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2021-07-06

niceeeeeeeeee

2021-04-15

[财迷] [财迷] [财迷]

Electric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</blockquote>

2021-04-15

crazy crazy day

Coinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</blockquote>

2021-04-15

$NASDAQ-100 Index ETF(QQQ)$decent

2021-04-15

[微笑]

Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>

2021-03-25

[微笑]

抱歉，原内容已删除

2021-03-20

wow

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>

2021-03-20

$ARK Fintech Innovation ETF(ARKF)$LOL

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[财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347146002","repostId":"1130631284","repostType":2,"repost":{"id":"1130631284","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618475153,"share":"https://www.laohu8.com/m/news/1130631284?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:25","market":"us","language":"en","title":"Electric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130631284","media":"Tiger Newspress","summary":"(April 15) Electric vehicle stocks rally in premarket trading.Xpeng rose more than 2%. Chinese elect","content":"<p>(April 15)&nbsp;Electric vehicle stocks rally in premarket trading.</p><p><blockquote>（4月15日）电动汽车股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fe6b34a2191ddc1646eb9edd155207d9\" tg-width=\"312\" tg-height=\"163\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Xpeng&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</b>&nbsp;Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving.&nbsp;Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips.&nbsp;In&nbsp;addition,&nbsp;Xpeng launched a new electric sedan called the P5 on Wednesday.</p><p><blockquote><b>小鹏汽车涨超2%。</b>中国电动汽车制造商小鹏汽车正在考虑为自动驾驶制造自己的半导体。小鹏汽车负责自动驾驶的副总裁吴新洲表示，该公司正在技术方面“寻找所有可能的选择”，以保持领先于竞争对手，包括自动驾驶芯片。此外，小鹏汽车周三推出了一款名为P5的新型电动轿车。</blockquote></p><p><b>NIO&nbsp;gained&nbsp;nearly&nbsp;2%.&nbsp;</b>Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum &amp; Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.</p><p><blockquote><b>蔚来涨近2%。</b>据cnEVpost周三报道，中国电动汽车制造商蔚来将于下周在第十九届上海国际汽车工业展览会上推出其新的蔚来动力计划，并首次正式展示其ET7轿车的内饰。此外，本周早些时候有报道称，蔚来确认了与石油巨头中国石油化工股份有限公司或中石化期待已久的合作伙伴关系，将在中石化的加油站设立电池交换站。</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>Electric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</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; 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}\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\">\nElectric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-15 16:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 15)&nbsp;Electric vehicle stocks rally in premarket trading.</p><p><blockquote>（4月15日）电动汽车股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fe6b34a2191ddc1646eb9edd155207d9\" tg-width=\"312\" tg-height=\"163\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Xpeng&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</b>&nbsp;Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving.&nbsp;Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips.&nbsp;In&nbsp;addition,&nbsp;Xpeng launched a new electric sedan called the P5 on Wednesday.</p><p><blockquote><b>小鹏汽车涨超2%。</b>中国电动汽车制造商小鹏汽车正在考虑为自动驾驶制造自己的半导体。小鹏汽车负责自动驾驶的副总裁吴新洲表示，该公司正在技术方面“寻找所有可能的选择”，以保持领先于竞争对手，包括自动驾驶芯片。此外，小鹏汽车周三推出了一款名为P5的新型电动轿车。</blockquote></p><p><b>NIO&nbsp;gained&nbsp;nearly&nbsp;2%.&nbsp;</b>Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum &amp; Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.</p><p><blockquote><b>蔚来涨近2%。</b>据cnEVpost周三报道，中国电动汽车制造商蔚来将于下周在第十九届上海国际汽车工业展览会上推出其新的蔚来动力计划，并首次正式展示其ET7轿车的内饰。此外，本周早些时候有报道称，蔚来确认了与石油巨头中国石油化工股份有限公司或中石化期待已久的合作伙伴关系，将在中石化的加油站设立电池交换站。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130631284","content_text":"(April 15) Electric vehicle stocks rally in premarket trading.Xpeng rose more than 2%. Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving. Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips. In addition, Xpeng launched a new electric sedan called the P5 on Wednesday.NIO gained nearly 2%. Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum & Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.","news_type":1,"symbols_score_info":{"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347148856,"gmtCreate":1618478328775,"gmtModify":1634292665417,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"crazy crazy day","listText":"crazy crazy day","text":"crazy crazy day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347148856","repostId":"1152649892","repostType":2,"repost":{"id":"1152649892","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618474464,"share":"https://www.laohu8.com/m/news/1152649892?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:14","market":"us","language":"en","title":"Coinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152649892","media":"Tiger Newspress","summary":"(April 15) Coinbase gained about 10% in premarket trading.Coinbase Global popped nearly 72% intraday","content":"<p>(April 15)&nbsp;Coinbase gained about 10% in premarket trading.</p><p><blockquote>（4月15日）比特币基地在盘前交易中上涨约10%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a4243267797a533c545dd6cc5dfc290\" tg-width=\"1066\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Coinbase Global&nbsp;popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.</p><p><blockquote>Coinbase Global周三盘中上涨近72%，在这家加密货币公司在纳斯达克直接上市后，收盘上涨超过30%。</blockquote></p><p>COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.</p><p><blockquote>COIN于下午1:30左右开盘价为381美元。美国东部时间，较纳斯达克和高盛周二下午为该股设定的每股250美元参考价上涨52.4%。</blockquote></p><p>Coinbase later shot up to as high as&nbsp;$429.54 intraday before closing at $328.28, up 31.3% from the reference price.</p><p><blockquote>Coinbase随后盘中一度飙升至429.54美元，收于328.28美元，较参考价上涨31.3%。</blockquote></p><p>The closing price gives Coinbase about an $85.8B market capitalization, as the company has some&nbsp;261.3M shares outstandingon a fully diluted basis.</p><p><blockquote>收盘价使Coinbase的市值约为$85.8 B，因为该公司在完全稀释的基础上拥有约2.613亿股流通股。</blockquote></p><p>In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).</p><p><blockquote>此外，ARK Invest还为3只基金购买了Coinbase。Cathie Wood为ARK Fintech Innovation ETF（NYSEARCA：ARKF）购买了89,589股Coinbase股票。她为旗舰ARK Innovation ETF（NYSEARCA：ARKK）购买了512,535股加密货币交易平台股票。她还向ARK下一代互联网ETF（NYSEARCA：ARKW）添加了147,081股Coinbase股票。</blockquote></p><p>That was about $246M worth of Coinbase shares.</p><p><blockquote>这相当于价值约2.46亿美元的Coinbase股票。</blockquote></p><p>\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.</p><p><blockquote>伍德告诉彭博社：“从现在到五年后，逢低买入（Coinbase）将会有很好的机会。”</blockquote></p><p>ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).</p><p><blockquote>ARK认为机构兴趣可能会使比特币（BTC-USD）的价格增加50万美元。</blockquote></p><p>Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.</p><p><blockquote>华尔街一直在兴奋地等待该公司的上市举动，因为该公司可能代表了热门加密货币市场上的第一家纯粹公司。</blockquote></p><p>Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.</p><p><blockquote>Coinbase运营着一个受欢迎的比特币（BTC-USD）和其他加密货币交易平台，还提供托管存储投资者加密货币的数字“钱包”等服务。</blockquote></p><p>COIN went public at a time when Bitcoin has been trading at or near&nbsp;record highs, as have&nbsp;other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).</p><p><blockquote>COIN上市之际，比特币的交易价格一直处于或接近历史高点，以太币(ETH-USD)和狗狗币(DOGE-USD)等其他加密货币也是如此。</blockquote></p><p>However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.