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2021-04-05

Cool

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2021-04-09

Wow!

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2021-04-06

Thats right!

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2021-04-03

Cool

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2021-07-04

Cool!

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2021-04-10

Cool!

Next Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周IPO阵容不断壮大。可能会很忙。</blockquote>

2021-05-01

Coool!

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2021-04-27

Cool!

Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>

2021-04-15

Cool!

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2021-04-13

Cool

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2021-04-04

Hmmmm

How Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大？</blockquote>

2021-04-24

Wow!

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2021-04-08

Won't stop, can't stop, gamestop

GameStop shares rose 3% in pre-market<blockquote>游戏驿站股价盘前上涨3%</blockquote>

2021-06-15

Cool!

What to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</blockquote>

2021-06-08

Cool!

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2021-05-29

Cool!

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2021-05-28

Cool!

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2021-04-20

Cool!

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2021-04-17

Cool!

$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>

2021-03-31

Cool

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What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.</p><p><blockquote>随着联邦公开市场委员会下周举行例行政策会议，分析师和投资者应该再次打破尼克松时代的陈词滥调，关注他们的言论，而不是他们的行动。每个人都想知道的是，该小组是否最终开始讨论放弃其超级宽松的货币政策。</blockquote></p><p> We all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).</p><p><blockquote>我们都知道，FOMC不会在其大规模证券购买方面采取任何实质性措施，目前仍以每月1200亿美元的速度运行。至于其关键的联邦基金利率目标，则停留在0%至0.25%（尽管美联储管理的其他一些利率有可能进行技术调整，以解决货币市场上流动的数十亿过剩现金）。</blockquote></p><p> We’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted&nbsp;on the Fed’s website&nbsp;at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.</p><p><blockquote>我们将寻找FOMC的正式政策声明和该小组最新的经济预测摘要中的内容，其中将包括委员会成员对国内生产总值、通胀和失业率等关键经济指标的猜测。最有可能的是，当该消息于下午2点发布在美联储网站上时。周三东部夏令时，大多数人可能会直接关注FOMC对联邦基金利率的猜测，特别是何时最终有望从接近零的利率上升。</blockquote></p><p> The “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.</p><p><blockquote>“点阵图”——或FOMC成员共识猜测的图表——将首次加息一直推迟到2023年之后。这似乎是一个非常长期的预测，正如约翰·梅纳德·凯恩斯（John Maynard Keynes）著名指出的那样，从长远来看，我们都死了。一些美联储观察人士，例如摩根大通首席美国经济学家迈克尔·费罗利(Michael Feroli)，认为这些点表明2023年的经济起飞。</blockquote></p><p> The markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for&nbsp;Natixis.</p><p><blockquote>然而，市场已经预计到2023年联邦基金将加息一次或多次。但在之前讨论的长期债券收益率下滑的同时，利率期货市场实际上已经消化了其中一次短期加息。此外，Natixis分析师表示，衍生品市场目前预计联邦基金利率将达到2%以下的峰值，比今年早些时候的定价低约0.4个百分点。</blockquote></p><p> Long before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.</p><p><blockquote>早在加息之前，美联储就将开始通过放慢目前的证券购买步伐来减少宽松政策，其中包括每月800亿美元的美国国债和400亿美元的机构抵押贷款支持证券。根据美联储上周发布的新数据，美联储和其他央行创造的数万亿美元对提振资产价值大有帮助，第一季度资产价值增加了5万亿美元，达到136.9万亿美元。其中包括家庭持有的股票价值增加3.2万亿美元，房地产持有量增加9680亿美元。</blockquote></p><p> The key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.</p><p><blockquote>美联储宽松政策减少的关键标准是货币当局是否认为在实现他们认为的最大就业方面取得了“实质性的进一步进展”，这可能是一个故意模糊的标准。</blockquote></p><p> But the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed&nbsp;a record 9.3 million unfilled openings&nbsp;in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.</p><p><blockquote>但就业人数的增长似乎既受到劳动力供应的限制，也受到企业招聘意愿的限制。最新的职位空缺和劳动力流动调查（Jolts）显示，4月份有创纪录的930万个职位空缺。此外，当月有38.4万人离职，自愿离职人数达到创纪录的400万人。</blockquote></p><p> Anecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.</p><p><blockquote>轶事证据，包括美联储为即将召开的会议准备的经济状况褐皮书总结中的一些证据，表明由于慷慨的失业补偿，雇主没有找到足够的工人。对于经济学等社会科学来说，不同寻常的是，随着25个州提前结束每周额外支付300美元的费用，将会有一个实时实验来检验这一假设。</blockquote></p><p> Jefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.</p><p><blockquote>杰富瑞经济学家Aneta Markowska和Thomas Simons在一份研究报告中写道，这25个州约占所有失业工人的四分之一。他们估计，终止额外的失业救济金可能会在未来几个月内增加大约200万人的就业机会。在其余州的额外失业保险到期后，9月和10月应该会出现另一次井喷式增长；学校重新开放——为一些潜在工人，尤其是女性提供免费日托；他们补充说，许多上班族回到了办公桌前。</blockquote></p><p> At that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.</p><p><blockquote>到那时，美联储可能会开始谈论实际减少大规模证券购买。鉴于美联储在2013年放缓债券购买时市场引发的“缩减恐慌”，本届美联储将希望披露其计划如何、何时以及以多快的速度放缓注入潘趣酒碗。这就是我们本周要听的。</blockquote></p><p></p>","source":"lsy1601382232898","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>What to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</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\">\nWhat to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-14 13:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the Federal Open Market Committee holds its regular policy meeting this coming week, once again analysts and investors should flip the Nixon-era cliché and watch what they say, not what they do. What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.</p><p><blockquote>随着联邦公开市场委员会下周举行例行政策会议，分析师和投资者应该再次打破尼克松时代的陈词滥调，关注他们的言论，而不是他们的行动。每个人都想知道的是，该小组是否最终开始讨论放弃其超级宽松的货币政策。</blockquote></p><p> We all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).</p><p><blockquote>我们都知道，FOMC不会在其大规模证券购买方面采取任何实质性措施，目前仍以每月1200亿美元的速度运行。至于其关键的联邦基金利率目标，则停留在0%至0.25%（尽管美联储管理的其他一些利率有可能进行技术调整，以解决货币市场上流动的数十亿过剩现金）。</blockquote></p><p> We’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted&nbsp;on the Fed’s website&nbsp;at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.</p><p><blockquote>我们将寻找FOMC的正式政策声明和该小组最新的经济预测摘要中的内容，其中将包括委员会成员对国内生产总值、通胀和失业率等关键经济指标的猜测。最有可能的是，当该消息于下午2点发布在美联储网站上时。周三东部夏令时，大多数人可能会直接关注FOMC对联邦基金利率的猜测，特别是何时最终有望从接近零的利率上升。</blockquote></p><p> The “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.</p><p><blockquote>“点阵图”——或FOMC成员共识猜测的图表——将首次加息一直推迟到2023年之后。这似乎是一个非常长期的预测，正如约翰·梅纳德·凯恩斯（John Maynard Keynes）著名指出的那样，从长远来看，我们都死了。一些美联储观察人士，例如摩根大通首席美国经济学家迈克尔·费罗利(Michael Feroli)，认为这些点表明2023年的经济起飞。</blockquote></p><p> The markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for&nbsp;Natixis.</p><p><blockquote>然而，市场已经预计到2023年联邦基金将加息一次或多次。但在之前讨论的长期债券收益率下滑的同时，利率期货市场实际上已经消化了其中一次短期加息。此外，Natixis分析师表示，衍生品市场目前预计联邦基金利率将达到2%以下的峰值，比今年早些时候的定价低约0.4个百分点。</blockquote></p><p> Long before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.</p><p><blockquote>早在加息之前，美联储就将开始通过放慢目前的证券购买步伐来减少宽松政策，其中包括每月800亿美元的美国国债和400亿美元的机构抵押贷款支持证券。根据美联储上周发布的新数据，美联储和其他央行创造的数万亿美元对提振资产价值大有帮助，第一季度资产价值增加了5万亿美元，达到136.9万亿美元。其中包括家庭持有的股票价值增加3.2万亿美元，房地产持有量增加9680亿美元。</blockquote></p><p> The key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.</p><p><blockquote>美联储宽松政策减少的关键标准是货币当局是否认为在实现他们认为的最大就业方面取得了“实质性的进一步进展”，这可能是一个故意模糊的标准。</blockquote></p><p> But the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed&nbsp;a record 9.3 million unfilled openings&nbsp;in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.</p><p><blockquote>但就业人数的增长似乎既受到劳动力供应的限制，也受到企业招聘意愿的限制。最新的职位空缺和劳动力流动调查（Jolts）显示，4月份有创纪录的930万个职位空缺。此外，当月有38.4万人离职，自愿离职人数达到创纪录的400万人。</blockquote></p><p> Anecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.</p><p><blockquote>轶事证据，包括美联储为即将召开的会议准备的经济状况褐皮书总结中的一些证据，表明由于慷慨的失业补偿，雇主没有找到足够的工人。对于经济学等社会科学来说，不同寻常的是，随着25个州提前结束每周额外支付300美元的费用，将会有一个实时实验来检验这一假设。</blockquote></p><p> Jefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.</p><p><blockquote>杰富瑞经济学家Aneta Markowska和Thomas Simons在一份研究报告中写道，这25个州约占所有失业工人的四分之一。他们估计，终止额外的失业救济金可能会在未来几个月内增加大约200万人的就业机会。在其余州的额外失业保险到期后，9月和10月应该会出现另一次井喷式增长；学校重新开放——为一些潜在工人，尤其是女性提供免费日托；他们补充说，许多上班族回到了办公桌前。</blockquote></p><p> At that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.</p><p><blockquote>到那时，美联储可能会开始谈论实际减少大规模证券购买。鉴于美联储在2013年放缓债券购买时市场引发的“缩减恐慌”，本届美联储将希望披露其计划如何、何时以及以多快的速度放缓注入潘趣酒碗。这就是我们本周要听的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-to-expect-in-next-weeks-federal-reserve-meeting-51623457837?mod=RTA\">Barrons</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/what-to-expect-in-next-weeks-federal-reserve-meeting-51623457837?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138219989","content_text":"As the Federal Open Market Committee holds its regular policy meeting this coming week, once again analysts and investors should flip the Nixon-era cliché and watch what they say, not what they do. What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.\nWe all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).\nWe’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted on the Fed’s website at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.\nThe “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.\nThe markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for Natixis.\nLong before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.\nThe key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.\nBut the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed a record 9.3 million unfilled openings in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.\nAnecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.\nJefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.\nAt that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185874164,"gmtCreate":1623644126658,"gmtModify":1631884569271,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/185874164","repostId":"1105297799","repostType":4,"isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182369366,"gmtCreate":1623554305155,"gmtModify":1631884569280,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/182369366","repostId":"1185020128","repostType":4,"repost":{"id":"1185020128","kind":"news","pubTimestamp":1623537503,"share":"https://www.laohu8.com/m/news/1185020128?lang=zh_CN&edition=full","pubTime":"2021-06-13 06:38","market":"us","language":"en","title":"Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185020128","media":"investors","summary":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ","content":"<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是SPDR S&amp;P 600小型股价值中最大的持股，但这并不是该ETF击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值42亿美元的价值基金追踪S&amp;P SmallCap 600价值指数(SLYV)，该指数由根据账面价值与价格比率、市盈率和销售价格比率具有最强价值特征的股票组成。截至周四收盘，SLYV今年上涨了32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这是成长型股票SPDR S&amp;P 600 Small Cap Growth(SLYG)回报率的两倍多，后者上涨了15%。SLYG跟踪的指数包括基于销售增长、盈利价格变化和动量的增长特征最强的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到SLYV，金融业占资产比重最大，占资产的24%。工业股约占17%，非必需消费品股15%，房地产股10%。其次是信息技术，占8%，材料、能源和医疗保健，各占6%。消费品、公用事业和通信服务的较小头寸占其余部分。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 Small Cap Value位居IBD ETF领先者之列，但SPDR S&amp;P 600 Small Cap Growth则不然。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>(M)，<b>PDC能源</b>（PDCE），<b>Resideo技术</b>（雷齐）和<b>联合银行</b>(BKU)是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>贝德柏士比昂公司</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一夏威夷人</b>（FHB）和<b>洞察企业</b>(NSIT)跻身前十名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了大幅波动。今年早些时候，在Reddit/WallStreetBets人群推动的空头挤压反弹中，该股飙升了约2,500%。GME股票随后从1月28日的高点暴跌92%至2月中旬的低点。随后在接下来的三周内飙升805%，在接下来的两周内下跌66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌27%。即便如此，截至周四收盘，游戏驿站股价今年迄今仍上涨了1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME会夸大SLYV的业绩吗？当然，考虑到其四位数的增益。但看看SLYG的投资组合很有趣。游戏驿站股票也是成长型股票ETF中持股最多的股票，尽管前10名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前十名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy上涨130%，在前十名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对强度评级为97，这意味着它在所有股票中排名前3%。其相对强弱线位于52周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票Bed Bath&amp;Beyond今年上涨了78%。