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只有股票才是最爱
2022-11-02
一线城市跌一下对中国整个经济有好处的
全球楼市泡沫一个一个爆了
只有股票才是最爱
2022-10-20
$腾讯控股(00700)$
港股死了
只有股票才是最爱
2022-04-26
$上证指数(000001.SH)$
借利好再度下杀,多么熟悉的走势啊!
只有股票才是最爱
2022-04-25
$上证指数(000001.SH)$
终于破3000了,这下还搞个球?A股的脊梁粉粉碎了!
只有股票才是最爱
2022-04-25
$酒鬼酒(000799)$
我不否认酒鬼酒的弹性,但在这样一个哀鸿遍野的市场你哪里是资本的对手啊
只有股票才是最爱
2022-04-25
$宁德时代(300750)$
一代宁王终于落下了帷幕
只有股票才是最爱
2022-04-21
$上证指数(000001.SH)$
山河无恙,最美不过大A!
只有股票才是最爱
2022-03-24
再次要探底
恒生科技指数跌幅扩大至3%,腾讯、美团跌超6%
只有股票才是最爱
2022-03-24
$腾讯控股(00700)$
再次去试探300-320的档口
只有股票才是最爱
2022-03-14
$思摩尔国际(06969)$
没有口味的电子烟预期销售不会好!
只有股票才是最爱
2022-03-12
$RLX科技(RLX)$
一觉醒来发现这个世界看不懂了
只有股票才是最爱
2022-03-11
$美团-W(03690)$
第一次觉得互联网这么差劲👎
只有股票才是最爱
2022-03-10
$腾讯控股(00700)$
明显的感觉动能不足,或许会在350附近停顿一下
只有股票才是最爱
2022-03-09
$美团-W(03690)$
各位要清醒,动荡时期物资为王!互联网这种只有在歌舞升平的时候才会热闹。
只有股票才是最爱
2022-03-09
$腾讯控股(00700)$
市场拉稀的时候不要相信任何一个P!翻红不代表翻转,恰恰是你出逃的时候
只有股票才是最爱
2022-03-08
$思摩尔国际(06969)$
身边抽电子烟的越来越多,但股价却越来越低,见鬼了吗?
只有股票才是最爱
2022-03-08
$腾讯控股(00700)$
你要记住市场没有错,错的是你,面对如此猛烈的下砸和国际形势,你还有什么理由支持它翻转?价值在这种极端情况下一文不值
只有股票才是最爱
2022-03-07
$腾讯控股(00700)$
不要抄底,现在只是前味菜
只有股票才是最爱
2022-03-07
$腾讯控股(00700)$
今天破底了,还会在380-400这里摩擦后继续寻底,各位真的要小心
只有股票才是最爱
2022-03-07
$腾讯控股(00700)$
今天果然如我所预料那样破了前期低点,留意300的大位了
去老虎APP查看更多动态
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Gordon的首席经济学家Simon French预测,英国房价将未来三年将下跌14%,<b>使实际价值跌回2013年的水平</b>。彭博经济学家预计明年房价将下跌约10%。</p><p>这不禁让人想到三十多年前的大崩盘。当时,英国政府宣布对夫妻购房进行税收减免,导致楼市需求激增,房价飙升。到1980年代末,房价终于不堪重负发生雪崩,之后花了近9年时间才恢复到之前的高点。</p><p><b>瑞典房价跌速创十年来最快水平</b></p><p>瑞典的情况与英国类似,疫情刺激计划带来了房地产的短暂繁荣。但是,在瑞典央行开始加息后,情况发生了变化。</p><p>最新数据显示,<b>瑞典房地产市场正在以2013年以来的最快速度崩塌。</b></p><p>瑞典国有银行SBAB周三表示,房地产上市网站Booli的交易数据显示截至上月,房价较峰值下跌了19%,公寓价格下跌了13%。它还预计房价将较3月份的高点下跌约20%,降幅略高于北欧银行和瑞典央行的预测。</p><p>10月份房价环比下降了4%,经季节调整后跌幅为2.3%。相比之下,9月份的名义跌幅为2.6%,这是当时的历史最高水平。数据显示,<b>瑞典各地的房价都在下跌,</b>其中瑞典第二大城市哥德堡的独栋房屋跌幅最大,自峰值以来已下跌19%。</p><p>包括瑞典在内,北欧目前已成为全球房地产市场崩塌最严重的地区之一。</p><p><b>美国楼市持续减速</b></p><p>美国上周公布的房价数据显示,美国8月S&P/CS20座大城市季调后房价指数环比跌1.32%,创2009年3月来最大环比跌幅。<b>20个大城市中的每一个城市的价格涨幅都在减速。</b></p><p>标普道琼斯指数董事总经理Craig Lazzara在一份新闻稿中表示,“一个月前我们注意到的美国房价的强力减速,在8月得以延续。20个大城市中的每一个城市的价格涨幅都在减速。这些数据清楚地表明,房价增长率在2022年春季达到顶峰,此后一直在下降。”</p><p>由于美联储激进加息,美国按揭贷款利率飙升,近几个月的房地产数据大多非常低迷,需求遭遇严重打击。今年初,<b>30年期按揭住房贷款的平均利率约为3%,而当前已经飙涨至7%</b>。</p><p>与此同时,由于卖家不愿意放弃此前享有的低利率,上市的房屋数量也在减少,从供给角度说,这对房价构成一定支撑。不过分析认为,鉴于宏观经济环境更具挑战性,美国房价很可能会继续减速。</p><p><b>加拿大第一大城市房价跌回一年前水平</b></p><p>积累了30多年泡沫的加拿大楼市也崩了。</p><p>加拿大第一大城市多伦多基准房价自今年以来的高点下降了17%左右,至去年10月的水平。安大略省基奇纳市和滑铁卢市的基准价格在六个月内下跌了16%。</p><p>随着加拿大央行的进一步加息,居民将更难负担房贷,预计未来房价还将继续下跌。</p><p><b>韩国楼市大幅降温</b></p><p>韩国楼市出现萎缩迹象,全国房价连续九个月下跌,上半年公寓成交量较去年同期下降50.6%。</p><p>韩国央行自去年8月起加息是造成楼市降温的重要原因之一,出口低迷、大城市人口“逆流”和高通胀下购买力的下滑也导致需求锐减。这给央行制造了“降通胀”还是“保增长”的难题。