</p><p><blockquote>然而，该公司采取了不寻常的举措，通过直接上市而不是传统的IPO上市。某些Coinbase IPO前投资者只是通过纳斯达克向公众发行了多达1.1485亿股股票。</blockquote></p><p>That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.</p><p><blockquote>这导致了COIN股票真正价值的不确定性。在传统的首次公开募股中，承销商在股票上市前几个小时设定IPO的官方价格，并在该水平向机构投资者和富裕投资者出售股票。</blockquote></p><p>Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.</p><p><blockquote>尽管股票的开盘价可能高于或低于官方IPO价格，但至少这让一些投资者了解了股票的价值。直接上市的情况并非如此。</blockquote></p><p>That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.</p><p><blockquote>也就是说，不仅纳斯达克和高盛周二发布了每股250美元的参考价，德国加密货币交易所FTX也一直在向非美国投资者提供期货合约，在正式交易前估算该股的可能价格。</blockquote></p><p>The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.</p><p><blockquote>就在Coinbase股票开始实际交易时，FTX合约的交易价格为463.845美元。由于每份合同代表Coinbase估计价值的1/2.5亿，这意味着该公司的市值为116B美元。</blockquote></p><p>Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.</p><p><blockquote>除以Coinbase 2.613亿股完全稀释的已发行股票，在该股正式纳斯达克开盘前后，COIN股票的估计价值约为每股443.79美元。</blockquote></p><p>Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.</p><p><blockquote>Coinbase的热门IPO立即使其成为最有价值的金融公司之一，与摩根士丹利、查尔斯·施瓦布等公司齐名。</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>Coinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</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; 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}\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\">\nCoinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-15 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 15)&nbsp;Coinbase gained about 10% in premarket trading.</p><p><blockquote>（4月15日）比特币基地在盘前交易中上涨约10%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a4243267797a533c545dd6cc5dfc290\" tg-width=\"1066\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Coinbase Global&nbsp;popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.</p><p><blockquote>Coinbase Global周三盘中上涨近72%，在这家加密货币公司在纳斯达克直接上市后，收盘上涨超过30%。</blockquote></p><p>COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.</p><p><blockquote>COIN于下午1:30左右开盘价为381美元。美国东部时间，较纳斯达克和高盛周二下午为该股设定的每股250美元参考价上涨52.4%。</blockquote></p><p>Coinbase later shot up to as high as&nbsp;$429.54 intraday before closing at $328.28, up 31.3% from the reference price.</p><p><blockquote>Coinbase随后盘中一度飙升至429.54美元，收于328.28美元，较参考价上涨31.3%。</blockquote></p><p>The closing price gives Coinbase about an $85.8B market capitalization, as the company has some&nbsp;261.3M shares outstandingon a fully diluted basis.</p><p><blockquote>收盘价使Coinbase的市值约为$85.8 B，因为该公司在完全稀释的基础上拥有约2.613亿股流通股。</blockquote></p><p>In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).</p><p><blockquote>此外，ARK Invest还为3只基金购买了Coinbase。Cathie Wood为ARK Fintech Innovation ETF（NYSEARCA：ARKF）购买了89,589股Coinbase股票。她为旗舰ARK Innovation ETF（NYSEARCA：ARKK）购买了512,535股加密货币交易平台股票。她还向ARK下一代互联网ETF（NYSEARCA：ARKW）添加了147,081股Coinbase股票。</blockquote></p><p>That was about $246M worth of Coinbase shares.</p><p><blockquote>这相当于价值约2.46亿美元的Coinbase股票。</blockquote></p><p>\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.</p><p><blockquote>伍德告诉彭博社：“从现在到五年后，逢低买入（Coinbase）将会有很好的机会。”</blockquote></p><p>ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).</p><p><blockquote>ARK认为机构兴趣可能会使比特币（BTC-USD）的价格增加50万美元。</blockquote></p><p>Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.</p><p><blockquote>华尔街一直在兴奋地等待该公司的上市举动，因为该公司可能代表了热门加密货币市场上的第一家纯粹公司。</blockquote></p><p>Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.</p><p><blockquote>Coinbase运营着一个受欢迎的比特币（BTC-USD）和其他加密货币交易平台，还提供托管存储投资者加密货币的数字“钱包”等服务。</blockquote></p><p>COIN went public at a time when Bitcoin has been trading at or near&nbsp;record highs, as have&nbsp;other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).</p><p><blockquote>COIN上市之际，比特币的交易价格一直处于或接近历史高点，以太币(ETH-USD)和狗狗币(DOGE-USD)等其他加密货币也是如此。</blockquote></p><p>However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.</p><p><blockquote>然而，该公司采取了不寻常的举措，通过直接上市而不是传统的IPO上市。某些Coinbase IPO前投资者只是通过纳斯达克向公众发行了多达1.1485亿股股票。</blockquote></p><p>That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.</p><p><blockquote>这导致了COIN股票真正价值的不确定性。在传统的首次公开募股中，承销商在股票上市前几个小时设定IPO的官方价格，并在该水平向机构投资者和富裕投资者出售股票。</blockquote></p><p>Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.</p><p><blockquote>尽管股票的开盘价可能高于或低于官方IPO价格，但至少这让一些投资者了解了股票的价值。直接上市的情况并非如此。</blockquote></p><p>That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.</p><p><blockquote>也就是说，不仅纳斯达克和高盛周二发布了每股250美元的参考价，德国加密货币交易所FTX也一直在向非美国投资者提供期货合约，在正式交易前估算该股的可能价格。</blockquote></p><p>The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.</p><p><blockquote>就在Coinbase股票开始实际交易时，FTX合约的交易价格为463.845美元。由于每份合同代表Coinbase估计价值的1/2.5亿，这意味着该公司的市值为116B美元。</blockquote></p><p>Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.</p><p><blockquote>除以Coinbase 2.613亿股完全稀释的已发行股票，在该股正式纳斯达克开盘前后，COIN股票的估计价值约为每股443.79美元。</blockquote></p><p>Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.</p><p><blockquote>Coinbase的热门IPO立即使其成为最有价值的金融公司之一，与摩根士丹利、查尔斯·施瓦布等公司齐名。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152649892","content_text":"(April 15) Coinbase gained about 10% in premarket trading.Coinbase Global popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.Coinbase later shot up to as high as $429.54 intraday before closing at $328.28, up 31.3% from the reference price.The closing price gives Coinbase about an $85.8B market capitalization, as the company has some 261.3M shares outstandingon a fully diluted basis.In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).That was about $246M worth of Coinbase shares.\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.COIN went public at a time when Bitcoin has been trading at or near record highs, as have other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347113079,"gmtCreate":1618474243391,"gmtModify":1634292693313,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>decent","listText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>decent","text":"$NASDAQ-100 Index ETF(QQQ)$decent","images":[{"img":"https://static.tigerbbs.com/3d7b7e648b8fac1c89a9256136073f17","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347113079","isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347119329,"gmtCreate":1618474153561,"gmtModify":1634292694027,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347119329","repostId":"1158416535","repostType":2,"repost":{"id":"1158416535","kind":"news","pubTimestamp":1618473920,"share":"https://www.laohu8.com/m/news/1158416535?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:05","market":"us","language":"en","title":"Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158416535","media":"seekingalpha","summary":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-fa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ARKK achieved a legendary performance in 2020.</li>  <li>MLPA is an under-covered ETF in an out-of-favor sector.</li>  <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:</p><p><blockquote><ul><li>ARKK在2020年取得了传奇般的业绩。</li><li>MLPA是一只在不受欢迎的行业中被低估的ETF。</li><li>为什么投资者应该在2021年权衡MLPA而不是ARKK。</li></ul>ARK Invest及其创始人兼首席执行官/首席信息官Cathie Wood在2020年成为明星，其ETF(ARKK)(ARKQ)(ARKG)(ARKW)(ARKF)在这一年中取得了非常强劲的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:</p><p><blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，其优异表现简直令人难以置信：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).