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2021-03-22

🤗

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2021-03-05

[得意]

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2021-03-04

[傲娇]

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2021-03-03

Wow!

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2021-03-02

Wow

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2021-03-01

[得意]

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2021-02-27

Oh no[白眼]

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2021-02-27

Nice[微笑]

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2021-02-25

Like like like[开心]

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2021-02-24

Can I have a like[得意]

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2021-02-23

Can I have a like & comment [得意]

‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote>

2021-02-22

Help to like & comment, thanks![开心]

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2021-02-21

Good😁 can I have a like & comment?

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2021-02-21

Good[得意]

2021-02-20

Can I have a like😁

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2021-02-19

💎🙌🏼

GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>

2021-02-18

Can i get a comment[龇牙]

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2021-02-18

Good ![得意]

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2021-02-17

Good!

Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote>

2021-02-16

Good!

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like like[开心]&nbsp;","listText":"Like like like[开心]&nbsp;","text":"Like like like[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/361157724","repostId":"1129467108","repostType":4,"isVote":1,"tweetType":1,"viewCount":2744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":363242242,"gmtCreate":1614146382286,"gmtModify":1634550984907,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can I have a like[得意]&nbsp;","listText":"Can I have a like[得意]&nbsp;","text":"Can I have a like[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363242242","repostId":"1186371880","repostType":4,"isVote":1,"tweetType":1,"viewCount":4611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":369583995,"gmtCreate":1614058677717,"gmtModify":1634551351386,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can I have a like &amp; comment [得意]&nbsp;","listText":"Can I have a like &amp; comment [得意]&nbsp;","text":"Can I have a like & comment [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369583995","repostId":"1175924985","repostType":4,"repost":{"id":"1175924985","kind":"news","pubTimestamp":1614058173,"share":"https://www.laohu8.com/m/news/1175924985?lang=zh_CN&edition=full","pubTime":"2021-02-23 13:29","market":"us","language":"en","title":"‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175924985","media":"MarketWatch","summary":"Berkshire Hathaway’s trailing 15-year return is now below the S&P 500\nShould investors continue to g","content":"<p>Berkshire Hathaway’s trailing 15-year return is now below the S&amp;P 500</p><p><blockquote>Berkshire Hathaway过去15年的回报率目前低于标普500</blockquote></p><p> Should investors continue to give Warren Buffett the benefit of the doubt?</p><p><blockquote>投资者应该继续相信沃伦·巴菲特吗？</blockquote></p><p> That is the big question for Berkshire Hathaway&nbsp;shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.</p><p><blockquote>对于伯克希尔哈撒韦公司股东来说，这是一个大问题，因为他们预计巴菲特将于2月27日发布致公司股东的年度信。伯克希尔的年度股东大会通常在内布拉斯加州奥马哈举行。但今年将是巴菲特解决这个问题的又一次机会。股东大会定于5月1日举行。</blockquote></p><p> This question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&amp;P 500&nbsp;by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&amp;P 500 by even more in 2019 (20 percentage points), and is now behind the S&amp;P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.</p><p><blockquote>如果2020年——伯克希尔股价落后标普500 16个百分点——只是一个异常，这个问题就不会那么紧迫。但事实并非如此。该股在2019年落后于标普500更多（20个百分点），目前在过去5年、10年和15年期间落后于标普500。这些期限足够长，至少可以满足许多投资者对长期的定义。</blockquote></p><p> I have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.</p><p><blockquote>我不知道巴菲特是否会在信中或在公司年会上谈到伯克希尔股票落后于市场的表现。我向该公司提出的置评请求没有得到答复。但如果他不解决这个问题，我会感到惊讶，在本专栏的其余部分，我想提供一些背景信息，帮助我们理解他可能要说的话的意义。</blockquote></p><p> <b>Will Buffett double down on his bearish stock market outlook?</b></p><p><blockquote><b>巴菲特会加倍看跌股市前景吗？</b></blockquote></p><p> Pay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.</p><p><blockquote>密切关注巴菲特是否会加倍押注他近年来对待股市的看跌姿态。伯克希尔股票的表现落后很大程度上是因为这种看跌情绪。例如，去年第三季度初，该公司坐拥巨额现金——事实上为1,470亿美元。</blockquote></p><p> Given the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&amp;P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&amp;P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&amp;P 500 by a cumulative 15 percentage points.</p><p><blockquote>鉴于伯克希尔的保守姿态，在过去15年里，伯克希尔的股票不需要整体市场大幅下跌就能再次领先于标普500。事实上，我计算出，标普500的表现至少比公司股票差3%，这在熊市中很可能发生。例如，在2007-2009年伴随大金融危机的熊市期间，伯克希尔股价累计跑赢标普500 15个百分点。</blockquote></p><p> My guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”</p><p><blockquote>我的猜测是，巴菲特确实会加倍看跌。考虑一下股市总市值与美国GDP的比率——所谓的巴菲特指标——所讲述的故事。二十年前，巴菲特表示，该比率“可能是衡量任何特定时刻估值水平的最佳单一指标”，因此得名。</blockquote></p><p> This ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.</p><p><blockquote>这一比率现在比美国市场历史上的任何其他时期都要高（因此更加看跌），甚至高于20世纪90年代末互联网泡沫顶部的水平——如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/588c144cbfb44b59031247a976215db3\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> <b>How big of a role has luck played?</b></p><p><blockquote><b>运气起了多大的作用？</b></blockquote></p><p> Another big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&amp;P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.</p><p><blockquote>当你决定是否继续相信巴菲特时，另一个大问题是：仅仅是运气不好就能解释伯克希尔落后于市场的回报吗？这是一个特别重要的问题，因为即使考虑到过去15年，该股的长期记录也非常出色。自1965年以来，伯克希尔股票在股息调整后的年化收益率为20.1%至10.2%，优于标普500。据我所知，在这56年的时间里，没有其他在世的投资者能比得上巴菲特。</blockquote></p><p> To calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&amp;P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?</p><p><blockquote>为了计算运气在业绩中可能扮演的角色，我进行了下面的蒙特卡罗模拟：如果在接下来的15个日历年中，巴菲特的阿尔法（相对于标普500的回报率）都是从巴菲特过去56年的实际阿尔法中随机挑选出来的，会怎么样？如果这个实验运行10,000次会怎么样？</blockquote></p><p> To put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.</p><p><blockquote>为了正确看待我的发现，请考虑一下伯克希尔哈撒韦公司实际上在过去15年中有5年的阿尔法值为负。在我24.4%的模拟中，该公司的股票至少在那么多年里都有负阿尔法。四分之一的几率表明，该公司股票实际阿尔法值为负的年份并没有什么特别不寻常的。</blockquote></p><p> To be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.</p><p><blockquote>可以肯定的是，在我的模拟中，伯克希尔哈撒韦公司在整个15年期间出现负阿尔法的可能性较小。但它仍然发生了——2%的时间。因此，巴菲特过去15年的负阿尔法可能只不过是运气不好。</blockquote></p><p> My vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.</p><p><blockquote>我的投票是继续假定巴菲特是无辜的。