</p><p>野村经济研究员本次悲观预测,韩国全国房价将从峰值到谷底骤降约10%,衡量整体住房市场状况的价格基准——<b>首尔公寓价格将暴跌18%。</b></p><p>这会比2009-2014年金融危机之后韩国房地产市场降温的幅度更大。楼市急剧降温将打击私人消费,在全球半导体行业疲软和出口不振的同时,推动韩国经济陷入更深的衰退。</p><p><b>澳大利亚房价跌速创三十年最快水平</b></p><p>大型房地产数据分析公司CoreLogic发布的最新数据显示,澳大利亚8月房屋价值下跌1.6%,创下自1983年以来全澳的最大单月跌幅。</p><p>数据显示,自今年1月以来,悉尼的房价下跌了7.4%。此外,布里斯班、堪培拉、墨尔本等主要城市的房价均有所下滑。</p></body></html>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n全球楼市泡沫一个一个爆了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-02 20:31 北京时间 <a href=https://wallstreetcn.com/articles/3673937><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国房价跌速已创下十三年来最快水平,英国房价或将跌回十年前水平,瑞典房价跌速创十年来最快水平,澳大利亚房价跌速创三十年最快水平...在全球央行的加息潮下,全球楼市击鼓传花的游戏进入尾声,令人闻风丧胆的大崩盘或将重现。欧洲方面,英国房价出现了15个月来的首次下跌;瑞典房价跌速创下了至少十年来的最快水平。美洲方面,美国房价跌速已创下十三年来的最快水平,加拿大第一大城市多伦多房价已降至去年10月以来的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3673937\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b8cc1e7567ad2c1dcb9f4d64c14835f8","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3673937","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133652867","content_text":"美国房价跌速已创下十三年来最快水平,英国房价或将跌回十年前水平,瑞典房价跌速创十年来最快水平,澳大利亚房价跌速创三十年最快水平...在全球央行的加息潮下,全球楼市击鼓传花的游戏进入尾声,令人闻风丧胆的大崩盘或将重现。欧洲方面,英国房价出现了15个月来的首次下跌;瑞典房价跌速创下了至少十年来的最快水平。美洲方面,美国房价跌速已创下十三年来的最快水平,加拿大第一大城市多伦多房价已降至去年10月以来的最低水平。而在亚洲市场,韩国正面临一场“迫在眉睫的房地产衰退”,严重程度将大于2009-2014年金融危机之后的颓势。英国房价或将跌回十年前水平疫情封锁期间,英国政府为救助楼市宣布临时削减购房税,在市场引发了购房狂热,将平均房价推高了31000英镑,这一水平是减税金额的两倍。随着经济前景越发黯淡,加上英国前首相特拉斯的减税计划重挫市场信心,投资者对楼市也越来越悲观。房地产门户网站Zoopla表示,自所谓的迷你预算以来,楼市需求已下降20%,至疫情开始以来的最低水平。房价也支撑不住了。据央视新闻报道,11月1日,全英房屋抵押贷款协会发布的数据显示,英国2022年10月平均房价环比下降0.9%,这是15个月以来的首次下跌,也是2020年6月以来的最大月度跌幅。投资银行Panmure Gordon的首席经济学家Simon French预测,英国房价将未来三年将下跌14%,使实际价值跌回2013年的水平。彭博经济学家预计明年房价将下跌约10%。这不禁让人想到三十多年前的大崩盘。当时,英国政府宣布对夫妻购房进行税收减免,导致楼市需求激增,房价飙升。到1980年代末,房价终于不堪重负发生雪崩,之后花了近9年时间才恢复到之前的高点。瑞典房价跌速创十年来最快水平瑞典的情况与英国类似,疫情刺激计划带来了房地产的短暂繁荣。但是,在瑞典央行开始加息后,情况发生了变化。最新数据显示,瑞典房地产市场正在以2013年以来的最快速度崩塌。瑞典国有银行SBAB周三表示,房地产上市网站Booli的交易数据显示截至上月,房价较峰值下跌了19%,公寓价格下跌了13%。它还预计房价将较3月份的高点下跌约20%,降幅略高于北欧银行和瑞典央行的预测。10月份房价环比下降了4%,经季节调整后跌幅为2.3%。相比之下,9月份的名义跌幅为2.6%,这是当时的历史最高水平。数据显示,瑞典各地的房价都在下跌,其中瑞典第二大城市哥德堡的独栋房屋跌幅最大,自峰值以来已下跌19%。包括瑞典在内,北欧目前已成为全球房地产市场崩塌最严重的地区之一。美国楼市持续减速美国上周公布的房价数据显示,美国8月S&P/CS20座大城市季调后房价指数环比跌1.32%,创2009年3月来最大环比跌幅。20个大城市中的每一个城市的价格涨幅都在减速。标普道琼斯指数董事总经理Craig Lazzara在一份新闻稿中表示,“一个月前我们注意到的美国房价的强力减速,在8月得以延续。20个大城市中的每一个城市的价格涨幅都在减速。这些数据清楚地表明,房价增长率在2022年春季达到顶峰,此后一直在下降。”由于美联储激进加息,美国按揭贷款利率飙升,近几个月的房地产数据大多非常低迷,需求遭遇严重打击。今年初,30年期按揭住房贷款的平均利率约为3%,而当前已经飙涨至7%。与此同时,由于卖家不愿意放弃此前享有的低利率,上市的房屋数量也在减少,从供给角度说,这对房价构成一定支撑。不过分析认为,鉴于宏观经济环境更具挑战性,美国房价很可能会继续减速。加拿大第一大城市房价跌回一年前水平积累了30多年泡沫的加拿大楼市也崩了。加拿大第一大城市多伦多基准房价自今年以来的高点下降了17%左右,至去年10月的水平。安大略省基奇纳市和滑铁卢市的基准价格在六个月内下跌了16%。随着加拿大央行的进一步加息,居民将更难负担房贷,预计未来房价还将继续下跌。