock-news.laohu8.com/highlight/detail?id=1197533827","media":"MarketWatch","summary":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-199","content":"<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p>\n<p>Ignore stock valuations and companies’ fundamentals at your peril.</p>\n<p>Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p>\n<p>CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p>\n<p>They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p>\n<p>Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc. at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p>\n<p>Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p>\n<p><b>Piling into ARK</b></p>\n<p>These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p>\n<p>But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since I wrote this in 2001 for TheStreet.com. (I just realized this article was published just two weeks after 9/11.):</p>\n<p><i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p>\n<p><i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p>\n<p><b>The hangover</b></p>\n<p>Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p>\n<p>Here’s what George had to say in 2002:</p>\n<p><i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p>\n<p>Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p>\n<p>CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p>","source":"market_watch","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 days of easy money in the stock market are now 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 days of easy money in the stock market are now over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 17:55 GMT+8 <a href=https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.\nIgnore stock valuations and companies’ fundamentals at your peril.\nChurchill ...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page\">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","ARKK":"ARK Innovation ETF","TSLA":"特斯拉",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1197533827","content_text":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.\nIgnore stock valuations and companies’ fundamentals at your peril.\nChurchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”\nCCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.\nThey’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.\nReviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc. at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.\nMany questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.\nPiling into ARK\nThese days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF being the most famous, has performed very well, and her commentary has been spot on for a couple years now.\nBut I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since I wrote this in 2001 for TheStreet.com. (I just realized this article was published just two weeks after 9/11.):\n“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.\nLet me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”\nThe hangover\nTelecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.\nHere’s what George had to say in 2002:\n“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.\nMany of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.\nCCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368887754,"gmtCreate":1614308422378,"gmtModify":1703476147892,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"What are some of the more reasonably valued tech companies?","listText":"What are some of the more reasonably valued tech companies?","text":"What are some of the more reasonably valued tech companies?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368887754","repostId":"1185609211","repostType":2,"repost":{"id":"1185609211","kind":"news","pubTimestamp":1614139419,"share":"https://www.laohu8.com/m/news/1185609211?lang=&edition=full","pubTime":"2021-02-24 12:03","market":"us","language":"en","title":"Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1185609211","media":"TheStreet","summary":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the sell","content":"<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.</p>\n<p>While many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain quite overvalued on the whole.</p>\n<p>For example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.</p>\n<p>Likewise, 3D printing plays 3D Systems (DDD) , Stratasys (SSYS) and ExOne (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape (QS) and Luminar Technologies (LAZR) are up 150% and 123%, respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%, respectively, and maintain double-digit forward sales multiples.</p>\n<p>In a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.</p>\n<p>Also, asothers have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.</p>\n<p>With all that said,I'm not sold at this point on the current selloff being the start of a bear market for tech stocks overall.</p>\n<p>In spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.</p>\n<p><i>Eventually</i>, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed remains as accommodative as ever.</p>\n<p>As a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the more reasonably-priced names.</p>","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>Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet</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\">\nWhy the Plunge in More Speculative Tech Stocks Might Not Be Over Yet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 12:03 GMT+8 <a href=https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.\nWhile many speculative Robinhood...</p>\n\n<a href=\"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QS":"Quantumscape Corp.","XONE":"BondBloxx Bloomberg One Year Target Duration US Treasury ETF","SSYS":"Stratasys","PLUG":"普拉格能源","BLDP":"巴拉德动力系统","TLRY":"Tilray Inc.","APHA":"Aphria Inc.","FCEL":"燃料电池能源","ARKK":"ARK Innovation ETF","DDD":"3D系统","LAZR":"Luminar Technologies, Inc."},"source_url":"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185609211","content_text":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.\nWhile many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain quite overvalued on the whole.\nFor example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.