今年没有理由比往年更少关注他的股东信。</blockquote></p><p></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>‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-23 13:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s trailing 15-year return is now below the S&amp;P 500</p><p><blockquote>Berkshire Hathaway过去15年的回报率目前低于标普500</blockquote></p><p> Should investors continue to give Warren Buffett the benefit of the doubt?</p><p><blockquote>投资者应该继续相信沃伦·巴菲特吗？</blockquote></p><p> That is the big question for Berkshire Hathaway&nbsp;shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.</p><p><blockquote>对于伯克希尔哈撒韦公司股东来说，这是一个大问题，因为他们预计巴菲特将于2月27日发布致公司股东的年度信。伯克希尔的年度股东大会通常在内布拉斯加州奥马哈举行。但今年将是巴菲特解决这个问题的又一次机会。股东大会定于5月1日举行。</blockquote></p><p> This question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&amp;P 500&nbsp;by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&amp;P 500 by even more in 2019 (20 percentage points), and is now behind the S&amp;P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.</p><p><blockquote>如果2020年——伯克希尔股价落后标普500 16个百分点——只是一个异常，这个问题就不会那么紧迫。但事实并非如此。该股在2019年落后于标普500更多（20个百分点），目前在过去5年、10年和15年期间落后于标普500。这些期限足够长，至少可以满足许多投资者对长期的定义。</blockquote></p><p> I have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.</p><p><blockquote>我不知道巴菲特是否会在信中或在公司年会上谈到伯克希尔股票落后于市场的表现。我向该公司提出的置评请求没有得到答复。但如果他不解决这个问题，我会感到惊讶，在本专栏的其余部分，我想提供一些背景信息，帮助我们理解他可能要说的话的意义。</blockquote></p><p> <b>Will Buffett double down on his bearish stock market outlook?</b></p><p><blockquote><b>巴菲特会加倍看跌股市前景吗？</b></blockquote></p><p> Pay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.</p><p><blockquote>密切关注巴菲特是否会加倍押注他近年来对待股市的看跌姿态。伯克希尔股票的表现落后很大程度上是因为这种看跌情绪。例如，去年第三季度初，该公司坐拥巨额现金——事实上为1,470亿美元。</blockquote></p><p> Given the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&amp;P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&amp;P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&amp;P 500 by a cumulative 15 percentage points.</p><p><blockquote>鉴于伯克希尔的保守姿态，在过去15年里，伯克希尔的股票不需要整体市场大幅下跌就能再次领先于标普500。事实上，我计算出，标普500的表现至少比公司股票差3%，这在熊市中很可能发生。例如，在2007-2009年伴随大金融危机的熊市期间，伯克希尔股价累计跑赢标普500 15个百分点。</blockquote></p><p> My guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”</p><p><blockquote>我的猜测是，巴菲特确实会加倍看跌。考虑一下股市总市值与美国GDP的比率——所谓的巴菲特指标——所讲述的故事。二十年前，巴菲特表示，该比率“可能是衡量任何特定时刻估值水平的最佳单一指标”，因此得名。</blockquote></p><p> This ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.</p><p><blockquote>这一比率现在比美国市场历史上的任何其他时期都要高（因此更加看跌），甚至高于20世纪90年代末互联网泡沫顶部的水平——如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/588c144cbfb44b59031247a976215db3\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> <b>How big of a role has luck played?</b></p><p><blockquote><b>运气起了多大的作用？</b></blockquote></p><p> Another big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&amp;P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.</p><p><blockquote>当你决定是否继续相信巴菲特时，另一个大问题是：仅仅是运气不好就能解释伯克希尔落后于市场的回报吗？这是一个特别重要的问题，因为即使考虑到过去15年，该股的长期记录也非常出色。自1965年以来，伯克希尔股票在股息调整后的年化收益率为20.1%至10.2%，优于标普500。据我所知，在这56年的时间里，没有其他在世的投资者能比得上巴菲特。</blockquote></p><p> To calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&amp;P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?</p><p><blockquote>为了计算运气在业绩中可能扮演的角色，我进行了下面的蒙特卡罗模拟：如果在接下来的15个日历年中，巴菲特的阿尔法（相对于标普500的回报率）都是从巴菲特过去56年的实际阿尔法中随机挑选出来的，会怎么样？如果这个实验运行10,000次会怎么样？</blockquote></p><p> To put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.</p><p><blockquote>为了正确看待我的发现，请考虑一下伯克希尔哈撒韦公司实际上在过去15年中有5年的阿尔法值为负。在我24.4%的模拟中，该公司的股票至少在那么多年里都有负阿尔法。四分之一的几率表明，该公司股票实际阿尔法值为负的年份并没有什么特别不寻常的。</blockquote></p><p> To be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.</p><p><blockquote>可以肯定的是，在我的模拟中，伯克希尔哈撒韦公司在整个15年期间出现负阿尔法的可能性较小。但它仍然发生了——2%的时间。因此，巴菲特过去15年的负阿尔法可能只不过是运气不好。</blockquote></p><p> My vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.</p><p><blockquote>我的投票是继续假定巴菲特是无辜的。今年没有理由比往年更少关注他的股东信。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buffett-indicator-is-alarmingly-bearish-and-this-years-berkshire-shareholder-letter-could-reveal-why-11613780296?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/buffett-indicator-is-alarmingly-bearish-and-this-years-berkshire-shareholder-letter-could-reveal-why-11613780296?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1175924985","content_text":"Berkshire Hathaway’s trailing 15-year return is now below the S&P 500\nShould investors continue to give Warren Buffett the benefit of the doubt?\nThat is the big question for Berkshire Hathaway shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.\nThis question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&P 500 by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&P 500 by even more in 2019 (20 percentage points), and is now behind the S&P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.\nI have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.\nWill Buffett double down on his bearish stock market outlook?\nPay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.\nGiven the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&P 500 by a cumulative 15 percentage points.\nMy guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”\nThis ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.\n\nHow big of a role has luck played?\nAnother big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.\nTo calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?\nTo put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.\nTo be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.\nMy vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360550726,"gmtCreate":1613958684265,"gmtModify":1634551773668,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Help to like &amp; comment, thanks![开心]&nbsp;","listText":"Help to like &amp; comment, thanks![开心]&nbsp;","text":"Help to like & comment, thanks![开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360550726","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360849722,"gmtCreate":1613890699266,"gmtModify":1634551935095,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good😁 can I have a like &amp; comment?","listText":"Good😁 can I have a like &amp; comment?","text":"Good😁 can I have a like & comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360849722","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360849590,"gmtCreate":1613890672110,"gmtModify":1634551935340,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good[得意]&nbsp;","listText":"Good[得意]&nbsp;","text":"Good[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360849590","isVote":1,"tweetType":1,"viewCount":1347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360360506,"gmtCreate":1613833696105,"gmtModify":1634552076158,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can