</p><p><blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新ETF（即ARKK），该基金将特斯拉(TSLA)作为其无可争议的最大和最高信念持股，并与Square(SQ)、Teladoc(TDOC)等其他受欢迎的颠覆性基金进行补充）、Zoom(ZM)和Palantir(PLTR)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:</p><p><blockquote>纵观ARKK的一生表现，我们发现它甚至在2020年之前就轻松跑赢了市场指数：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.</p><p><blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote></p><p> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:</p><p><blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote></p><p> <b>#1 - Massive Fee Disparity</b></p><p><blockquote><b>#1-巨大的费用差异</b></blockquote></p><p> As Warren Buffettonce said:</p><p><blockquote>正如沃伦·巴菲特曾经说过的：</blockquote></p><p>   <i>Performance comes, performance goes. Fees never falter.</i>  Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.</p><p><blockquote><i>性能来了，性能去了。费用从不动摇。</i>很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote></p><p> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.</p><p><blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote></p><p> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.</p><p><blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote></p><p> <b>#2 - Even Bigger Fund Flow Disparity</b></p><p><blockquote><b>#2-更大的资金流差异</b></blockquote></p><p> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:</p><p><blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.</p><p><blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote></p><p> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.</p><p><blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote></p><p> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.</p><p><blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote></p><p> <b>#3 - Incredible Valuation Disparity</b></p><p><blockquote><b>#3-令人难以置信的估值差异</b></blockquote></p><p> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.</p><p><blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote></p><p> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.</p><p><blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote></p><p> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:</p><p><blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote></p><p> <ul>  <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul><i>来源</i></blockquote></p><p> <ul>  <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li>  <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li>  <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.</p><p><blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"></p><p><blockquote></blockquote></p><p> <i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.</p><p><blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote></p><p> <b>A Better Alternative Than Either Of Them</b></p><p><blockquote><b>比他们任何一个都好的选择</b></blockquote></p><p> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.</p><p><blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote></p><p> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.</p><p><blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote></p><p> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.</p><p><blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote></p><p> By pursuing a simple, but time-tested value investing strategy of</p><p><blockquote>通过追求简单但久经考验的价值投资策略</blockquote></p><p> <ul>  <li>Investing in what we know</li>  <li>Avoiding bad management</li>  <li>Buying attractive yields below a conservative estimate of fair value</li>  <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:</p><p><blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.</p><p><blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote></p><p> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.</p><p><blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote></p><p> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.</p><p><blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote></p><p> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.</p><p><blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote></p><p> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.</p><p><blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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 This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-04-15 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ARKK achieved a legendary performance in 2020.</li>  <li>MLPA is an under-covered ETF in an out-of-favor sector.</li>  <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:</p><p><blockquote><ul><li>ARKK在2020年取得了传奇般的业绩。</li><li>MLPA是一只在不受欢迎的行业中被低估的ETF。</li><li>为什么投资者应该在2021年权衡MLPA而不是ARKK。</li></ul>ARK Invest及其创始人兼首席执行官/首席信息官Cathie Wood在2020年成为明星，其ETF(ARKK)(ARKQ)(ARKG)(ARKW)(ARKF)在这一年中取得了非常强劲的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:</p><p><blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，其优异表现简直令人难以置信：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).</p><p><blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新ETF（即ARKK），该基金将特斯拉(TSLA)作为其无可争议的最大和最高信念持股，并与Square(SQ)、Teladoc(TDOC)等其他受欢迎的颠覆性基金进行补充）、Zoom(ZM)和Palantir(PLTR)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:</p><p><blockquote>纵观ARKK的一生表现，我们发现它甚至在2020年之前就轻松跑赢了市场指数：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.</p><p><blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote></p><p> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:</p><p><blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote></p><p> <b>#1 - Massive Fee Disparity</b></p><p><blockquote><b>#1-巨大的费用差异</b></blockquote></p><p> As Warren Buffettonce said:</p><p><blockquote>正如沃伦·巴菲特曾经说过的：</blockquote></p><p>   <i>Performance comes, performance goes. Fees never falter.</i>  Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.</p><p><blockquote><i>性能来了，性能去了。费用从不动摇。</i>很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote></p><p> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.</p><p><blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote></p><p> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.</p><p><blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote></p><p> <b>#2 - Even Bigger Fund Flow Disparity</b></p><p><blockquote><b>#2-更大的资金流差异</b></blockquote></p><p> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:</p><p><blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.</p><p><blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote></p><p> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.</p><p><blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote></p><p> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.</p><p><blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote></p><p> <b>#3 - Incredible Valuation Disparity</b></p><p><blockquote><b>#3-令人难以置信的估值差异</b></blockquote></p><p> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.</p><p><blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote></p><p> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.</p><p><blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote></p><p> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:</p><p><blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote></p><p> <ul>  <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul><i>来源</i></blockquote></p><p> <ul>  <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li>  <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li>  <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.