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2021-05-20

SEA isn't good in online reviews ...

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2021-04-08

Aiyo

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2021-04-08

.

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2021-03-31

It's like the US government wants Tesla to succeed, ha.

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2021-03-29

Wow.

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2021-03-29

Good news for the world. 🙏

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2021-03-25

@kahxiang - is this the way to tag? 😅

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2021-03-22

Possible.

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2021-03-22

[财迷]

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2021-03-16

Agreeing.

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2021-03-10

......

The 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</blockquote>

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isn't good in online reviews ...&nbsp;","listText":"SEA isn't good in online reviews ...&nbsp;","text":"SEA isn't good in online reviews 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news for the world. 🙏","listText":"Good news for the world. 🙏","text":"Good news for the world. 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355319264","repostId":"1155390932","repostType":4,"isVote":1,"tweetType":1,"viewCount":1763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358990381,"gmtCreate":1616647004843,"gmtModify":1634524742432,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"@kahxiang - is this the way to tag? 😅","listText":"@kahxiang - is this the way to tag? 😅","text":"@kahxiang - is this the way to tag? 😅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358990381","repostId":"1155582622","repostType":2,"isVote":1,"tweetType":1,"viewCount":1861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359520501,"gmtCreate":1616414491803,"gmtModify":1634525978795,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Possible.&nbsp;","listText":"Possible.&nbsp;","text":"Possible.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359520501","repostId":"2121127803","repostType":4,"isVote":1,"tweetType":1,"viewCount":1661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359565666,"gmtCreate":1616414270455,"gmtModify":1634525980566,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359565666","repostId":"2121145191","repostType":4,"isVote":1,"tweetType":1,"viewCount":3189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":325243001,"gmtCreate":1615903671603,"gmtModify":1703494802358,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Agreeing.&nbsp;","listText":"Agreeing.&nbsp;","text":"Agreeing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325243001","repostId":"1105988154","repostType":4,"isVote":1,"tweetType":1,"viewCount":1758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323595625,"gmtCreate":1615352316467,"gmtModify":1703487770311,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"......&nbsp;","listText":"......&nbsp;","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323595625","repostId":"1160680775","repostType":4,"repost":{"id":"1160680775","kind":"news","pubTimestamp":1615348263,"share":"https://www.laohu8.com/m/news/1160680775?lang=zh_CN&edition=full","pubTime":"2021-03-10 11:51","market":"us","language":"en","title":"The 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160680775","media":"cnn","summary":"New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start ","content":"<p>New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.</p><p><blockquote>纽约（CNN Business）科技股在年初大幅飙升后，最近出现回调。这应该会让长期的市场观察家担心现在和2000年互联网泡沫鼎盛时期之间的相似之处。</blockquote></p><p> For all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.</p><p><blockquote>对于所有 20 年前还是孩子、市场相对新手的千禧一代 Robinhood 交易者来说，最近的波动应该是一个教训。人们总是说“这次不一样”，这通常是一个迹象，表明事实并非如此。</blockquote></p><p> The rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.