在一系列两位数的剧烈波动中，股价在1月份飙升了200%以上。BBBY股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又重新受到了WallStreetBets讨论组的关注。6月2日，Bed Bath&amp;Beyond股价飙升62%，随后第二个交易日暴跌28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>其余前10只股票的表现也优于大盘。梅西百货今年迄今上涨了68%，而Resideo、Pacific Premier和Ameris的涨幅均超过40%。涨幅最低的银行控股公司First Hawaiian上涨了20%。截至周四收盘，标普500上涨了13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据MarketSmithChart分析，SLYV仍处于带手柄acup的87.29入场点的潜在买入范围内。SLYV和SLYG收取0.15%的费用率。</blockquote></p><p></p>","source":"lsy1610449120050","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>Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</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\">\nMeme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-06-13 06:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是SPDR S&amp;P 600小型股价值中最大的持股，但这并不是该ETF击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值42亿美元的价值基金追踪S&amp;P SmallCap 600价值指数(SLYV)，该指数由根据账面价值与价格比率、市盈率和销售价格比率具有最强价值特征的股票组成。截至周四收盘，SLYV今年上涨了32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这是成长型股票SPDR S&amp;P 600 Small Cap Growth(SLYG)回报率的两倍多，后者上涨了15%。SLYG跟踪的指数包括基于销售增长、盈利价格变化和动量的增长特征最强的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到SLYV，金融业占资产比重最大，占资产的24%。工业股约占17%，非必需消费品股15%，房地产股10%。其次是信息技术，占8%，材料、能源和医疗保健，各占6%。消费品、公用事业和通信服务的较小头寸占其余部分。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 Small Cap Value位居IBD ETF领先者之列，但SPDR S&amp;P 600 Small Cap Growth则不然。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>(M)，<b>PDC能源</b>（PDCE），<b>Resideo技术</b>（雷齐）和<b>联合银行</b>(BKU)是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>贝德柏士比昂公司</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一夏威夷人</b>（FHB）和<b>洞察企业</b>(NSIT)跻身前十名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了大幅波动。今年早些时候，在Reddit/WallStreetBets人群推动的空头挤压反弹中，该股飙升了约2,500%。GME股票随后从1月28日的高点暴跌92%至2月中旬的低点。随后在接下来的三周内飙升805%，在接下来的两周内下跌66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌27%。即便如此，截至周四收盘，游戏驿站股价今年迄今仍上涨了1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME会夸大SLYV的业绩吗？当然，考虑到其四位数的增益。但看看SLYG的投资组合很有趣。游戏驿站股票也是成长型股票ETF中持股最多的股票，尽管前10名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前十名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy上涨130%，在前十名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对强度评级为97，这意味着它在所有股票中排名前3%。其相对强弱线位于52周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票Bed Bath&amp;Beyond今年上涨了78%。在一系列两位数的剧烈波动中，股价在1月份飙升了200%以上。BBBY股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又重新受到了WallStreetBets讨论组的关注。6月2日，Bed Bath&amp;Beyond股价飙升62%，随后第二个交易日暴跌28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>其余前10只股票的表现也优于大盘。梅西百货今年迄今上涨了68%，而Resideo、Pacific Premier和Ameris的涨幅均超过40%。涨幅最低的银行控股公司First Hawaiian上涨了20%。截至周四收盘，标普500上涨了13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据MarketSmithChart分析，SLYV仍处于带手柄acup的87.29入场点的潜在买入范围内。SLYV和SLYG收取0.15%的费用率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220\">investors</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":{"BBBY":"Bed Bath & Beyond, Inc.","PDCE":"PDC Energy"},"source_url":"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185020128","content_text":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.\nThat more than doubles the return of its growth stock counterpart, SPDR S&P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.\nBack to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each. Smaller positions in consumer staples, utilities and communication services made up the rest.\nSPDR S&P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&P 600 Small Cap Growth is not.\nGameStop Stock Leads\nGameStop(GME),Macy's(M),PDC Energy(PDCE),Resideo Technologies(REZI) andBankUnited(BKU) were the top five holdings as of Wednesday.\nPacific Premier Bancorp(PPBI),Bed Bath & Beyond(BBBY),Ameris Bancorp(ABCB),First Hawaiian(FHB) andInsight Enterprises(NSIT) rounded out the top 10.\nGameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.\nAction had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.\nCould GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.\nSecond Meme Stock In Top 10\nPDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.\nBed Bath & Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.\nBut the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath & Beyond soared 62% before diving 28% the next session.\nThe rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&P 500 held a 13% gain through Thursday's close.\nSLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis. SLYV and SLYG charge a 0.15% expense ratio.","news_type":1,"symbols_score_info":{"BBBY":0.9,"PDCE":0.9}},"isVote":1,"tweetType":1,"viewCount":3039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186555502,"gmtCreate":1623513967506,"gmtModify":1631884569291,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186555502","repostId":"2142112788","repostType":4,"isVote":1,"tweetType":1,"viewCount":1960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186226283,"gmtCreate":1623503626742,"gmtModify":1631884569306,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/186226283","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188968114,"gmtCreate":1623419624838,"gmtModify":1631884569314,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188968114","repostId":"1147556990","repostType":4,"isVote":1,"tweetType":1,"viewCount":1933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188984366,"gmtCreate":1623419473555,"gmtModify":1631884569329,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188984366","repostId":"1113838701","repostType":4,"repost":{"id":"1113838701","kind":"news","pubTimestamp":1623403425,"share":"https://www.laohu8.com/m/news/1113838701?lang=zh_CN&edition=full","pubTime":"2021-06-11 17:23","market":"us","language":"en","title":"Palantir: A Dilution Adjusted Value<blockquote>Palantir：稀释调整值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113838701","media":"seekingalpha","summary":"Palantir is a high-growth company that operates worldwide in both commercial and government segments.It has a powerful A.I.  technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations.I initiate Palantir with a Bearish rating and a fair price of $14.45/share.Founded in 2003, Palantir  started building a software platform for the intelligence community and later expanded to the commercial space. To this mean, two principal software platforms have been developed","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir is a high-growth company that operates worldwide in both commercial and government segments.</li>  <li>It has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations.</li>  <li>I initiate Palantir with a Bearish rating and a fair price of $14.45/share.</li> </ul> <b>Company Overview</b></p><p><blockquote><ul><li>Palantir是一家高增长公司，在全球商业和政府部门开展业务。</li><li>它拥有强大的人工智能。然而，（认知计算）技术拥有人工智能似乎已成为证明估值飙升合理性的流行语。</li><li>我以看跌评级和14.45美元/股的合理价格启动Palantir。</li></ul><b>公司概况</b></blockquote></p><p> Founded in 2003, Palantir (PLTR) started building a software platform for the intelligence community and later expanded to the commercial space. To this mean, two principal software platforms have been developed, Palantir Gotham and Palantir Foundry. Both serve as a central operating system and enable customers to integrate their data and operations.</p><p><blockquote>Palantir（PLTR）成立于2003年，开始为情报界构建软件平台，后来扩展到商业领域。为此，已经开发了两个主要的软件平台：Palantir Gotham和Palantir Foundry。两者都充当中央操作系统，使客户能够集成他们的数据和操作。</blockquote></p><p> <ol>  <li>Gotham is a platform constructedprimarily for analysts at defense and intelligence agencies. Gotham enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. The Gotham platform can also be used by commercial customers (e.g., by the financial services industry in connection with fraud investigations).</li>  <li>Foundry is a platform used by organizations (e.g., Airbus (OTCPK:EADSF)) to manage a big amount of data involved in complex projects. It transforms the ways organizations operate by creating a central operating system for their data. Individual users can integrate and analyze the data they need in one place. The speed with which users can experiment and test new ideas is what makes the software stick.</li>  <li>Apollo is a delivery software that powers Foundry and Gotham platforms and enables them to run in any environment. Apollo aims to provide the latest features in the hands of customers without disrupting operations.</li> </ol> The company operates worldwide and in particular in the U.S., U.K., France, and other parts of the world. Below I display its revenue breakdown by segment and by geography.</p><p><blockquote><ol><li>Gotham是一个主要为国防和情报机构分析师构建的平台。Gotham使用户能够识别隐藏在数据集中深处的模式，从信号情报来源到机密线人的报告。Gotham平台也可以被商业客户使用（例如，与欺诈调查相关的金融服务行业）。</li><li>Foundry是组织（如空中客车公司（OTCPK：EADSF））用来管理复杂项目中涉及的大量数据的平台。它通过为组织的数据创建一个中央操作系统来改变组织的运营方式。个人用户可以在一个地方集成和分析他们需要的数据。用户实验和测试新想法的速度是软件坚持下去的原因。</li><li>Apollo是一款交付软件，为Foundry和Gotham平台提供支持，使它们能够在任何环境中运行。Apollo的目标是在不中断运营的情况下为客户提供最新的功能。</li></ol>该公司在全球范围内开展业务，尤其是在美国、英国、法国和世界其他地区。下面我按细分市场和地理位置显示了其收入明细。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d03eb66b96b4d77da5936226da87d10\" tg-width=\"640\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告的数据进行的估计</i></blockquote></p><p> Using the trailing twelve-month numbers, we can see that the government segment accounts for 58% (vs. 42% in 2018A) of Palantir's total revenue, while the commercial segment 48%(vs. 57% in 2018A).</p><p><blockquote>使用过去12个月的数据，我们可以看到政府部门占Palantir总收入的58%（2018A为42%），而商业部门占48%（2018A为57%）。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Palantir with a Bearish rating and a fair price of $14.45/share (vs. current price of $24.38/share). As we all know the discounted cash flow model is a valuable tool to assess a company's fair value, however, to be able to implement it we need to make a lot of assumptions. One of those assumptions we have to make is about the company's future growth. But how can we assess the company's future growth? There are different ways in which we accomplish this, but any of this is \"the one.\"</p><p><blockquote>我对Palantir的评级为看跌，合理价格为14.45美元/股（当前价格为24.38美元/股）。众所周知，贴现现金流模型是评估公司公允价值的一个有价值的工具，然而，为了能够实施它，我们需要做出很多假设。我们必须做出的假设之一是关于公司未来的增长。但我们如何评估公司未来的增长呢？我们有不同的方法来实现这一点，但任何一种都是“唯一的”。</blockquote></p><p> Usually, the first step we want to take is to assess whether the company possesses a sustainable economic moat. A sustainable economic moat is what distinguishes a leader from a laggard, and it tells us what kind of margin of safety we should require on the stock. The absence of an economic moat translates into a higher margin of safety. It is not an easy task to assess whether the company has one and different approaches can be used. In this case, I would like to do it by analyzing the company's free cash flow, margins, and return on equity. Below, I display the key indicators we need.</p><p><blockquote>通常，我们要采取的第一步是评估公司是否拥有可持续的经济护城河。可持续的经济护城河是领先者与落后者的区别，它告诉我们应该对股票要求什么样的安全边际。没有经济护城河意味着更高的安全边际。评估公司是否有一种不同的方法可以使用并不是一件容易的事情。在这种情况下，我想通过分析公司的自由现金流、利润率和股本回报率来做到这一点。下面，我展示了我们需要的关键指标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab3592c45dd11931534a65c171b42df2\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> From the numbers displayed above, you can immediately point out that something is not going in the right way. The gross margin (or production profitability) is fine and it is equal at 69.9% 2021TTM, however, the operating margin is not fine at all, and it is equal to -101.1% (we can observe the same picture looking at the net margin). In fact, if we look at the operating expenses as a % of revenues, we can find that this number is equal to 171%. Below I display the results.