I have a like😁","listText":"Can I have a like😁","text":"Can I have a like😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360360506","repostId":"1100960455","repostType":4,"isVote":1,"tweetType":1,"viewCount":882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387921519,"gmtCreate":1613711670831,"gmtModify":1634552542852,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"💎🙌🏼","listText":"💎🙌🏼","text":"💎🙌🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387921519","repostId":"1103921295","repostType":4,"repost":{"id":"1103921295","kind":"news","pubTimestamp":1613706165,"share":"https://www.laohu8.com/m/news/1103921295?lang=zh_CN&edition=full","pubTime":"2021-02-19 11:42","market":"us","language":"en","title":"GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103921295","media":"Marketwatch","summary":"Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressiona","content":"<p>  <b>Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.</b>  YOLO? Maybe not quite so.</p><p><blockquote><b>Robinhood首席执行官Vlad Tenev在关于游戏驿站兴衰的国会听证会上讨论了平均账户规模和用户人口统计数据。</b>约洛？也许不完全是这样。</blockquote></p><p> During the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.</p><p><blockquote>在游戏驿站交易狂潮期间，一些观察人士担心，许多在Reddit的WallStreetBets等网站上聚集在一起的新手散户投资者会下大赌注——用论坛的俚语来说就是所谓的“YOLO交易”——最终输得很惨。</blockquote></p><p> No doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.</p><p><blockquote>盈透证券集团创始人兼董事长托马斯·彼得菲表示，毫无疑问，这是一个震惊股市的严重事件，使其“危险地接近”崩溃。</blockquote></p><p> But at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.</p><p><blockquote>但在周四举行的备受关注的关于游戏驿站股票和其他所谓“模因股票”涨跌的国会听证会上，交易风暴中的一位关键人物的声明显示，年轻投资者通常不会下大赌注以获得快速收益。</blockquote></p><p> “Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.</p><p><blockquote>Robinhood首席执行官弗拉德·特涅夫(Vlad Tenev)表示：“与一些极具误导性和高度不知情的报道相反，我们看到证据表明我们的大多数客户都在进行长期投资。”Robinhood是一个受欢迎的交易平台，因暂时限制GameStopGME的交易而引起了大规模关注，-11.43%，AMC EntertainmentAMC，-0.72%和其他几家公司。随着听证会的继续，他在议员的提问下重复了这一点。</blockquote></p><p> “What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.</p><p><blockquote>特涅夫在听证会前提交的准备好的证词中写道：“我们所看到的通常与流行的模因不一致，这些模因表明我们的大多数经纪客户都是不成熟的日内交易者，在复杂的金融产品上投入大量资金承担了过度的风险。”他的公司鼓励在一个拥有1300万用户的平台上进行鲁莽交易的想法。</blockquote></p><p> Just 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.</p><p><blockquote>他说，只有2%的Robinhood用户符合“模式日内交易者”的资格，他们在五个工作日内进行了四笔或更多交易。13%的人交易基本期权合约，这可能比直接买入或卖出风险更高，回报更高。</blockquote></p><p> In the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.</p><p><blockquote>面对一些尖锐的问题，他还坚称Robinhood并没有试图将用户体验变成游戏。“我们知道投资是严肃的，这就是为什么我们的大多数客户都是买入并持有，”他说。</blockquote></p><p> (Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)</p><p><blockquote>（在游戏驿站事件发生之前，马萨诸塞州监管机构对Robinhood提起诉讼，指控其让交易看起来太有趣，直到发生损失。该公司此前表示对这一指控提出异议。）</blockquote></p><p> Tenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.</p><p><blockquote>特涅夫和立法者就罗宾汉在游戏驿站传奇中应该做什么和不应该做什么进行了争论。游戏驿站股价一度交易到483美元的高点。截至周四收盘，游戏驿站股价为40.69美元。</blockquote></p><p> But either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.</p><p><blockquote>但不管怎样，特涅夫的证词让我们有趣地了解了谁是最新的散户投资者以及他们向市场投入了多少资金。毕竟，在游戏驿站大戏开始之前，散户投资者就已经越来越多地进入股市。</blockquote></p><p> Fifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.</p><p><blockquote>根据aGallup去年的调查，55%的美国人直接拥有股票，而18至29岁的人中有32%表示他们拥有股票。</blockquote></p><p> The median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.</p><p><blockquote>Robinhood投资者的平均年龄为31岁，一半的用户表示他们是首次投资者。根据Tenev的声明，账户规模中位数约为240美元，平均账户规模约为5,000美元。</blockquote></p><p> The fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”</p><p><blockquote>13%的Robinhood用户正在交易期权，这一事实让一些倡导者犹豫了。美国消费者联合会投资者保护主任芭芭拉·罗珀(Barbara Roper)表示，“考虑到Robinhood客户群的特征（不成比例的年轻、账户较小的首次投资者），我们发现这一比例相当高。”</blockquote></p><p> Robinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.</p><p><blockquote>根据特涅夫的证词，Robinhood投资者的种族也往往更加多元化。根据Tenev的声明，9%的用户是黑人，而其他公司的这一比例为3%；16%是西班牙裔，而其他公司的这一比例为7%。</blockquote></p><p> “Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.</p><p><blockquote>卡托研究所金融监管研究主任詹妮弗·舒尔普(Jennifer Schulp)表示：“构成这一新浪潮的散户投资者有所不同。”</blockquote></p><p> Retail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”</p><p><blockquote>舒尔普说，散户投资者在华尔街被戏称为“傻钱”。“我认为这是一种侮辱。我认为这个词需要被抛弃。我认为游戏驿站的情况证明散户投资者正在彻底改变市场……我认为这里的散户投资者正在边做边学，这是最好的学习方式之一。”</blockquote></p><p> She pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.</p><p><blockquote>她指出，FINRA投资者教育基金会本月早些时候发布的研究深入研究了新散户投资者的人口统计数据和账户余额。</blockquote></p><p> One-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.</p><p><blockquote>2020年首次开设应税投资账户的新投资者中有三分之一表示，他们的账户余额低于500美元，而经验丰富的投资者这一比例为16%。23%的新投资者的账户余额高达2,000美元。20%有经验的投资者的账户余额高达2,000美元。</blockquote></p><p></p><p> The survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.</p><p><blockquote>调查发现，新投资者的种族更加多元化，17%的新投资者是黑人。调查显示，有经验的投资者中有7%是黑人。</blockquote></p><p> As the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.</p><p><blockquote>随着听证会的继续，一些议员质疑是否需要设置更多护栏，而另一些议员则表示，议员不应该屈尊于散户投资者，并认为他们最了解。</blockquote></p><p> “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”</p><p><blockquote>众议院金融服务委员会主席、众议员玛克辛·沃特斯表示：“许多美国人认为这个体系对他们不利，无论如何，华尔街总是获胜。”“在这种情况下，许多散户投资者似乎是出于在华尔街自己的游戏中击败华尔街的愿望，考虑到许多散户投资者因系统波动而遭受的损失，许多人认为该系统是针对他们的操纵行为得到了加强。”</blockquote></p><p> The GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.</p><p><blockquote>该委员会资深共和党众议员Patrick McHenry表示，游戏驿站事件是一个“根本性的变化”。社交媒体和投资者唾手可得的大量新信息推动了交易的激增。</blockquote></p><p> “I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”</p><p><blockquote>麦克亨利说：“我认为，如果说我们从过去几周中学到了什么的话，那就是这些普通的日常投资者非常老练。”“群众有智慧。”</blockquote></p><p> The government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”</p><p><blockquote>他说，政府需要让普通投资者更容易买入市场。“与其通过新法规、新形式的税收或所谓的保护措施将美国公众拒之门外，不如利用这个机会站在他们一边。”</blockquote></p><p> One of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.</p><p><blockquote>目击者之一是基思·吉尔(Keith Gill)，他是一位34岁的独立投资者，拥有“咆哮的小猫”等在线账号，他将自己在游戏驿站的投资变成了数百万美元。他告诉国会，他所有的投资决策都是根据公开信息做出的。</blockquote></p><p> “I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”</p><p><blockquote>吉尔说：“我是第一个承认投资股票和期权风险极高的人，人们在投资前进行彻底的研究非常重要。”“人们应该能够自由表达他们对股票的看法，并且他们应该能够根据这些观点购买或不购买股票。”</blockquote></p><p> GameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average&nbsp;is up nearly 3% and the S&amp;P 500&nbsp;is up more than 4% in 2021.</p><p><blockquote>游戏驿站股价今年迄今已上涨近116%。2021年，道琼斯工业平均指数上涨近3%，标普500上涨超过4%。</blockquote></p><p></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>GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.</b>  YOLO? Maybe not quite so.</p><p><blockquote><b>Robinhood首席执行官Vlad Tenev在关于游戏驿站兴衰的国会听证会上讨论了平均账户规模和用户人口统计数据。</b>约洛？也许不完全是这样。</blockquote></p><p> During the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.</p><p><blockquote>在游戏驿站交易狂潮期间，一些观察人士担心，许多在Reddit的WallStreetBets等网站上聚集在一起的新手散户投资者会下大赌注——用论坛的俚语来说就是所谓的“YOLO交易”——最终输得很惨。