</p><p><blockquote>游戏驿站 (GME) 等模因股票的崛起、首次公开募股和特殊目的收购公司合并的浪潮，以及特斯拉 (TSLA) 和比特币 (XBT) 的惊人表现，只不过是市场投机力量猖獗的又一个例子。</blockquote></p><p> Investors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.</p><p><blockquote>投资者正在购买面临重大挑战的公司，而忽视了疲软的基本面。游戏驿站并不是唯一的“迷因”股票。电影院连锁店 AMC (AMC)、服装零售商 Express (EXPR) 和耳机制造商 Koss (KOSS) 一直在飙升。</blockquote></p><p> And all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.</p><p><blockquote>Reddit 和 TikTok 视频中所有关于“stonks”和加密货币的讨论，与人们喋喋不休地谈论他们认为高通 (QCOM) 和思科 (CSCO) 在 20 世纪 90 年代末会达到多高并没有太大区别。愤怒的公牛和雅虎财经留言板。</blockquote></p><p> There are numerous other echoes to the tech craziness of the late 1990s.</p><p><blockquote>20世纪90年代末的科技狂热还有许多其他呼应。</blockquote></p><p> <b>Investors partying too much like 1999?</b></p><p><blockquote><b>投资者像1999年那样狂欢太多了？</b></blockquote></p><p> Blank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.</p><p><blockquote>空白支票 SPAC 合并在二十多年前可能并不流行。但当时还有另一个热门的金融趋势，这也是市场泡沫的标志——公司剥离其在线部门或为其设立所谓的跟踪股票。</blockquote></p><p> Barnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.</p><p><blockquote>例如，Barnes and Noble 为了抵御相对较新的亚马逊 (AMZN) 的竞争，于 1999 年将其 Barnesandnoble.com 部门分拆为一家独立交易的公司。它最终被并入母公司。</blockquote></p><p> Tracking stocks were even more ridiculous than dot-com spinoffs.</p><p><blockquote>跟踪股票甚至比互联网衍生产品更荒谬。</blockquote></p><p> With a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.</p><p><blockquote>通过跟踪股票，公司将出售仅跟踪该部门业绩的业务部门的股票。但拥有股票的投资者没有像其他上市公司的投资者那样对公司事务进行投票的权利。</blockquote></p><p> Disney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.</p><p><blockquote>迪士尼 (DIS) 曾经有一个名为 Go.com 的跟踪股票用于其在线业务。NBC 也有互联网跟踪股票。NBCi 于 1999 年推出，当时通用电气 (GE) 拥有 NBC。康卡斯特（CMCSA）现在是NBC的母公司。</blockquote></p><p> CNN owner AT&amp;T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.</p><p><blockquote>CNN 所有者美国电话电报公司 (T) 在 21 世纪初为其新的（当时的）无线部门提供了跟踪库存。Sprint（现在归T-Mobile（TMUS）所有）的个人电脑无线部门也是如此。</blockquote></p><p> None of these tracking stocks exist anymore.</p><p><blockquote>这些跟踪股票都不复存在了。</blockquote></p><p> <b>IPO and SPAC bubble and concerns about pricey valuations</b></p><p><blockquote><b>IPO 和 SPAC 泡沫以及对昂贵估值的担忧</b></blockquote></p><p> There were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.</p><p><blockquote>也有许多无利可图的公司急于上市，尽管几乎没有收入，更不用说利润了。</blockquote></p><p> The spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.</p><p><blockquote>Pets.com 股票在 2000 年 2 月首次公开募股后（就在纳斯达克见顶之前）发生了惊人的暴跌，至今仍是可怜的市场过剩的典型代表。</blockquote></p><p> The good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.</p><p><blockquote>对于今天的投资者来说，好消息是，许多通过 IPO、SPAC 或直接在交易所上市的大型独角兽公司都不是 Pets.com 2.0。爱彼迎、Palantir、DoorDash 和许多其他最近首次亮相的股票都是行业领导者。</blockquote></p><p> Still, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.</p><p><blockquote>尽管如此，考虑到许多公司仍然没有盈利，尽管它们的收入可观且增长迅速，但其中许多股票的估值确实是疯狂的。</blockquote></p><p> The prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&amp;P 500, might be unjustifiably high as well.</p><p><blockquote>顶级科技股的价格，甚至是目前主导标普500的 FAANG、微软 (MSFT) 和特斯拉，也可能高得不合理。</blockquote></p><p> According to data from FactSet, the S&amp;P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.</p><p><blockquote>根据 FactSet 的数据，该标普500目前的交易价格是未来 12 个月盈利预期的 21 倍以上。这高于 18 岁以下的五年平均水平和近 16 岁的 10 年平均水平。</blockquote></p><p> It's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.</p><p><blockquote>它还接近 2000 年 3 月 24 倍盈利预期的峰值水平。换句话说，市场是为完美定价的。</blockquote></p><p> That's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.</p><p><blockquote>这就有问题了。如果（或当）最泡沫的股票最终开始回调，抛售可能会持续很长时间，损害可能会很严重。</blockquote></p><p> After all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.</p><p><blockquote>毕竟，当纳斯达克在 2000 年 3 月首次突破 5,000 点大关时，它是在几个月前飙升超过 3,000 点和 4,000 点大关之后才这样做的。这是一种狂热。但一旦互联网泡沫破裂，纳斯达克直到3月份才再次攀升至5000以上……2015年。</blockquote></p><p> So last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.</p><p><blockquote>因此，去年 3 月份 Covid-19 爆发后短暂的熊市回调可能只是科技股和动量股未来走势的一小部分。</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>The 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</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\">\nThe 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-03-10 11:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.