韩国楼市大幅降温韩国楼市出现萎缩迹象,全国房价连续九个月下跌,上半年公寓成交量较去年同期下降50.6%。韩国央行自去年8月起加息是造成楼市降温的重要原因之一,出口低迷、大城市人口“逆流”和高通胀下购买力的下滑也导致需求锐减。这给央行制造了“降通胀”还是“保增长”的难题。野村经济研究员本次悲观预测,韩国全国房价将从峰值到谷底骤降约10%,衡量整体住房市场状况的价格基准——首尔公寓价格将暴跌18%。这会比2009-2014年金融危机之后韩国房地产市场降温的幅度更大。楼市急剧降温将打击私人消费,在全球半导体行业疲软和出口不振的同时,推动韩国经济陷入更深的衰退。澳大利亚房价跌速创三十年最快水平大型房地产数据分析公司CoreLogic发布的最新数据显示,澳大利亚8月房屋价值下跌1.6%,创下自1983年以来全澳的最大单月跌幅。数据显示,自今年1月以来,悉尼的房价下跌了7.4%。此外,布里斯班、堪培拉、墨尔本等主要城市的房价均有所下滑。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":662343992,"gmtCreate":1666230535416,"gmtModify":1666230538725,"author":{"id":"3534487009330272","authorId":"3534487009330272","name":"只有股票才是最爱","avatar":"https://static.tigerbbs.com/128447b3ff23e047781ba900f5848b3e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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年的降温使得房屋建筑商不景气,但房地产市场糟糕时期可能已经过去,明年很可能会反弹。所以,他的基金拥有 Pulte Homes、Centex 和 <a href=\"https://laohu8.com/S/KBH\">KB Home</a>等地产股。</p><p>在2007年第三季度,他大量买入贝尔斯登,这家公司在次级抵押贷款上大举押注,投资者担心楼市问题蔓延,米勒却无视了7-8月的震荡,认为是投资者对房地产和信贷市场过于悲观。</p><p>第四季度,随着金融股下跌,他「逆向抄底」美利坚,买入美林证券、华盛顿互惠银行、美联银行和房地美,把他心目中的美股核心资产配了个遍。第二年硬是把AIG、房地美这些将在金融海啸中差点被拍死的大家伙统统加了个仓。<b>到2008年 6 月底,米勒的集团持有5300 万股房地美股票,约占公司的8%。</b></p><p><img src=\"https://static.tigerbbs.com/eb6d58bbff1df1722704dd1d9b40de21\" tg-width=\"821\" tg-height=\"550\" referrerpolicy=\"no-referrer\"/></p><p>《大空头》中比尔·米勒以布鲁斯米勒的艺术形象登场, The Big Short</p><p>看到这里,就不难想象,次贷危机里的米勒是如何裂开的。</p><p>杠杆率颇高的贝尔斯登在贷款人纷纷跑路后迅速破产,<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>奉命于危难之际,勉强以2美元每股收购之,让米勒大亏了一把。更惨烈的是,9月雷曼崩盘前夕,财政部宣布将接管房利美和房地美,使得私人股东的股份几乎一文不值,一周内房地美的股价跌至不到 1 美元……</p><p>根据 Morningstar 数据,米勒管理的<a href=\"https://laohu8.com/S/LM\">美盛</a>价值信托基金(Legg Mason ValueTrust)给投资者造成了58%损失,比标普500指数的跌幅还大20%,一年内规模下降了74%,导致米勒作为董事长的公司 Legg 股价下跌75%。王者还没有归来,就跌落在了半路上,<b>米勒的管理规模直接从770亿美元跌至8亿美元!</b></p><p>如此惨不忍睹的血亏,让投资者直呼:「<b>我为什么不把钱扔出窗外点火烧了?</b>」</p><p><img src=\"https://static.tigerbbs.com/1b2631c291a9bbecbcf3e023b7a26ff6\" tg-width=\"816\" tg-height=\"542\" referrerpolicy=\"no-referrer\"/></p><p>晨星放出的「比烂」数据 , Morningstar</p><p>「任何购买决策都是错误的,这太可怕了。」米勒说这句话的时候正在一个私人俱乐部吃午饭,他背靠墙坐着。这是他在 1970 年代担任美国陆军情报官时养成的偏好,也似乎是一个寻找安全感的动作。</p><p>究其原因,是米勒过去的辉煌给予他太多依赖过往路径的信心。</p><p>1984 年,米勒先生拜访了富达传奇投资经理彼得·林奇,并被建议多看看房利美。就像次贷危机前一样,当年抵押贷款公司的投资组合中就充满了问题贷款,无数华尔街交易员都押注它会破产。但米勒说,坏账很快就会从账面上滚下来,这家政府支持的公司能够以优惠利率借款,而且其低成本结构将使其获得巨额利润。</p><p>而后在 1990 年和 1991 年的储蓄和贷款危机期间,米勒继续投资房地美以及陷入困境的银行等等,使得金融业在他的投资组合中占比 40% 以上。这些股票最终将美盛价值信托推到了业绩排行榜的首位,并在1996年上涨了 38%,超过标普 500 指数 15%。</p><p><b>当米勒在 2005 年卖掉房利美时,他已经赚了50倍的收益。但这该死的肌肉记忆也害了米勒。</b></p><p>每当市面上对某个公司有负面情绪,他都会趁机利用人们的恐慌和疏忽来找寻公司亮点,决定是否借机在股价下跌时购买股票。这种困境反转的思路,让他在2007年第四季度买入金融股的时候,就公开跟投资者举了1990年的成功案例:「有时市场模式会重复出现,你要相信你以前见过的,财务似乎已经触底了。」