</blockquote></p><p> No doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.</p><p><blockquote>盈透证券集团创始人兼董事长托马斯·彼得菲表示，毫无疑问，这是一个震惊股市的严重事件，使其“危险地接近”崩溃。</blockquote></p><p> But at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.</p><p><blockquote>但在周四举行的备受关注的关于游戏驿站股票和其他所谓“模因股票”涨跌的国会听证会上，交易风暴中的一位关键人物的声明显示，年轻投资者通常不会下大赌注以获得快速收益。</blockquote></p><p> “Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.</p><p><blockquote>Robinhood首席执行官弗拉德·特涅夫(Vlad Tenev)表示：“与一些极具误导性和高度不知情的报道相反，我们看到证据表明我们的大多数客户都在进行长期投资。”Robinhood是一个受欢迎的交易平台，因暂时限制GameStopGME的交易而引起了大规模关注，-11.43%，AMC EntertainmentAMC，-0.72%和其他几家公司。随着听证会的继续，他在议员的提问下重复了这一点。</blockquote></p><p> “What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.</p><p><blockquote>特涅夫在听证会前提交的准备好的证词中写道：“我们所看到的通常与流行的模因不一致，这些模因表明我们的大多数经纪客户都是不成熟的日内交易者，在复杂的金融产品上投入大量资金承担了过度的风险。”他的公司鼓励在一个拥有1300万用户的平台上进行鲁莽交易的想法。</blockquote></p><p> Just 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.</p><p><blockquote>他说，只有2%的Robinhood用户符合“模式日内交易者”的资格，他们在五个工作日内进行了四笔或更多交易。13%的人交易基本期权合约，这可能比直接买入或卖出风险更高，回报更高。</blockquote></p><p> In the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.</p><p><blockquote>面对一些尖锐的问题，他还坚称Robinhood并没有试图将用户体验变成游戏。“我们知道投资是严肃的，这就是为什么我们的大多数客户都是买入并持有，”他说。</blockquote></p><p> (Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)</p><p><blockquote>（在游戏驿站事件发生之前，马萨诸塞州监管机构对Robinhood提起诉讼，指控其让交易看起来太有趣，直到发生损失。该公司此前表示对这一指控提出异议。）</blockquote></p><p> Tenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.</p><p><blockquote>特涅夫和立法者就罗宾汉在游戏驿站传奇中应该做什么和不应该做什么进行了争论。游戏驿站股价一度交易到483美元的高点。截至周四收盘，游戏驿站股价为40.69美元。</blockquote></p><p> But either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.</p><p><blockquote>但不管怎样，特涅夫的证词让我们有趣地了解了谁是最新的散户投资者以及他们向市场投入了多少资金。毕竟，在游戏驿站大戏开始之前，散户投资者就已经越来越多地进入股市。</blockquote></p><p> Fifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.</p><p><blockquote>根据aGallup去年的调查，55%的美国人直接拥有股票，而18至29岁的人中有32%表示他们拥有股票。</blockquote></p><p> The median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.</p><p><blockquote>Robinhood投资者的平均年龄为31岁，一半的用户表示他们是首次投资者。根据Tenev的声明，账户规模中位数约为240美元，平均账户规模约为5,000美元。</blockquote></p><p> The fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”</p><p><blockquote>13%的Robinhood用户正在交易期权，这一事实让一些倡导者犹豫了。美国消费者联合会投资者保护主任芭芭拉·罗珀(Barbara Roper)表示，“考虑到Robinhood客户群的特征（不成比例的年轻、账户较小的首次投资者），我们发现这一比例相当高。”</blockquote></p><p> Robinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.</p><p><blockquote>根据特涅夫的证词，Robinhood投资者的种族也往往更加多元化。根据Tenev的声明，9%的用户是黑人，而其他公司的这一比例为3%；16%是西班牙裔，而其他公司的这一比例为7%。</blockquote></p><p> “Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.</p><p><blockquote>卡托研究所金融监管研究主任詹妮弗·舒尔普(Jennifer Schulp)表示：“构成这一新浪潮的散户投资者有所不同。”</blockquote></p><p> Retail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”</p><p><blockquote>舒尔普说，散户投资者在华尔街被戏称为“傻钱”。“我认为这是一种侮辱。我认为这个词需要被抛弃。我认为游戏驿站的情况证明散户投资者正在彻底改变市场……我认为这里的散户投资者正在边做边学，这是最好的学习方式之一。”</blockquote></p><p> She pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.</p><p><blockquote>她指出，FINRA投资者教育基金会本月早些时候发布的研究深入研究了新散户投资者的人口统计数据和账户余额。</blockquote></p><p> One-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.</p><p><blockquote>2020年首次开设应税投资账户的新投资者中有三分之一表示，他们的账户余额低于500美元，而经验丰富的投资者这一比例为16%。23%的新投资者的账户余额高达2,000美元。20%有经验的投资者的账户余额高达2,000美元。</blockquote></p><p></p><p> The survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.</p><p><blockquote>调查发现，新投资者的种族更加多元化，17%的新投资者是黑人。调查显示，有经验的投资者中有7%是黑人。</blockquote></p><p> As the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.</p><p><blockquote>随着听证会的继续，一些议员质疑是否需要设置更多护栏，而另一些议员则表示，议员不应该屈尊于散户投资者，并认为他们最了解。</blockquote></p><p> “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”</p><p><blockquote>众议院金融服务委员会主席、众议员玛克辛·沃特斯表示：“许多美国人认为这个体系对他们不利，无论如何，华尔街总是获胜。”“在这种情况下，许多散户投资者似乎是出于在华尔街自己的游戏中击败华尔街的愿望，考虑到许多散户投资者因系统波动而遭受的损失，许多人认为该系统是针对他们的操纵行为得到了加强。”</blockquote></p><p> The GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.</p><p><blockquote>该委员会资深共和党众议员Patrick McHenry表示，游戏驿站事件是一个“根本性的变化”。社交媒体和投资者唾手可得的大量新信息推动了交易的激增。</blockquote></p><p> “I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”</p><p><blockquote>麦克亨利说：“我认为，如果说我们从过去几周中学到了什么的话，那就是这些普通的日常投资者非常老练。”“群众有智慧。”</blockquote></p><p> The government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”</p><p><blockquote>他说，政府需要让普通投资者更容易买入市场。“与其通过新法规、新形式的税收或所谓的保护措施将美国公众拒之门外，不如利用这个机会站在他们一边。”</blockquote></p><p> One of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.</p><p><blockquote>目击者之一是基思·吉尔(Keith Gill)，他是一位34岁的独立投资者，拥有“咆哮的小猫”等在线账号，他将自己在游戏驿站的投资变成了数百万美元。他告诉国会，他所有的投资决策都是根据公开信息做出的。</blockquote></p><p> “I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”</p><p><blockquote>吉尔说：“我是第一个承认投资股票和期权风险极高的人，人们在投资前进行彻底的研究非常重要。”“人们应该能够自由表达他们对股票的看法，并且他们应该能够根据这些观点购买或不购买股票。”</blockquote></p><p> GameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average&nbsp;is up nearly 3% and the S&amp;P 500&nbsp;is up more than 4% in 2021.</p><p><blockquote>游戏驿站股价今年迄今已上涨近116%。2021年，道琼斯工业平均指数上涨近3%，标普500上涨超过4%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/gamestop-hearing-challenges-assumptions-about-rookie-investors-retail-investors-making-up-this-new-surge-are-different-11613680041?mod=home-page\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/gamestop-hearing-challenges-assumptions-about-rookie-investors-retail-investors-making-up-this-new-surge-are-different-11613680041?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1103921295","content_text":"Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.\n\nYOLO? Maybe not quite so.\nDuring the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.\nNo doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.\nBut at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.\n“Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.\n“What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.\nJust 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.\nIn the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.\n(Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)\nTenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.\nBut either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.\nFifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.\nThe median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.\nThe fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”\nRobinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.\n“Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.\nRetail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”\nShe pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.\nOne-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.\nThe survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.\nAs the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.