</p><p><blockquote>纽约（CNN Business）科技股在年初大幅飙升后，最近出现回调。这应该会让长期的市场观察家担心现在和2000年互联网泡沫鼎盛时期之间的相似之处。</blockquote></p><p> For all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.</p><p><blockquote>对于所有 20 年前还是孩子、市场相对新手的千禧一代 Robinhood 交易者来说，最近的波动应该是一个教训。人们总是说“这次不一样”，这通常是一个迹象，表明事实并非如此。</blockquote></p><p> The rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.</p><p><blockquote>游戏驿站 (GME) 等模因股票的崛起、首次公开募股和特殊目的收购公司合并的浪潮，以及特斯拉 (TSLA) 和比特币 (XBT) 的惊人表现，只不过是市场投机力量猖獗的又一个例子。</blockquote></p><p> Investors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.</p><p><blockquote>投资者正在购买面临重大挑战的公司，而忽视了疲软的基本面。游戏驿站并不是唯一的“迷因”股票。电影院连锁店 AMC (AMC)、服装零售商 Express (EXPR) 和耳机制造商 Koss (KOSS) 一直在飙升。</blockquote></p><p> And all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.</p><p><blockquote>Reddit 和 TikTok 视频中所有关于“stonks”和加密货币的讨论，与人们喋喋不休地谈论他们认为高通 (QCOM) 和思科 (CSCO) 在 20 世纪 90 年代末会达到多高并没有太大区别。愤怒的公牛和雅虎财经留言板。</blockquote></p><p> There are numerous other echoes to the tech craziness of the late 1990s.</p><p><blockquote>20世纪90年代末的科技狂热还有许多其他呼应。</blockquote></p><p> <b>Investors partying too much like 1999?</b></p><p><blockquote><b>投资者像1999年那样狂欢太多了？</b></blockquote></p><p> Blank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.</p><p><blockquote>空白支票 SPAC 合并在二十多年前可能并不流行。但当时还有另一个热门的金融趋势，这也是市场泡沫的标志——公司剥离其在线部门或为其设立所谓的跟踪股票。</blockquote></p><p> Barnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.</p><p><blockquote>例如，Barnes and Noble 为了抵御相对较新的亚马逊 (AMZN) 的竞争，于 1999 年将其 Barnesandnoble.com 部门分拆为一家独立交易的公司。它最终被并入母公司。</blockquote></p><p> Tracking stocks were even more ridiculous than dot-com spinoffs.</p><p><blockquote>跟踪股票甚至比互联网衍生产品更荒谬。</blockquote></p><p> With a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.</p><p><blockquote>通过跟踪股票，公司将出售仅跟踪该部门业绩的业务部门的股票。但拥有股票的投资者没有像其他上市公司的投资者那样对公司事务进行投票的权利。</blockquote></p><p> Disney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.</p><p><blockquote>迪士尼 (DIS) 曾经有一个名为 Go.com 的跟踪股票用于其在线业务。NBC 也有互联网跟踪股票。NBCi 于 1999 年推出，当时通用电气 (GE) 拥有 NBC。康卡斯特（CMCSA）现在是NBC的母公司。</blockquote></p><p> CNN owner AT&amp;T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.</p><p><blockquote>CNN 所有者美国电话电报公司 (T) 在 21 世纪初为其新的（当时的）无线部门提供了跟踪库存。Sprint（现在归T-Mobile（TMUS）所有）的个人电脑无线部门也是如此。</blockquote></p><p> None of these tracking stocks exist anymore.</p><p><blockquote>这些跟踪股票都不复存在了。</blockquote></p><p> <b>IPO and SPAC bubble and concerns about pricey valuations</b></p><p><blockquote><b>IPO 和 SPAC 泡沫以及对昂贵估值的担忧</b></blockquote></p><p> There were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.</p><p><blockquote>也有许多无利可图的公司急于上市，尽管几乎没有收入，更不用说利润了。</blockquote></p><p> The spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.</p><p><blockquote>Pets.com 股票在 2000 年 2 月首次公开募股后（就在纳斯达克见顶之前）发生了惊人的暴跌，至今仍是可怜的市场过剩的典型代表。</blockquote></p><p> The good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.</p><p><blockquote>对于今天的投资者来说，好消息是，许多通过 IPO、SPAC 或直接在交易所上市的大型独角兽公司都不是 Pets.com 2.0。爱彼迎、Palantir、DoorDash 和许多其他最近首次亮相的股票都是行业领导者。</blockquote></p><p> Still, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.</p><p><blockquote>尽管如此，考虑到许多公司仍然没有盈利，尽管它们的收入可观且增长迅速，但其中许多股票的估值确实是疯狂的。</blockquote></p><p> The prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&amp;P 500, might be unjustifiably high as well.</p><p><blockquote>顶级科技股的价格，甚至是目前主导标普500的 FAANG、微软 (MSFT) 和特斯拉，也可能高得不合理。</blockquote></p><p> According to data from FactSet, the S&amp;P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.</p><p><blockquote>根据 FactSet 的数据，该标普500目前的交易价格是未来 12 个月盈利预期的 21 倍以上。这高于 18 岁以下的五年平均水平和近 16 岁的 10 年平均水平。</blockquote></p><p> It's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.</p><p><blockquote>它还接近 2000 年 3 月 24 倍盈利预期的峰值水平。换句话说，市场是为完美定价的。</blockquote></p><p> That's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.</p><p><blockquote>这就有问题了。如果（或当）最泡沫的股票最终开始回调，抛售可能会持续很长时间，损害可能会很严重。</blockquote></p><p> After all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.</p><p><blockquote>毕竟，当纳斯达克在 2000 年 3 月首次突破 5,000 点大关时，它是在几个月前飙升超过 3,000 点和 4,000 点大关之后才这样做的。这是一种狂热。但一旦互联网泡沫破裂，纳斯达克直到3月份才再次攀升至5000以上……2015年。