</p><p><blockquote>从上面显示的数字，你可以立即指出有些事情没有朝着正确的方向发展。毛利率（或生产盈利能力）很好，等于69.9%2021TTM，但是，营业利润率一点也不好，等于-101.1%（我们可以观察到同样的情况看净利润）。事实上，如果我们将运营费用视为收入的百分比，我们可以发现这个数字等于171%。下面我显示结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb6af16f471180179056796c4f30820d\" tg-width=\"544\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>来源<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p></p><p> Next, as we can expect from these numbers, ROE is a negative number. A negative ROE tells us that the company is destroying value to its shareholders. What about free cash flow margin? We can observe, more or less, the same pattern as with operating margins. Further, by looking at the cash flow statement deeper we can find out a very clear pattern - the company brings in cash by issuing every year more shares. It is usually seen as a red flag when looking at the company cash flow statement we find out that the primary pump for the company's cash flow is not the cash flow from operating activities. Overall, any of these metrics seem to suggest that a company has a sustainable economic moat.</p><p><blockquote>接下来，正如我们从这些数字中可以预期的那样，ROE是一个负数。负净资产收益率告诉我们公司正在破坏股东的价值。自由现金流利润率呢？我们可以观察到或多或少与营业利润率相同的模式。此外，通过更深入地观察现金流量表，我们可以发现一个非常清晰的模式——公司通过每年发行更多股票来带来现金。当查看公司现金流量表时，我们发现公司现金流的主要来源不是经营活动产生的现金流，这通常被视为一个危险信号。总体而言，这些指标中的任何一个似乎都表明一家公司拥有可持续的经济护城河。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dfe7d504567011f28eb91b3e31fe1cd8\" tg-width=\"640\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> In the discounted cash flow model I used as the base year numbers the trailing twelve months numbers. For the top line (revenues), I assumed a growth rate of 49% for the next year, in line with the current revenue growth pattern and the new unfolding opportunities. For the Y2-Y5, I assumed a CAGR of 30%, this is what I believe is a reasonable growth rate. I allow the company to grow with a sales to capital ratio of 1.02 (90th percentile vs peers) and with a current WACC of 6.9%.</p><p><blockquote>在贴现现金流模型中，我使用过去12个月的数字作为基准年数字。对于营收（收入），我假设明年的增长率为49%，这与当前的收入增长模式和新的机遇一致。对于Y2-Y5，我假设复合年增长率为30%，这是我认为合理的增长率。我允许公司的销售资本比率为1.02（与同行相比为第90百分位），目前的WACC为6.9%。</blockquote></p><p> I assumed an operating margin for the next year equal to -67% and a target operating margin of 31.2% (85th percentile vs peers). If you are wondering who are the peers which I used to make my assumption, well, those are companies like Alteryx (AYX), Microsoft (MSFT), Oracle (ORCL), Datadog (DDOG), etc.</p><p><blockquote>我假设明年的营业利润率为-67%，目标营业利润率为31.2%（与同行相比为第85百分位）。如果您想知道我曾经做出假设的同行是谁，那么，这些公司是Alteryx(AYX)、微软(MSFT)、甲骨文(ORCL)、Datadog(DDOG)等公司。</blockquote></p><p> A lot of investors seem to believe that there is a hidden value in Palantir and they put unrealistic assumptions to justify their findings. Even if there may be one, the dilution effect is keeping the stock from going higher. Investors don't seem to understand this and the company rides the wave by issuing more shares at an unjustified price.</p><p><blockquote>许多投资者似乎相信Palantir存在隐藏的价值，他们做出了不切实际的假设来证明他们的发现是正确的。即使可能有一个，稀释效应也会阻止股票走高。投资者似乎不明白这一点，该公司通过以不合理的价格发行更多股票来乘风破浪。</blockquote></p><p> The central value ($7.34/share) that you can see in my sensitivity analysis is what I found as a fair value using my DCF model, while the prices in the green area are prices that may be justified (even if it is hard to assume such a high CAGR, perhaps unrealistic). The sensitivity analysis is intentionally skewed to the right since there are more bulls than bears in the room.</p><p><blockquote>您可以在我的敏感性分析中看到的中心价值（7.34美元/股）是我使用DCF模型发现的公允价值，而绿色区域的价格是可能合理的价格（即使很难假设如此高的CAGR，也许不切实际）。敏感性分析故意向右倾斜，因为房间里的多头多于空头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/689c747c7d01668b6d6978063ee0ce3f\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> Using my assumptions, I found that the fair value for the company according to the DCF model is $7.34/share. Now you may say, this is not the same fair value I stated at the beginning. Totally right, you caught me. The fair value that I assign to the company is equal to $14.45/share which is an algorithm-based estimate which accounts for different factors, among others: DCF-based fair value, momentum, etc.</p><p><blockquote>根据我的假设，我发现根据DCF模型，该公司的公允价值为7.34美元/股。现在你可能会说，这和我一开始说的公允价值不一样。完全正确，你抓住我了。我分配给公司的公允价值等于14.45美元/股，这是一个基于算法的估计，考虑了不同的因素，其中包括：基于DCF的公允价值、动量等。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Palantir is a high-growth company that operates worldwide in both commercial and government segments. It has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations. The company seems to understand it and it rides the wave by diluting shareholders' equity. I don't like to see such moves from the company, and even if the company may offer some price appreciation, the risk is not worth the bet (unless you like gambling, do you?).</p><p><blockquote>Palantir是一家高增长公司，在全球商业和政府部门开展业务。它拥有强大的人工智能。然而，（认知计算）技术拥有人工智能似乎已成为证明估值飙升合理性的流行语。该公司似乎明白这一点，并通过稀释股东权益来乘风破浪。我不喜欢看到公司做出这样的举动，即使公司可能会提供一些价格升值，风险也不值得打赌（除非你喜欢赌博，不是吗？）.</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>Palantir: A Dilution Adjusted Value<blockquote>Palantir：稀释调整值</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\">\nPalantir: A Dilution Adjusted Value<blockquote>Palantir：稀释调整值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-11 17:23</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>Palantir is a high-growth company that operates worldwide in both commercial and government segments.</li>  <li>It has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations.</li>  <li>I initiate Palantir with a Bearish rating and a fair price of $14.45/share.</li> </ul> <b>Company Overview</b></p><p><blockquote><ul><li>Palantir是一家高增长公司，在全球商业和政府部门开展业务。</li><li>它拥有强大的人工智能。然而，（认知计算）技术拥有人工智能似乎已成为证明估值飙升合理性的流行语。</li><li>我以看跌评级和14.45美元/股的合理价格启动Palantir。</li></ul><b>公司概况</b></blockquote></p><p> Founded in 2003, Palantir (PLTR) started building a software platform for the intelligence community and later expanded to the commercial space. To this mean, two principal software platforms have been developed, Palantir Gotham and Palantir Foundry. Both serve as a central operating system and enable customers to integrate their data and operations.</p><p><blockquote>Palantir（PLTR）成立于2003年，开始为情报界构建软件平台，后来扩展到商业领域。为此，已经开发了两个主要的软件平台：Palantir Gotham和Palantir Foundry。两者都充当中央操作系统，使客户能够集成他们的数据和操作。</blockquote></p><p> <ol>  <li>Gotham is a platform constructedprimarily for analysts at defense and intelligence agencies. Gotham enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. The Gotham platform can also be used by commercial customers (e.g., by the financial services industry in connection with fraud investigations).</li>  <li>Foundry is a platform used by organizations (e.g., Airbus (OTCPK:EADSF)) to manage a big amount of data involved in complex projects. It transforms the ways organizations operate by creating a central operating system for their data. Individual users can integrate and analyze the data they need in one place. The speed with which users can experiment and test new ideas is what makes the software stick.</li>  <li>Apollo is a delivery software that powers Foundry and Gotham platforms and enables them to run in any environment. Apollo aims to provide the latest features in the hands of customers without disrupting operations.</li> </ol> The company operates worldwide and in particular in the U.S., U.K., France, and other parts of the world. Below I display its revenue breakdown by segment and by geography.</p><p><blockquote><ol><li>Gotham是一个主要为国防和情报机构分析师构建的平台。Gotham使用户能够识别隐藏在数据集中深处的模式，从信号情报来源到机密线人的报告。Gotham平台也可以被商业客户使用（例如，与欺诈调查相关的金融服务行业）。</li><li>Foundry是组织（如空中客车公司（OTCPK：EADSF））用来管理复杂项目中涉及的大量数据的平台。它通过为组织的数据创建一个中央操作系统来改变组织的运营方式。个人用户可以在一个地方集成和分析他们需要的数据。用户实验和测试新想法的速度是软件坚持下去的原因。</li><li>Apollo是一款交付软件，为Foundry和Gotham平台提供支持，使它们能够在任何环境中运行。Apollo的目标是在不中断运营的情况下为客户提供最新的功能。</li></ol>该公司在全球范围内开展业务，尤其是在美国、英国、法国和世界其他地区。下面我按细分市场和地理位置显示了其收入明细。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d03eb66b96b4d77da5936226da87d10\" tg-width=\"640\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告的数据进行的估计</i></blockquote></p><p> Using the trailing twelve-month numbers, we can see that the government segment accounts for 58% (vs. 42% in 2018A) of Palantir's total revenue, while the commercial segment 48%(vs. 57% in 2018A).</p><p><blockquote>使用过去12个月的数据，我们可以看到政府部门占Palantir总收入的58%（2018A为42%），而商业部门占48%（2018A为57%）。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Palantir with a Bearish rating and a fair price of $14.45/share (vs. current price of $24.38/share). As we all know the discounted cash flow model is a valuable tool to assess a company's fair value, however, to be able to implement it we need to make a lot of assumptions. One of those assumptions we have to make is about the company's future growth. But how can we assess the company's future growth? There are different ways in which we accomplish this, but any of this is \"the one.\"</p><p><blockquote>我对Palantir的评级为看跌，合理价格为14.45美元/股（当前价格为24.38美元/股）。众所周知，贴现现金流模型是评估公司公允价值的一个有价值的工具，然而，为了能够实施它，我们需要做出很多假设。我们必须做出的假设之一是关于公司未来的增长。但我们如何评估公司未来的增长呢？我们有不同的方法来实现这一点，但任何一种都是“唯一的”。</blockquote></p><p> Usually, the first step we want to take is to assess whether the company possesses a sustainable economic moat. A sustainable economic moat is what distinguishes a leader from a laggard, and it tells us what kind of margin of safety we should require on the stock. The absence of an economic moat translates into a higher margin of safety. It is not an easy task to assess whether the company has one and different approaches can be used. In this case, I would like to do it by analyzing the company's free cash flow, margins, and return on equity. Below, I display the key indicators we need.</p><p><blockquote>通常，我们要采取的第一步是评估公司是否拥有可持续的经济护城河。可持续的经济护城河是领先者与落后者的区别，它告诉我们应该对股票要求什么样的安全边际。没有经济护城河意味着更高的安全边际。评估公司是否有一种不同的方法可以使用并不是一件容易的事情。在这种情况下，我想通过分析公司的自由现金流、利润率和股本回报率来做到这一点。下面，我展示了我们需要的关键指标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab3592c45dd11931534a65c171b42df2\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> From the numbers displayed above, you can immediately point out that something is not going in the right way. The gross margin (or production profitability) is fine and it is equal at 69.9% 2021TTM, however, the operating margin is not fine at all, and it is equal to -101.1% (we can observe the same picture looking at the net margin). In fact, if we look at the operating expenses as a % of revenues, we can find that this number is equal to 171%. Below I display the results.</p><p><blockquote>从上面显示的数字，你可以立即指出有些事情没有朝着正确的方向发展。毛利率（或生产盈利能力）很好，等于69.9%2021TTM，但是，营业利润率一点也不好，等于-101.1%（我们可以观察到同样的情况看净利润）。事实上，如果我们将运营费用视为收入的百分比，我们可以发现这个数字等于171%。下面我显示结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb6af16f471180179056796c4f30820d\" tg-width=\"544\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>来源<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p></p><p> Next, as we can expect from these numbers, ROE is a negative number. A negative ROE tells us that the company is destroying value to its shareholders. What about free cash flow margin? We can observe, more or less, the same pattern as with operating margins. Further, by looking at the cash flow statement deeper we can find out a very clear pattern - the company brings in cash by issuing every year more shares. It is usually seen as a red flag when looking at the company cash flow statement we find out that the primary pump for the company's cash flow is not the cash flow from operating activities. Overall, any of these metrics seem to suggest that a company has a sustainable economic moat.