</p><p>当有人问米勒,什么时候会发觉自己抄的底是错的,米勒一脸不屑:<b>「当我们再也无法获得报价时。</b>」换言之,也就是股票价格为零的时候。</p><p>然而历史并没有回响,业绩的暴跌令美盛帝国摇摇欲坠,在这波赎回潮中米勒不得不卖出心爱的亚马逊。「给客户赔钱,员工因为我搞砸而失去工作,我只能默默承受痛苦。」米勒饱受压力,体重增加了40磅。</p><p>在跌落谷底时,米勒第一次如此深刻的反省:「从第一天开始,我就没有去正确评估这场流动性危机的严重性,我没有考虑到危机会如此严重,以至于一连串曾经非常强劲的公司接连倒闭。我很天真。」</p><p>但在这种危机时刻,米勒也显示出了自己的坚定立场——与亚马逊相比,所有身外之物此时都没有意义。<b>米勒卖掉了心爱的游艇,然后很快就在自己的个人账户中买回了亚马逊</b>。<b>02、奔私</b></p><p>经历大起大落的米勒能够东山再起靠的并不是改过自新,而是随性。</p><p>对于 Legg Mason 来说,米勒业绩的下滑导致每年数亿美元的管理费收入人间蒸发,这对任何一家基金公司来说,都是最敏感的损失。自 2008 年金融危机以来,他一直在全力投资,不留现金在手边,因为「这会意味着更高的未来收益率。」</p><p><img src=\"https://static.tigerbbs.com/d8f0f807286753c9c0a3af55fa294684\" tg-width=\"781\" tg-height=\"493\" referrerpolicy=\"no-referrer\"/></p><p>米勒的净值图堪比如今的木头姐,Seeking Alpha</p><p>米勒的好友戴维斯说:<b>「米勒想获胜。金钱虽重要,但创造纪录更重要。」</b>其实米勒承认过,在连胜的最后几年里隐退必然是个非常聪明的想法,但他马上补充,他没这个想法。</p><p>在金融危机中折戟后,米勒铁了心要复活,他只有背水一战。</p><p>很快,米勒赶上了 2009 年大幅复苏,价值信托基金回报率40.6%,机会信托基金回报率83.1%[9],但这基本上没有被财经媒体注意到,毕竟华尔街日报在2008年12月才发布了一篇标题为「选股者的失败」的文章,用宏大的叙事描绘了比尔·米勒的潮退,打自己脸是不可能的。</p><p>米勒并不介意,他在后续几年里选择了远离聚光灯,<b>走上了「公奔私」的道路</b>,与国内许多公募明星经理不同的是,他的离开并不是处于人生的高光,而是低谷。</p><p>他相继卸任了价值信托基金投资经理一职,离开了服务35年之久的美盛基金,然后低调地用2009年至2016年攒下的钱创办了米勒价值合伙公司(Miller Value Partners)。</p><p><img src=\"https://static.tigerbbs.com/59303b2747d81d9e124df9b573693cc2\" tg-width=\"820\" tg-height=\"602\" referrerpolicy=\"no-referrer\"/></p><p>米勒机会信托基金十年走势,纵坐标为:假设基金成立时(2009 年 2 月 3 日)进行10,000 美元投资的表现, Miller Value Partners</p><p>米勒把几乎所有除人事决策和投资管理外的事情都外包了出去,还拒绝了大多数演讲和采访的邀约。他有意将自己的公司打造成投资合伙企业,他的两个儿子共同管理20亿美元,包括由儿子比尔·米勒四世管理的价值 1.85 亿美元的共同基金 Miller Income,以及价值 8300 万美元的对冲基金 MVP1。</p><p>米勒在为数不多的采访中说,在美盛的时候他必须花费精力投入到扩大规模,而现在他在用自己更喜欢的方式为自己工作。</p><p>更有趣的是,2016年2月,米勒在采访中主动告诉CNBC,他的基金在一个月里就损失了 20%,亚马逊也在过去一个月跌了18%。比起世纪初的自信,此时的米勒倒是直面起了自己的亏损,而不是靠贩卖鸡汤和萌混过关。</p><p>他说,「虽然历史上 85% 的时候,石油下跌会伴随股市上涨,但在现在的市场上,情况正好相反,但我们不担心,依据历史规律,油价跌对美国总归是有利的。」米勒这句话虽然表现了他跑输的原因在于宏观环境,但是他本性里喜欢把过去案例应用到当今的习惯并没有改变。</p><p>或许这就是从业四十年的人不能逃脱的陷阱:时间并不总是基金经理的朋友,却总是一次又一次洗刷你的真面目。<b>03、复活</b></p><p>2019年以来,关于比尔·米勒又站起来了的报道如雨后春笋般冒出,各种让人眼馋的回报率似乎都在证明比尔·米勒的「复活」,譬如从新冠疫情引发的2020年3月23日的市场低点到2021年3月31日,<b>Miller Opportunity Trust回报率为201.7%。</b></p><p>他今年一月在 WealthTrack 的视频采访中毫不隐晦地透露自己的成功秘诀:<b>与加密货币密切相关的投资现在占他个人资产的 50%,另外50%是亚马逊。</b></p><p>亚马逊是比尔·米勒的老朋友了。米勒认为他在亚马逊上的成功要归功于他受过的<b>哲学训练</b>,还因此给约翰霍普金斯大学哲学系捐赠 7500 万美元,是迄今为止给全世界哲学系捐款最大数额的纪录保持者。</p><p>「人们错过了亚马逊,因为他们说它不赚钱,而社会心理学家已经展示了人群的行为方式,<b>人们重视戏剧性信息而不是非戏剧性信息,还过于短期导向……</b>这都是我们试图利用的。如果不是攻读哲学,我怀疑自己不会像现在这样成功。」</p><p>饱受华尔街诟病的是亚马逊的财技。2001年一季度亚马逊报告业绩预亏7600万美元,实际上依据GAAP准则,漏掉了一笔2400万美元的净利息费用、一笔1.14亿美元的重组费用以及关闭一座仓库的费用,亚马逊真实净亏损为2.34亿美元。此前,彼时还如日中天的雷曼分析师表示亚马逊的信贷,「极其疲弱,不断恶化」。</p><p>但米勒倾向于屏蔽这些会计信息,他看到的是亚马逊潜在的经济价值。当被问到亚马逊值多少钱时,米勒的回答是:「价值连城。」</p><p>比如电商模式——客户下单后,亚马逊在立即获得收入的同时,可以等50天后再付钱给供应商,除了资本支出比实体零售低外,还保证了现金流;同时,亚马逊从卖书到卖电脑,随着单价上升时,物流成本还会下降。