</blockquote></p><p> So last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.</p><p><blockquote>因此，去年 3 月份 Covid-19 爆发后短暂的熊市回调可能只是科技股和动量股未来走势的一小部分。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/09/investing/stocks-tech-spacs-ipos-bubble/index.html\">cnn</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":{},"source_url":"https://edition.cnn.com/2021/03/09/investing/stocks-tech-spacs-ipos-bubble/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160680775","content_text":"New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.\nFor all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.\nThe rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.\nInvestors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.\nAnd all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.\nThere are numerous other echoes to the tech craziness of the late 1990s.\nInvestors partying too much like 1999?\nBlank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.\nBarnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.\nTracking stocks were even more ridiculous than dot-com spinoffs.\nWith a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.\nDisney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.\nCNN owner AT&T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.\nNone of these tracking stocks exist anymore.\nIPO and SPAC bubble and concerns about pricey valuations\nThere were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.\nThe spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.\nThe good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.\nStill, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.\nThe prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&P 500, might be unjustifiably high as well.\nAccording to data from FactSet, the S&P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.\nIt's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.\nThat's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.\nAfter all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.\nSo last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":354784896,"gmtCreate":1617201522815,"gmtModify":1634522082549,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"It's like the US government wants Tesla to succeed, ha.&nbsp;","listText":"It's like the US government wants Tesla to succeed, ha.&nbsp;","text":"It's like the US government wants Tesla to succeed, ha.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354784896","repostId":"1112506543","repostType":4,"isVote":1,"tweetType":1,"viewCount":1769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359520501,"gmtCreate":1616414491803,"gmtModify":1634525978795,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Possible.&nbsp;","listText":"Possible.&nbsp;","text":"Possible.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359520501","repostId":"2121127803","repostType":4,"isVote":1,"tweetType":1,"viewCount":1661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130986025,"gmtCreate":1621503850467,"gmtModify":1634188609108,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"SEA isn't good in online reviews ...&nbsp;","listText":"SEA isn't good in online reviews ...&nbsp;","text":"SEA isn't good in online reviews ...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130986025","repostId":"2136912672","repostType":4,"isVote":1,"tweetType":1,"viewCount":1722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355311126,"gmtCreate":1617028138365,"gmtModify":1634523036521,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Wow.&nbsp;","listText":"Wow.&nbsp;","text":"Wow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/355311126","repostId":"1135921653","repostType":4,"isVote":1,"tweetType":1,"viewCount":2020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325243001,"gmtCreate":1615903671603,"gmtModify":1703494802358,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Agreeing.&nbsp;","listText":"Agreeing.