</p><p><blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"></p><p><blockquote></blockquote></p><p> <i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.</p><p><blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote></p><p> <b>A Better Alternative Than Either Of Them</b></p><p><blockquote><b>比他们任何一个都好的选择</b></blockquote></p><p> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.</p><p><blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote></p><p> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.</p><p><blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote></p><p> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.</p><p><blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote></p><p> By pursuing a simple, but time-tested value investing strategy of</p><p><blockquote>通过追求简单但久经考验的价值投资策略</blockquote></p><p> <ul>  <li>Investing in what we know</li>  <li>Avoiding bad management</li>  <li>Buying attractive yields below a conservative estimate of fair value</li>  <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:</p><p><blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.</p><p><blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote></p><p> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.</p><p><blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote></p><p> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.</p><p><blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote></p><p> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.</p><p><blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote></p><p> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.</p><p><blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk\">seekingalpha</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":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158416535","content_text":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-favor sector.\nWhy investors should weight MLPA over ARKK in 2021.\n\nARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:\nData by YCharts\nCompared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:\nData by YCharts\nBy far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).\nsource\nLooking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:\nData by YCharts\nCathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.\nThat said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:\n#1 - Massive Fee Disparity\nAs Warren Buffettonce said:\n\nPerformance comes, performance goes. Fees never falter.\n\nFew investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.\nARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.\nIn contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.\n#2 - Even Bigger Fund Flow Disparity\nAnother major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:\nData by YCharts\nWhile this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.\nWhile the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.\nMLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.\n#3 - Incredible Valuation Disparity\nLast, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.\nInnovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.\nMeanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:\n\nHistorically high yields even as interest rates sit at historic lows, resulting in record spreads:\n\nsource\n\nCheap valuation multiples in a market environment where major indexes are sporting record high valuations.\nRemarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.\nStrong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.\n\nFurthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.\n\nsource\nWe are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.\nA Better Alternative Than Either Of Them\nLow-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.\nHowever, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.\nThough we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.\nBy pursuing a simple, but time-tested value investing strategy of\n\nInvesting in what we know\nAvoiding bad management\nBuying attractive yields below a conservative estimate of fair value\nOverweightingcompanies with strong balance sheets\n\nwe are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:\n\nsource: Author\nInvestor Takeaway\nARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.\nWe believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.\nWhile we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.\nMeanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.\nPrudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.","news_type":1,"symbols_score_info":{"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":358602429,"gmtCreate":1616682740861,"gmtModify":1634524567417,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358602429","repostId":"1167131291","repostType":4,"isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":350175880,"gmtCreate":1616170627540,"gmtModify":1634526868517,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350175880","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</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://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350172666,"gmtCreate":1616170584255,"gmtModify":1631888444993,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>LOL","listText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>LOL","text":"$ARK Fintech Innovation ETF(ARKF)$LOL","images":[{"img":"https://static.tigerbbs.com/bec1c490a83dc6021d6ecef97d5b4417","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350172666","isVote":1,"tweetType":1,"viewCount":1516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":347119329,"gmtCreate":1618474153561,"gmtModify":1634292694027,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347119329","repostId":"1158416535","repostType":2,"repost":{"id":"1158416535","kind":"news","pubTimestamp":1618473920,"share":"https://www.laohu8.com/m/news/1158416535?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:05","market":"us","language":"en","title":"Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158416535","media":"seekingalpha","summary":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-fa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ARKK achieved a legendary performance in 2020.</li>  <li>MLPA is an under-covered ETF in an out-of-favor sector.</li>  <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:</p><p><blockquote><ul><li>ARKK在2020年取得了传奇般的业绩。</li><li>MLPA是一只在不受欢迎的行业中被低估的ETF。</li><li>为什么投资者应该在2021年权衡MLPA而不是ARKK。</li></ul>ARK Invest及其创始人兼首席执行官/首席信息官Cathie Wood在2020年成为明星，其ETF(ARKK)(ARKQ)(ARKG)(ARKW)(ARKF)在这一年中取得了非常强劲的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:</p><p><blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，其优异表现简直令人难以置信：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).</p><p><blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新ETF（即ARKK），该基金将特斯拉(TSLA)作为其无可争议的最大和最高信念持股，并与Square(SQ)、Teladoc(TDOC)等其他受欢迎的颠覆性基金进行补充）、Zoom(ZM)和Palantir(PLTR)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:</p><p><blockquote>纵观ARKK的一生表现，我们发现它甚至在2020年之前就轻松跑赢了市场指数：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.