</p><p><b>最重要的是米勒看到了互联网规模效应的本质</b>,亚马逊在国外也经营得很成功,在全球拥有2500万客户,即便别的电商可以同样依靠烧钱来吸引客户,但最终没有人像亚马逊一样,招揽到了这么多用户。</p><p><b>米勒在80多美元时开始建仓亚马逊,边跌边买,平均成本只有30多美元,并以此长期持有了20年。</b></p><p>相比亚马逊更风骚的是对比特币的投资。米勒2014年开始收购比特币,当时每个比特币大约在300美元,2017年米勒在自己的对冲基金建立5%的数字货币头寸时,比特币平均只有500美元。<b>如今比特币价格44000美元,米勒赚了近百倍收益。</b></p><p>值得一提的是,当比特币在去年底飙升至基金资产的 50% 以上时,米勒清仓了比特币,并将 95% 的资产私有化为股东个人资产。2019年1月,比特币仅占米勒所有基金的2%了。这也就是,米勒声称自己将近50%的个人投资和比特币挂钩的来由。</p><p><img src=\"https://static.tigerbbs.com/d40680f5ac1462bbb6668e8b9565dfaf\" tg-width=\"810\" tg-height=\"491\" referrerpolicy=\"no-referrer\"/></p><p>登上比特币杂志的男人, Bitcoin MagazineTwitter</p><p>「我不是比特币多头,而是观察者,」米勒似乎在澄清什么, 「这是一个引人入胜的技术实验,可能会失败,可能会让资产清零。但如果不失败——而且到目前为止,还没有失败——那这就会是一笔小概率大赔率的投资。」</p><p>米勒还不忘在CNBC的采访时也补上一句:一般投资者,(在比特币上)只会投入1%左右实现风险分散即可。此刻铅华洗尽的米勒,看上去似乎也学会了把狠话收着说。</p><p>但作为一个骨子里的放狠话爱好者,米勒顿了顿又说道:「一般投资者应该扪心自问,你的投资组合中有没有一项标的,渗透率非常非常低,还有与众不同的特质,还是能涨10倍、50倍的金融巨灾保险服务?答案是:没有。」</p><p>熟悉的话语,熟悉的自信。翻译过来就是,你们都不敢把50%资产牵扯上比特币,只有我敢。<b>04、尾声</b></p><p>这样的比尔·米勒,难免会让旁人觉得这就是一个装腔作势,自命不凡的秃头老胖子。</p><p>而米勒的复杂,确实也无法用一种特定风格来概括。他既会抄底低估值的花旗银行,也会买入高估值的<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>;既能快速抛售美联银行,也能长期持有亚马逊20年。和一般商学院出身的投资大师不同,他是一位哲学博士,在他眼里,<b>投资的世界也长期处于辩证统一的状态。</b></p><p>米勒是一个实用主义者,他并不会信奉绝对的标准,他更喜欢把想法和行动建立在有效的过程上——不管是什么,只要能帮助人实现目标。在他的框架里,无论是深度价值,还是景气驱动,甚至是赛道投资都可能变成投资工具。</p><p>反过来想,要想连续15年都跑赢标普500指数,不懂得八面玲珑,仅靠一种风格是完全不可能办到的。</p><p>然而这在米勒身上又是矛盾的,看似能够不断摈弃陈腐的观念,但是在一段时期过于成功后,他又会间歇性陷入过去的路径依赖。只有一件事,他自始至终弃之如敝屣:<b>预测市场是浪费时间。</b></p><p><img src=\"https://static.tigerbbs.com/b1391fcb6a6101bf556ebae23b824920\" tg-width=\"846\" tg-height=\"687\" referrerpolicy=\"no-referrer\"/></p><p>2021米勒三季报继续强调预测是浪费时间</p><p>正如比尔米勒所说:「那些把投资组合建立在预测基础上的人,本质上是在某些容易产生巨大预期差的要素上押注。」所以这也不难理解,米勒依据自己的产业洞察,亦或是过去的历史经验对当下进行辩证的思考——<b>精准的把握现在,就已经预见了未来。</b></p><p>当然,对于米勒来说,他还没有到达结局。若米勒再一次跌倒,他还会想法子爬起来,循环往复,再用他鲜明的个性谱写或许让你觉得似曾相识的剧本。</p></body></html>","source":"lsy1583835599575","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>穿过暗夜:从损失762亿到持有亚马逊20年</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n穿过暗夜:从损失762亿到持有亚马逊20年\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-04 19:42 北京时间 <a href=https://mp.weixin.qq.com/s/SRYJs-Ey_2x6xWaelpU4rw><strong>远川投资评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>只要基金经理做的时间够久,难免犯错。比起现在许多国内基金经理跌倒在预警线前的诚惶诚恐,连续跑赢标普500指数15年的基金经理比尔米勒在2006年开始掉入天坑的经历,可能更富有戏剧色彩。起初,米勒就像塔勒布笔下沾沾自喜的火鸡。在《财富》杂志亲封「我们这个时代最伟大的资金经理」之后,他泰然自若,淡定承认自己2003年时因追求收益没有入能源股,从而错失了2006年能源股行情,甚至强势发言:「我们喜欢持有...