&nbsp;","text":"Agreeing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325243001","repostId":"1105988154","repostType":4,"isVote":1,"tweetType":1,"viewCount":1758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323595625,"gmtCreate":1615352316467,"gmtModify":1703487770311,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"......&nbsp;","listText":"......&nbsp;","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323595625","repostId":"1160680775","repostType":4,"repost":{"id":"1160680775","kind":"news","pubTimestamp":1615348263,"share":"https://www.laohu8.com/m/news/1160680775?lang=zh_CN&edition=full","pubTime":"2021-03-10 11:51","market":"us","language":"en","title":"The 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160680775","media":"cnn","summary":"New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start ","content":"<p>New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.</p><p><blockquote>纽约（CNN Business）科技股在年初大幅飙升后，最近出现回调。这应该会让长期的市场观察家担心现在和2000年互联网泡沫鼎盛时期之间的相似之处。</blockquote></p><p> For all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.</p><p><blockquote>对于所有 20 年前还是孩子、市场相对新手的千禧一代 Robinhood 交易者来说，最近的波动应该是一个教训。人们总是说“这次不一样”，这通常是一个迹象，表明事实并非如此。</blockquote></p><p> The rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.</p><p><blockquote>游戏驿站 (GME) 等模因股票的崛起、首次公开募股和特殊目的收购公司合并的浪潮，以及特斯拉 (TSLA) 和比特币 (XBT) 的惊人表现，只不过是市场投机力量猖獗的又一个例子。</blockquote></p><p> Investors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.</p><p><blockquote>投资者正在购买面临重大挑战的公司，而忽视了疲软的基本面。游戏驿站并不是唯一的“迷因”股票。电影院连锁店 AMC (AMC)、服装零售商 Express (EXPR) 和耳机制造商 Koss (KOSS) 一直在飙升。</blockquote></p><p> And all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.</p><p><blockquote>Reddit 和 TikTok 视频中所有关于“stonks”和加密货币的讨论，与人们喋喋不休地谈论他们认为高通 (QCOM) 和思科 (CSCO) 在 20 世纪 90 年代末会达到多高并没有太大区别。愤怒的公牛和雅虎财经留言板。</blockquote></p><p> There are numerous other echoes to the tech craziness of the late 1990s.</p><p><blockquote>20世纪90年代末的科技狂热还有许多其他呼应。</blockquote></p><p> <b>Investors partying too much like 1999?</b></p><p><blockquote><b>投资者像1999年那样狂欢太多了？</b></blockquote></p><p> Blank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.</p><p><blockquote>空白支票 SPAC 合并在二十多年前可能并不流行。但当时还有另一个热门的金融趋势，这也是市场泡沫的标志——公司剥离其在线部门或为其设立所谓的跟踪股票。</blockquote></p><p> Barnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.</p><p><blockquote>例如，Barnes and Noble 为了抵御相对较新的亚马逊 (AMZN) 的竞争，于 1999 年将其 Barnesandnoble.com 部门分拆为一家独立交易的公司。它最终被并入母公司。</blockquote></p><p> Tracking stocks were even more ridiculous than dot-com spinoffs.</p><p><blockquote>跟踪股票甚至比互联网衍生产品更荒谬。</blockquote></p><p> With a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.</p><p><blockquote>通过跟踪股票，公司将出售仅跟踪该部门业绩的业务部门的股票。但拥有股票的投资者没有像其他上市公司的投资者那样对公司事务进行投票的权利。</blockquote></p><p> Disney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.</p><p><blockquote>迪士尼 (DIS) 曾经有一个名为 Go.com 的跟踪股票用于其在线业务。NBC 也有互联网跟踪股票。NBCi 于 1999 年推出，当时通用电气 (GE) 拥有 NBC。康卡斯特（CMCSA）现在是NBC的母公司。</blockquote></p><p> CNN owner AT&amp;T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.</p><p><blockquote>CNN 所有者美国电话电报公司 (T) 在 21 世纪初为其新的（当时的）无线部门提供了跟踪库存。Sprint（现在归T-Mobile（TMUS）所有）的个人电脑无线部门也是如此。</blockquote></p><p> None of these tracking stocks exist anymore.</p><p><blockquote>这些跟踪股票都不复存在了。</blockquote></p><p> <b>IPO and SPAC bubble and concerns about pricey valuations</b></p><p><blockquote><b>IPO 和 SPAC 泡沫以及对昂贵估值的担忧</b></blockquote></p><p> There were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.</p><p><blockquote>也有许多无利可图的公司急于上市，尽管几乎没有收入，更不用说利润了。</blockquote></p><p> The spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.</p><p><blockquote>Pets.com 股票在 2000 年 2 月首次公开募股后（就在纳斯达克见顶之前）发生了惊人的暴跌，至今仍是可怜的市场过剩的典型代表。</blockquote></p><p> The good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.</p><p><blockquote>对于今天的投资者来说，好消息是，许多通过 IPO、SPAC 或直接在交易所上市的大型独角兽公司都不是 Pets.com 2.0。爱彼迎、Palantir、DoorDash 和许多其他最近首次亮相的股票都是行业领导者。</blockquote></p><p> Still, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.</p><p><blockquote>尽管如此，考虑到许多公司仍然没有盈利，尽管它们的收入可观且增长迅速，但其中许多股票的估值确实是疯狂的。</blockquote></p><p> The prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&amp;P 500, might be unjustifiably high as well.