</p><p><blockquote>接下来，正如我们从这些数字中可以预期的那样，ROE是一个负数。负净资产收益率告诉我们公司正在破坏股东的价值。自由现金流利润率呢？我们可以观察到或多或少与营业利润率相同的模式。此外，通过更深入地观察现金流量表，我们可以发现一个非常清晰的模式——公司通过每年发行更多股票来带来现金。当查看公司现金流量表时，我们发现公司现金流的主要来源不是经营活动产生的现金流，这通常被视为一个危险信号。总体而言，这些指标中的任何一个似乎都表明一家公司拥有可持续的经济护城河。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dfe7d504567011f28eb91b3e31fe1cd8\" tg-width=\"640\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> In the discounted cash flow model I used as the base year numbers the trailing twelve months numbers. For the top line (revenues), I assumed a growth rate of 49% for the next year, in line with the current revenue growth pattern and the new unfolding opportunities. For the Y2-Y5, I assumed a CAGR of 30%, this is what I believe is a reasonable growth rate. I allow the company to grow with a sales to capital ratio of 1.02 (90th percentile vs peers) and with a current WACC of 6.9%.</p><p><blockquote>在贴现现金流模型中，我使用过去12个月的数字作为基准年数字。对于营收（收入），我假设明年的增长率为49%，这与当前的收入增长模式和新的机遇一致。对于Y2-Y5，我假设复合年增长率为30%，这是我认为合理的增长率。我允许公司的销售资本比率为1.02（与同行相比为第90百分位），目前的WACC为6.9%。</blockquote></p><p> I assumed an operating margin for the next year equal to -67% and a target operating margin of 31.2% (85th percentile vs peers). If you are wondering who are the peers which I used to make my assumption, well, those are companies like Alteryx (AYX), Microsoft (MSFT), Oracle (ORCL), Datadog (DDOG), etc.</p><p><blockquote>我假设明年的营业利润率为-67%，目标营业利润率为31.2%（与同行相比为第85百分位）。如果您想知道我曾经做出假设的同行是谁，那么，这些公司是Alteryx(AYX)、微软(MSFT)、甲骨文(ORCL)、Datadog(DDOG)等公司。</blockquote></p><p> A lot of investors seem to believe that there is a hidden value in Palantir and they put unrealistic assumptions to justify their findings. Even if there may be one, the dilution effect is keeping the stock from going higher. Investors don't seem to understand this and the company rides the wave by issuing more shares at an unjustified price.</p><p><blockquote>许多投资者似乎相信Palantir存在隐藏的价值，他们做出了不切实际的假设来证明他们的发现是正确的。即使可能有一个，稀释效应也会阻止股票走高。投资者似乎不明白这一点，该公司通过以不合理的价格发行更多股票来乘风破浪。</blockquote></p><p> The central value ($7.34/share) that you can see in my sensitivity analysis is what I found as a fair value using my DCF model, while the prices in the green area are prices that may be justified (even if it is hard to assume such a high CAGR, perhaps unrealistic). The sensitivity analysis is intentionally skewed to the right since there are more bulls than bears in the room.</p><p><blockquote>您可以在我的敏感性分析中看到的中心价值（7.34美元/股）是我使用DCF模型发现的公允价值，而绿色区域的价格是可能合理的价格（即使很难假设如此高的CAGR，也许不切实际）。敏感性分析故意向右倾斜，因为房间里的多头多于空头。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/689c747c7d01668b6d6978063ee0ce3f\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:<i>Author's Estimates using data from the latest 10-K report</i></p><p><blockquote>资料来源：<i>作者使用最新10-K报告数据进行的估计</i></blockquote></p><p> Using my assumptions, I found that the fair value for the company according to the DCF model is $7.34/share. Now you may say, this is not the same fair value I stated at the beginning. Totally right, you caught me. The fair value that I assign to the company is equal to $14.45/share which is an algorithm-based estimate which accounts for different factors, among others: DCF-based fair value, momentum, etc.</p><p><blockquote>根据我的假设，我发现根据DCF模型，该公司的公允价值为7.34美元/股。现在你可能会说，这和我一开始说的公允价值不一样。完全正确，你抓住我了。我分配给公司的公允价值等于14.45美元/股，这是一个基于算法的估计，考虑了不同的因素，其中包括：基于DCF的公允价值、动量等。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Palantir is a high-growth company that operates worldwide in both commercial and government segments. It has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations. The company seems to understand it and it rides the wave by diluting shareholders' equity. I don't like to see such moves from the company, and even if the company may offer some price appreciation, the risk is not worth the bet (unless you like gambling, do you?).</p><p><blockquote>Palantir是一家高增长公司，在全球商业和政府部门开展业务。它拥有强大的人工智能。然而，（认知计算）技术拥有人工智能似乎已成为证明估值飙升合理性的流行语。该公司似乎明白这一点，并通过稀释股东权益来乘风破浪。我不喜欢看到公司做出这样的举动，即使公司可能会提供一些价格升值，风险也不值得打赌（除非你喜欢赌博，不是吗？）.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434192-palantir-a-dilution-adjusted-value\">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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4434192-palantir-a-dilution-adjusted-value","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113838701","content_text":"Summary\n\nPalantir is a high-growth company that operates worldwide in both commercial and government segments.\nIt has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations.\nI initiate Palantir with a Bearish rating and a fair price of $14.45/share.\n\nCompany Overview\nFounded in 2003, Palantir (PLTR) started building a software platform for the intelligence community and later expanded to the commercial space. To this mean, two principal software platforms have been developed, Palantir Gotham and Palantir Foundry. Both serve as a central operating system and enable customers to integrate their data and operations.\n\nGotham is a platform constructedprimarily for analysts at defense and intelligence agencies. Gotham enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. The Gotham platform can also be used by commercial customers (e.g., by the financial services industry in connection with fraud investigations).\nFoundry is a platform used by organizations (e.g., Airbus (OTCPK:EADSF)) to manage a big amount of data involved in complex projects. It transforms the ways organizations operate by creating a central operating system for their data. Individual users can integrate and analyze the data they need in one place. The speed with which users can experiment and test new ideas is what makes the software stick.\nApollo is a delivery software that powers Foundry and Gotham platforms and enables them to run in any environment. Apollo aims to provide the latest features in the hands of customers without disrupting operations.\n\nThe company operates worldwide and in particular in the U.S., U.K., France, and other parts of the world. Below I display its revenue breakdown by segment and by geography.\n\nSource:Author's Estimates using data from the latest10-K report\nUsing the trailing twelve-month numbers, we can see that the government segment accounts for 58% (vs. 42% in 2018A) of Palantir's total revenue, while the commercial segment 48%(vs. 57% in 2018A).\nCompany Analysis\nI initiate Palantir with a Bearish rating and a fair price of $14.45/share (vs. current price of $24.38/share). As we all know the discounted cash flow model is a valuable tool to assess a company's fair value, however, to be able to implement it we need to make a lot of assumptions. One of those assumptions we have to make is about the company's future growth. But how can we assess the company's future growth? There are different ways in which we accomplish this, but any of this is \"the one.\"\nUsually, the first step we want to take is to assess whether the company possesses a sustainable economic moat. A sustainable economic moat is what distinguishes a leader from a laggard, and it tells us what kind of margin of safety we should require on the stock. The absence of an economic moat translates into a higher margin of safety. It is not an easy task to assess whether the company has one and different approaches can be used. In this case, I would like to do it by analyzing the company's free cash flow, margins, and return on equity. Below, I display the key indicators we need.\n\nSource:Author's Estimates using data from the latest 10-K report\nFrom the numbers displayed above, you can immediately point out that something is not going in the right way. The gross margin (or production profitability) is fine and it is equal at 69.9% 2021TTM, however, the operating margin is not fine at all, and it is equal to -101.1% (we can observe the same picture looking at the net margin). In fact, if we look at the operating expenses as a % of revenues, we can find that this number is equal to 171%. Below I display the results.\n\nSourceAuthor's Estimates using data from the latest 10-K report\nNext, as we can expect from these numbers, ROE is a negative number. A negative ROE tells us that the company is destroying value to its shareholders. What about free cash flow margin? We can observe, more or less, the same pattern as with operating margins. Further, by looking at the cash flow statement deeper we can find out a very clear pattern - the company brings in cash by issuing every year more shares. It is usually seen as a red flag when looking at the company cash flow statement we find out that the primary pump for the company's cash flow is not the cash flow from operating activities. Overall, any of these metrics seem to suggest that a company has a sustainable economic moat.\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\n\nSource:Author's Estimates using data from the latest 10-K report\nIn the discounted cash flow model I used as the base year numbers the trailing twelve months numbers. For the top line (revenues), I assumed a growth rate of 49% for the next year, in line with the current revenue growth pattern and the new unfolding opportunities. For the Y2-Y5, I assumed a CAGR of 30%, this is what I believe is a reasonable growth rate. I allow the company to grow with a sales to capital ratio of 1.02 (90th percentile vs peers) and with a current WACC of 6.9%.\nI assumed an operating margin for the next year equal to -67% and a target operating margin of 31.2% (85th percentile vs peers). If you are wondering who are the peers which I used to make my assumption, well, those are companies like Alteryx (AYX), Microsoft (MSFT), Oracle (ORCL), Datadog (DDOG), etc.\nA lot of investors seem to believe that there is a hidden value in Palantir and they put unrealistic assumptions to justify their findings. Even if there may be one, the dilution effect is keeping the stock from going higher. Investors don't seem to understand this and the company rides the wave by issuing more shares at an unjustified price.\nThe central value ($7.34/share) that you can see in my sensitivity analysis is what I found as a fair value using my DCF model, while the prices in the green area are prices that may be justified (even if it is hard to assume such a high CAGR, perhaps unrealistic). The sensitivity analysis is intentionally skewed to the right since there are more bulls than bears in the room.\n\nSource:Author's Estimates using data from the latest 10-K report\nUsing my assumptions, I found that the fair value for the company according to the DCF model is $7.34/share. Now you may say, this is not the same fair value I stated at the beginning. Totally right, you caught me. The fair value that I assign to the company is equal to $14.45/share which is an algorithm-based estimate which accounts for different factors, among others: DCF-based fair value, momentum, etc.