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/SRYJs-Ey_2x6xWaelpU4rw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d40680f5ac1462bbb6668e8b9565dfaf","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4538":"云计算","BK4550":"红杉资本持仓","BK4579":"人工智能","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4561":"索罗斯持仓","BK4581":"高盛持仓","AMZN":"亚马逊","BK4548":"巴美列捷福持仓","BK4554":"元宇宙及AR概念"},"source_url":"https://mp.weixin.qq.com/s/SRYJs-Ey_2x6xWaelpU4rw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2216107797","content_text":"只要基金经理做的时间够久,难免犯错。比起现在许多国内基金经理跌倒在预警线前的诚惶诚恐,连续跑赢标普500指数15年的基金经理比尔米勒在2006年开始掉入天坑的经历,可能更富有戏剧色彩。起初,米勒就像塔勒布笔下沾沾自喜的火鸡。在《财富》杂志亲封「我们这个时代最伟大的资金经理」之后,他泰然自若,淡定承认自己2003年时因追求收益没有入能源股,从而错失了2006年能源股行情,甚至强势发言:「我们喜欢持有的股票(亚马逊、联合健康)。今年表现差的,正是未来表现好的。」但《巴伦周刊》毫不客气地指出了米勒2006年的业绩为何萎靡不振的另一种原因:那年夏天,米勒买了一艘235英尺的游艇,名叫「乌托邦」。言下之意既隐晦又明显——当一个本应选股的基金经理转而选择如何购买高端玩具、布置海上客房的时候,他的基金差不多要跌了。不过,当连胜标普的记录在2006年终止时,比尔·米勒并没有因此沮丧,他保持着一贯的自信,昂着头迎来着裂开的10年。01、裂开历史总是偏爱胜利者,就像2008年的次贷危机,我们常常对很多大空头苦尽甘来的故事印象深刻,却常常忽略了那些犯过错的人,比如比尔·米勒。为了给「王者归来」做铺垫,米勒在2006年8月公开了自己未来的思路:房地产市场2006 年的降温使得房屋建筑商不景气,但房地产市场糟糕时期可能已经过去,明年很可能会反弹。所以,他的基金拥有 Pulte Homes、Centex 和 KB Home等地产股。在2007年第三季度,他大量买入贝尔斯登,这家公司在次级抵押贷款上大举押注,投资者担心楼市问题蔓延,米勒却无视了7-8月的震荡,认为是投资者对房地产和信贷市场过于悲观。第四季度,随着金融股下跌,他「逆向抄底」美利坚,买入美林证券、华盛顿互惠银行、美联银行和房地美,把他心目中的美股核心资产配了个遍。第二年硬是把AIG、房地美这些将在金融海啸中差点被拍死的大家伙统统加了个仓。到2008年 6 月底,米勒的集团持有5300 万股房地美股票,约占公司的8%。《大空头》中比尔·米勒以布鲁斯米勒的艺术形象登场, The Big Short看到这里,就不难想象,次贷危机里的米勒是如何裂开的。杠杆率颇高的贝尔斯登在贷款人纷纷跑路后迅速破产,摩根大通奉命于危难之际,勉强以2美元每股收购之,让米勒大亏了一把。更惨烈的是,9月雷曼崩盘前夕,财政部宣布将接管房利美和房地美,使得私人股东的股份几乎一文不值,一周内房地美的股价跌至不到 1 美元……根据 Morningstar 数据,米勒管理的美盛价值信托基金(Legg Mason ValueTrust)给投资者造成了58%损失,比标普500指数的跌幅还大20%,一年内规模下降了74%,导致米勒作为董事长的公司 Legg 股价下跌75%。王者还没有归来,就跌落在了半路上,米勒的管理规模直接从770亿美元跌至8亿美元!如此惨不忍睹的血亏,让投资者直呼:「我为什么不把钱扔出窗外点火烧了?」晨星放出的「比烂」数据 , Morningstar「任何购买决策都是错误的,这太可怕了。」米勒说这句话的时候正在一个私人俱乐部吃午饭,他背靠墙坐着。这是他在 1970 年代担任美国陆军情报官时养成的偏好,也似乎是一个寻找安全感的动作。究其原因,是米勒过去的辉煌给予他太多依赖过往路径的信心。1984 年,米勒先生拜访了富达传奇投资经理彼得·林奇,并被建议多看看房利美。就像次贷危机前一样,当年抵押贷款公司的投资组合中就充满了问题贷款,无数华尔街交易员都押注它会破产。但米勒说,坏账很快就会从账面上滚下来,这家政府支持的公司能够以优惠利率借款,而且其低成本结构将使其获得巨额利润。而后在 1990 年和 1991 年的储蓄和贷款危机期间,米勒继续投资房地美以及陷入困境的银行等等,使得金融业在他的投资组合中占比 40% 以上。这些股票最终将美盛价值信托推到了业绩排行榜的首位,并在1996年上涨了 38%,超过标普 500 指数 15%。当米勒在 2005 年卖掉房利美时,他已经赚了50倍的收益。但这该死的肌肉记忆也害了米勒。每当市面上对某个公司有负面情绪,他都会趁机利用人们的恐慌和疏忽来找寻公司亮点,决定是否借机在股价下跌时购买股票。这种困境反转的思路,让他在2007年第四季度买入金融股的时候,就公开跟投资者举了1990年的成功案例:「有时市场模式会重复出现,你要相信你以前见过的,财务似乎已经触底了。」当有人问米勒,什么时候会发觉自己抄的底是错的,米勒一脸不屑:「当我们再也无法获得报价时。」换言之,也就是股票价格为零的时候。然而历史并没有回响,业绩的暴跌令美盛帝国摇摇欲坠,在这波赎回潮中米勒不得不卖出心爱的亚马逊。「给客户赔钱,员工因为我搞砸而失去工作,我只能默默承受痛苦。」米勒饱受压力,体重增加了40磅。在跌落谷底时,米勒第一次如此深刻的反省:「从第一天开始,我就没有去正确评估这场流动性危机的严重性,我没有考虑到危机会如此严重,以至于一连串曾经非常强劲的公司接连倒闭。我很天真。」但在这种危机时刻,米勒也显示出了自己的坚定立场——与亚马逊相比,所有身外之物此时都没有意义。米勒卖掉了心爱的游艇,然后很快就在自己的个人账户中买回了亚马逊。02、奔私经历大起大落的米勒能够东山再起靠的并不是改过自新,而是随性。对于 Legg Mason 来说,米勒业绩的下滑导致每年数亿美元的管理费收入人间蒸发,这对任何一家基金公司来说,都是最敏感的损失。自 2008 年金融危机以来,他一直在全力投资,不留现金在手边,因为「这会意味着更高的未来收益率。」