</p><p><blockquote>顶级科技股的价格，甚至是目前主导标普500的 FAANG、微软 (MSFT) 和特斯拉，也可能高得不合理。</blockquote></p><p> According to data from FactSet, the S&amp;P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.</p><p><blockquote>根据 FactSet 的数据，该标普500目前的交易价格是未来 12 个月盈利预期的 21 倍以上。这高于 18 岁以下的五年平均水平和近 16 岁的 10 年平均水平。</blockquote></p><p> It's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.</p><p><blockquote>它还接近 2000 年 3 月 24 倍盈利预期的峰值水平。换句话说，市场是为完美定价的。</blockquote></p><p> That's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.</p><p><blockquote>这就有问题了。如果（或当）最泡沫的股票最终开始回调，抛售可能会持续很长时间，损害可能会很严重。</blockquote></p><p> After all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.</p><p><blockquote>毕竟，当纳斯达克在 2000 年 3 月首次突破 5,000 点大关时，它是在几个月前飙升超过 3,000 点和 4,000 点大关之后才这样做的。这是一种狂热。但一旦互联网泡沫破裂，纳斯达克直到3月份才再次攀升至5000以上……2015年。</blockquote></p><p> So last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.</p><p><blockquote>因此，去年 3 月份 Covid-19 爆发后短暂的熊市回调可能只是科技股和动量股未来走势的一小部分。</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>The 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</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\">\nThe 2021 stock market looks an awful lot like 2000. That's bad news for Big Tech<blockquote>2021 年的股市看起来很像 2000 年。这对大型科技公司来说是个坏消息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-03-10 11:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.</p><p><blockquote>纽约（CNN Business）科技股在年初大幅飙升后，最近出现回调。这应该会让长期的市场观察家担心现在和2000年互联网泡沫鼎盛时期之间的相似之处。</blockquote></p><p> For all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.</p><p><blockquote>对于所有 20 年前还是孩子、市场相对新手的千禧一代 Robinhood 交易者来说，最近的波动应该是一个教训。人们总是说“这次不一样”，这通常是一个迹象，表明事实并非如此。</blockquote></p><p> The rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.</p><p><blockquote>游戏驿站 (GME) 等模因股票的崛起、首次公开募股和特殊目的收购公司合并的浪潮，以及特斯拉 (TSLA) 和比特币 (XBT) 的惊人表现，只不过是市场投机力量猖獗的又一个例子。</blockquote></p><p> Investors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.</p><p><blockquote>投资者正在购买面临重大挑战的公司，而忽视了疲软的基本面。游戏驿站并不是唯一的“迷因”股票。电影院连锁店 AMC (AMC)、服装零售商 Express (EXPR) 和耳机制造商 Koss (KOSS) 一直在飙升。</blockquote></p><p> And all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.</p><p><blockquote>Reddit 和 TikTok 视频中所有关于“stonks”和加密货币的讨论，与人们喋喋不休地谈论他们认为高通 (QCOM) 和思科 (CSCO) 在 20 世纪 90 年代末会达到多高并没有太大区别。愤怒的公牛和雅虎财经留言板。</blockquote></p><p> There are numerous other echoes to the tech craziness of the late 1990s.</p><p><blockquote>20世纪90年代末的科技狂热还有许多其他呼应。</blockquote></p><p> <b>Investors partying too much like 1999?</b></p><p><blockquote><b>投资者像1999年那样狂欢太多了？</b></blockquote></p><p> Blank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.</p><p><blockquote>空白支票 SPAC 合并在二十多年前可能并不流行。但当时还有另一个热门的金融趋势，这也是市场泡沫的标志——公司剥离其在线部门或为其设立所谓的跟踪股票。</blockquote></p><p> Barnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.</p><p><blockquote>例如，Barnes and Noble 为了抵御相对较新的亚马逊 (AMZN) 的竞争，于 1999 年将其 Barnesandnoble.com 部门分拆为一家独立交易的公司。它最终被并入母公司。</blockquote></p><p> Tracking stocks were even more ridiculous than dot-com spinoffs.</p><p><blockquote>跟踪股票甚至比互联网衍生产品更荒谬。</blockquote></p><p> With a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.</p><p><blockquote>通过跟踪股票，公司将出售仅跟踪该部门业绩的业务部门的股票。但拥有股票的投资者没有像其他上市公司的投资者那样对公司事务进行投票的权利。</blockquote></p><p> Disney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.</p><p><blockquote>迪士尼 (DIS) 曾经有一个名为 Go.com 的跟踪股票用于其在线业务。NBC 也有互联网跟踪股票。NBCi 于 1999 年推出，当时通用电气 (GE) 拥有 NBC。康卡斯特（CMCSA）现在是NBC的母公司。</blockquote></p><p> CNN owner AT&amp;T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.</p><p><blockquote>CNN 所有者美国电话电报公司 (T) 在 21 世纪初为其新的（当时的）无线部门提供了跟踪库存。Sprint（现在归T-Mobile（TMUS）所有）的个人电脑无线部门也是如此。</blockquote></p><p> None of these tracking stocks exist anymore.</p><p><blockquote>这些跟踪股票都不复存在了。</blockquote></p><p> <b>IPO and SPAC bubble and concerns about pricey valuations</b></p><p><blockquote><b>IPO 和 SPAC 泡沫以及对昂贵估值的担忧</b></blockquote></p><p> There were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.</p><p><blockquote>也有许多无利可图的公司急于上市，尽管几乎没有收入，更不用说利润了。</blockquote></p><p> The spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.</p><p><blockquote>Pets.com 股票在 2000 年 2 月首次公开募股后（就在纳斯达克见顶之前）发生了惊人的暴跌，至今仍是可怜的市场过剩的典型代表。