\n“Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”\nThe GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.\n“I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”\nThe government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”\nOne of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.\n“I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”\nGameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average is up nearly 3% and the S&P 500 is up more than 4% in 2021.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384144665,"gmtCreate":1613632004957,"gmtModify":1634552864716,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can i get a comment[龇牙]&nbsp;","listText":"Can i get a comment[龇牙]&nbsp;","text":"Can i get a comment[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/384144665","repostId":"1187263688","repostType":4,"isVote":1,"tweetType":1,"viewCount":1043,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":384964734,"gmtCreate":1613607994828,"gmtModify":1634552982065,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good ![得意]&nbsp;","listText":"Good ![得意]&nbsp;","text":"Good ![得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384964734","repostId":"2112831524","repostType":4,"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":385651168,"gmtCreate":1613547521154,"gmtModify":1634553213088,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385651168","repostId":"2112074833","repostType":4,"repost":{"id":"2112074833","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1613547086,"share":"https://www.laohu8.com/m/news/2112074833?lang=zh_CN&edition=full","pubTime":"2021-02-17 15:31","market":"us","language":"en","title":"Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2112074833","media":"Benzinga","summary":"Tesla Inc made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The ","content":"<p><b>Tesla Inc</b>&nbsp;made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.</p><p><blockquote><b>特斯拉公司</b>本月早些时候，该公司宣布斥资15亿美元收购比特币，引起了轩然大波。此举推高了加密货币，也为这家电动汽车制造商带来了一些可观的利润。</blockquote></p><p> <b>What Happened:</b>Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.</p><p><blockquote><b>发生了什么：</b>比特币周二首次触及50,000美元，延续了2021年的涨势，由于采用率的增加和上市公司对未来的押注，比特币走高。</blockquote></p><p> Tesla&nbsp;purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.</p><p><blockquote>特斯拉在1月份购买了15亿美元的比特币，尽管该公司尚未透露其持有多少比特币的平均购买价格。</blockquote></p><p> <b>Gains From Bitcoin:</b>In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.</p><p><blockquote><b>比特币收益：</b>1月份，比特币的交易价格在29,333美元至37,020美元之间。15亿美元的收购可能会让特斯拉获得37,020至51,137辆比特币。平均人数为44,079名比特币。</blockquote></p><p> Based on these scenarios, the value of Tesla’s Bitcoin is worth the following with the&nbsp;current Bitcoin price&nbsp;of $48,450.</p><p><blockquote>根据这些情况，特斯拉比特币的价值如下，目前比特币价格为48,450美元。</blockquote></p><p> <ul>  <li>51,137 Bitcoin: $2.48 billion, profit of $0.98 billion</li>  <li>44,079 Bitcoin: $2.14 billion, profit of $0.64 billion</li>  <li>37,020 Bitcoin: $1.79 billion, profit of $0.29 billion</li> </ul> <b>Why It’s Important:</b>Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.</p><p><blockquote><ul><li>51,137比特币：24.8亿美元，利润9.8亿美元</li><li>44,079比特币：21.4亿美元，利润6.4亿美元</li><li>37,020比特币：17.9亿美元，利润2.9亿美元</li></ul><b>为什么它很重要：</b>特斯拉对比特币的收购为一些人创造了对加密货币的认可，并被视为其他上市公司也采取类似举措的垫脚石。收购比特币的收益也值得注意，因为它可能超过特斯拉在2020财年从其整个业务中获得的收益。</blockquote></p><p> Tesla&nbsp;reported&nbsp;its first profitable year&nbsp;in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla&nbsp;reported&nbsp;only a couple of quarterly profits prior to fiscal 2020.</p><p><blockquote>特斯拉报告称，继2019财年亏损8.62亿美元之后，2020财年首次盈利7.21亿美元。特斯拉在2020财年之前仅公布了几个季度利润。</blockquote></p><p> Given the years of net losses from its business, it’s possible&nbsp;Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.</p><p><blockquote>考虑到其业务多年来的净亏损，特斯拉从单笔15亿美元收购比特币中获得的利润可能比过去十年从其汽车中获得的利润还要多。</blockquote></p><p> Time will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.</p><p><blockquote>时间会证明特斯拉拥有多少比特币股份，以及该公司是否计划长期持有或出售部分股份以获取利润。</blockquote></p><p> <b>TSLA Price Action:</b>Shares of Tesla were down 2% to $796.22 on Tuesday.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周二下跌2%，至796.22美元。</blockquote></p><p></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>Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nTesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-02-17 15:31</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Tesla Inc</b>&nbsp;made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.</p><p><blockquote><b>特斯拉公司</b>本月早些时候，该公司宣布斥资15亿美元收购比特币，引起了轩然大波。此举推高了加密货币，也为这家电动汽车制造商带来了一些可观的利润。</blockquote></p><p> <b>What Happened:</b>Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.</p><p><blockquote><b>发生了什么：</b>比特币周二首次触及50,000美元，延续了2021年的涨势，由于采用率的增加和上市公司对未来的押注，比特币走高。</blockquote></p><p> Tesla&nbsp;purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.</p><p><blockquote>特斯拉在1月份购买了15亿美元的比特币，尽管该公司尚未透露其持有多少比特币的平均购买价格。</blockquote></p><p> <b>Gains From Bitcoin:</b>In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.</p><p><blockquote><b>比特币收益：</b>1月份，比特币的交易价格在29,333美元至37,020美元之间。15亿美元的收购可能会让特斯拉获得37,020至51,137辆比特币。平均人数为44,079名比特币。</blockquote></p><p> Based on these scenarios, the value of Tesla’s Bitcoin is worth the following with the&nbsp;current Bitcoin price&nbsp;of $48,450.</p><p><blockquote>根据这些情况，特斯拉比特币的价值如下，目前比特币价格为48,450美元。</blockquote></p><p> <ul>  <li>51,137 Bitcoin: $2.48 billion, profit of $0.98 billion</li>  <li>44,079 Bitcoin: $2.14 billion, profit of $0.64 billion</li>  <li>37,020 Bitcoin: $1.79 billion, profit of $0.29 billion</li> </ul> <b>Why It’s Important:</b>Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.</p><p><blockquote><ul><li>51,137比特币：24.8亿美元，利润9.8亿美元</li><li>44,079比特币：21.4亿美元，利润6.4亿美元</li><li>37,020比特币：17.9亿美元，利润2.9亿美元</li></ul><b>为什么它很重要：</b>特斯拉对比特币的收购为一些人创造了对加密货币的认可，并被视为其他上市公司也采取类似举措的垫脚石。收购比特币的收益也值得注意，因为它可能超过特斯拉在2020财年从其整个业务中获得的收益。</blockquote></p><p> Tesla&nbsp;reported&nbsp;its first profitable year&nbsp;in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla&nbsp;reported&nbsp;only a couple of quarterly profits prior to fiscal 2020.</p><p><blockquote>特斯拉报告称，继2019财年亏损8.62亿美元之后，2020财年首次盈利7.21亿美元。特斯拉在2020财年之前仅公布了几个季度利润。</blockquote></p><p> Given the years of net losses from its business, it’s possible&nbsp;Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.</p><p><blockquote>考虑到其业务多年来的净亏损，特斯拉从单笔15亿美元收购比特币中获得的利润可能比过去十年从其汽车中获得的利润还要多。</blockquote></p><p> Time will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.</p><p><blockquote>时间会证明特斯拉拥有多少比特币股份，以及该公司是否计划长期持有或出售部分股份以获取利润。</blockquote></p><p> <b>TSLA Price Action:</b>Shares of Tesla were down 2% to $796.22 on Tuesday.