\nLikewise, 3D printing plays 3D Systems (DDD) , Stratasys (SSYS) and ExOne (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape (QS) and Luminar Technologies (LAZR) are up 150% and 123%, respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%, respectively, and maintain double-digit forward sales multiples.\nIn a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.\nAlso, asothers have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.\nWith all that said,I'm not sold at this point on the current selloff being the start of a bear market for tech stocks overall.\nIn spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.\nEventually, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed remains as accommodative as ever.\nAs a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the more reasonably-priced names.","news_type":1},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363413040,"gmtCreate":1614162758180,"gmtModify":1614162758180,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"接吻拥抱算你🐴的软色情,一点欲望都没有出家去得了","listText":"接吻拥抱算你🐴的软色情,一点欲望都没有出家去得了","text":"接吻拥抱算你🐴的软色情,一点欲望都没有出家去得了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363413040","repostId":"2113251357","repostType":2,"isVote":1,"tweetType":1,"viewCount":2449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":369583494,"gmtCreate":1614058721618,"gmtModify":1614060783682,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"0.1% really isn’t a big deal. If you buy and sell $1 million worth of asset you only need to pay 2000. That’s not much at all.","listText":"0.1% really isn’t a big deal. If you buy and sell $1 million worth of asset you only need to pay 2000. That’s not much at all.","text":"0.1% really isn’t a big deal. If you buy and sell $1 million worth of asset you only need to pay 2000. That’s not much at all.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369583494","repostId":"1129494437","repostType":2,"repost":{"id":"1129494437","kind":"news","pubTimestamp":1614048165,"share":"https://www.laohu8.com/m/news/1129494437?lang=&edition=full","pubTime":"2021-02-23 10:42","market":"us","language":"en","title":"After the GameStop fiasco, momentum builds for an $800 billion tax","url":"https://stock-news.laohu8.com/highlight/detail?id=1129494437","media":"CNN Business","summary":"New York (CNN Business)-Uncle Sam is in search for a pot of gold that could ease the pain of trillio","content":"<p><b>New York (CNN Business)-</b>Uncle Sam is in search for a pot of gold that could ease the pain of trillion-dollar deficits. And some believe Wall Street might just have the answer.</p>\n<p>For more than a decade, progressives have tried and failed to impose a financial transaction tax.But there is new momentum for such a levy as the national debt skyrockets during the pandemic and in the wake of the GameStop trading frenzy that shined a bright light market structure concerns.</p>\n<p>The White House told CNN Business on Sunday that a financial transaction tax on GameStop-like trading deserves additional study and can be part of a greater evaluation of such a tax for revenue and market stability. The leading proposal amounts to a $1 tax on every $1,000 of transactions.</p>\n<p>But there is a deep divide over the wisdom of a financial transaction tax. Progressives see it as a smart way to simultaneously curb predatory trading while funding ambitious programs aimed at easing America's inequality problem.Opponents, on the other hand, paint a financial transaction tax (FTT) as a nightmare. Wall Street, which would take a hit, is already warning such a levy would backfire on Main Street by raising trading costs and depressing market liquidity.</p>\n<p>\"The odds are still against a financial transaction tax being enacted, but for the first time in a decade this proposal should be considered as a viable policy option rather than just another talking point,\" said Isaac Boltansky, director of policy research at Compass Point Research & Trading.</p>\n<p>Last week, House Financial Services Chairwoman Maxine Waters said she's \"very interested\" and \"certainly looking at\" a financial transaction tax.</p>\n<p><b>'Mindboggling' concentration of wealth</b></p>\n<p>Lawmakers will surely be tempted to tax transactions because it could raise vast sums of money at a time when Washington is strapped for cash.</p>\n<p>A 0.1% tax on stock, bond and derivative transactions could raise $777 billion for the federal government over a decade, according to a 2018 estimate by the nonpartisan Congressional Budget Office.</p>\n<p>\"We have tremendous income inequality in our society and a giant deficit. A financial transaction tax would be an incredibly efficient and progressive way to raise revenue,\" Aaron Klein, a former Treasury Department official in the Obama administration, told CNN Business.</p>\n<p>The top 1% of American households would pay 40% of the total amount of the tax, while the bottom 60% would pay just over 11%, according to the Urban-Brookings Tax Policy Center.</p>\n<p>That makes sense because the wealthiest 10% of US households owned 87% of all stocks and mutual funds, according to 2020 data from the Federal Reserve.</p>\n<p>\"The concentration of wealth in the stock market is mindboggling,\" said Klein, who is now a senior fellow of economic studies at the Brookings Institution.</p>\n<p>Even though some argue an FTT would be a disaster, the United States already has a tax, albeit a very tiny one. Roughly 2 cents per $1,000 traded goes toward funding the budget of the Securities and Exchange Commission.Due to surging trading volume during the pandemic, the tax rate to fund the SEC is being lowered to just half a cent per $1,000 starting Thursday.</p>\n<p>\"There is a fee today and the world hasn't ended,\" said Dennis Kelleher, CEO of Better Markets, a group that lobbies for tougher oversight of Wall Street. \"The proposed fee is so puny that no reasonable retail investor would ever notice it.\"</p>\n<p><b>'Unintended consequences'</b></p>\n<p>The financial industry is arguing the exact opposite.</p>\n<p>They say even a 0.1% levy on transactions will cause market players to pass the costs on to consumers and make it harder to buy and sell securities by decreasing liquidity, which measures how easy it is to buy and sell securities. Some Wall Street firms could even try to move their operations outside the country to avoid the tax. The New York Stock Exchange recently threatened to flee New York,possibly for Texas, in response to transaction taxes mulled by Albany.