</blockquote></p><p> The good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.</p><p><blockquote>对于今天的投资者来说，好消息是，许多通过 IPO、SPAC 或直接在交易所上市的大型独角兽公司都不是 Pets.com 2.0。爱彼迎、Palantir、DoorDash 和许多其他最近首次亮相的股票都是行业领导者。</blockquote></p><p> Still, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.</p><p><blockquote>尽管如此，考虑到许多公司仍然没有盈利，尽管它们的收入可观且增长迅速，但其中许多股票的估值确实是疯狂的。</blockquote></p><p> The prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&amp;P 500, might be unjustifiably high as well.</p><p><blockquote>顶级科技股的价格，甚至是目前主导标普500的 FAANG、微软 (MSFT) 和特斯拉，也可能高得不合理。</blockquote></p><p> According to data from FactSet, the S&amp;P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.</p><p><blockquote>根据 FactSet 的数据，该标普500目前的交易价格是未来 12 个月盈利预期的 21 倍以上。这高于 18 岁以下的五年平均水平和近 16 岁的 10 年平均水平。</blockquote></p><p> It's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.</p><p><blockquote>它还接近 2000 年 3 月 24 倍盈利预期的峰值水平。换句话说，市场是为完美定价的。</blockquote></p><p> That's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.</p><p><blockquote>这就有问题了。如果（或当）最泡沫的股票最终开始回调，抛售可能会持续很长时间，损害可能会很严重。</blockquote></p><p> After all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.</p><p><blockquote>毕竟，当纳斯达克在 2000 年 3 月首次突破 5,000 点大关时，它是在几个月前飙升超过 3,000 点和 4,000 点大关之后才这样做的。这是一种狂热。但一旦互联网泡沫破裂，纳斯达克直到3月份才再次攀升至5000以上……2015年。</blockquote></p><p> So last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.</p><p><blockquote>因此，去年 3 月份 Covid-19 爆发后短暂的熊市回调可能只是科技股和动量股未来走势的一小部分。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/09/investing/stocks-tech-spacs-ipos-bubble/index.html\">cnn</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":{},"source_url":"https://edition.cnn.com/2021/03/09/investing/stocks-tech-spacs-ipos-bubble/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160680775","content_text":"New York (CNN Business)The recent pullback in tech stocks followed a spectacular surge at the start of the year. That should have longtime market observers worried about the similarities between now and the height of the dot-com bubble in 2000.\nFor all those Millennial Robinhood traders who were just kids 20 years ago and are relative newbies to the market, the recent volatility should serve as a lesson. For all the times that people say that \"this time is different\" that's usually a telltale sign that it actually isn't.\nThe rise of meme stocks like GameStop (GME), the flurry of initial public offerings and special purpose acquisition company mergers as well as the stunning runs in Tesla (TSLA) and bitcoin (XBT) are nothing more than another case of the forces of market speculation running amok.\nInvestors are buying companies with significant challenges and ignoring the weak fundamentals. GameStop isn't the only \"meme\" stock out there. Movie theater chain AMC (AMC), clothing retailer Express (EXPR) and headphone maker Koss (KOSS) have been soaring.\nAnd all the talk about \"stonks\" and cryptocurrencies on Reddit and in TikTok videos isn't really that much different than people chattering about how high they thought Qualcomm (QCOM) and Cisco (CSCO) were going to go in the late 1990s on Raging Bull and Yahoo Finance message boards.\nThere are numerous other echoes to the tech craziness of the late 1990s.\nInvestors partying too much like 1999?\nBlank check SPAC mergers may not have been popular more than twenty years ago. But there was another hot financial trend at that time that was also a sign of market froth -- companies spinning off their online divisions or setting up so-called tracking stocks for them.\nBarnes and Noble, for example, trying to fight off competition from a still relatively new Amazon (AMZN), spun off its Barnesandnoble.com unit into a separately traded company in 1999. It was eventually folded back into the parent company.\nTracking stocks were even more ridiculous than dot-com spinoffs.\nWith a tracking stock, a company would sell shares of a business unit that merely tracked the performance of the division. But investors who owned the stock didn't have the right to vote on company matters like investors in other public companies did.