\nFinal Thoughts\nPalantir is a high-growth company that operates worldwide in both commercial and government segments. It has a powerful A.I. (Cognitive Computing) technology, however, having an A.I. seems to become a buzzword to justify skyrocket valuations. The company seems to understand it and it rides the wave by diluting shareholders' equity. I don't like to see such moves from the company, and even if the company may offer some price appreciation, the risk is not worth the bet (unless you like gambling, do you?).","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":2486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188988461,"gmtCreate":1623419415853,"gmtModify":1631884569343,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188988461","repostId":"1116807698","repostType":4,"isVote":1,"tweetType":1,"viewCount":2526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188917629,"gmtCreate":1623419292761,"gmtModify":1631890126518,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188917629","repostId":"1118478259","repostType":4,"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181224147,"gmtCreate":1623397813089,"gmtModify":1631890126519,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181224147","repostId":"1118350585","repostType":4,"repost":{"id":"1118350585","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623395610,"share":"https://www.laohu8.com/m/news/1118350585?lang=zh_CN&edition=full","pubTime":"2021-06-11 15:13","market":"us","language":"en","title":"Cathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares<blockquote>看好比特币的Cathie Wood将Coinbase股份提升至10亿美元以上，抢购更多UiPath股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118350585","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Thursday snapped up more shares inCoinbase Global Inc(N","content":"<p>Cathie Wood-led Ark Investment Management on Thursday snapped up more shares in<b>Coinbase Global Inc</b>(NASDAQ:COIN) on the dip on Thursday.</p><p><blockquote>凯西·伍德(Cathie Wood)领导的Ark Investment Management周四抢购了更多股票<b>比特币基地全球公司</b>（纳斯达克：COIN）周四下跌。</blockquote></p><p> Ark Invest bought 60,813 shares, estimated to be worth about $13.5 million in Coinbase on the day shares of the company closed 1.1% lower at $221.85.</p><p><blockquote>Ark Invest购买了60,813股Coinbase股票，估计价值约1,350万美元，当天该公司股价收盘下跌1.1%，至221.85美元。</blockquote></p><p> Wood’s firm deployed the<b>Ark Innovation ETF</b>(NYSE:ARKK) to buy the shares of the cryptocurrency exchange. The investment firm also holds the shares of the company via the<b>Ark Next Generation Internet ETF</b>(NYSE:ARKW) and the<b>Ark Fintech Innovation ETF</b>(NYSE:ARKF).</p><p><blockquote>伍德的公司部署了<b>方舟创新ETF</b>（纽约证券交易所代码：ARKK）购买加密货币交易所的股票。该投资公司还通过<b>方舟下一代互联网ETF</b>（纽约证券交易所代码：ARKW）和<b>方舟金融科技创新ETF</b>（纽约证券交易所代码：ARKF）。</blockquote></p><p> Ark's COIN stake is currently valued above $1 billion. In comparison, Ark Invest holds&nbsp;about 4.86 million shares, worth about $2.9 billion, in<b>Tesla Inc</b>(NASDAQ:TSLA), its largest holding.</p><p><blockquote>Ark的COIN股份目前价值超过10亿美元。相比之下，Ark Invest持有约486万股，价值约29亿美元，在<b>特斯拉公司</b>（纳斯达克：TSLA），其最大持股。</blockquote></p><p> The investment firm also snapped up 1.08 million shares, estimated to be worth about $80.07 million in New York-based software automation company<b>UiPath Inc</b>(NYSE:PATH) on the day shares popped higher.</p><p><blockquote>该投资公司还抢购了这家总部位于纽约的软件自动化公司的108万股股票，估计价值约8007万美元<b>UiPath公司</b>（纽约证券交易所代码：PATH）当天股价大幅走高。</blockquote></p><p> Shares of the company closed 7.7% higher at $74.03 on Thursday.</p><p><blockquote>该公司股价周四收盘上涨7.7%，至74.03美元。</blockquote></p><p> The investment firm holds the shares of the company in all six active ETFs but deployed only four of them — the<b>Ark Genomic Revolution ETF</b>(BATS:ARKG), the<b>Ark Autonomous Technology &amp; Robotics</b>(BATS:ARKQ)<b>,</b>ARKKand ARKW — to buy the shares on Thursday.</p><p><blockquote>该投资公司在所有六只主动ETF中持有该公司的股票，但仅部署了其中四只——<b>方舟基因组革命ETF</b>（蝙蝠：ARKG），<b>方舟自主技术与机器人</b>（蝙蝠：ARKQ）<b>,</b>ARKKand ARKW-周四购买股票。</blockquote></p><p> ARKG bought 242,492 shares, ARKK bought 604,635 shares, ARKQ bought 87,472 shares, ARKW bought 147,038 shares on Thursday.</p><p><blockquote>ARKG周四购买了242,492股，ARKK购买了604,635股，ARKQ购买了87,472股，ARKW购买了147,038股。</blockquote></p><p> On a consolidated basis, Ark held 7.38 million shares worth $506.8 million in UiPath, as of Thursday.</p><p><blockquote>截至周四，Ark在合并基础上持有UiPath 738万股股票，价值5.068亿美元。</blockquote></p><p> The products of the Bucharest, Romania-basedsoftware companyare used by organizations to help efficiently automate their various business processes.</p><p><blockquote>这家总部位于罗马尼亚布加勒斯特的软件公司的产品被组织用来帮助有效地自动化他们的各种业务流程。</blockquote></p><p> Some of the other key Ark Invest sells on Thursday include<b>Intercontinental Exchange Inc</b>(NYSE:ICE) and buys include<b>Pure Storage Inc</b>(NYSE:PSTG).</p><p><blockquote>Ark Invest周四出售的其他一些关键产品包括<b>洲际交易所公司</b>（纽约证券交易所代码：ICE）和购买包括<b>纯存储公司</b>（纽约证券交易所代码：PSTG）。</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>Cathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares<blockquote>看好比特币的Cathie Wood将Coinbase股份提升至10亿美元以上，抢购更多UiPath股票</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; 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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: 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\">\nCathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares<blockquote>看好比特币的Cathie Wood将Coinbase股份提升至10亿美元以上，抢购更多UiPath股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-06-11 15:13</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood-led Ark Investment Management on Thursday snapped up more shares in<b>Coinbase Global Inc</b>(NASDAQ:COIN) on the dip on Thursday.</p><p><blockquote>凯西·伍德(Cathie Wood)领导的Ark Investment Management周四抢购了更多股票<b>比特币基地全球公司</b>（纳斯达克：COIN）周四下跌。</blockquote></p><p> Ark Invest bought 60,813 shares, estimated to be worth about $13.5 million in Coinbase on the day shares of the company closed 1.1% lower at $221.85.</p><p><blockquote>Ark Invest购买了60,813股Coinbase股票，估计价值约1,350万美元，当天该公司股价收盘下跌1.1%，至221.85美元。</blockquote></p><p> Wood’s firm deployed the<b>Ark Innovation ETF</b>(NYSE:ARKK) to buy the shares of the cryptocurrency exchange. The investment firm also holds the shares of the company via the<b>Ark Next Generation Internet ETF</b>(NYSE:ARKW) and the<b>Ark Fintech Innovation ETF</b>(NYSE:ARKF).</p><p><blockquote>伍德的公司部署了<b>方舟创新ETF</b>（纽约证券交易所代码：ARKK）购买加密货币交易所的股票。该投资公司还通过<b>方舟下一代互联网ETF</b>（纽约证券交易所代码：ARKW）和<b>方舟金融科技创新ETF</b>（纽约证券交易所代码：ARKF）。</blockquote></p><p> Ark's COIN stake is currently valued above $1 billion. In comparison, Ark Invest holds&nbsp;about 4.86 million shares, worth about $2.9 billion, in<b>Tesla Inc</b>(NASDAQ:TSLA), its largest holding.</p><p><blockquote>Ark的COIN股份目前价值超过10亿美元。相比之下，Ark Invest持有约486万股，价值约29亿美元，在<b>特斯拉公司</b>（纳斯达克：TSLA），其最大持股。</blockquote></p><p> The investment firm also snapped up 1.08 million shares, estimated to be worth about $80.07 million in New York-based software automation company<b>UiPath Inc</b>(NYSE:PATH) on the day shares popped higher.</p><p><blockquote>该投资公司还抢购了这家总部位于纽约的软件自动化公司的108万股股票，估计价值约8007万美元<b>UiPath公司</b>（纽约证券交易所代码：PATH）当天股价大幅走高。</blockquote></p><p> Shares of the company closed 7.7% higher at $74.03 on Thursday.</p><p><blockquote>该公司股价周四收盘上涨7.7%，至74.03美元。</blockquote></p><p> The investment firm holds the shares of the company in all six active ETFs but deployed only four of them — the<b>Ark Genomic Revolution ETF</b>(BATS:ARKG), the<b>Ark Autonomous Technology &amp; Robotics</b>(BATS:ARKQ)<b>,</b>ARKKand ARKW — to buy the shares on Thursday.</p><p><blockquote>该投资公司在所有六只主动ETF中持有该公司的股票，但仅部署了其中四只——<b>方舟基因组革命ETF</b>（蝙蝠：ARKG），<b>方舟自主技术与机器人</b>（蝙蝠：ARKQ）<b>,</b>ARKKand ARKW-周四购买股票。</blockquote></p><p> ARKG bought 242,492 shares, ARKK bought 604,635 shares, ARKQ bought 87,472 shares, ARKW bought 147,038 shares on Thursday.</p><p><blockquote>ARKG周四购买了242,492股，ARKK购买了604,635股，ARKQ购买了87,472股，ARKW购买了147,038股。</blockquote></p><p> On a consolidated basis, Ark held 7.38 million shares worth $506.8 million in UiPath, as of Thursday.</p><p><blockquote>截至周四，Ark在合并基础上持有UiPath 738万股股票，价值5.068亿美元。</blockquote></p><p> The products of the Bucharest, Romania-basedsoftware companyare used by organizations to help efficiently automate their various business processes.</p><p><blockquote>这家总部位于罗马尼亚布加勒斯特的软件公司的产品被组织用来帮助有效地自动化他们的各种业务流程。</blockquote></p><p> Some of the other key Ark Invest sells on Thursday include<b>Intercontinental Exchange Inc</b>(NYSE:ICE) and buys include<b>Pure Storage Inc</b>(NYSE:PSTG).</p><p><blockquote>Ark Invest周四出售的其他一些关键产品包括<b>洲际交易所公司</b>（纽约证券交易所代码：ICE）和购买包括<b>纯存储公司</b>（纽约证券交易所代码：PSTG）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath","COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118350585","content_text":"Cathie Wood-led Ark Investment Management on Thursday snapped up more shares inCoinbase Global Inc(NASDAQ:COIN) on the dip on Thursday.\nArk Invest bought 60,813 shares, estimated to be worth about $13.5 million in Coinbase on the day shares of the company closed 1.1% lower at $221.85.\nWood’s firm deployed theArk Innovation ETF(NYSE:ARKK) to buy the shares of the cryptocurrency exchange. The investment firm also holds the shares of the company via theArk Next Generation Internet ETF(NYSE:ARKW) and theArk Fintech Innovation ETF(NYSE:ARKF).\nArk's COIN stake is currently valued above $1 billion. In comparison, Ark Invest holds about 4.86 million shares, worth about $2.9 billion, inTesla Inc(NASDAQ:TSLA), its largest holding.\nThe investment firm also snapped up 1.08 million shares, estimated to be worth about $80.07 million in New York-based software automation companyUiPath Inc(NYSE:PATH) on the day shares popped higher.\nShares of the company closed 7.7% higher at $74.03 on Thursday.\nThe investment firm holds the shares of the company in all six active ETFs but deployed only four of them — theArk Genomic Revolution ETF(BATS:ARKG), theArk Autonomous Technology & Robotics(BATS:ARKQ),ARKKand ARKW — to buy the shares on Thursday.\nARKG bought 242,492 shares, ARKK bought 604,635 shares, ARKQ bought 87,472 shares, ARKW bought 147,038 shares on Thursday.\nOn a consolidated basis, Ark held 7.38 million shares worth $506.8 million in UiPath, as of Thursday.\nThe products of the Bucharest, Romania-basedsoftware companyare used by organizations to help efficiently automate their various business processes.