</p>\n<p>\"This approach has a long history of unintended consequences that will penalize workers, pensioners and American families,\" a spokesperson for the Coalition to Prevent the Taxing of Retirement Savings told CNN Business.</p>\n<p>That coalition includes the NYSE,Nasdaq (NDAQ) and UBS (UBS). Citadel Securities andVirtu Financial(VIRT), two high-speed trading firms that would be hurt by a financial transaction tax, are also members.</p>\n<p>\"An FTT will increase trading costs for investors — including individuals — undermine the competitiveness of our capital markets and harm the US economy just as we work to recover from this pandemic,\" the spokesperson said.</p>\n<p><b>Some countries tried and failed</b></p>\n<p>James Angel, a Georgetown University professor who specializes in market structure and regulation,authored a Chamber of Commerce-funded paper in 2019 that found a financial transaction tax would hurt Main Street by driving up the cost of trading by more than the amount of the tax.</p>\n<p>\"There is no such thing as a tiny tax that raises big revenue,\" Angel said in an interview.</p>\n<p>He pointed to how some other countries, most notably Sweden in the 1980s, abandoned such taxes after trading volume vanished and revenue underwhelmed. (Of course, the United States, with its deep financial markets, massive economy and the world's reserve currency, is not Sweden.)</p>\n<p>\"It really messes up the market,\" Angel said.</p>\n<p>If US trading volumes fell sharply, the FTT wouldn't raise nearly as much as the $777 billion the CBO estimates.</p>\n<p>Greg Valliere, chief US policy strategist at AGF Investments, said the chances of a financial transaction tax are \"very slim\" because moderate Democrats would be unlikely to back it.</p>\n<p>\"It would be a disaster. It's a pandora's box that should not be opened,\" Valliere said.</p>\n<p>Of course, it's possible that FTT proposals in Congress get scaled back, including by lowering the rate or excluding smaller blocks of trades.</p>\n<p><b>Leveling the playing field</b></p>\n<p>During last week's congressional hearing on GameStop and Robinhood, Citadel Securities founder Ken Griffin warned a tax would boomerang.</p>\n<p>\"We firmly believe a financial transaction tax would injure Americans trying to save for retirement,\" Griffin said.</p>\n<p>Klein, the Brookings Institution fellow, called Griffin's comments a \"self-serving lie\" because high-frequency trading firms like his would be among those hurt.</p>\n<p>The GameStop trading frenzy drew attention onto how Robinhood was able to bring zero-commission trading to the masses.</p>\n<p>Through a controversial practice known as payment for order flow, Robinhood and other brokers get paid to route retail trades through market makers like Citadel Securities.</p>\n<p>Payment for order flow has made it cheap and easy to trade. However, critics say it's really Wall Street that is getting the better end of the deal by skimming pennies off each trade and racing ahead of retail orders to make a profit.</p>\n<p>\"We believe the markets today are rigged to favor high-frequency traders,\" said Kelleher, the Better Markets CEO. \"The industry has taken visible upfront commission fees and disguised it into invisible payment for order flow.\"</p>\n<p>In other words, it's not really free to trade.</p>\n<p>Kelleher thinks Congress should focus on taxing orders, not transactions, because a staggering amount of all stock trade orders(some estimates say 99%) are canceled because of high-frequency trading strategies. Critics say those orders are evidence that high-speed traders are manipulating the market by creating the appearance of demand where there is none.</p>\n<p>\"A financial fee on orders could be the death knell for predatory high frequency trading,\" he said. \"Everyone will be better off — except for the predators.\"</p>","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>After the GameStop fiasco, momentum builds for an $800 billion tax</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\">\nAfter the GameStop fiasco, momentum builds for an $800 billion tax\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-23 10:42 GMT+8 <a href=https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)-Uncle Sam is in search for a pot of gold that could ease the pain of trillion-dollar deficits. And some believe Wall Street might just have the answer.\nFor more than a decade, ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","GME":"游戏驿站",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/02/22/investing/gamestop-financial-transaction-tax/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129494437","content_text":"New York (CNN Business)-Uncle Sam is in search for a pot of gold that could ease the pain of trillion-dollar deficits. And some believe Wall Street might just have the answer.\nFor more than a decade, progressives have tried and failed to impose a financial transaction tax.But there is new momentum for such a levy as the national debt skyrockets during the pandemic and in the wake of the GameStop trading frenzy that shined a bright light market structure concerns.\nThe White House told CNN Business on Sunday that a financial transaction tax on GameStop-like trading deserves additional study and can be part of a greater evaluation of such a tax for revenue and market stability. The leading proposal amounts to a $1 tax on every $1,000 of transactions.\nBut there is a deep divide over the wisdom of a financial transaction tax. Progressives see it as a smart way to simultaneously curb predatory trading while funding ambitious programs aimed at easing America's inequality problem.Opponents, on the other hand, paint a financial transaction tax (FTT) as a nightmare. Wall Street, which would take a hit, is already warning such a levy would backfire on Main Street by raising trading costs and depressing market liquidity.\n\"The odds are still against a financial transaction tax being enacted, but for the first time in a decade this proposal should be considered as a viable policy option rather than just another talking point,\" said Isaac Boltansky, director of policy research at Compass Point Research & Trading.\nLast week, House Financial Services Chairwoman Maxine Waters said she's \"very interested\" and \"certainly looking at\" a financial transaction tax.