</p><p><blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote></p><p> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:</p><p><blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote></p><p> <b>#1 - Massive Fee Disparity</b></p><p><blockquote><b>#1-巨大的费用差异</b></blockquote></p><p> As Warren Buffettonce said:</p><p><blockquote>正如沃伦·巴菲特曾经说过的：</blockquote></p><p>   <i>Performance comes, performance goes. Fees never falter.</i>  Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.</p><p><blockquote><i>性能来了，性能去了。费用从不动摇。</i>很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote></p><p> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.</p><p><blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote></p><p> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.</p><p><blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote></p><p> <b>#2 - Even Bigger Fund Flow Disparity</b></p><p><blockquote><b>#2-更大的资金流差异</b></blockquote></p><p> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:</p><p><blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.</p><p><blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote></p><p> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.</p><p><blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote></p><p> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.</p><p><blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote></p><p> <b>#3 - Incredible Valuation Disparity</b></p><p><blockquote><b>#3-令人难以置信的估值差异</b></blockquote></p><p> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.</p><p><blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote></p><p> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.</p><p><blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote></p><p> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:</p><p><blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote></p><p> <ul>  <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul><i>来源</i></blockquote></p><p> <ul>  <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li>  <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li>  <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.</p><p><blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"></p><p><blockquote></blockquote></p><p> <i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.</p><p><blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote></p><p> <b>A Better Alternative Than Either Of Them</b></p><p><blockquote><b>比他们任何一个都好的选择</b></blockquote></p><p> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.</p><p><blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote></p><p> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.</p><p><blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote></p><p> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.</p><p><blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote></p><p> By pursuing a simple, but time-tested value investing strategy of</p><p><blockquote>通过追求简单但久经考验的价值投资策略</blockquote></p><p> <ul>  <li>Investing in what we know</li>  <li>Avoiding bad management</li>  <li>Buying attractive yields below a conservative estimate of fair value</li>  <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:</p><p><blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.</p><p><blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote></p><p> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.</p><p><blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote></p><p> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.</p><p><blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote></p><p> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.</p><p><blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote></p><p> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.</p><p><blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</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 This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</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; 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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 This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-04-15 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ARKK achieved a legendary performance in 2020.</li>  <li>MLPA is an under-covered ETF in an out-of-favor sector.</li>  <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:</p><p><blockquote><ul><li>ARKK在2020年取得了传奇般的业绩。</li><li>MLPA是一只在不受欢迎的行业中被低估的ETF。</li><li>为什么投资者应该在2021年权衡MLPA而不是ARKK。</li></ul>ARK Invest及其创始人兼首席执行官/首席信息官Cathie Wood在2020年成为明星，其ETF(ARKK)(ARKQ)(ARKG)(ARKW)(ARKF)在这一年中取得了非常强劲的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:</p><p><blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，其优异表现简直令人难以置信：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).</p><p><blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新ETF（即ARKK），该基金将特斯拉(TSLA)作为其无可争议的最大和最高信念持股，并与Square(SQ)、Teladoc(TDOC)等其他受欢迎的颠覆性基金进行补充）、Zoom(ZM)和Palantir(PLTR)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:</p><p><blockquote>纵观ARKK的一生表现，我们发现它甚至在2020年之前就轻松跑赢了市场指数：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.</p><p><blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote></p><p> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:</p><p><blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote></p><p> <b>#1 - Massive Fee Disparity</b></p><p><blockquote><b>#1-巨大的费用差异</b></blockquote></p><p> As Warren Buffettonce said:</p><p><blockquote>正如沃伦·巴菲特曾经说过的：</blockquote></p><p>   <i>Performance comes, performance goes. Fees never falter.</i>  Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.</p><p><blockquote><i>性能来了，性能去了。费用从不动摇。</i>很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote></p><p> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.</p><p><blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote></p><p> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.</p><p><blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote></p><p> <b>#2 - Even Bigger Fund Flow Disparity</b></p><p><blockquote><b>#2-更大的资金流差异</b></blockquote></p><p> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:</p><p><blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.</p><p><blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote></p><p> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.</p><p><blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote></p><p> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.</p><p><blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote></p><p> <b>#3 - Incredible Valuation Disparity</b></p><p><blockquote><b>#3-令人难以置信的估值差异</b></blockquote></p><p> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.</p><p><blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote></p><p> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.</p><p><blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote></p><p> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:</p><p><blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote></p><p> <ul>  <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><i>source</i></p><p><blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul><i>来源</i></blockquote></p><p> <ul>  <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li>  <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li>  <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.