\nSome of the other key Ark Invest sells on Thursday includeIntercontinental Exchange Inc(NYSE:ICE) and buys includePure Storage Inc(NYSE:PSTG).","news_type":1,"symbols_score_info":{"PATH":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183957103,"gmtCreate":1623303009302,"gmtModify":1631890126528,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/183957103","repostId":"1114854557","repostType":4,"isVote":1,"tweetType":1,"viewCount":984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180423960,"gmtCreate":1623221539150,"gmtModify":1631890126541,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/180423960","repostId":"1176918592","repostType":4,"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117687566,"gmtCreate":1623138472855,"gmtModify":1631890126554,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117687566","repostId":"1147768239","repostType":4,"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115726568,"gmtCreate":1623031779154,"gmtModify":1631890126567,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115726568","repostId":"2141926289","repostType":4,"isVote":1,"tweetType":1,"viewCount":1116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112646211,"gmtCreate":1622869007833,"gmtModify":1631890126581,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112646211","repostId":"1162130057","repostType":4,"repost":{"id":"1162130057","kind":"news","pubTimestamp":1622862397,"share":"https://www.laohu8.com/m/news/1162130057?lang=zh_CN&edition=full","pubTime":"2021-06-05 11:06","market":"us","language":"en","title":"The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162130057","media":"MarketWatch","summary":"Investors may need to consider private equity to capture the returns that publicly traded stocks hav","content":"<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数经通胀调整后的总回报率为+0.88%，其表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-05 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数经通胀调整后的总回报率为+0.88%，其表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162130057","content_text":"Investors may need to consider private equity to capture the returns that publicly traded stocks have provided\nGETTY IMAGES\nStock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.\nGoing forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of Research Affiliates, and William Bernstein, co-principal at Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”\nBy definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.\nSuch slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:\n\nValuation changes: The S&P 500’s price/earnings ratio has doubled over the past decade.\nIncreasing profit margins: The S&P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.\nNet buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.\n\nTo appreciate the impact of these three factors, consider that the S&P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.\nProjecting the future\nThe picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.\nMore likely, these three tailwinds will become headwinds. P/E ratios already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.\nOne can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.\nOne measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.\n\nFor example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&A activity, almost 50% higher than the previous calendar year that held the record for the most M&A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.\n“The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.\nThe bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113258765,"gmtCreate":1622621804657,"gmtModify":1631890126588,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/113258765","repostId":"1126269956","repostType":4,"repost":{"id":"1126269956","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":1622620933,"share":"https://www.laohu8.com/m/news/1126269956?lang=zh_CN&edition=full","pubTime":"2021-06-02 16:02","market":"us","language":"en","title":"AMC stock gains extended to 31% in premarket trading<blockquote>AMC股价盘前交易涨幅扩大至31%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126269956","media":"Tiger Newspress","summary":"AMC stock gains extended to 31% in premarket trading although Mudrick sold Entire AMC Stake and Call","content":"<p>AMC stock gains extended to 31% in premarket trading&nbsp;although&nbsp;Mudrick sold Entire AMC Stake&nbsp;and&nbsp;Called Shares Overvalued.</p><p><blockquote>尽管穆德里克出售了全部AMC股份并称股价被高估，但AMC股价在盘前交易中涨幅扩大至31%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e448fc065537b715680a70c18646e5e8\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p>Mudrick Capital&nbsp;sold all its stock in&nbsp;AMC Entertainment Holdings Inc.&nbsp;as of Tuesday, the same day the movie theater chain disclosed that the investment firm had bought $230.5 million of fresh shares to bolster its finances, according to a person with knowledge of the matter.</p><p><blockquote>据一位知情人士透露，截至周二，Mudrick Capital出售了其在AMC院线控股公司的所有股票，同一天，这家连锁电影院披露，该投资公司已购买了价值2.305亿美元的新股以增强其财务状况。</blockquote></p><p>Mudrick no longer holds any AMC shares and sold at a profit, the person said, asking not to be identified discussing a private matter. The firm disposed of its stake after concluding that AMC’s stock is overvalued, propped up by a recent wave of day-trader enthusiasm, the person said.</p><p><blockquote>这位因讨论私人事务而要求匿名的人士表示，穆德里克不再持有任何AMC股票并出售获利。该人士表示，在最近一波日内交易者热情的支撑下，该公司得出AMC股票被高估的结论后，出售了其股份。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d389ac323e1c44b06c71b87fefcdcfaa\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>AMC jumped 23% to $32.04 at the close in New York. The shares more than doubled in May, pushing the year-to-date gain to a whopping 1,411% for the year.</p><p><blockquote>截至纽约收盘，AMC股价上涨23%，至32.04美元。该股5月份上涨了一倍多，今年迄今的涨幅高达1,411%。</blockquote></p><p><b>No Lockup</b></p><p><blockquote><b>无锁定</b></blockquote></p><p>AMC said Tuesday it sold stock to Mudrick with plans to “go on offense” for acquisitions. The agreement with New York-based Mudrick was for 8.5 million shares of common stock at $27.12 apiece. The stock purchase came with the assurance that the shares would be “freely tradable,” meaning the firm could sell the shares at any point or in any amount it chose.</p><p><blockquote>AMC周二表示，已向Mudrick出售股票，并计划“继续进攻”进行收购。与总部位于纽约的Mudrick达成的协议是以每股27.12美元的价格购买850万股普通股。股票购买保证股票将“自由交易”，这意味着公司可以在任何时间或以任何数量出售股票。</blockquote></p><p>Debt holders have also benefited from the recent equity rally. Some of its junk-rated second lien bonds due 2026 that were trading as low as 5 cents on the dollar in November are now close to face value, and quotes on its senior subordinated notes maturing in 2027 jumped about 4.5 cents Tuesday to almost 80 cents.</p><p><blockquote>债务持有人也从最近的股市反弹中受益。其一些2026年到期的垃圾级第二留置权债券在11月份的交易价格低至1美元兑5美分，现在已接近面值，2027年到期的高级次级票据的报价周二上涨约4.5美分，至近80美分。</blockquote></p><p>Mudrick has made big bets on AMC in the past, helping the movie theater chain as it pushed through the pandemic. In January, the firm agreed to buy $100 million of new secured bonds in exchange for a commitment fee equal to about 8 million AMC shares. The agreement also called for Mudrick to exchange $100 million of AMC bonds due 2026 for about 13.7 million shares.</p><p><blockquote>穆德里克过去曾在AMC上下过大赌注，帮助这家连锁电影院度过了疫情。今年1月，该公司同意购买1亿美元的新担保债券，以换取相当于约800万股AMC股票的承诺费。该协议还要求穆德里克将2026年到期的1亿美元AMC债券换成约1370万股。</blockquote></p><p>Jason Mudrick previously worked at Contrarian Capital Management and founded his firm in 2009. His firm, which specializes in distressed companies, is expanding further into Europe with thetakeoverof a credit hedge fund previously run by CVC Credit Partners.</p><p><blockquote>Jason Mudrick此前曾在Contrarian Capital Management工作，并于2009年创立了自己的公司。他的公司专门研究陷入困境的公司，通过收购之前由CVC Credit Partners运营的信用对冲基金，正在进一步向欧洲扩张。</blockquote></p><p>AMC has worked this year to raise cash through debt and equity deals, which helped stave off bankruptcy while its theaters were closed because of the coronavirus pandemic. Mudrick was among investors and creditors who suggested it sell more shares to pay down debt.</p><p><blockquote>AMC今年一直致力于通过债务和股权交易筹集现金，这有助于避免破产，而其影院因冠状病毒大流行而关闭。穆德里克是建议该公司出售更多股票以偿还债务的投资者和债权人之一。</blockquote></p><p>The most recent deal with Mudrick “will allow us to be aggressive in going after the most valuable theater assets, as well as to make other strategic investments in our business and to pursue deleveraging opportunities,” AMC Chief Executive Officer Adam Aron said in a statement disclosing the share sale.</p><p><blockquote>AMC首席执行官亚当·阿伦(Adam Aron)在一份声明中表示，最近与穆德里克的交易“将使我们能够积极追求最有价值的剧院资产，并对我们的业务进行其他战略投资并寻求去杠杆化机会”披露股票出售的声明。</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>AMC stock gains extended to 31% in premarket trading<blockquote>AMC股价盘前交易涨幅扩大至31%</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\">\nAMC stock gains extended to 31% in premarket trading<blockquote>AMC股价盘前交易涨幅扩大至31%</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\">2021-06-02 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>AMC stock gains extended to 31% in premarket trading&nbsp;although&nbsp;Mudrick sold Entire AMC Stake&nbsp;and&nbsp;Called Shares Overvalued.</p><p><blockquote>尽管穆德里克出售了全部AMC股份并称股价被高估，但AMC股价在盘前交易中涨幅扩大至31%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e448fc065537b715680a70c18646e5e8\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p>Mudrick Capital&nbsp;sold all its stock in&nbsp;AMC Entertainment Holdings Inc.&nbsp;as of Tuesday, the same day the movie theater chain disclosed that the investment firm had bought $230.5 million of fresh shares to bolster its finances, according to a person with knowledge of the matter.</p><p><blockquote>据一位知情人士透露，截至周二，Mudrick Capital出售了其在AMC院线控股公司的所有股票，同一天，这家连锁电影院披露，该投资公司已购买了价值2.305亿美元的新股以增强其财务状况。</blockquote></p><p>Mudrick no longer holds any AMC shares and sold at a profit, the person said, asking not to be identified discussing a private matter. The firm disposed of its stake after concluding that AMC’s stock is overvalued, propped up by a recent wave of day-trader enthusiasm, the person said.</p><p><blockquote>这位因讨论私人事务而要求匿名的人士表示，穆德里克不再持有任何AMC股票并出售获利。该人士表示，在最近一波日内交易者热情的支撑下，该公司得出AMC股票被高估的结论后，出售了其股份。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d389ac323e1c44b06c71b87fefcdcfaa\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>AMC jumped 23% to $32.04 at the close in New York. The shares more than doubled in May, pushing the year-to-date gain to a whopping 1,411% for the year.</p><p><blockquote>截至纽约收盘，AMC股价上涨23%，至32.04美元。该股5月份上涨了一倍多，今年迄今的涨幅高达1,411%。</blockquote></p><p><b>No Lockup</b></p><p><blockquote><b>无锁定</b></blockquote></p><p>AMC said Tuesday it sold stock to Mudrick with plans to “go on offense” for acquisitions. The agreement with New York-based Mudrick was for 8.5 million shares of common stock at $27.12 apiece. The stock purchase came with the assurance that the shares would be “freely tradable,” meaning the firm could sell the shares at any point or in any amount it chose.</p><p><blockquote>AMC周二表示，已向Mudrick出售股票，并计划“继续进攻”进行收购。与总部位于纽约的Mudrick达成的协议是以每股27.12美元的价格购买850万股普通股。股票购买保证股票将“自由交易”，这意味着公司可以在任何时间或以任何数量出售股票。</blockquote></p><p>Debt holders have also benefited from the recent equity rally. Some of its junk-rated second lien bonds due 2026 that were trading as low as 5 cents on the dollar in November are now close to face value, and quotes on its senior subordinated notes maturing in 2027 jumped about 4.5 cents Tuesday to almost 80 cents.</p><p><blockquote>债务持有人也从最近的股市反弹中受益。其一些2026年到期的垃圾级第二留置权债券在11月份的交易价格低至1美元兑5美分，现在已接近面值，2027年到期的高级次级票据的报价周二上涨约4.5美分，至近80美分。</blockquote></p><p>Mudrick has made big bets on AMC in the past, helping the movie theater chain as it pushed through the pandemic. In January, the firm agreed to buy $100 million of new secured bonds in exchange for a commitment fee equal to about 8 million AMC shares. The agreement also called for Mudrick to exchange $100 million of AMC bonds due 2026 for about 13.7 million shares.</p><p><blockquote>穆德里克过去曾在AMC上下过大赌注，帮助这家连锁电影院度过了疫情。今年1月，该公司同意购买1亿美元的新担保债券，以换取相当于约800万股AMC股票的承诺费。该协议还要求穆德里克将2026年到期的1亿美元AMC债券换成约1370万股。</blockquote></p><p>Jason Mudrick previously worked at Contrarian Capital Management and founded his firm in 2009. His firm, which specializes in distressed companies, is expanding further into Europe with thetakeoverof a credit hedge fund previously run by CVC Credit Partners.</p><p><blockquote>Jason Mudrick此前曾在Contrarian Capital Management工作，并于2009年创立了自己的公司。