\n'Mindboggling' concentration of wealth\nLawmakers will surely be tempted to tax transactions because it could raise vast sums of money at a time when Washington is strapped for cash.\nA 0.1% tax on stock, bond and derivative transactions could raise $777 billion for the federal government over a decade, according to a 2018 estimate by the nonpartisan Congressional Budget Office.\n\"We have tremendous income inequality in our society and a giant deficit. A financial transaction tax would be an incredibly efficient and progressive way to raise revenue,\" Aaron Klein, a former Treasury Department official in the Obama administration, told CNN Business.\nThe top 1% of American households would pay 40% of the total amount of the tax, while the bottom 60% would pay just over 11%, according to the Urban-Brookings Tax Policy Center.\nThat makes sense because the wealthiest 10% of US households owned 87% of all stocks and mutual funds, according to 2020 data from the Federal Reserve.\n\"The concentration of wealth in the stock market is mindboggling,\" said Klein, who is now a senior fellow of economic studies at the Brookings Institution.\nEven though some argue an FTT would be a disaster, the United States already has a tax, albeit a very tiny one. Roughly 2 cents per $1,000 traded goes toward funding the budget of the Securities and Exchange Commission.Due to surging trading volume during the pandemic, the tax rate to fund the SEC is being lowered to just half a cent per $1,000 starting Thursday.\n\"There is a fee today and the world hasn't ended,\" said Dennis Kelleher, CEO of Better Markets, a group that lobbies for tougher oversight of Wall Street. \"The proposed fee is so puny that no reasonable retail investor would ever notice it.\"\n'Unintended consequences'\nThe financial industry is arguing the exact opposite.\nThey say even a 0.1% levy on transactions will cause market players to pass the costs on to consumers and make it harder to buy and sell securities by decreasing liquidity, which measures how easy it is to buy and sell securities. Some Wall Street firms could even try to move their operations outside the country to avoid the tax. The New York Stock Exchange recently threatened to flee New York,possibly for Texas, in response to transaction taxes mulled by Albany.\n\"This approach has a long history of unintended consequences that will penalize workers, pensioners and American families,\" a spokesperson for the Coalition to Prevent the Taxing of Retirement Savings told CNN Business.\nThat coalition includes the NYSE,Nasdaq (NDAQ) and UBS (UBS). Citadel Securities andVirtu Financial(VIRT), two high-speed trading firms that would be hurt by a financial transaction tax, are also members.\n\"An FTT will increase trading costs for investors — including individuals — undermine the competitiveness of our capital markets and harm the US economy just as we work to recover from this pandemic,\" the spokesperson said.\nSome countries tried and failed\nJames Angel, a Georgetown University professor who specializes in market structure and regulation,authored a Chamber of Commerce-funded paper in 2019 that found a financial transaction tax would hurt Main Street by driving up the cost of trading by more than the amount of the tax.\n\"There is no such thing as a tiny tax that raises big revenue,\" Angel said in an interview.\nHe pointed to how some other countries, most notably Sweden in the 1980s, abandoned such taxes after trading volume vanished and revenue underwhelmed. (Of course, the United States, with its deep financial markets, massive economy and the world's reserve currency, is not Sweden.)\n\"It really messes up the market,\" Angel said.\nIf US trading volumes fell sharply, the FTT wouldn't raise nearly as much as the $777 billion the CBO estimates.\nGreg Valliere, chief US policy strategist at AGF Investments, said the chances of a financial transaction tax are \"very slim\" because moderate Democrats would be unlikely to back it.\n\"It would be a disaster. It's a pandora's box that should not be opened,\" Valliere said.\nOf course, it's possible that FTT proposals in Congress get scaled back, including by lowering the rate or excluding smaller blocks of trades.\nLeveling the playing field\nDuring last week's congressional hearing on GameStop and Robinhood, Citadel Securities founder Ken Griffin warned a tax would boomerang.\n\"We firmly believe a financial transaction tax would injure Americans trying to save for retirement,\" Griffin said.\nKlein, the Brookings Institution fellow, called Griffin's comments a \"self-serving lie\" because high-frequency trading firms like his would be among those hurt.\nThe GameStop trading frenzy drew attention onto how Robinhood was able to bring zero-commission trading to the masses.\nThrough a controversial practice known as payment for order flow, Robinhood and other brokers get paid to route retail trades through market makers like Citadel Securities.\nPayment for order flow has made it cheap and easy to trade. However, critics say it's really Wall Street that is getting the better end of the deal by skimming pennies off each trade and racing ahead of retail orders to make a profit.\n\"We believe the markets today are rigged to favor high-frequency traders,\" said Kelleher, the Better Markets CEO. \"The industry has taken visible upfront commission fees and disguised it into invisible payment for order flow.\"\nIn other words, it's not really free to trade.\nKelleher thinks Congress should focus on taxing orders, not transactions, because a staggering amount of all stock trade orders(some estimates say 99%) are canceled because of high-frequency trading strategies. Critics say those orders are evidence that high-speed traders are manipulating the market by creating the appearance of demand where there is none.\n\"A financial fee on orders could be the death knell for predatory high frequency trading,\" he said. \"Everyone will be better off — except for the predators.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":1071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369599809,"gmtCreate":1614055054001,"gmtModify":1614055054001,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"等到经济危机无法解决的时候,唯一的出路就是战争。","listText":"等到经济危机无法解决的时候,唯一的出路就是战争。","text":"等到经济危机无法解决的时候,唯一的出路就是战争。