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周二下跌2%，至796.22美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2112074833","content_text":"Tesla Inc made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.\nWhat Happened:Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.\nTesla purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.\nGains From Bitcoin:In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.\nBased on these scenarios, the value of Tesla’s Bitcoin is worth the following with the current Bitcoin price of $48,450.\n\n51,137 Bitcoin: $2.48 billion, profit of $0.98 billion\n44,079 Bitcoin: $2.14 billion, profit of $0.64 billion\n37,020 Bitcoin: $1.79 billion, profit of $0.29 billion\n\nWhy It’s Important:Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.\nTesla reported its first profitable year in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla reported only a couple of quarterly profits prior to fiscal 2020.\nGiven the years of net losses from its business, it’s possible Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.\nTime will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.\nTSLA Price Action:Shares of Tesla were down 2% to $796.22 on Tuesday.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382280061,"gmtCreate":1613451484653,"gmtModify":1634553624842,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/382280061","repostId":"2111004392","repostType":4,"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":363242242,"gmtCreate":1614146382286,"gmtModify":1634550984907,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can I have a like[得意]&nbsp;","listText":"Can I have a like[得意]&nbsp;","text":"Can I have a like[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363242242","repostId":"1186371880","repostType":4,"isVote":1,"tweetType":1,"viewCount":4611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360550726,"gmtCreate":1613958684265,"gmtModify":1634551773668,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Help to like &amp; comment, thanks![开心]&nbsp;","listText":"Help to like &amp; comment, thanks![开心]&nbsp;","text":"Help to like & comment, thanks![开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360550726","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":369583995,"gmtCreate":1614058677717,"gmtModify":1634551351386,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Can I have a like &amp; comment [得意]&nbsp;","listText":"Can I have a like &amp; comment [得意]&nbsp;","text":"Can I have a like & comment [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369583995","repostId":"1175924985","repostType":4,"repost":{"id":"1175924985","kind":"news","pubTimestamp":1614058173,"share":"https://www.laohu8.com/m/news/1175924985?lang=zh_CN&edition=full","pubTime":"2021-02-23 13:29","market":"us","language":"en","title":"‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175924985","media":"MarketWatch","summary":"Berkshire Hathaway’s trailing 15-year return is now below the S&P 500\nShould investors continue to g","content":"<p>Berkshire Hathaway’s trailing 15-year return is now below the S&amp;P 500</p><p><blockquote>Berkshire Hathaway过去15年的回报率目前低于标普500</blockquote></p><p> Should investors continue to give Warren Buffett the benefit of the doubt?</p><p><blockquote>投资者应该继续相信沃伦·巴菲特吗？</blockquote></p><p> That is the big question for Berkshire Hathaway&nbsp;shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.</p><p><blockquote>对于伯克希尔哈撒韦公司股东来说，这是一个大问题，因为他们预计巴菲特将于2月27日发布致公司股东的年度信。伯克希尔的年度股东大会通常在内布拉斯加州奥马哈举行。但今年将是巴菲特解决这个问题的又一次机会。股东大会定于5月1日举行。</blockquote></p><p> This question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&amp;P 500&nbsp;by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&amp;P 500 by even more in 2019 (20 percentage points), and is now behind the S&amp;P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.</p><p><blockquote>如果2020年——伯克希尔股价落后标普500 16个百分点——只是一个异常，这个问题就不会那么紧迫。但事实并非如此。该股在2019年落后于标普500更多（20个百分点），目前在过去5年、10年和15年期间落后于标普500。这些期限足够长，至少可以满足许多投资者对长期的定义。</blockquote></p><p> I have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.</p><p><blockquote>我不知道巴菲特是否会在信中或在公司年会上谈到伯克希尔股票落后于市场的表现。我向该公司提出的置评请求没有得到答复。但如果他不解决这个问题，我会感到惊讶，在本专栏的其余部分，我想提供一些背景信息，帮助我们理解他可能要说的话的意义。</blockquote></p><p> <b>Will Buffett double down on his bearish stock market outlook?</b></p><p><blockquote><b>巴菲特会加倍看跌股市前景吗？</b></blockquote></p><p> Pay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.</p><p><blockquote>密切关注巴菲特是否会加倍押注他近年来对待股市的看跌姿态。伯克希尔股票的表现落后很大程度上是因为这种看跌情绪。例如，去年第三季度初，该公司坐拥巨额现金——事实上为1,470亿美元。</blockquote></p><p> Given the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&amp;P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&amp;P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&amp;P 500 by a cumulative 15 percentage points.</p><p><blockquote>鉴于伯克希尔的保守姿态，在过去15年里，伯克希尔的股票不需要整体市场大幅下跌就能再次领先于标普500。事实上，我计算出，标普500的表现至少比公司股票差3%，这在熊市中很可能发生。例如，在2007-2009年伴随大金融危机的熊市期间，伯克希尔股价累计跑赢标普500 15个百分点。</blockquote></p><p> My guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”</p><p><blockquote>我的猜测是，巴菲特确实会加倍看跌。考虑一下股市总市值与美国GDP的比率——所谓的巴菲特指标——所讲述的故事。二十年前，巴菲特表示，该比率“可能是衡量任何特定时刻估值水平的最佳单一指标”，因此得名。</blockquote></p><p> This ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.</p><p><blockquote>这一比率现在比美国市场历史上的任何其他时期都要高（因此更加看跌），甚至高于20世纪90年代末互联网泡沫顶部的水平——如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/588c144cbfb44b59031247a976215db3\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> <b>How big of a role has luck played?</b></p><p><blockquote><b>运气起了多大的作用？</b></blockquote></p><p> Another big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&amp;P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.</p><p><blockquote>当你决定是否继续相信巴菲特时，另一个大问题是：仅仅是运气不好就能解释伯克希尔落后于市场的回报吗？这是一个特别重要的问题，因为即使考虑到过去15年，该股的长期记录也非常出色。自1965年以来，伯克希尔股票在股息调整后的年化收益率为20.1%至10.2%，优于标普500。据我所知，在这56年的时间里，没有其他在世的投资者能比得上巴菲特。</blockquote></p><p> To calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&amp;P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?</p><p><blockquote>为了计算运气在业绩中可能扮演的角色，我进行了下面的蒙特卡罗模拟：如果在接下来的15个日历年中，巴菲特的阿尔法（相对于标普500的回报率）都是从巴菲特过去56年的实际阿尔法中随机挑选出来的，会怎么样？如果这个实验运行10,000次会怎么样？</blockquote></p><p> To put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.</p><p><blockquote>为了正确看待我的发现，请考虑一下伯克希尔哈撒韦公司实际上在过去15年中有5年的阿尔法值为负。在我24.4%的模拟中，该公司的股票至少在那么多年里都有负阿尔法。四分之一的几率表明，该公司股票实际阿尔法值为负的年份并没有什么特别不寻常的。</blockquote></p><p> To be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.</p><p><blockquote>可以肯定的是，在我的模拟中，伯克希尔哈撒韦公司在整个15年期间出现负阿尔法的可能性较小。但它仍然发生了——2%的时间。因此，巴菲特过去15年的负阿尔法可能只不过是运气不好。</blockquote></p><p> My vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.