\nDisney (DIS) used to have a tracking stock named Go.com for its online operations. NBC had an internet tracking stock as well. NBCi launched in 1999 -- back when GE (GE) owned NBC. Comcast (CMCSA) is now the parent of NBC.\nCNN owner AT&T (T) had a tracking stock for its new (at the time) wireless unit in the early 2000s. So did Sprint (now owned by T-Mobile (TMUS)) for its PCS wireless division.\nNone of these tracking stocks exist anymore.\nIPO and SPAC bubble and concerns about pricey valuations\nThere were also plenty of unprofitable companies rushing to go public, despite having little in the way of revenue let alone profits.\nThe spectacular collapse of Pets.com stock after its IPO in February 2000 -- just before the Nasdaq peaked -- is still the poster child of wretched market excess.\nThe good news for investors today is that many of the big unicorns going public via IPOs, SPACs or directly listing their shares on exchanges are not Pets.com 2.0. Airbnb, Palantir, DoorDash and many other recent stock debuts are industry leaders.\nStill, the valuations for many of these stocks are certifiably insane considering that many of the companies are still not profitable -- even though their revenues are substantial and growing rapidly.\nThe prices for top tech stocks, even the FAANGs, Microsoft (MSFT) and Tesla that currently dominate the S&P 500, might be unjustifiably high as well.\nAccording to data from FactSet, the S&P 500 is currently trading at more than 21 times earnings estimates for the next 12 months. That's above the five-year average of just under 18 and the 10-year average of nearly 16.\nIt's also approaching the peak March 2000 levels of 24 times earnings estimates. In other words, the market is priced for perfection.\nThat's problematic. If (or when) the most bubbilicious stocks finally start to pull back, the sell-off can last a long time and the damage could be severe.\nAfter all, when the Nasdaq first topped the 5,000 level in March 2000, it did so after surging past the 3,000 and 4,000 levels just a few months earlier. It was a mania. But once the dot-com bubble burst, the Nasdaq did not climb back above 5,000 again until March...2015.\nSo last year's brief bear market pullback following the beginning of the Covid-19 outbreak in March could be just a small taste of what's to come for tech and momentum stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348364885,"gmtCreate":1617889622547,"gmtModify":1634295940943,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Aiyo","listText":"Aiyo","text":"Aiyo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348364885","repostId":"2125770591","repostType":4,"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348365089,"gmtCreate":1617889582541,"gmtModify":1634295941667,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348365089","repostId":"1151024477","repostType":4,"isVote":1,"tweetType":1,"viewCount":2061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355319264,"gmtCreate":1617028039558,"gmtModify":1634523037246,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"Good news for the world. 🙏","listText":"Good news for the world. 🙏","text":"Good news for the world. 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355319264","repostId":"1155390932","repostType":4,"isVote":1,"tweetType":1,"viewCount":1763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358990381,"gmtCreate":1616647004843,"gmtModify":1634524742432,"author":{"id":"3575420538111046","authorId":"3575420538111046","name":"SGLian","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575420538111046","authorIdStr":"3575420538111046"},"themes":[],"title":"","htmlText":"@kahxiang - is this the way to tag? 😅","listText":"@kahxiang - is this the way to tag? 😅","text":"@kahxiang - is this the way to tag? 😅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358990381","repostId":"1155582622","repostType":2,"isVote":1,"tweetType":1,"viewCount":1861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}