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369599809","repostId":"1140389351","repostType":4,"repost":{"id":"1140389351","kind":"news","pubTimestamp":1614006277,"share":"https://www.laohu8.com/m/news/1140389351?lang=&edition=full","pubTime":"2021-02-22 23:04","market":"us","language":"zh","title":"《大空头》原型连发警告:恶性通胀已酝酿十年","url":"https://stock-news.laohu8.com/highlight/detail?id=1140389351","media":" 腾讯美股","summary":"周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,警告的主题就是——恶性通货膨胀。布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日","content":"<p><i>周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,警告的主题就是——恶性通货膨胀。布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日的美国颇有众多神似。</i></p><p><img src=\"https://static.tigerbbs.com/4282fd439a7a9ecfc9bd7432aca279a6\" tg-width=\"1080\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p>“人们都说我上次没有警告他们,但事实是我警告了,却没有人听。因此,我这次要立此存照。我现在依然在警告,依然没有人听,但是我至少留下了证据。”</p><p>周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,并做出了上述的强调,而他警告的主题就是——恶性通货膨胀。</p><p>一周之前,美国银行曾经发出警告,指出货币和财政刺激提供的海量流动性,以及预期中全球经济走出封锁后的货币周转率猛增,最终可能导致史无前例的经济过热。该行首席投资官哈奈特(Michael Hartnett)则干脆说,他想起了当初第一次世界大战后的德国,当时,所发生的“货币周转率最壮观最极端的猛增,战争心理状态的结束,抑制下的储蓄,对货币和政府信心的丧失”,以及德国央行的债务货币化操作,这些都可以在现在找到影子。</p><p><img src=\"https://static.tigerbbs.com/0169c30659bccfcfca3a92d4f60c652d\" tg-width=\"500\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>众所周知,那也就是所谓魏玛德国时代,而了解一点历史的人都知道那时代发生了些什么,而美国银行的哈奈特刻意避开了“魏玛”二字,显然也是某种心理阴影使然。</p><p>不过,并不是所有人都那么欲语还休的。1974年,帕尔森(Jens Parsson)就曾经深度研究了魏玛德国的崩溃,出版了经典之作《财富的消亡》(Dying of Money),而布里这次就在社交平台上推荐了这部著作。布里最近在许多问题上都有发言,颇为忙碌,比如他指责Robinhood、看好铀等等,但是他依然要抽出时间来强调这一点,建议大家都了解一下魏玛德国,尤其是其恶性通货膨胀的历史,并且连续发文“盖楼”,显然是有着明确的用意的。以下就是当日时间周日晚间,布里的连续发文。</p><p>“美国政府正在以其带有现代货币理论色彩的政策创造通货膨胀。债务对国内生产总值比率高企,M2货币供应量增长,而零售销售额和采购经理人指数却依然在V形复苏中。数以万亿计的刺激资金,加上经济的重启,都将推动需求猛增,导致劳动力和供应链成本升破天际。”</p><p>接下来,布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日的美国颇有众多神似。</p><p>“通货膨胀到了成熟阶段,就会形成一场悖论,拥有自己显而易见,绝不会被弄错的各种特质。其中之一就是巨大的财富,至少那些受到青睐的人会暴富。一夜之间,横财从天而降……城市里到处都游荡着漫无目的的,放纵的青年人。”</p><p>“德国价格稳定,企业和股市都一派繁荣。马克对美元和其他货币的汇率一段时间内其实是上扬的,在全球大通胀的前夜,马克甚至曾经短暂居于最强势货币的位置。”</p><p>“与财富比肩而立的,是穷人空空如也的口袋。许多人依然被排斥在宽松货币的圈子之外,他们虽然也希望雨露均沾,但是却不得其门而入。犯罪率在飞涨。”</p><p>“通观整个时代,可以看到大众的心情其实是日趋低落的,他们被推动着一路狂奔,到了喘不上气的地步,却看不到有什么明确的目标,这让他们感到疲惫和厌倦,与此同时,目睹着自己辛辛苦苦爬上的地位正在滑落,而别人却变得暴富,这更让他们感到深深的恐惧。”</p><p>“几乎任何一种企业都能够赚钱,倒闭和破产的案例数量微乎其微。这场繁荣打断了企业正常的物竞天择进程,使得那些本该被淘汰的二三流的,效率低下的企业也得以存活下来。”</p><p>“投机虽然并不能使得德国的总财富有任何的增加,却成为了最活跃的生意之一。几乎每一个阶层都满心狂热,想要加入进去。包括电梯司机在内,每个人都成为了市场玩家。”</p><p>“柏林证券交易所的交易周转率如此之高,以至于金融行业的簿记工作都跟不上了……交易所被迫每周关闭若干天,来处理积压订单。”</p><p>“1922年夏季,世界上全部流通的马克大约有1900亿,而到了1923年11月,1900亿马克已经不够购买一份报纸或者一张电车票了。这是总崩溃看上去最惊人的部分,不过金钱财富损失的主体,发生的时间其实还要早得多。”</p><p>“这些年来,整个结构一直在静静地向着总崩溃的方向自我建构。德国的通货膨胀周期不是持续了一年,而是整整九年,前面八年都是酝酿,只有一年是总崩溃。”</p><p>布里的结论是,美国的2010年到2021年,也完全可能是同样的“酝酿期”,余下的问题只是:总崩溃何时来到?</p>","source":"txmg","collect":0,"html":"<!DOCTYPE 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}\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\">\n《大空头》原型连发警告:恶性通胀已酝酿十年\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-22 23:04 北京时间 <a href=https://mp.weixin.qq.com/s/dHn6mG_vgf2uZTZ8qwcOew><strong> 腾讯美股</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,警告的主题就是——恶性通货膨胀。布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日的美国颇有众多神似。“人们都说我上次没有警告他们,但事实是我警告了,却没有人听。因此,我这次要立此存照。我现在依然在警告,依然没有人听,但是我至少留下了证据。”周末,美国著名投资人、电影《大空头》原型...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/dHn6mG_vgf2uZTZ8qwcOew\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4282fd439a7a9ecfc9bd7432aca279a6","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/dHn6mG_vgf2uZTZ8qwcOew","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140389351","content_text":"周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,警告的主题就是——恶性通货膨胀。布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日的美国颇有众多神似。“人们都说我上次没有警告他们,但事实是我警告了,却没有人听。因此,我这次要立此存照。我现在依然在警告,依然没有人听,但是我至少留下了证据。”周末,美国著名投资人、电影《大空头》原型布里就一个主题在社交平台上连续发文多条,并做出了上述的强调,而他警告的主题就是——恶性通货膨胀。一周之前,美国银行曾经发出警告,指出货币和财政刺激提供的海量流动性,以及预期中全球经济走出封锁后的货币周转率猛增,最终可能导致史无前例的经济过热。该行首席投资官哈奈特(Michael Hartnett)则干脆说,他想起了当初第一次世界大战后的德国,当时,所发生的“货币周转率最壮观最极端的猛增,战争心理状态的结束,抑制下的储蓄,对货币和政府信心的丧失”,以及德国央行的债务货币化操作,这些都可以在现在找到影子。众所周知,那也就是所谓魏玛德国时代,而了解一点历史的人都知道那时代发生了些什么,而美国银行的哈奈特刻意避开了“魏玛”二字,显然也是某种心理阴影使然。不过,并不是所有人都那么欲语还休的。1974年,帕尔森(Jens Parsson)就曾经深度研究了魏玛德国的崩溃,出版了经典之作《财富的消亡》(Dying of Money),而布里这次就在社交平台上推荐了这部著作。布里最近在许多问题上都有发言,颇为忙碌,比如他指责Robinhood、看好铀等等,但是他依然要抽出时间来强调这一点,建议大家都了解一下魏玛德国,尤其是其恶性通货膨胀的历史,并且连续发文“盖楼”,显然是有着明确的用意的。以下就是当日时间周日晚间,布里的连续发文。“美国政府正在以其带有现代货币理论色彩的政策创造通货膨胀。债务对国内生产总值比率高企,M2货币供应量增长,而零售销售额和采购经理人指数却依然在V形复苏中。数以万亿计的刺激资金,加上经济的重启,都将推动需求猛增,导致劳动力和供应链成本升破天际。”接下来,布里连珠炮一样地引述了大量《财富的消亡》原文,有心者不难看出,文中描述的魏玛德国,与今日的美国颇有众多神似。“通货膨胀到了成熟阶段,就会形成一场悖论,拥有自己显而易见,绝不会被弄错的各种特质。其中之一就是巨大的财富,至少那些受到青睐的人会暴富。一夜之间,横财从天而降……城市里到处都游荡着漫无目的的,放纵的青年人。”“德国价格稳定,企业和股市都一派繁荣。马克对美元和其他货币的汇率一段时间内其实是上扬的,在全球大通胀的前夜,马克甚至曾经短暂居于最强势货币的位置。”“与财富比肩而立的,是穷人空空如也的口袋。许多人依然被排斥在宽松货币的圈子之外,他们虽然也希望雨露均沾,但是却不得其门而入。犯罪率在飞涨。”“通观整个时代,可以看到大众的心情其实是日趋低落的,他们被推动着一路狂奔,到了喘不上气的地步,却看不到有什么明确的目标,这让他们感到疲惫和厌倦,与此同时,目睹着自己辛辛苦苦爬上的地位正在滑落,而别人却变得暴富,这更让他们感到深深的恐惧。”“几乎任何一种企业都能够赚钱,倒闭和破产的案例数量微乎其微。这场繁荣打断了企业正常的物竞天择进程,使得那些本该被淘汰的二三流的,效率低下的企业也得以存活下来。”“投机虽然并不能使得德国的总财富有任何的增加,却成为了最活跃的生意之一。几乎每一个阶层都满心狂热,想要加入进去。包括电梯司机在内,每个人都成为了市场玩家。”“柏林证券交易所的交易周转率如此之高,以至于金融行业的簿记工作都跟不上了……交易所被迫每周关闭若干天,来处理积压订单。”“1922年夏季,世界上全部流通的马克大约有1900亿,而到了1923年11月,1900亿马克已经不够购买一份报纸或者一张电车票了。这是总崩溃看上去最惊人的部分,不过金钱财富损失的主体,发生的时间其实还要早得多。”“这些年来,整个结构一直在静静地向着总崩溃的方向自我建构。德国的通货膨胀周期不是持续了一年,而是整整九年,前面八年都是酝酿,只有一年是总崩溃。”布里的结论是,美国的2010年到2021年,也完全可能是同样的“酝酿期”,余下的问题只是:总崩溃何时来到?","news_type":1},"isVote":1,"tweetType":1,"viewCount":2549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360910701,"gmtCreate":1613808128503,"gmtModify":1613808128503,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"头像换成了个二次元妹子?","listText":"头像换成了个二次元妹子?","text":"头像换成了个二次元妹子?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360910701","repostId":"1122334705","repostType":4,"repost":{"id":"1122334705","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1613804993,"share":"https://www.laohu8.com/m/news/1122334705?lang=&edition=full","pubTime":"2021-02-20 15:09","market":"fut","language":"zh","title":"马斯克:比特币和以太坊“似乎(价格)很高”","url":"https://stock-news.laohu8.com/highlight/detail?id=1122334705","media":"老虎资讯综合","summary":"$特斯拉(TSLA)$CEO埃隆·马斯克发推表示,比特币和以太坊“似乎(价格)很高”。比特币短线波动不大。\n\n\n\n比特币价格在周五升穿56000美元关口,迭创历史新高,市值史上首次达到1万亿美元,超过特斯拉,相当于两个茅台。此前,马斯克将其推特头像更换成比特币相关图片。","content":"<p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>CEO埃隆·马斯克发推表示,比特币和以太坊“似乎(价格)很高”。比特币短线波动不大。