</p><p><blockquote>我的投票是继续假定巴菲特是无辜的。今年没有理由比往年更少关注他的股东信。</blockquote></p><p></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>‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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‘Buffett Indicator’ is alarmingly bearish and this year’s Berkshire shareholder letter could reveal why<blockquote>“巴菲特指标”令人震惊地看跌，今年的伯克希尔股东信可能会揭示原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-23 13:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s trailing 15-year return is now below the S&amp;P 500</p><p><blockquote>Berkshire Hathaway过去15年的回报率目前低于标普500</blockquote></p><p> Should investors continue to give Warren Buffett the benefit of the doubt?</p><p><blockquote>投资者应该继续相信沃伦·巴菲特吗？</blockquote></p><p> That is the big question for Berkshire Hathaway&nbsp;shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.</p><p><blockquote>对于伯克希尔哈撒韦公司股东来说，这是一个大问题，因为他们预计巴菲特将于2月27日发布致公司股东的年度信。伯克希尔的年度股东大会通常在内布拉斯加州奥马哈举行。但今年将是巴菲特解决这个问题的又一次机会。股东大会定于5月1日举行。</blockquote></p><p> This question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&amp;P 500&nbsp;by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&amp;P 500 by even more in 2019 (20 percentage points), and is now behind the S&amp;P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.</p><p><blockquote>如果2020年——伯克希尔股价落后标普500 16个百分点——只是一个异常，这个问题就不会那么紧迫。但事实并非如此。该股在2019年落后于标普500更多（20个百分点），目前在过去5年、10年和15年期间落后于标普500。这些期限足够长，至少可以满足许多投资者对长期的定义。</blockquote></p><p> I have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.</p><p><blockquote>我不知道巴菲特是否会在信中或在公司年会上谈到伯克希尔股票落后于市场的表现。我向该公司提出的置评请求没有得到答复。但如果他不解决这个问题，我会感到惊讶，在本专栏的其余部分，我想提供一些背景信息，帮助我们理解他可能要说的话的意义。</blockquote></p><p> <b>Will Buffett double down on his bearish stock market outlook?</b></p><p><blockquote><b>巴菲特会加倍看跌股市前景吗？</b></blockquote></p><p> Pay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.</p><p><blockquote>密切关注巴菲特是否会加倍押注他近年来对待股市的看跌姿态。伯克希尔股票的表现落后很大程度上是因为这种看跌情绪。例如，去年第三季度初，该公司坐拥巨额现金——事实上为1,470亿美元。</blockquote></p><p> Given the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&amp;P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&amp;P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&amp;P 500 by a cumulative 15 percentage points.</p><p><blockquote>鉴于伯克希尔的保守姿态，在过去15年里，伯克希尔的股票不需要整体市场大幅下跌就能再次领先于标普500。事实上，我计算出，标普500的表现至少比公司股票差3%，这在熊市中很可能发生。例如，在2007-2009年伴随大金融危机的熊市期间，伯克希尔股价累计跑赢标普500 15个百分点。</blockquote></p><p> My guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”</p><p><blockquote>我的猜测是，巴菲特确实会加倍看跌。考虑一下股市总市值与美国GDP的比率——所谓的巴菲特指标——所讲述的故事。二十年前，巴菲特表示，该比率“可能是衡量任何特定时刻估值水平的最佳单一指标”，因此得名。</blockquote></p><p> This ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.</p><p><blockquote>这一比率现在比美国市场历史上的任何其他时期都要高（因此更加看跌），甚至高于20世纪90年代末互联网泡沫顶部的水平——如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/588c144cbfb44b59031247a976215db3\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> <b>How big of a role has luck played?</b></p><p><blockquote><b>运气起了多大的作用？</b></blockquote></p><p> Another big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&amp;P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.</p><p><blockquote>当你决定是否继续相信巴菲特时，另一个大问题是：仅仅是运气不好就能解释伯克希尔落后于市场的回报吗？这是一个特别重要的问题，因为即使考虑到过去15年，该股的长期记录也非常出色。自1965年以来，伯克希尔股票在股息调整后的年化收益率为20.1%至10.2%，优于标普500。据我所知，在这56年的时间里，没有其他在世的投资者能比得上巴菲特。</blockquote></p><p> To calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&amp;P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?</p><p><blockquote>为了计算运气在业绩中可能扮演的角色，我进行了下面的蒙特卡罗模拟：如果在接下来的15个日历年中，巴菲特的阿尔法（相对于标普500的回报率）都是从巴菲特过去56年的实际阿尔法中随机挑选出来的，会怎么样？如果这个实验运行10,000次会怎么样？</blockquote></p><p> To put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.</p><p><blockquote>为了正确看待我的发现，请考虑一下伯克希尔哈撒韦公司实际上在过去15年中有5年的阿尔法值为负。在我24.4%的模拟中，该公司的股票至少在那么多年里都有负阿尔法。四分之一的几率表明，该公司股票实际阿尔法值为负的年份并没有什么特别不寻常的。</blockquote></p><p> To be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.</p><p><blockquote>可以肯定的是，在我的模拟中，伯克希尔哈撒韦公司在整个15年期间出现负阿尔法的可能性较小。但它仍然发生了——2%的时间。因此，巴菲特过去15年的负阿尔法可能只不过是运气不好。</blockquote></p><p> My vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.</p><p><blockquote>我的投票是继续假定巴菲特是无辜的。今年没有理由比往年更少关注他的股东信。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buffett-indicator-is-alarmingly-bearish-and-this-years-berkshire-shareholder-letter-could-reveal-why-11613780296?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/buffett-indicator-is-alarmingly-bearish-and-this-years-berkshire-shareholder-letter-could-reveal-why-11613780296?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1175924985","content_text":"Berkshire Hathaway’s trailing 15-year return is now below the S&P 500\nShould investors continue to give Warren Buffett the benefit of the doubt?\nThat is the big question for Berkshire Hathaway shareholders as they anticipate Buffett’s annual letter to company shareholders, which is expected to be released on Feb. 27. Berkshire’s annual meeting of shareholders, normally held in Omaha, Neb. but this year remotely, will be another occasion in which Buffett can address this question. The shareholder meeting is scheduled for May 1.\nThis question wouldn’t be so urgent if 2020 — when Berkshire stock lagged the S&P 500 by 16 percentage points — was just an aberration. But it isn’t. The stock lagged the S&P 500 by even more in 2019 (20 percentage points), and is now behind the S&P 500 over the trailing five-, 10- and 15-year periods. Those are long-enough periods to satisfy at least many investors’ definition of the long term.\nI have no idea whether Buffett will address the market-lagging performance of Berkshire stock in his letter or at the company’s annual meeting. My request for comment from the company has gone unanswered. But I would be surprised if he doesn’t address it, and in the rest of this column I want to provide some background information that will help us understand the significance of what he may have to say.\nWill Buffett double down on his bearish stock market outlook?\nPay close attention to whether Buffett doubles down on the bearish posture with which he has approached the stock market in recent years. It’s largely because of that bearishness that Berkshire stock has lagged. At the beginning of last year’s third quarter, for example, the company was sitting on a huge pile of cash — $147 billion, in fact.\nGiven the company’s conservative posture, it wouldn’t take much of a drop in the overall market for Berkshire stock to once again be ahead of the S&P 500 over the trailing 15 years. In fact, I calculate that all it would take would be for the S&P 500 to perform at least 3% worse than the company’s stock, which is quite likely to occur in a bear market. During the 2007-2009 bear market that accompanied the Great Financial Crisis, for example, Berkshire stock beat the S&P 500 by a cumulative 15 percentage points.