米勒的净值图堪比如今的木头姐,Seeking Alpha米勒的好友戴维斯说:「米勒想获胜。金钱虽重要,但创造纪录更重要。」其实米勒承认过,在连胜的最后几年里隐退必然是个非常聪明的想法,但他马上补充,他没这个想法。在金融危机中折戟后,米勒铁了心要复活,他只有背水一战。很快,米勒赶上了 2009 年大幅复苏,价值信托基金回报率40.6%,机会信托基金回报率83.1%[9],但这基本上没有被财经媒体注意到,毕竟华尔街日报在2008年12月才发布了一篇标题为「选股者的失败」的文章,用宏大的叙事描绘了比尔·米勒的潮退,打自己脸是不可能的。米勒并不介意,他在后续几年里选择了远离聚光灯,走上了「公奔私」的道路,与国内许多公募明星经理不同的是,他的离开并不是处于人生的高光,而是低谷。他相继卸任了价值信托基金投资经理一职,离开了服务35年之久的美盛基金,然后低调地用2009年至2016年攒下的钱创办了米勒价值合伙公司(Miller Value Partners)。米勒机会信托基金十年走势,纵坐标为:假设基金成立时(2009 年 2 月 3 日)进行10,000 美元投资的表现, Miller Value Partners米勒把几乎所有除人事决策和投资管理外的事情都外包了出去,还拒绝了大多数演讲和采访的邀约。他有意将自己的公司打造成投资合伙企业,他的两个儿子共同管理20亿美元,包括由儿子比尔·米勒四世管理的价值 1.85 亿美元的共同基金 Miller Income,以及价值 8300 万美元的对冲基金 MVP1。米勒在为数不多的采访中说,在美盛的时候他必须花费精力投入到扩大规模,而现在他在用自己更喜欢的方式为自己工作。更有趣的是,2016年2月,米勒在采访中主动告诉CNBC,他的基金在一个月里就损失了 20%,亚马逊也在过去一个月跌了18%。比起世纪初的自信,此时的米勒倒是直面起了自己的亏损,而不是靠贩卖鸡汤和萌混过关。他说,「虽然历史上 85% 的时候,石油下跌会伴随股市上涨,但在现在的市场上,情况正好相反,但我们不担心,依据历史规律,油价跌对美国总归是有利的。」米勒这句话虽然表现了他跑输的原因在于宏观环境,但是他本性里喜欢把过去案例应用到当今的习惯并没有改变。或许这就是从业四十年的人不能逃脱的陷阱:时间并不总是基金经理的朋友,却总是一次又一次洗刷你的真面目。03、复活2019年以来,关于比尔·米勒又站起来了的报道如雨后春笋般冒出,各种让人眼馋的回报率似乎都在证明比尔·米勒的「复活」,譬如从新冠疫情引发的2020年3月23日的市场低点到2021年3月31日,Miller Opportunity Trust回报率为201.7%。他今年一月在 WealthTrack 的视频采访中毫不隐晦地透露自己的成功秘诀:与加密货币密切相关的投资现在占他个人资产的 50%,另外50%是亚马逊。亚马逊是比尔·米勒的老朋友了。米勒认为他在亚马逊上的成功要归功于他受过的哲学训练,还因此给约翰霍普金斯大学哲学系捐赠 7500 万美元,是迄今为止给全世界哲学系捐款最大数额的纪录保持者。「人们错过了亚马逊,因为他们说它不赚钱,而社会心理学家已经展示了人群的行为方式,人们重视戏剧性信息而不是非戏剧性信息,还过于短期导向……这都是我们试图利用的。如果不是攻读哲学,我怀疑自己不会像现在这样成功。」饱受华尔街诟病的是亚马逊的财技。2001年一季度亚马逊报告业绩预亏7600万美元,实际上依据GAAP准则,漏掉了一笔2400万美元的净利息费用、一笔1.14亿美元的重组费用以及关闭一座仓库的费用,亚马逊真实净亏损为2.34亿美元。此前,彼时还如日中天的雷曼分析师表示亚马逊的信贷,「极其疲弱,不断恶化」。但米勒倾向于屏蔽这些会计信息,他看到的是亚马逊潜在的经济价值。当被问到亚马逊值多少钱时,米勒的回答是:「价值连城。」比如电商模式——客户下单后,亚马逊在立即获得收入的同时,可以等50天后再付钱给供应商,除了资本支出比实体零售低外,还保证了现金流;同时,亚马逊从卖书到卖电脑,随着单价上升时,物流成本还会下降。最重要的是米勒看到了互联网规模效应的本质,亚马逊在国外也经营得很成功,在全球拥有2500万客户,即便别的电商可以同样依靠烧钱来吸引客户,但最终没有人像亚马逊一样,招揽到了这么多用户。米勒在80多美元时开始建仓亚马逊,边跌边买,平均成本只有30多美元,并以此长期持有了20年。相比亚马逊更风骚的是对比特币的投资。米勒2014年开始收购比特币,当时每个比特币大约在300美元,2017年米勒在自己的对冲基金建立5%的数字货币头寸时,比特币平均只有500美元。如今比特币价格44000美元,米勒赚了近百倍收益。值得一提的是,当比特币在去年底飙升至基金资产的 50% 以上时,米勒清仓了比特币,并将 95% 的资产私有化为股东个人资产。2019年1月,比特币仅占米勒所有基金的2%了。这也就是,米勒声称自己将近50%的个人投资和比特币挂钩的来由。登上比特币杂志的男人, Bitcoin MagazineTwitter「我不是比特币多头,而是观察者,」米勒似乎在澄清什么, 「这是一个引人入胜的技术实验,可能会失败,可能会让资产清零。但如果不失败——而且到目前为止,还没有失败——那这就会是一笔小概率大赔率的投资。」米勒还不忘在CNBC的采访时也补上一句:一般投资者,(在比特币上)只会投入1%左右实现风险分散即可。此刻铅华洗尽的米勒,看上去似乎也学会了把狠话收着说。但作为一个骨子里的放狠话爱好者,米勒顿了顿又说道:「一般投资者应该扪心自问,你的投资组合中有没有一项标的,渗透率非常非常低,还有与众不同的特质,还是能涨10倍、50倍的金融巨灾保险服务?答案是:没有。」熟悉的话语,熟悉的自信。翻译过来就是,你们都不敢把50%资产牵扯上比特币,只有我敢。04、尾声这样的比尔·米勒,难免会让旁人觉得这就是一个装腔作势,自命不凡的秃头老胖子。而米勒的复杂,确实也无法用一种特定风格来概括。他既会抄底低估值的花旗银行,也会买入高估值的谷歌;既能快速抛售美联银行,也能长期持有亚马逊20年。和一般商学院出身的投资大师不同,他是一位哲学博士,在他眼里,投资的世界也长期处于辩证统一的状态。米勒是一个实用主义者,他并不会信奉绝对的标准,他更喜欢把想法和行动建立在有效的过程上——不管是什么,只要能帮助人实现目标。在他的框架里,无论是深度价值,还是景气驱动,甚至是赛道投资都可能变成投资工具。