</p><p><img src=\"https://static.tigerbbs.com/16067561796a70185015b577881c8516\" tg-width=\"630\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p>比特币价格在周五升穿56000美元关口,迭创历史新高,市值史上首次达到1万亿美元,超过特斯拉,相当于两个茅台。此前,马斯克将其推特头像更换成比特币相关图片。</p><p><img src=\"https://static.tigerbbs.com/4defe4056a3360263e4bbffe6329effc\" tg-width=\"899\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>","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>马斯克:比特币和以太坊“似乎(价格)很高”</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\">\n马斯克:比特币和以太坊“似乎(价格)很高”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-02-20 15:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>CEO埃隆·马斯克发推表示,比特币和以太坊“似乎(价格)很高”。比特币短线波动不大。</p><p><img src=\"https://static.tigerbbs.com/16067561796a70185015b577881c8516\" tg-width=\"630\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p>比特币价格在周五升穿56000美元关口,迭创历史新高,市值史上首次达到1万亿美元,超过特斯拉,相当于两个茅台。此前,马斯克将其推特头像更换成比特币相关图片。</p><p><img src=\"https://static.tigerbbs.com/4defe4056a3360263e4bbffe6329effc\" tg-width=\"899\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/822c9eb58d8760a04d809fa31d9c0f34","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122334705","content_text":"特斯拉CEO埃隆·马斯克发推表示,比特币和以太坊“似乎(价格)很高”。比特币短线波动不大。比特币价格在周五升穿56000美元关口,迭创历史新高,市值史上首次达到1万亿美元,超过特斯拉,相当于两个茅台。此前,马斯克将其推特头像更换成比特币相关图片。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360931548,"gmtCreate":1613807096084,"gmtModify":1613807096084,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"很有意义的分析,涨知识了","listText":"很有意义的分析,涨知识了","text":"很有意义的分析,涨知识了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360931548","repostId":"2112189211","repostType":4,"repost":{"id":"2112189211","kind":"highlight","pubTimestamp":1613700062,"share":"https://www.laohu8.com/m/news/2112189211?lang=&edition=full","pubTime":"2021-02-19 10:01","market":"us","language":"zh","title":"美股20年抱团史:拥抱消费与成长","url":"https://stock-news.laohu8.com/highlight/detail?id=2112189211","media":"尧望后势","summary":"年初以来,A股市场呈现极致的大分化格局,机构抱团愈演愈烈,“抱团股”强势上涨,引发了市场畏高情绪升温。近期“抱团股”出现回调,投资者对于“龙头抱团过紧”,“抱团瓦解”的担忧开始加剧。那么抱团现象能持续","content":"<p>年初以来,A股市场呈现极致的大分化格局,机构抱团愈演愈烈,“抱团股”强势上涨,引发了市场畏高情绪升温。近期“抱团股”出现回调,投资者对于“龙头抱团过紧”,“抱团瓦解”的担忧开始加剧。那么抱团现象能持续多久?抱团是否会就此瓦解?抱团未来又将如何演绎?过去20年美股的经验给我们提供了借鉴。</p>\n<p><b>报告正文</b></p>\n<p>一、美股:机构抱团是常态</p>\n<p><b>美股机构抱团是常态,机构话语权不断增强。</b>随着美股机构发展壮大,机构持股占比在过去20年中大幅增长,当前机构持股市值占全市场流通市值的比重也已高达70%,成为美股市场的主导力量。截至2020年,机构持股比例在80%以上的个股占33%,这一比例在1999年仅为2%;持股比例位于50~80%之间的个股占比25%,这一比例在1999年仅为10%。</p>\n<p><img src=\"https://static.tigerbbs.com/331d3a6b5794a3cf9d4fccdc892ac17e\" tg-width=\"957\" tg-height=\"469\" referrerpolicy=\"no-referrer\"></p>\n<p><b>美股机构抱团不断加深,机构重仓股长期超配。</b>若以机构持股占比高于80%的美股作为机构重仓股,在过去20年中,机构对美股重仓股的持仓由不足10%增加至近50%,且超配比例不断扩大,1999年超配5个点、2020年超配达到12个点。</p>\n<p><img src=\"https://static.tigerbbs.com/f9ec53f8f82ad0f74c9034b5e8e5e74c\" tg-width=\"686\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/88e860df65f6964c64c374ab3a8cf594\" tg-width=\"636\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p>\n<p>二、美股:机构抱团什么?</p>\n<p><b>1、抱团消费与成长</b></p>\n<p><b>美股机构投资者抱团消费与成长。</b>美股机构投资者前100大重仓股集中在消费与成长,消费与成长风格的机构重仓股数量占比与持股市值占比始终高于50%,是机构投资者主要的抱团方向。</p>\n<p>抱团风格在过去二十年中并非稳定不变,2000年至2007年,机构阶段性加仓金融地产和周期,但自2007年至今,机构则重新增配消费与科技,且个股数量与市值占比大幅上升,目前消费与成长的市值占比已超八成。</p>\n<p><img src=\"https://static.tigerbbs.com/41e5853b8c19f840ea02909b5ef5567d\" tg-width=\"635\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/39056116f2d02c6a0560c8d8587620fc\" tg-width=\"639\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><b>从具体行业看,2007年前机构抱团向能源与工业松动,而2007年以来坚守信息技术与可选消费。</b>2000年至2007年,机构前100大重仓股中能源、工业、通信等行业增持幅度居前,分别达9.30%、1.96%和0.78%;而自2007年以来,信息技术、可选消费与医药行业重获大幅增持,增持比例分别达13.90%、11.19%和1.22%。</p>\n<p><img src=\"https://static.tigerbbs.com/8864837fab870dffa107978cb1efff6d\" tg-width=\"640\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/207689c8130dd85ee746962a2d34165d\" tg-width=\"631\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p>\n<p><b>2、抱团龙头</b></p>\n<p><b>美股机构对龙头的追逐在过去20年中从未止步,2009年以来愈演愈烈。</b></p>\n<p><b>一是从持股机构数量来看,龙头的持股机构数量遥遥领先。</b>以流通市值前20%的美股代表龙头,流通市值后80%代表非龙头,持有龙头的机构数量中位数由20年前的230家增长至700余家,而持有非龙头的机构数量中位数水平目前仍仅为100家左右。</p>\n<p><img src=\"https://static.tigerbbs.com/64ecf7a7e2349448dba6d1f6c0b940cf\" tg-width=\"630\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p>\n<p><b>进一步按流通市值分组,龙头的机构持股数量占优。</b>将美股按流通市值分组,流通市值大于3000亿美元、2000-3000亿美元、1000-2000亿美元与500-1000亿美元之间的持股机构数量差距在过去10年中不断扩大,市值越大,持股机构越集中,机构“以大为美”的选股偏好进一步强化。</p>\n<p><img src=\"https://static.tigerbbs.com/f5a6e11d576e380f8feffb1b29ff6312\" tg-width=\"629\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p>\n<p><b>二是从机构持股占比来看,龙头的机构占比也明显更高。</b>自2009年以来龙头的机构持股占比的中位数基本维持在80%左右的高位,而非龙头机构占比维持在50%上下。</p>\n<p><img src=\"https://static.tigerbbs.com/4e80d15982b186534bdd9ef778b8de17\" tg-width=\"941\" tg-height=\"507\" referrerpolicy=\"no-referrer\"></p>\n<p><b>三是从机构重仓股与美股龙头重合度来看,重合度不断提升意味着机构持续向龙头集中。</b>机构持股市值前50、前100、前300与前500对全市场流通市值前50、前100、前300与前500的覆盖度近年来已基本维持在90%以上,而2000年前后这个比例仅有50%~60%,这说明美股绝大多数龙头已经纳入机构麾下。</p>\n<p><img src=\"https://static.tigerbbs.com/149d4e5ad282d9acc277e38e7248b2db\" tg-width=\"1053\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p>\n<p><b>四是从个股角度,以FAAMG为例,机构占比明显提升。</b>截至2020年四季度末,平均机构持股占比达74.4%,其中奈飞(NELX.US)、脸书(FB.US)、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>(GOOG.US)的机构持股占比居前,分别达82.92%、81.02%和79.09%,FAAMNG也均位于机构前20大重仓股之中。</p>\n<p><img src=\"https://static.tigerbbs.com/ea1d37b233ad0bf8645b2ec023463845\" tg-width=\"939\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/43ccb91f3f62d56400c485b446277006\" tg-width=\"954\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p>\n<p><b>3、抱团高ROE</b></p>\n<p>从重仓股看美股机构的选股偏好,相比于利润增速,美股机构更注重ROE。美股机构重仓股的ROE水平普遍较高,前50大重仓股的ROE高达26.1%,前100、前300、前500的ROE逐渐降低,但仍显著高于全部美股的ROE水平;而机构对于重仓股利润增速的偏好相对较低,利润增速中位数并非有序回落,机构更加注重长期增长的确定性。</p>\n<p><img src=\"https://static.tigerbbs.com/e2a3a72108936fce92bae58e63b6137e\" tg-width=\"484\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/84c8d7a87757a518ecb3e5489acc3aa8\" tg-width=\"491\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p><b>相应地,美股高ROE重仓股享有估值溢价。</b>从PE角度。美股机构前50大重仓股的PE中位数为30.0,明显高于全部美股的18.9,且随着持仓仓位的下降,PE估值也有序下降;PB角度亦是如此,前50大重仓股PB中位数为7.2,高于全部美股的2.40。</p>\n<p><img src=\"https://static.tigerbbs.com/3f976a3b264bec08c4dd66d4113b05c5\" tg-width=\"495\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/244115b8e2578412d71f989ccb1096c1\" tg-width=\"492\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p>\n<p>三、美股:抱团因何而起?</p>\n<p><b>科技与消费长期优质的基本面,是近十年机构坚守的重要驱动。</b>90年代以来,美国消费、医药、科技行业持续处于景气上行周期。