\nMy guess is that Buffett will indeed double down on his bearishness. Consider the story told by the ratio of the stock market’s total market cap to U.S. GDP — the so-called Buffett Indicator. It got its name two decades ago when Buffett said that the ratio is “probably the best single measure of where valuations stand at any given moment.”\nThis ratio is now higher (and therefore more bearish) than at any other time in U.S. market history, higher even than where it stood at the top of the late 1990s internet bubble — as you can see from the chart below.\n\nHow big of a role has luck played?\nAnother big question as you decide whether to continue giving Buffett the benefit of the doubt: Could mere bad luck account for Berkshire’s market-lagging return? That’s an especially important question to ask, since the stock’s long-term record is nothing short of outstanding — even taking the past 15 years into account. Since 1965, Berkshire stock has outperformed the S&P 500 on a dividend-adjusted basis by the annualized margin of 20.1% to 10.2%. I’m aware of no other investor alive today who has come even close to doing as well as Buffett over this 56-year period.\nTo calculate the role luck may have played in performance, I conducted the following Monte Carlo simulation: What if, in each of the next 15 calendar years, Buffett’s alpha (return relative to the S&P 500) would be picked at random from his actual alphas over the past 56 years? And what if this experiment was run 10,000 times?\nTo put what I found in perspective, consider that Berkshire in fact has had negative alpha in five of the past 15 years. In 24.4% of my simulations, the company’s stock had negative alpha in at least that many years. One-out-of-four odds suggest there is nothing particularly unusual about the number of years in which the company’s stock actually has had negative alpha.\nTo be sure, it was less likely in my simulations for Berkshire to have a negative alpha over the entire 15-year period. But it still did happen — 2% of the time. So it’s possible that Buffett’s negative alpha over the past 15 years is due to nothing more than bad luck.\nMy vote is to continue to give Buffett the benefit of the doubt. There is no reason to pay less attention to his shareholder letter this year than in any prior year.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":386785483,"gmtCreate":1613276021142,"gmtModify":1634554038766,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Like and comment thanks![得意]&nbsp;","listText":"Like and comment thanks![得意]&nbsp;","text":"Like and comment thanks![得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/386785483","repostId":"2110904027","repostType":4,"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":362523132,"gmtCreate":1614650606226,"gmtModify":1703479343609,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/362523132","repostId":"2116856399","repostType":4,"isVote":1,"tweetType":1,"viewCount":2936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366729689,"gmtCreate":1614565150541,"gmtModify":1703478244764,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/366729689","repostId":"1103930774","repostType":4,"repost":{"id":"1103930774","kind":"news","pubTimestamp":1614334872,"share":"https://www.laohu8.com/m/news/1103930774?lang=zh_CN&edition=full","pubTime":"2021-02-26 18:21","market":"us","language":"en","title":"Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103930774","media":"Motley Fool ","summary":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an intervi","content":"<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></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 QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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 QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool </strong><span class=\"h-time small\">2021-02-26 18:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/\">Motley Fool </a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QS":"Quantumscape Corp."},"source_url":"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103930774","content_text":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.\nWhat happened\nThe stock of aspiring solid-state battery technology company QuantumScape (NYSE:QS) has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.\nSo what\nShares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the electric-vehicle (EV) sector as a speculative stock hoping to revolutionize EV battery technology.\nToday, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.\nNow what\nDuring today's interview, Singh reiterated some positive developments the company shared with investors last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.\nThe company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.\nSingh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.\nSuccessful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.","news_type":1,"symbols_score_info":{"QS":0.9}},"isVote":1,"tweetType":1,"viewCount":3224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360849722,"gmtCreate":1613890699266,"gmtModify":1634551935095,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Good😁 can I have a like &amp; comment?","listText":"Good😁 can I have a like &amp; comment?","text":"Good😁 can I have a like & comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360849722","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382899302,"gmtCreate":1613401721306,"gmtModify":1634553755384,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/382899302","repostId":"2110904027","repostType":4,"isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364108683,"gmtCreate":1614820138842,"gmtModify":1703481531097,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"[傲娇]&nbsp;","listText":"[傲娇]&nbsp;","text":"[傲娇]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364108683","repostId":"2116529000","repostType":4,"isVote":1,"tweetType":1,"viewCount":2835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365620726,"gmtCreate":1614736570665,"gmtModify":1703480467789,"author":{"id":"3560240325720357","authorId":"3560240325720357","name":"Sengss","avatar":"https://static.tigerbbs.com/931b75866d00dfd47308f4642aca7a40","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560240325720357","idStr":"3560240325720357"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365620726","repostId":"1199601936","repostType":4,"isVote":1,"tweetType":1,"viewCount":3227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}