反过来想,要想连续15年都跑赢标普500指数,不懂得八面玲珑,仅靠一种风格是完全不可能办到的。然而这在米勒身上又是矛盾的,看似能够不断摈弃陈腐的观念,但是在一段时期过于成功后,他又会间歇性陷入过去的路径依赖。只有一件事,他自始至终弃之如敝屣:预测市场是浪费时间。2021米勒三季报继续强调预测是浪费时间正如比尔米勒所说:「那些把投资组合建立在预测基础上的人,本质上是在某些容易产生巨大预期差的要素上押注。」所以这也不难理解,米勒依据自己的产业洞察,亦或是过去的历史经验对当下进行辩证的思考——精准的把握现在,就已经预见了未来。当然,对于米勒来说,他还没有到达结局。若米勒再一次跌倒,他还会想法子爬起来,循环往复,再用他鲜明的个性谱写或许让你觉得似曾相识的剧本。","news_type":1},"isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":632694831,"gmtCreate":1646379966030,"gmtModify":1646379966030,"author":{"id":"3534487009330272","authorId":"3534487009330272","name":"只有股票才是最爱","avatar":"https://static.tigerbbs.com/128447b3ff23e047781ba900f5848b3e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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15:37","market":"other","language":"zh","title":"恒生科技指数跌幅扩大至3%,腾讯、美团跌超6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1163834604","media":"老虎资讯综合","summary":"3月24日,恒生科技指数尾盘跌幅扩大至3%,金山软件跌近10%,腾讯控股、美团-W跌超6%。","content":"<html><head></head><body><p>3月24日,恒生科技指数尾盘跌幅扩大至3%,<a href=\"https://laohu8.com/S/03888\">金山软件</a>跌近10%,<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>、<a href=\"https://laohu8.com/S/03690\">美团-W</a>跌超6%。</p><p><img src=\"https://static.tigerbbs.com/82e2aea610560625436fdf14a2ac917a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p></body></html>","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>恒生科技指数跌幅扩大至3%,腾讯、美团跌超6%</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n恒生科技指数跌幅扩大至3%,腾讯、美团跌超6%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-03-24 15:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>3月24日,恒生科技指数尾盘跌幅扩大至3%,<a href=\"https://laohu8.com/S/03888\">金山软件</a>跌近10%,<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>、<a href=\"https://laohu8.com/S/03690\">美团-W</a>跌超6%。</p><p><img src=\"https://static.tigerbbs.com/82e2aea610560625436fdf14a2ac917a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"BK1586":"云计算","BK4116":"互联网服务与基础架构","BK1518":"SaaS概念","BK4526":"热门中概股","BK4085":"互动家庭娱乐","BK1517":"云办公","KC":"金山云","BK1607":"新IT概念","03888":"金山软件","BK1531":"手游股","KSFTF":"金山软件","HSTECH":"恒生科技指数","BK1526":"科网股","BK1589":"北水核心资产","BK1104":"互动家庭娱乐"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163834604","content_text":"3月24日,恒生科技指数尾盘跌幅扩大至3%,金山软件跌近10%,腾讯控股、美团-W跌超6%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":637251239,"gmtCreate":1648109624141,"gmtModify":1648109624141,"author":{"id":"3534487009330272","authorId":"3534487009330272","name":"只有股票才是最爱","avatar":"https://static.tigerbbs.com/128447b3ff23e047781ba900f5848b3e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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