在过去20年中,除受互联网泡沫破裂的影响外,信息技术、医疗保健、必选消费等行业的ROE水平基本处于20%至30%区间,展现出更强且更稳定的成长性与盈利能力,而金融、能源、公用事业等周期类行业的ROE中枢持续下移,且波动较大。</p>\n<p>在基本面与景气度上行的驱动下,科技和消费龙头也就成为了机构抱团的必然选择,且随着分化的加剧,机构对于科技和消费的抱团将更加集中和紧密。</p>\n<p><img src=\"https://static.tigerbbs.com/486eb5b75adb7953ea04c839a2ea1481\" tg-width=\"877\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/5d3a4816f427a342bcfa3447c50faff1\" tg-width=\"908\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p>\n<p><b>机构投资者长期抱团美股龙头实际上也是对盈利确定性和稳定性的持续追求。</b>中长期来看,美股机构化带来定价体系由估值主导向盈利主导变迁,机构投资者对龙头与非龙头的持股行为也呈现出较为明显的ROE驱动的特征,美股龙头与非龙头机构持股占比的分化水平与二者ROE分化水平之间的变动较为一致。</p>\n<p><img src=\"https://static.tigerbbs.com/209b820be1d65b382a032dec6af8b7bc\" tg-width=\"492\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/0f2eb7e47d333b78022904ca94d36abc\" tg-width=\"497\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p>\n<p><b>近40年美股龙头保持更高的ROE,提供更加长期的稳定回报,成为机构的抱团首选。</b>机构投资者在追求盈利确定性的过程中,增配ROE水平更高的美股龙头成为最“正确”的选择,对比美股机构前50、前100、前300重仓股的ROE中位数,呈现出越重仓的个股,ROE水平越高的特点,并在过去20年中基本维持有序,且大幅高于全市场中位数水平。</p>\n<p><img src=\"https://static.tigerbbs.com/18ed511615070db93a6ddaa46f1ca488\" tg-width=\"495\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/7025cbb927ac17d69a590ab8a5948c50\" tg-width=\"491\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p><b>除机构对确定性的追求外,近十年美国被动型基金大发展,也进一步强化了机构抱团龙头的效果。</b>美国ETF规模由1998年的不足200亿增长至2020年的5.4万亿美元,股票型ETF的规模达4.2万亿美元,占比近八成。以美国ETF三巨头——先锋、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、道富为例,三家在标普500成分股的总持股占比由1999年的5.9%上升至2020年的19.1%,机构资金持续向优质龙头集中。</p>\n<p><img src=\"https://static.tigerbbs.com/0baf5cccaa575806291441cc00f1afdb\" tg-width=\"493\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/7a39f7dc9a4c68ffa922d811b29a0c7a\" tg-width=\"493\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>四、总结</p>\n<p><b>1、美股机构抱团是常态,机构话语权不断增强,对机构重仓股长期维持超配。</b></p>\n<p><b>2、美股机构抱团也会阶段性向周期行业松动,但长期来看始终抱团消费与成长,尤其是2007年以来坚守信息技术与可选消费。</b></p>\n<p><b>3、机构对美股龙头的抱团追逐在过去二十年中从未止步,且近十年愈演愈烈,龙头的持股机构数量与持股占比均显著高于非龙头。4、相比于利润增速,美股机构更注重ROE,且重仓股享受估值溢价。</b></p>\n<p><b>5、对盈利确定性和稳定性的追求是美股抱团的根本驱动。科技和消费长期优质的基本面表现长期占优;近40年美股龙头保持更高的ROE,提供更加长期的稳定回报,成为机构的抱团首选。</b></p>\n<p><b>6、除此之外,美国被动型基金大发展,也进一步强化了机构抱团。</b></p>\n<p>风险提示</p>\n<p>1、机构持股数据来自FACTSET,第三方数据可能存在统计误差;2、历史数据统计与实际情况可能存在误差;3、对比研究方法存在局限性,结论或存在一定偏差。</p>","source":"ywhs","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>美股20年抱团史:拥抱消费与成长</title>\n<style 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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\">\n美股20年抱团史:拥抱消费与成长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-19 10:01 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/413352.html><strong>尧望后势</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>年初以来,A股市场呈现极致的大分化格局,机构抱团愈演愈烈,“抱团股”强势上涨,引发了市场畏高情绪升温。近期“抱团股”出现回调,投资者对于“龙头抱团过紧”,“抱团瓦解”的担忧开始加剧。那么抱团现象能持续多久?抱团是否会就此瓦解?抱团未来又将如何演绎?过去20年美股的经验给我们提供了借鉴。\n报告正文\n一、美股:机构抱团是常态\n美股机构抱团是常态,机构话语权不断增强。随着美股机构发展壮大,机构持股占比在...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/413352.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9de212cf1689a10f8b24bdb03a3a58a8","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.zhitongcaijing.com/content/detail/413352.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2112189211","content_text":"年初以来,A股市场呈现极致的大分化格局,机构抱团愈演愈烈,“抱团股”强势上涨,引发了市场畏高情绪升温。近期“抱团股”出现回调,投资者对于“龙头抱团过紧”,“抱团瓦解”的担忧开始加剧。那么抱团现象能持续多久?抱团是否会就此瓦解?抱团未来又将如何演绎?过去20年美股的经验给我们提供了借鉴。\n报告正文\n一、美股:机构抱团是常态\n美股机构抱团是常态,机构话语权不断增强。随着美股机构发展壮大,机构持股占比在过去20年中大幅增长,当前机构持股市值占全市场流通市值的比重也已高达70%,成为美股市场的主导力量。截至2020年,机构持股比例在80%以上的个股占33%,这一比例在1999年仅为2%;持股比例位于50~80%之间的个股占比25%,这一比例在1999年仅为10%。\n\n美股机构抱团不断加深,机构重仓股长期超配。若以机构持股占比高于80%的美股作为机构重仓股,在过去20年中,机构对美股重仓股的持仓由不足10%增加至近50%,且超配比例不断扩大,1999年超配5个点、2020年超配达到12个点。\n\n\n二、美股:机构抱团什么?\n1、抱团消费与成长\n美股机构投资者抱团消费与成长。美股机构投资者前100大重仓股集中在消费与成长,消费与成长风格的机构重仓股数量占比与持股市值占比始终高于50%,是机构投资者主要的抱团方向。\n抱团风格在过去二十年中并非稳定不变,2000年至2007年,机构阶段性加仓金融地产和周期,但自2007年至今,机构则重新增配消费与科技,且个股数量与市值占比大幅上升,目前消费与成长的市值占比已超八成。\n\n\n从具体行业看,2007年前机构抱团向能源与工业松动,而2007年以来坚守信息技术与可选消费。2000年至2007年,机构前100大重仓股中能源、工业、通信等行业增持幅度居前,分别达9.30%、1.96%和0.78%;而自2007年以来,信息技术、可选消费与医药行业重获大幅增持,增持比例分别达13.90%、11.19%和1.22%。\n\n\n2、抱团龙头\n美股机构对龙头的追逐在过去20年中从未止步,2009年以来愈演愈烈。\n一是从持股机构数量来看,龙头的持股机构数量遥遥领先。以流通市值前20%的美股代表龙头,流通市值后80%代表非龙头,持有龙头的机构数量中位数由20年前的230家增长至700余家,而持有非龙头的机构数量中位数水平目前仍仅为100家左右。\n\n进一步按流通市值分组,龙头的机构持股数量占优。将美股按流通市值分组,流通市值大于3000亿美元、2000-3000亿美元、1000-2000亿美元与500-1000亿美元之间的持股机构数量差距在过去10年中不断扩大,市值越大,持股机构越集中,机构“以大为美”的选股偏好进一步强化。\n\n二是从机构持股占比来看,龙头的机构占比也明显更高。自2009年以来龙头的机构持股占比的中位数基本维持在80%左右的高位,而非龙头机构占比维持在50%上下。\n\n三是从机构重仓股与美股龙头重合度来看,重合度不断提升意味着机构持续向龙头集中。机构持股市值前50、前100、前300与前500对全市场流通市值前50、前100、前300与前500的覆盖度近年来已基本维持在90%以上,而2000年前后这个比例仅有50%~60%,这说明美股绝大多数龙头已经纳入机构麾下。\n\n四是从个股角度,以FAAMG为例,机构占比明显提升。截至2020年四季度末,平均机构持股占比达74.4%,其中奈飞(NELX.US)、脸书(FB.US)、谷歌(GOOG.US)的机构持股占比居前,分别达82.92%、81.02%和79.09%,FAAMNG也均位于机构前20大重仓股之中。\n\n\n3、抱团高ROE\n从重仓股看美股机构的选股偏好,相比于利润增速,美股机构更注重ROE。美股机构重仓股的ROE水平普遍较高,前50大重仓股的ROE高达26.1%,前100、前300、前500的ROE逐渐降低,但仍显著高于全部美股的ROE水平;而机构对于重仓股利润增速的偏好相对较低,利润增速中位数并非有序回落,机构更加注重长期增长的确定性。\n\n\n相应地,美股高ROE重仓股享有估值溢价。从PE角度。美股机构前50大重仓股的PE中位数为30.0,明显高于全部美股的18.9,且随着持仓仓位的下降,PE估值也有序下降;PB角度亦是如此,前50大重仓股PB中位数为7.2,高于全部美股的2.40。\n\n\n三、美股:抱团因何而起?\n科技与消费长期优质的基本面,是近十年机构坚守的重要驱动。90年代以来,美国消费、医药、科技行业持续处于景气上行周期。在过去20年中,除受互联网泡沫破裂的影响外,信息技术、医疗保健、必选消费等行业的ROE水平基本处于20%至30%区间,展现出更强且更稳定的成长性与盈利能力,而金融、能源、公用事业等周期类行业的ROE中枢持续下移,且波动较大。\n在基本面与景气度上行的驱动下,科技和消费龙头也就成为了机构抱团的必然选择,且随着分化的加剧,机构对于科技和消费的抱团将更加集中和紧密。\n\n\n机构投资者长期抱团美股龙头实际上也是对盈利确定性和稳定性的持续追求。中长期来看,美股机构化带来定价体系由估值主导向盈利主导变迁,机构投资者对龙头与非龙头的持股行为也呈现出较为明显的ROE驱动的特征,美股龙头与非龙头机构持股占比的分化水平与二者ROE分化水平之间的变动较为一致。\n\n\n近40年美股龙头保持更高的ROE,提供更加长期的稳定回报,成为机构的抱团首选。机构投资者在追求盈利确定性的过程中,增配ROE水平更高的美股龙头成为最“正确”的选择,对比美股机构前50、前100、前300重仓股的ROE中位数,呈现出越重仓的个股,ROE水平越高的特点,并在过去20年中基本维持有序,且大幅高于全市场中位数水平。\n\n\n除机构对确定性的追求外,近十年美国被动型基金大发展,也进一步强化了机构抱团龙头的效果。美国ETF规模由1998年的不足200亿增长至2020年的5.4万亿美元,股票型ETF的规模达4.2万亿美元,占比近八成。以美国ETF三巨头——先锋、贝莱德、道富为例,三家在标普500成分股的总持股占比由1999年的5.9%上升至2020年的19.1%,机构资金持续向优质龙头集中。\n\n\n四、总结\n1、美股机构抱团是常态,机构话语权不断增强,对机构重仓股长期维持超配。\n2、美股机构抱团也会阶段性向周期行业松动,但长期来看始终抱团消费与成长,尤其是2007年以来坚守信息技术与可选消费。\n3、机构对美股龙头的抱团追逐在过去二十年中从未止步,且近十年愈演愈烈,龙头的持股机构数量与持股占比均显著高于非龙头。4、相比于利润增速,美股机构更注重ROE,且重仓股享受估值溢价。\n5、对盈利确定性和稳定性的追求是美股抱团的根本驱动。科技和消费长期优质的基本面表现长期占优;近40年美股龙头保持更高的ROE,提供更加长期的稳定回报,成为机构的抱团首选。\n6、除此之外,美国被动型基金大发展,也进一步强化了机构抱团。\n风险提示\n1、机构持股数据来自FACTSET,第三方数据可能存在统计误差;2、历史数据统计与实际情况可能存在误差;3、对比研究方法存在局限性,结论或存在一定偏差。