</p><p><blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"></p><p><blockquote></blockquote></p><p> <i>source</i></p><p><blockquote><i>来源</i></blockquote></p><p> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.</p><p><blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote></p><p> <b>A Better Alternative Than Either Of Them</b></p><p><blockquote><b>比他们任何一个都好的选择</b></blockquote></p><p> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.</p><p><blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote></p><p> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.</p><p><blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote></p><p> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.</p><p><blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote></p><p> By pursuing a simple, but time-tested value investing strategy of</p><p><blockquote>通过追求简单但久经考验的价值投资策略</blockquote></p><p> <ul>  <li>Investing in what we know</li>  <li>Avoiding bad management</li>  <li>Buying attractive yields below a conservative estimate of fair value</li>  <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:</p><p><blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.</p><p><blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote></p><p> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.</p><p><blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote></p><p> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.</p><p><blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote></p><p> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.</p><p><blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote></p><p> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.</p><p><blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk\">seekingalpha</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":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158416535","content_text":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-favor sector.\nWhy investors should weight MLPA over ARKK in 2021.\n\nARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:\nData by YCharts\nCompared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:\nData by YCharts\nBy far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).\nsource\nLooking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:\nData by YCharts\nCathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.\nThat said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:\n#1 - Massive Fee Disparity\nAs Warren Buffettonce said:\n\nPerformance comes, performance goes. Fees never falter.\n\nFew investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.\nARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.\nIn contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.\n#2 - Even Bigger Fund Flow Disparity\nAnother major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:\nData by YCharts\nWhile this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.\nWhile the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.\nMLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.\n#3 - Incredible Valuation Disparity\nLast, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.\nInnovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.\nMeanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:\n\nHistorically high yields even as interest rates sit at historic lows, resulting in record spreads:\n\nsource\n\nCheap valuation multiples in a market environment where major indexes are sporting record high valuations.\nRemarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.\nStrong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.\n\nFurthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.\n\nsource\nWe are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.\nA Better Alternative Than Either Of Them\nLow-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.\nHowever, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.\nThough we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.\nBy pursuing a simple, but time-tested value investing strategy of\n\nInvesting in what we know\nAvoiding bad management\nBuying attractive yields below a conservative estimate of fair value\nOverweightingcompanies with strong balance sheets\n\nwe are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:\n\nsource: Author\nInvestor Takeaway\nARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.\nWe believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.\nWhile we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.\nMeanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.\nPrudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.","news_type":1,"symbols_score_info":{"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347146002,"gmtCreate":1618478396206,"gmtModify":1634292665176,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347146002","repostId":"1130631284","repostType":2,"repost":{"id":"1130631284","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618475153,"share":"https://www.laohu8.com/m/news/1130631284?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:25","market":"us","language":"en","title":"Electric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130631284","media":"Tiger Newspress","summary":"(April 15) Electric vehicle stocks rally in premarket trading.Xpeng rose more than 2%. Chinese elect","content":"<p>(April 15)&nbsp;Electric vehicle stocks rally in premarket trading.</p><p><blockquote>（4月15日）电动汽车股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fe6b34a2191ddc1646eb9edd155207d9\" tg-width=\"312\" tg-height=\"163\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Xpeng&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</b>&nbsp;Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving.&nbsp;Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips.&nbsp;In&nbsp;addition,&nbsp;Xpeng launched a new electric sedan called the P5 on Wednesday.</p><p><blockquote><b>小鹏汽车涨超2%。</b>中国电动汽车制造商小鹏汽车正在考虑为自动驾驶制造自己的半导体。小鹏汽车负责自动驾驶的副总裁吴新洲表示，该公司正在技术方面“寻找所有可能的选择”，以保持领先于竞争对手，包括自动驾驶芯片。此外，小鹏汽车周三推出了一款名为P5的新型电动轿车。</blockquote></p><p><b>NIO&nbsp;gained&nbsp;nearly&nbsp;2%.&nbsp;</b>Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum &amp; Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.</p><p><blockquote><b>蔚来涨近2%。</b>据cnEVpost周三报道，中国电动汽车制造商蔚来将于下周在第十九届上海国际汽车工业展览会上推出其新的蔚来动力计划，并首次正式展示其ET7轿车的内饰。此外，本周早些时候有报道称，蔚来确认了与石油巨头中国石油化工股份有限公司或中石化期待已久的合作伙伴关系，将在中石化的加油站设立电池交换站。</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>Electric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</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; 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}\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\">\nElectric vehicle stocks rally in premarket trading<blockquote>电动汽车股在盘前交易中上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-15 16:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 15)&nbsp;Electric vehicle stocks rally in premarket trading.</p><p><blockquote>（4月15日）电动汽车股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fe6b34a2191ddc1646eb9edd155207d9\" tg-width=\"312\" tg-height=\"163\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Xpeng&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</b>&nbsp;Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving.&nbsp;Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips.&nbsp;In&nbsp;addition,&nbsp;Xpeng launched a new electric sedan called the P5 on Wednesday.