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":381121545,"gmtCreate":1612947870687,"gmtModify":1703767260803,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"中国做文娱生意太难了,观众监管两头受堵","listText":"中国做文娱生意太难了,观众监管两头受堵","text":"中国做文娱生意太难了,观众监管两头受堵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381121545","repostId":"1128221540","repostType":2,"isVote":1,"tweetType":1,"viewCount":2135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":383078022,"gmtCreate":1612823078666,"gmtModify":1703765473948,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"野火烧不尽,春风吹又生","listText":"野火烧不尽,春风吹又生","text":"野火烧不尽,春风吹又生","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383078022","repostId":"389719120","repostType":1,"repost":{"id":389719120,"gmtCreate":1612798099260,"gmtModify":1703765258871,"a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href=\"https://laohu8.com/S/01024\">$快手-W(01024)$</a>几个意思?真有人在这个价格买入?","text":"$快手-W(01024)$几个意思?真有人在这个价格买入?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/389640260","isVote":1,"tweetType":1,"viewCount":4913,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3459897092782100","authorId":"3459897092782100","name":"windydada","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3459897092782100","authorIdStr":"3459897092782100"},"content":"感觉会涨到400,马上要纳入指数了,大量基金被动买入","text":"感觉会涨到400,马上要纳入指数了,大量基金被动买入","html":"感觉会涨到400,马上要纳入指数了,大量基金被动买入"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":389820789,"gmtCreate":1612752295541,"gmtModify":1703764608763,"author":{"id":"3551276051261213","authorId":"3551276051261213","name":"顾北哲","avatar":"https://static.tigerbbs.com/547dd0e81f53759d860ddd3a4b0ee70b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3551276051261213","authorIdStr":"3551276051261213"},"themes":[],"htmlText":"<a 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09:43","market":"hk","language":"zh","title":"热血式炒股亲历者:一夜爆赚1000万,醒来倒欠6000万","url":"https://stock-news.laohu8.com/highlight/detail?id=1184659292","media":"证券时报","summary":"全球投资者再一次见证历史。最近的美股市场,散户们通过使用期权和抱团,“热血式炒股”震动华尔街。28日美股交易时段,GME股价一度涨至483美元的历史新高,随后经历17次熔断,最终收跌超过40%。热门互联网券商们一度宣布限制相关“妖股”交易,并提高保证金要求。其他社群里也充斥着买入GME爆赚1000万港元,一觉醒来没平仓,却倒欠券商6000万港元的真实案例。","content":"<div>\n<p>全球投资者再一次见证历史。最近的美股市场,散户们通过使用期权和抱团,“热血式炒股”震动华尔街。他们将一只行将退市的股票GME(游戏驿站)从3美元一路拉到超过400美元,痛打对冲基金,引得多家美国投资机构发出警告。28日美股交易时段,GME股价一度涨至483美元的历史新高,随后经历17次熔断,最终收跌超过40%。热门互联网券商们一度宣布限制相关“妖股”交易,并提高保证金要求。这时,开不了股票仓位的...</p>\n\n<a href=\"https://news.windin.com/ns/findsnap.php?sourcetype=1&id=523011487&code=287E12A06280&show=wft&device=android&terminaltype=wft.m&version=20.9.1&lan=cn&share=wechat\">Web Link</a>\n\n</div>\n","source":"zqsbw","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\" 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href=https://news.windin.com/ns/findsnap.php?sourcetype=1&id=523011487&code=287E12A06280&show=wft&device=android&terminaltype=wft.m&version=20.9.1&lan=cn&share=wechat><strong>证券时报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>全球投资者再一次见证历史。最近的美股市场,散户们通过使用期权和抱团,“热血式炒股”震动华尔街。他们将一只行将退市的股票GME(游戏驿站)从3美元一路拉到超过400美元,痛打对冲基金,引得多家美国投资机构发出警告。28日美股交易时段,GME股价一度涨至483美元的历史新高,随后经历17次熔断,最终收跌超过40%。热门互联网券商们一度宣布限制相关“妖股”交易,并提高保证金要求。这时,开不了股票仓位的...</p>\n\n<a href=\"https://news.windin.com/ns/findsnap.php?sourcetype=1&id=523011487&code=287E12A06280&show=wft&device=android&terminaltype=wft.m&version=20.9.1&lan=cn&share=wechat\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8593d7bafc6da002b2ab4975d4711a90","relate_stocks":{},"source_url":"https://news.windin.com/ns/findsnap.php?sourcetype=1&id=523011487&code=287E12A06280&show=wft&device=android&terminaltype=wft.m&version=20.9.1&lan=cn&share=wechat","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184659292","content_text":"全球投资者再一次见证历史。最近的美股市场,散户们通过使用期权和抱团,“热血式炒股”震动华尔街。他们将一只行将退市的股票GME(游戏驿站)从3美元一路拉到超过400美元,痛打对冲基金,引得多家美国投资机构发出警告。28日美股交易时段,GME股价一度涨至483美元的历史新高,随后经历17次熔断,最终收跌超过40%。热门互联网券商们一度宣布限制相关“妖股”交易,并提高保证金要求。这时,开不了股票仓位的美股散户继续疯狂撒钱,更将“炮火”对准现货白银……证券时报记者发现,也有中国投资者参与这一史上罕见的散户抱团事件。在一个港股美股的打新群里,GME的话题刷屏,甚至有人用美股的模拟盘交易,轮番上演做多做空GME的账户秀。其他社群里也充斥着买入GME爆赚1000万港元,一觉醒来没平仓,却倒欠券商6000万港元的真实案例。虽然一些券商已恢复对GME等股票的交易,但散户们究竟怎么破局?华尔街机构又将如何反击?谁会取得所谓的“胜利”?对此,证券时报记者采访了几位亲身经历此次事件的美股投资者。在隔离酒店爆炒GME在美股散户抱团大战机构之时,散户集中地WallStreetsBets(WSB)论坛的一名用户发布一封公开信,斥责部分华尔街机构在2008年金融危机中给上百万普通民众制造莫大的苦难,却反而得到救助,如今又公然非法做空游戏驿站这样的股票,没有从危机中吸取丝毫教训。现在,散户就是在把握难得机会惩罚这些机构。在上海的隔离酒店中,一家香港投资公司的总经理俞于也参与了GME的交易,不过他并不是用机构的资金,而是纯个人参与。俞于告诉证券时报记者,在香港虽然有很多对冲基金,但行业里并没有那么疯狂。“这种机构很难参与,除非一早就买进去的,不然GME的估值根本过不了专业机构的风控,大资金买进去,怕风头过了,流动性都不够减仓。”俞于之所以会关注到GME,是因为自己平时就有做美股投资,所以在27日通过盈透证券350美元卖出,28日155美元实现平仓的,持仓一天实现了60%的收益。当时,他预判要支持GME股票持续上涨,需要一直有全球范围内的新闻曝光才能吸引更多资金进来,但这显然是不可持续的,长期股票价值还是要回归正常,所以决定花很小一点仓位做空。“本来我想持有一周以上,我预计要到周五才开始跌,周五有大量GME的期权到期,很多对冲基金就不需要再买入回补自己的空头仓位了。但28日晚跌得挺厉害,而后面的情况暂时无法预计,算了一下利润的情况下就平掉了。”他告诉记者。“我不认为散户会取得胜利”苏奇两年前从美国哥伦比亚大学毕业回国,现在任职深圳某大型投资机构。他对证券时报记者表示,他也使用了个人资金参与此次散户与机构的“大事件”,即使他并不认为散户最终会取得胜利。苏奇对游戏驿站公司做过分析,认为公司本身的经营属于正常水平,这类公司在美股市场上很常见,此前公司股价长期在10美元左右徘徊,但在股价涨到20美元后,就有投资机构开始做空公司股票,但也并没有脱离正常的投资范畴。他说,随着WallStreetsBets的意见领袖不断宣扬,以及更多个人投资者的加入,投资者情绪开始高涨,公司股价目前已被投资者情绪主导。不过,苏奇也认为,此次散户和机构之战,更深层次的原因是美国前总统特朗普在其任内对规则的挑战和对传统的蔑视,并且开始在资本市场产生影响。“个人投资者开始厌倦了由大型投资机构决定一家公司的价值和命运。在某个股票对投资机构进行阻击,即使不能完全改变市场的生态,也能让这部分投资者获得满足感。”苏奇还认为,美国大型科技股股价的大幅上涨,以及国内A股机构抱团的现象,都是由机构主导。不过,这些公司的价格并不能用传统估值模型来解释,更多的是机构利用资金优势在决定公司的股价。因此,此次散户大战机构是个人投资者“利用魔法打败魔法”。不仅华尔街的投资机构,国内的投资机构也应该反省,当前仅仅依靠资金的优势来决定公司的价值能否长期持续下去。摩根大通等投行指出,GME现象并非孤例,这些散户投资者可能进一步复制这一模式,让更多类似股票出现大幅波动。俞于也认为,类似现象肯定还会发生,在美国散户抱团快发展成为一项运动。“只要美国继续放水,类似的造富运动肯定还会继续发生,比如美股、比特币,甚至名牌包和手表、球鞋等有流量的资产其实过去一年的价格都涨了不少,加上互联网平台的传播,比如这次散户大本营的Discord和Reddit都是在美国年轻人里面很火的网站,更加剧了炒作的价值。交银国际董事总经理、研究部负责人洪灏日前也发微博表示,GME股价暴涨未必是投机的结果,其估值本就过低。暴涨前该公司账上有足够现金买下整个公司的市值,同时做空比例却占了股票数的一半。只要公司出任何盈利惊喜,就注定会出现轧空。摩根士丹利首席执行官James Gorman认为,散户抱团轧空是个“短期现象”,“不会持久”。给美股市场带来深刻影响大戏仍在继续,散户和机构都没有“服输”。在美国生活的新移民Kevin坦言,比起赚多少钱而言,他更多地将这次散户抱团事件称为带有“行为主义”色彩的美式运动,其背后也反映出美国社会的深层次矛盾。随着互联网传播加强,除了美股市场的GME、AMC,美股散户迅速转战新标的,周四直接推升了白银、币圈狗狗币等市场的价格,澳大利亚也有类似的抱团现象出现。事实上,美国资本市场中,机构占据绝对主导地位,散户在整个市场的占比仅约三四成,此次散户入市的资金来源和疫情息息相关。由于美国失业率节节攀升,美国中低收入民众收获不菲的现金补助。2020年4月,美国政府向每位民众发了1200美元补贴,12月,又表示要追加每人2000美元。随着拜登的上台,还颁布了1.9万亿美元的经济援助法案。“其实对于很多美国居民来说,政府的补贴是一笔意外之财,很多人都拿去投入股市,这次有号召力的那两个论坛里面的很多都是年轻人,他们在2008年金融危机发生的时候年纪还很小,可能也就是中学生,也会因此经历一些家庭的变故,比如失去房产、家庭负债、父母失业等等。”Kevin说,“现在这拨年轻人都长大了,二三十岁开始第一次进入股市,他们想要通过这种表达方式来对抗华尔街,在意见领袖的号召下,用抱团的行为向金融市场一些不公平的事情表达不满。”无论谁是谁非,此次散户与机构的大战或许会给美股市场带来更深层次的影响。美股分析师TOM告诉记者,由于散户买入巨量的看涨期权,被做空股票的价格大涨,做空股票的对冲基金在撑不到市场回归理性前被迫缴械投降,关闭空头头寸。同时,对冲基金不得不开始卖出其他股票持仓,或者期货对冲头寸,并减少整体敞口。市场数据显示,对冲基金正在以六年多来最快的速度削减股票敞口。根据高盛汇总的数据,基金经理在此前四天内,从市场撤出的资金总额达到2014年10月以来的最高水平。此外,危机之下大量机构资金疯狂买入美债避险。在他看来,这一切都是美股流动性危险的信号。(应受访投资者要求,文中所用名称均为化名。)","news_type":1},"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}