</p><p><blockquote><b>小鹏汽车涨超2%。</b>中国电动汽车制造商小鹏汽车正在考虑为自动驾驶制造自己的半导体。小鹏汽车负责自动驾驶的副总裁吴新洲表示，该公司正在技术方面“寻找所有可能的选择”，以保持领先于竞争对手，包括自动驾驶芯片。此外，小鹏汽车周三推出了一款名为P5的新型电动轿车。</blockquote></p><p><b>NIO&nbsp;gained&nbsp;nearly&nbsp;2%.&nbsp;</b>Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum &amp; Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.</p><p><blockquote><b>蔚来涨近2%。</b>据cnEVpost周三报道，中国电动汽车制造商蔚来将于下周在第十九届上海国际汽车工业展览会上推出其新的蔚来动力计划，并首次正式展示其ET7轿车的内饰。此外，本周早些时候有报道称，蔚来确认了与石油巨头中国石油化工股份有限公司或中石化期待已久的合作伙伴关系，将在中石化的加油站设立电池交换站。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130631284","content_text":"(April 15) Electric vehicle stocks rally in premarket trading.Xpeng rose more than 2%. Chinese electric carmaker Xpeng Motors is looking into making its own semiconductors for autonomous driving. Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the company is \"looking at all possible options\" in terms of technologies, to stay ahead of rivals, including autonomous driving chips. In addition, Xpeng launched a new electric sedan called the P5 on Wednesday.NIO gained nearly 2%. Chinese electric vehicle maker Nio Inc. will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday. In addition，It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum & Chemical Corporation or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.","news_type":1,"symbols_score_info":{"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":157213841,"gmtCreate":1625583074683,"gmtModify":1633939355814,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"niceeeeeeeeee","listText":"niceeeeeeeeee","text":"niceeeeeeeeee","images":[{"img":"https://static.tigerbbs.com/ecc0121d727977f1cc270e96be266fa7","width":"1125","height":"3574"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157213841","isVote":1,"tweetType":1,"viewCount":3070,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347148856,"gmtCreate":1618478328775,"gmtModify":1634292665417,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"crazy crazy day","listText":"crazy crazy day","text":"crazy crazy day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347148856","repostId":"1152649892","repostType":2,"repost":{"id":"1152649892","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618474464,"share":"https://www.laohu8.com/m/news/1152649892?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:14","market":"us","language":"en","title":"Coinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152649892","media":"Tiger Newspress","summary":"(April 15) Coinbase gained about 10% in premarket trading.Coinbase Global popped nearly 72% intraday","content":"<p>(April 15)&nbsp;Coinbase gained about 10% in premarket trading.</p><p><blockquote>（4月15日）比特币基地在盘前交易中上涨约10%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a4243267797a533c545dd6cc5dfc290\" tg-width=\"1066\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Coinbase Global&nbsp;popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.</p><p><blockquote>Coinbase Global周三盘中上涨近72%，在这家加密货币公司在纳斯达克直接上市后，收盘上涨超过30%。</blockquote></p><p>COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.</p><p><blockquote>COIN于下午1:30左右开盘价为381美元。美国东部时间，较纳斯达克和高盛周二下午为该股设定的每股250美元参考价上涨52.4%。</blockquote></p><p>Coinbase later shot up to as high as&nbsp;$429.54 intraday before closing at $328.28, up 31.3% from the reference price.</p><p><blockquote>Coinbase随后盘中一度飙升至429.54美元，收于328.28美元，较参考价上涨31.3%。</blockquote></p><p>The closing price gives Coinbase about an $85.8B market capitalization, as the company has some&nbsp;261.3M shares outstandingon a fully diluted basis.</p><p><blockquote>收盘价使Coinbase的市值约为$85.8 B，因为该公司在完全稀释的基础上拥有约2.613亿股流通股。</blockquote></p><p>In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).</p><p><blockquote>此外，ARK Invest还为3只基金购买了Coinbase。Cathie Wood为ARK Fintech Innovation ETF（NYSEARCA：ARKF）购买了89,589股Coinbase股票。她为旗舰ARK Innovation ETF（NYSEARCA：ARKK）购买了512,535股加密货币交易平台股票。她还向ARK下一代互联网ETF（NYSEARCA：ARKW）添加了147,081股Coinbase股票。</blockquote></p><p>That was about $246M worth of Coinbase shares.</p><p><blockquote>这相当于价值约2.46亿美元的Coinbase股票。</blockquote></p><p>\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.</p><p><blockquote>伍德告诉彭博社：“从现在到五年后，逢低买入（Coinbase）将会有很好的机会。”</blockquote></p><p>ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).</p><p><blockquote>ARK认为机构兴趣可能会使比特币（BTC-USD）的价格增加50万美元。</blockquote></p><p>Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.</p><p><blockquote>华尔街一直在兴奋地等待该公司的上市举动，因为该公司可能代表了热门加密货币市场上的第一家纯粹公司。</blockquote></p><p>Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.</p><p><blockquote>Coinbase运营着一个受欢迎的比特币（BTC-USD）和其他加密货币交易平台，还提供托管存储投资者加密货币的数字“钱包”等服务。</blockquote></p><p>COIN went public at a time when Bitcoin has been trading at or near&nbsp;record highs, as have&nbsp;other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).</p><p><blockquote>COIN上市之际，比特币的交易价格一直处于或接近历史高点，以太币(ETH-USD)和狗狗币(DOGE-USD)等其他加密货币也是如此。</blockquote></p><p>However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.</p><p><blockquote>然而，该公司采取了不寻常的举措，通过直接上市而不是传统的IPO上市。某些Coinbase IPO前投资者只是通过纳斯达克向公众发行了多达1.1485亿股股票。</blockquote></p><p>That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.</p><p><blockquote>这导致了COIN股票真正价值的不确定性。在传统的首次公开募股中，承销商在股票上市前几个小时设定IPO的官方价格，并在该水平向机构投资者和富裕投资者出售股票。</blockquote></p><p>Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.</p><p><blockquote>尽管股票的开盘价可能高于或低于官方IPO价格，但至少这让一些投资者了解了股票的价值。直接上市的情况并非如此。</blockquote></p><p>That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.</p><p><blockquote>也就是说，不仅纳斯达克和高盛周二发布了每股250美元的参考价，德国加密货币交易所FTX也一直在向非美国投资者提供期货合约，在正式交易前估算该股的可能价格。</blockquote></p><p>The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.</p><p><blockquote>就在Coinbase股票开始实际交易时，FTX合约的交易价格为463.845美元。由于每份合同代表Coinbase估计价值的1/2.5亿，这意味着该公司的市值为116B美元。</blockquote></p><p>Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.</p><p><blockquote>除以Coinbase 2.613亿股完全稀释的已发行股票，在该股正式纳斯达克开盘前后，COIN股票的估计价值约为每股443.79美元。</blockquote></p><p>Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.</p><p><blockquote>Coinbase的热门IPO立即使其成为最有价值的金融公司之一，与摩根士丹利、查尔斯·施瓦布等公司齐名。</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>Coinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</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\">\nCoinbase gained about 10% in premarket trading<blockquote>Coinbase在盘前交易中上涨约10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-15 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 15)&nbsp;Coinbase gained about 10% in premarket trading.</p><p><blockquote>（4月15日）比特币基地在盘前交易中上涨约10%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a4243267797a533c545dd6cc5dfc290\" tg-width=\"1066\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Coinbase Global&nbsp;popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.</p><p><blockquote>Coinbase Global周三盘中上涨近72%，在这家加密货币公司在纳斯达克直接上市后，收盘上涨超过30%。</blockquote></p><p>COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.</p><p><blockquote>COIN于下午1:30左右开盘价为381美元。美国东部时间，较纳斯达克和高盛周二下午为该股设定的每股250美元参考价上涨52.4%。</blockquote></p><p>Coinbase later shot up to as high as&nbsp;$429.54 intraday before closing at $328.28, up 31.3% from the reference price.</p><p><blockquote>Coinbase随后盘中一度飙升至429.54美元，收于328.28美元，较参考价上涨31.3%。</blockquote></p><p>The closing price gives Coinbase about an $85.8B market capitalization, as the company has some&nbsp;261.3M shares outstandingon a fully diluted basis.</p><p><blockquote>收盘价使Coinbase的市值约为$85.8 B，因为该公司在完全稀释的基础上拥有约2.613亿股流通股。</blockquote></p><p>In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).</p><p><blockquote>此外，ARK Invest还为3只基金购买了Coinbase。Cathie Wood为ARK Fintech Innovation ETF（NYSEARCA：ARKF）购买了89,589股Coinbase股票。她为旗舰ARK Innovation ETF（NYSEARCA：ARKK）购买了512,535股加密货币交易平台股票。她还向ARK下一代互联网ETF（NYSEARCA：ARKW）添加了147,081股Coinbase股票。</blockquote></p><p>That was about $246M worth of Coinbase shares.</p><p><blockquote>这相当于价值约2.46亿美元的Coinbase股票。</blockquote></p><p>\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.</p><p><blockquote>伍德告诉彭博社：“从现在到五年后，逢低买入（Coinbase）将会有很好的机会。”</blockquote></p><p>ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).</p><p><blockquote>ARK认为机构兴趣可能会使比特币（BTC-USD）的价格增加50万美元。</blockquote></p><p>Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.</p><p><blockquote>华尔街一直在兴奋地等待该公司的上市举动，因为该公司可能代表了热门加密货币市场上的第一家纯粹公司。</blockquote></p><p>Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.</p><p><blockquote>Coinbase运营着一个受欢迎的比特币（BTC-USD）和其他加密货币交易平台，还提供托管存储投资者加密货币的数字“钱包”等服务。</blockquote></p><p>COIN went public at a time when Bitcoin has been trading at or near&nbsp;record highs, as have&nbsp;other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).</p><p><blockquote>COIN上市之际，比特币的交易价格一直处于或接近历史高点，以太币(ETH-USD)和狗狗币(DOGE-USD)等其他加密货币也是如此。</blockquote></p><p>However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.</p><p><blockquote>然而，该公司采取了不寻常的举措，通过直接上市而不是传统的IPO上市。某些Coinbase IPO前投资者只是通过纳斯达克向公众发行了多达1.1485亿股股票。</blockquote></p><p>That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.</p><p><blockquote>这导致了COIN股票真正价值的不确定性。在传统的首次公开募股中，承销商在股票上市前几个小时设定IPO的官方价格，并在该水平向机构投资者和富裕投资者出售股票。</blockquote></p><p>Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.</p><p><blockquote>尽管股票的开盘价可能高于或低于官方IPO价格，但至少这让一些投资者了解了股票的价值。直接上市的情况并非如此。</blockquote></p><p>That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.</p><p><blockquote>也就是说，不仅纳斯达克和高盛周二发布了每股250美元的参考价，德国加密货币交易所FTX也一直在向非美国投资者提供期货合约，在正式交易前估算该股的可能价格。</blockquote></p><p>The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.</p><p><blockquote>就在Coinbase股票开始实际交易时，FTX合约的交易价格为463.845美元。由于每份合同代表Coinbase估计价值的1/2.5亿，这意味着该公司的市值为116B美元。</blockquote></p><p>Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.</p><p><blockquote>除以Coinbase 2.613亿股完全稀释的已发行股票，在该股正式纳斯达克开盘前后，COIN股票的估计价值约为每股443.79美元。</blockquote></p><p>Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.</p><p><blockquote>Coinbase的热门IPO立即使其成为最有价值的金融公司之一，与摩根士丹利、查尔斯·施瓦布等公司齐名。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152649892","content_text":"(April 15) Coinbase gained about 10% in premarket trading.Coinbase Global popped nearly 72% intraday Wednesday and ended the session ahead more than 30% after the cryptocurrency firmstaged its eagerly anticipated direct listing on the Nasdaq.COIN opened at $381 at about 1:30 p.m. ET, up 52.4% from a$250-a-share reference pricethat the Nasdaq and Goldman Sachs had set for the stock Tuesday afternoon.Coinbase later shot up to as high as $429.54 intraday before closing at $328.28, up 31.3% from the reference price.The closing price gives Coinbase about an $85.8B market capitalization, as the company has some 261.3M shares outstandingon a fully diluted basis.In addition, ARK Invest buys Coinbase for 3 funds. Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA:ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA:ARKK). And she added 147,081 Coinbase shares to the ARK Next Generation Internet ETF (NYSEARCA:ARKW).That was about $246M worth of Coinbase shares.\"There are going to be great opportunities from now and five years to buy (Coinbase) on dips,\" Wood told Bloomberg.ARK thinks institutional interest could add $500K to the price of Bitcoin (BTC-USD).Wall Street has been excitedly awaiting the company's go-public move because the firm represents perhaps the first pure play on the hot cryptocurrency market.Coinbase operates a popular trading platform for Bitcoin (BTC-USD) and other cryptocurrencies, and also offers services like hosting the digital “wallets” that store investors’ crypto holdings.COIN went public at a time when Bitcoin has been trading at or near record highs, as have other cryptoslike Ethereum (ETH-USD) and Dogecoin (DOGE-USD).However, the company took the unusual move of going public via a direct listing rather than a traditional IPO. Certain Coinbase pre-IPO investors simply made as many as 114.85M shares available to the public via the Nasdaq.That led to uncertainty as to how much COIN shares are really worth. In a traditional initial public offering, underwriters set the IPO’s official price hours before the stock hits the market, selling shares to institutional investors and wealthy investors at that level.Although a stock can open higher or lower than the official IPO price, at least that gives some investors an idea of what the shares should be worth. That’s not the case with direct listings.That said, not only did the Nasdaq and Goldman issue their $250-a-share reference price Tuesday, but German crypto exchange FTX had been offering non-U.S. investors a futures contract that imputed the stock’s likely price ahead of official trading.The FTX contract was trading at $463.845 right around the time that Coinbase stock opened for actual trading. As each contract represents 1/250-millionth of Coinbase’s estimated value, that implied a $116B market cap for the company.Dividing that by Coinbase’s 261.3M fully diluted shares outstanding put COIN shares’ estimated value at about $443.79 apiece right around the stock’s official Nasdaq opening.Coinbase's hot IPO immediately made it one of the most valuable financial companies, right up withMorgan Stanley, Charles Schwab and others.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347113079,"gmtCreate":1618474243391,"gmtModify":1634292693313,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>decent","listText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>decent","text":"$NASDAQ-100 Index ETF(QQQ)$decent","images":[{"img":"https://static.tigerbbs.com/3d7b7e648b8fac1c89a9256136073f17","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347113079","isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":358602429,"gmtCreate":1616682740861,"gmtModify":1634524567417,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358602429","repostId":"1167131291","repostType":4,"isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":350175880,"gmtCreate":1616170627540,"gmtModify":1634526868517,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350175880","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</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://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350172666,"gmtCreate":1616170584255,"gmtModify":1631888444993,"author":{"id":"3579256753898144","authorId":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579256753898144","idStr":"3579256753898144"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>LOL","listText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>LOL","text":"$ARK Fintech Innovation ETF(ARKF)$LOL","images":[{"img":"https://static.tigerbbs.com/bec1c490a83dc6021d6ecef97d5b4417","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350172666","isVote":1,"tweetType":1,"viewCount":1516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}