他的公司专门研究陷入困境的公司，通过收购之前由CVC Credit Partners运营的信用对冲基金，正在进一步向欧洲扩张。</blockquote></p><p>AMC has worked this year to raise cash through debt and equity deals, which helped stave off bankruptcy while its theaters were closed because of the coronavirus pandemic. Mudrick was among investors and creditors who suggested it sell more shares to pay down debt.</p><p><blockquote>AMC今年一直致力于通过债务和股权交易筹集现金，这有助于避免破产，而其影院因冠状病毒大流行而关闭。穆德里克是建议该公司出售更多股票以偿还债务的投资者和债权人之一。</blockquote></p><p>The most recent deal with Mudrick “will allow us to be aggressive in going after the most valuable theater assets, as well as to make other strategic investments in our business and to pursue deleveraging opportunities,” AMC Chief Executive Officer Adam Aron said in a statement disclosing the share sale.</p><p><blockquote>AMC首席执行官亚当·阿伦(Adam Aron)在一份声明中表示，最近与穆德里克的交易“将使我们能够积极追求最有价值的剧院资产，并对我们的业务进行其他战略投资并寻求去杠杆化机会”披露股票出售的声明。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126269956","content_text":"AMC stock gains extended to 31% in premarket trading although Mudrick sold Entire AMC Stake and Called Shares Overvalued.Mudrick Capital sold all its stock in AMC Entertainment Holdings Inc. as of Tuesday, the same day the movie theater chain disclosed that the investment firm had bought $230.5 million of fresh shares to bolster its finances, according to a person with knowledge of the matter.Mudrick no longer holds any AMC shares and sold at a profit, the person said, asking not to be identified discussing a private matter. The firm disposed of its stake after concluding that AMC’s stock is overvalued, propped up by a recent wave of day-trader enthusiasm, the person said.AMC jumped 23% to $32.04 at the close in New York. The shares more than doubled in May, pushing the year-to-date gain to a whopping 1,411% for the year.No LockupAMC said Tuesday it sold stock to Mudrick with plans to “go on offense” for acquisitions. The agreement with New York-based Mudrick was for 8.5 million shares of common stock at $27.12 apiece. The stock purchase came with the assurance that the shares would be “freely tradable,” meaning the firm could sell the shares at any point or in any amount it chose.Debt holders have also benefited from the recent equity rally. Some of its junk-rated second lien bonds due 2026 that were trading as low as 5 cents on the dollar in November are now close to face value, and quotes on its senior subordinated notes maturing in 2027 jumped about 4.5 cents Tuesday to almost 80 cents.Mudrick has made big bets on AMC in the past, helping the movie theater chain as it pushed through the pandemic. In January, the firm agreed to buy $100 million of new secured bonds in exchange for a commitment fee equal to about 8 million AMC shares. The agreement also called for Mudrick to exchange $100 million of AMC bonds due 2026 for about 13.7 million shares.Jason Mudrick previously worked at Contrarian Capital Management and founded his firm in 2009. His firm, which specializes in distressed companies, is expanding further into Europe with thetakeoverof a credit hedge fund previously run by CVC Credit Partners.AMC has worked this year to raise cash through debt and equity deals, which helped stave off bankruptcy while its theaters were closed because of the coronavirus pandemic. Mudrick was among investors and creditors who suggested it sell more shares to pay down debt.The most recent deal with Mudrick “will allow us to be aggressive in going after the most valuable theater assets, as well as to make other strategic investments in our business and to pursue deleveraging opportunities,” AMC Chief Executive Officer Adam Aron said in a statement disclosing the share sale.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110184164,"gmtCreate":1622431067758,"gmtModify":1631890126599,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/110184164","repostId":"2139438981","repostType":4,"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137206708,"gmtCreate":1622347235504,"gmtModify":1631890126612,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550144882339071","idStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/137206708","repostId":"2138488778","repostType":4,"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":349664426,"gmtCreate":1617607099665,"gmtModify":1634297626950,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/349664426","repostId":"1194643276","repostType":4,"isVote":1,"tweetType":1,"viewCount":823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348212500,"gmtCreate":1617931772300,"gmtModify":1634295683475,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/348212500","repostId":"2126012847","repostType":4,"isVote":1,"tweetType":1,"viewCount":793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343028719,"gmtCreate":1617665002031,"gmtModify":1634297295978,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Thats right!","listText":"Thats right!","text":"Thats 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16:00","market":"us","language":"en","title":"Next Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周IPO阵容不断壮大。可能会很忙。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168300924","media":"barrons","summary":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Pa","content":"<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p><blockquote>4月的第二周将成为IPO市场相对强劲的时期。又有多达四家公司在股市首次亮相，使总数至少达到六家。</blockquote></p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p><blockquote>美国最大的加密货币交易所Coinbase定于4月14日星期三开业交易。三位知情人士表示，Applovin和图森未来将于第二天上市。Agilon Health将于周四首次亮相。</blockquote></p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p><blockquote>据报道，银行软件公司Alkami Technology和生产环保一次性食品服务产品的Karat Packaging也将上市。</blockquote></p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p><blockquote>相比之下，本周有两家公司Reneo Pharmaceuticals和VectivBio Holding上市。这两家公司都是小型生物技术公司，预计将于周五在纳斯达克开始交易。</blockquote></p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p><blockquote>Applovin周三设定了首次公开募股的条款。该公司将以每股75至85美元的价格发行2500万股股票，这意味着如果该股票以该区间的高端出售，它可以筹集高达21.3亿美元的资金。该公司计划在纳斯达克以APP为代码进行交易。</blockquote></p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p><blockquote>Applovin招股说明书中列出了18家承销商，包括摩根士丹利（股票代码：MS）、摩根大通(JPM)、KKR、美国银行(BAC)美银证券和花旗集团(C)。</blockquote></p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p><blockquote>Applovin成立于2012年，提供手机游戏开发商用来发展业务的软件。据该公司称，每天约有4.1亿人打开包含Applovin软件的应用程序。Applovin还拥有200多款免费手机游戏，日用户达3200万。</blockquote></p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p><blockquote>2018年，KKR以4亿美元收购了Applovin的少数股权，当时Applovin的估值为20亿美元。Applovin今年2月以10亿美元收购了Adjust，这是一家帮助移动应用开发者衡量应用性能和防止欺诈的公司。招股说明书称，IPO后KKR将拥有该公司67.4%的股份。</blockquote></p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p><blockquote>Applovin的流通股为357,955,309股，市值可能达到300亿美元。</blockquote></p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p><blockquote>图森未来还设定了IPO条款。这家自动驾驶技术公司可能筹集高达13亿美元的资金；该公司以每股35至39美元的价格发行近3400万股股票。它将在纳斯达克交易，股票代码为TSP。</blockquote></p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p><blockquote>摩根士丹利（MS）、花旗集团和摩根大通（JPM）是该交易的牵头账簿管理人。</blockquote></p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p><blockquote>图森未来成立于2015年，旨在改变价值8000亿美元的卡车运输业。这家圣地亚哥公司除了在日本开展业务外，还在图森、上海和北京设有工厂，正在为长途半挂卡车开发自动货运网络，据称这将提高道路效率和安全性，同时削减运营成本。</blockquote></p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p><blockquote>图森未来为4级自动驾驶长途卡车开发软件，可以看到1000米以外的地方，相当于30秒的驾驶时间。高清地图提供了五厘米以内的精度。</blockquote></p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p><blockquote>招股说明书称，该公司正在与Navistar(NAV)合作，到2024年为北美市场开发卡车。图森未来与大众汽车子公司TRATON在欧洲建立了卡车合作伙伴关系。Navistar、TRATON和联合包裹服务公司(UPS)都是投资者。</blockquote></p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p><blockquote>图森未来已筹集8亿美元资金，其中包括11月份由VectoIQ领投的3.5亿美元融资。招股说明书称，贝莱德(BR)、富达管理与研究公司和资本集团正在洽谈以IPO价格购买最多1010万股图森未来股票。</blockquote></p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p><p><blockquote>该公司将拥有212,263,328股已发行股票，这意味着图森未来的市值可能攀升至83亿美元。然而，图森未来并未盈利。亏损从2019年的8490万美元扩大至2020年的1.779亿美元。2020年收入增长近160%至180万美元。</blockquote></p><p></p>","source":"lsy1601382232898","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>Next Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周IPO阵容不断壮大。可能会很忙。</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\">\nNext Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周IPO阵容不断壮大。可能会很忙。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">barrons</strong><span class=\"h-time small\">2021-04-09 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p><blockquote>4月的第二周将成为IPO市场相对强劲的时期。又有多达四家公司在股市首次亮相，使总数至少达到六家。</blockquote></p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p><blockquote>美国最大的加密货币交易所Coinbase定于4月14日星期三开业交易。三位知情人士表示，Applovin和图森未来将于第二天上市。Agilon Health将于周四首次亮相。</blockquote></p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p><blockquote>据报道，银行软件公司Alkami Technology和生产环保一次性食品服务产品的Karat Packaging也将上市。</blockquote></p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p><blockquote>相比之下，本周有两家公司Reneo Pharmaceuticals和VectivBio Holding上市。这两家公司都是小型生物技术公司，预计将于周五在纳斯达克开始交易。</blockquote></p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p><blockquote>Applovin周三设定了首次公开募股的条款。该公司将以每股75至85美元的价格发行2500万股股票，这意味着如果该股票以该区间的高端出售，它可以筹集高达21.3亿美元的资金。该公司计划在纳斯达克以APP为代码进行交易。</blockquote></p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p><blockquote>Applovin招股说明书中列出了18家承销商，包括摩根士丹利（股票代码：MS）、摩根大通(JPM)、KKR、美国银行(BAC)美银证券和花旗集团(C)。</blockquote></p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p><blockquote>Applovin成立于2012年，提供手机游戏开发商用来发展业务的软件。据该公司称，每天约有4.1亿人打开包含Applovin软件的应用程序。Applovin还拥有200多款免费手机游戏，日用户达3200万。</blockquote></p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p><blockquote>2018年，KKR以4亿美元收购了Applovin的少数股权，当时Applovin的估值为20亿美元。Applovin今年2月以10亿美元收购了Adjust，这是一家帮助移动应用开发者衡量应用性能和防止欺诈的公司。招股说明书称，IPO后KKR将拥有该公司67.4%的股份。</blockquote></p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p><blockquote>Applovin的流通股为357,955,309股，市值可能达到300亿美元。</blockquote></p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p><blockquote>图森未来还设定了IPO条款。这家自动驾驶技术公司可能筹集高达13亿美元的资金；该公司以每股35至39美元的价格发行近3400万股股票。它将在纳斯达克交易，股票代码为TSP。</blockquote></p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p><blockquote>摩根士丹利（MS）、花旗集团和摩根大通（JPM）是该交易的牵头账簿管理人。</blockquote></p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p><blockquote>图森未来成立于2015年，旨在改变价值8000亿美元的卡车运输业。这家圣地亚哥公司除了在日本开展业务外，还在图森、上海和北京设有工厂，正在为长途半挂卡车开发自动货运网络，据称这将提高道路效率和安全性，同时削减运营成本。</blockquote></p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p><blockquote>图森未来为4级自动驾驶长途卡车开发软件，可以看到1000米以外的地方，相当于30秒的驾驶时间。高清地图提供了五厘米以内的精度。</blockquote></p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p><blockquote>招股说明书称，该公司正在与Navistar(NAV)合作，到2024年为北美市场开发卡车。图森未来与大众汽车子公司TRATON在欧洲建立了卡车合作伙伴关系。Navistar、TRATON和联合包裹服务公司(UPS)都是投资者。</blockquote></p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p><blockquote>图森未来已筹集8亿美元资金，其中包括11月份由VectoIQ领投的3.5亿美元融资。招股说明书称，贝莱德(BR)、富达管理与研究公司和资本集团正在洽谈以IPO价格购买最多1010万股图森未来股票。</blockquote></p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p><p><blockquote>该公司将拥有212,263,328股已发行股票，这意味着图森未来的市值可能攀升至83亿美元。然而，图森未来并未盈利。亏损从2019年的8490万美元扩大至2020年的1.779亿美元。2020年收入增长近160%至180万美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2\">barrons</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":{"KRT":"Karat Packaging Inc.","ALKT":"Alkami Technology, Inc.","APP":"AppLovin Corporation","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168300924","content_text":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR, Bank of America‘s (BAC) BofA Securities, andCitigroup(C).Founded in 2012, Applovin provides software used by mobile-game developers to grow their businesses.  Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management & Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.","news_type":1,"symbols_score_info":{"RPHM":0.9,"COIN":0.9,"VECT":0.9,"KRT":0.9,"APP":0.9,"TSP":0.9,"ALKT":0.9}},"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101875509,"gmtCreate":1619884727001,"gmtModify":1634209306545,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Coool!","listText":"Coool!","text":"Coool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/101875509","repostId":"2132603015","repostType":4,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377338474,"gmtCreate":1619495380498,"gmtModify":1634212281472,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/377338474","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://www.laohu8.com/m/news/1155157199?lang=zh_CN&edition=full","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>","source":"lsy1601382232898","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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-27 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Barrons</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":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347693557,"gmtCreate":1618490979279,"gmtModify":1634292594245,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/347693557","repostId":"1125635474","repostType":4,"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345309214,"gmtCreate":1618276279738,"gmtModify":1634294017411,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool&nbsp;","listText":"Cool&nbsp;","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/345309214","repostId":"1194635432","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349067501,"gmtCreate":1617507509803,"gmtModify":1634520730259,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/349067501","repostId":"1191998262","repostType":4,"repost":{"id":"1191998262","kind":"news","pubTimestamp":1617366158,"share":"https://www.laohu8.com/m/news/1191998262?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:22","market":"us","language":"en","title":"How Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191998262","media":"Motley Fool","summary":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-b","content":"<p>  You may not like the answer.  For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&amp;P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p><p><blockquote>你可能不喜欢这个答案。在过去的一年里，投资者享受了有史以来最大的反弹之一。基准后<b>标普500</b>由于围绕冠状病毒大流行的前所未有的不确定性，(SNPINDEX：^GSPC)在短短几周内就损失了三分之一的价值，但随后反弹至较低点上涨了75%左右。你可以正确地说，耐心得到了回报。</blockquote></p><p> But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p><p><blockquote>但投资者——尤其是长期投资者——敏锐地意识到了另一个现实：股市崩盘或调整的倾向。现在情况可能看起来很好，但下一次大幅暴跌总是在等待。</blockquote></p><p> It begs the question: How likely is astock market crash? Let's take a closer look.</p><p><blockquote>这就引出了一个问题：股市崩盘的可能性有多大？让我们仔细看看。</blockquote></p><p> <b>Double-digit declines occur every 1.87 years, on average</b></p><p><blockquote><b>平均每1.87年出现两位数的下降</b></blockquote></p><p> To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&amp;P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&amp;P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p><p><blockquote>首先，股市调整（即至少下跌10%）在标普500中很常见。根据市场分析公司Yardeni Research的数据，自1950年初以来，标普500已经出现了38次回调。这意味着基准指数平均每1.87年下降两位数。由于距离市场触及熊市底部已经一年多了，平均水平肯定不会受到投资者的青睐。</blockquote></p><p> However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p><p><blockquote>然而，平均值不过如此...平均值。市场并不遵循平均值，即使有些人的投资基于历史上发生的事情。</blockquote></p><p> We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p><p><blockquote>我们可能会进入一个类似于1991年到1996年的时期，那里的修正为零。或者我们可以延续2010年初以来的主题，平均每19个月就会出现一次修正。</blockquote></p><p> <b>Corrections have been an historical given within three years of a bear market bottom</b></p><p><blockquote><b>在熊市触底后的三年内，调整是历史性的</b></blockquote></p><p> Another interesting piece of evidence to examine is the frequency by which the S&amp;P 500 corrects after hitting a bear-market bottom.</p><p><blockquote>另一个值得研究的有趣证据是标普500在触及熊市底部后修正的频率。</blockquote></p><p> Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p><p><blockquote>自1960年初（为了简单起见，我随意选择了一年）以来，这个广受关注的指数已经经历了九次熊市，包括冠状病毒崩盘。在从之前八次熊市低点反弹的过程中，100%的情况下，三年内至少有一次两位数的百分比下跌。在过去八次熊市底部之后的三年内，总共发生了13次调整（即每次底部之后都有一次或两次）。</blockquote></p><p> Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p><p><blockquote>换句话说，从熊市底部反弹很少是直线走高。然而，自2020年3月23日以来，上涨、上涨和离开几乎一直是投资者的主题。历史表明，未来两年内股市很有可能走低。</blockquote></p><p> <b>Crashes frequently occur when this valuation metric is hit</b></p><p><blockquote><b>当达到这个估值指标时，经常会发生崩溃</b></blockquote></p><p> But the most damning bit of evidence might just be the S&amp;P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p><p><blockquote>但最确凿的证据可能是标普500的席勒市盈率（P/E）。这是一个估值指标，考察过去10年经通胀调整后的平均收益。你可能也知道它是周期性调整市盈率，或CAPE。</blockquote></p><p> As of the close of business on March 30, the S&amp;P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p><p><blockquote>截至3月30日收盘，标普500的席勒市盈率达到35.61。这是150年来平均水平16.8的两倍多。以持续的牛市走势为参数，这是其历史上第二高的读数。</blockquote></p><p> To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p><p><blockquote>在某种程度上，现在的股票估值应该高于历史水平是有道理的。这是因为利率接近历史低点，而且互联网接入有效地打破了华尔街和主街之间的障碍，这些障碍在过去可能会阻碍市盈率倍数。</blockquote></p><p> However, previous instances of the S&amp;P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p><p><blockquote>然而，此前标普500席勒市盈率突破并维持在30水平的情况并没有得到很好的结局。在之前四次席勒市盈率超过并保持在30以上的情况下，基准指数下跌了20%至89%。尽管如今不太可能出现大萧条期间经历的89%的暴跌，但从历史上看，当估值延长时，就有可能出现大幅下跌，就像现在一样。</blockquote></p><p> <b>Keep that cash handy in the event that opportunity knocks</b></p><p><blockquote><b>将现金放在手边，以防机会来袭</b></blockquote></p><p> To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p><p><blockquote>回到手头的最初问题，数据非常清楚地表明，股市崩盘或调整的可能性已经大大增加。不可能准确预测崩盘何时可能发生，下跌将持续多长时间，或者下跌幅度有多大。但数据强烈表明下行趋势即将到来。</blockquote></p><p> While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p><p><blockquote>虽然这对一些投资者来说可能是一个令人失望的发现，但事实并非如此。崩盘和调整是投资周期的正常部分。更重要的是，它们为投资者提供了以折扣价购买伟大公司的机会。想想去年三月你可能会因为没有购买而自责的所有伟大公司。</blockquote></p><p></p><p> The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&amp;P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&amp;P 500 been negative.</p><p><blockquote>对崩溃和修正感到兴奋的原因也可以在数据中找到。你看，自1950年初以来的38次标普500调整中，每一次最终都被牛市反弹抛到了后视镜中。此外，在过去的一个世纪里，标普500的20年滚动总回报率（包括股息）从未为负。</blockquote></p><p> If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&amp;P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p><p><blockquote>如果您在调整期间需要进一步鼓励买入，请记住，标普500 38次两位数下跌中有24次是在104个或更短的日历日（3.5个月或更短）内触底的。崩溃和修正有时可能很剧烈，但往往会很快解决。这是你在机会来临时准备好现金的提示。</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>How Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大？</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\">\nHow Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-02 20:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  You may not like the answer.  For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&amp;P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p><p><blockquote>你可能不喜欢这个答案。在过去的一年里，投资者享受了有史以来最大的反弹之一。基准后<b>标普500</b>由于围绕冠状病毒大流行的前所未有的不确定性，(SNPINDEX：^GSPC)在短短几周内就损失了三分之一的价值，但随后反弹至较低点上涨了75%左右。你可以正确地说，耐心得到了回报。</blockquote></p><p> But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p><p><blockquote>但投资者——尤其是长期投资者——敏锐地意识到了另一个现实：股市崩盘或调整的倾向。现在情况可能看起来很好，但下一次大幅暴跌总是在等待。</blockquote></p><p> It begs the question: How likely is astock market crash? Let's take a closer look.</p><p><blockquote>这就引出了一个问题：股市崩盘的可能性有多大？让我们仔细看看。</blockquote></p><p> <b>Double-digit declines occur every 1.87 years, on average</b></p><p><blockquote><b>平均每1.87年出现两位数的下降</b></blockquote></p><p> To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&amp;P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&amp;P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p><p><blockquote>首先，股市调整（即至少下跌10%）在标普500中很常见。根据市场分析公司Yardeni Research的数据，自1950年初以来，标普500已经出现了38次回调。这意味着基准指数平均每1.87年下降两位数。由于距离市场触及熊市底部已经一年多了，平均水平肯定不会受到投资者的青睐。</blockquote></p><p> However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p><p><blockquote>然而，平均值不过如此...平均值。市场并不遵循平均值，即使有些人的投资基于历史上发生的事情。</blockquote></p><p> We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p><p><blockquote>我们可能会进入一个类似于1991年到1996年的时期，那里的修正为零。或者我们可以延续2010年初以来的主题，平均每19个月就会出现一次修正。</blockquote></p><p> <b>Corrections have been an historical given within three years of a bear market bottom</b></p><p><blockquote><b>在熊市触底后的三年内，调整是历史性的</b></blockquote></p><p> Another interesting piece of evidence to examine is the frequency by which the S&amp;P 500 corrects after hitting a bear-market bottom.</p><p><blockquote>另一个值得研究的有趣证据是标普500在触及熊市底部后修正的频率。</blockquote></p><p> Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p><p><blockquote>自1960年初（为了简单起见，我随意选择了一年）以来，这个广受关注的指数已经经历了九次熊市，包括冠状病毒崩盘。在从之前八次熊市低点反弹的过程中，100%的情况下，三年内至少有一次两位数的百分比下跌。在过去八次熊市底部之后的三年内，总共发生了13次调整（即每次底部之后都有一次或两次）。</blockquote></p><p> Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p><p><blockquote>换句话说，从熊市底部反弹很少是直线走高。然而，自2020年3月23日以来，上涨、上涨和离开几乎一直是投资者的主题。历史表明，未来两年内股市很有可能走低。</blockquote></p><p> <b>Crashes frequently occur when this valuation metric is hit</b></p><p><blockquote><b>当达到这个估值指标时，经常会发生崩溃</b></blockquote></p><p> But the most damning bit of evidence might just be the S&amp;P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p><p><blockquote>但最确凿的证据可能是标普500的席勒市盈率（P/E）。这是一个估值指标，考察过去10年经通胀调整后的平均收益。你可能也知道它是周期性调整市盈率，或CAPE。</blockquote></p><p> As of the close of business on March 30, the S&amp;P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p><p><blockquote>截至3月30日收盘，标普500的席勒市盈率达到35.61。这是150年来平均水平16.8的两倍多。以持续的牛市走势为参数，这是其历史上第二高的读数。</blockquote></p><p> To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p><p><blockquote>在某种程度上，现在的股票估值应该高于历史水平是有道理的。这是因为利率接近历史低点，而且互联网接入有效地打破了华尔街和主街之间的障碍，这些障碍在过去可能会阻碍市盈率倍数。</blockquote></p><p> However, previous instances of the S&amp;P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p><p><blockquote>然而，此前标普500席勒市盈率突破并维持在30水平的情况并没有得到很好的结局。在之前四次席勒市盈率超过并保持在30以上的情况下，基准指数下跌了20%至89%。尽管如今不太可能出现大萧条期间经历的89%的暴跌，但从历史上看，当估值延长时，就有可能出现大幅下跌，就像现在一样。</blockquote></p><p> <b>Keep that cash handy in the event that opportunity knocks</b></p><p><blockquote><b>将现金放在手边，以防机会来袭</b></blockquote></p><p> To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p><p><blockquote>回到手头的最初问题，数据非常清楚地表明，股市崩盘或调整的可能性已经大大增加。不可能准确预测崩盘何时可能发生，下跌将持续多长时间，或者下跌幅度有多大。但数据强烈表明下行趋势即将到来。</blockquote></p><p> While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p><p><blockquote>虽然这对一些投资者来说可能是一个令人失望的发现，但事实并非如此。崩盘和调整是投资周期的正常部分。更重要的是，它们为投资者提供了以折扣价购买伟大公司的机会。想想去年三月你可能会因为没有购买而自责的所有伟大公司。</blockquote></p><p></p><p> The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&amp;P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&amp;P 500 been negative.</p><p><blockquote>对崩溃和修正感到兴奋的原因也可以在数据中找到。你看，自1950年初以来的38次标普500调整中，每一次最终都被牛市反弹抛到了后视镜中。此外，在过去的一个世纪里，标普500的20年滚动总回报率（包括股息）从未为负。</blockquote></p><p> If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&amp;P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p><p><blockquote>如果您在调整期间需要进一步鼓励买入，请记住，标普500 38次两位数下跌中有24次是在104个或更短的日历日（3.5个月或更短）内触底的。崩溃和修正有时可能很剧烈，但往往会很快解决。这是你在机会来临时准备好现金的提示。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191998262","content_text":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.\nBut there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.\nIt begs the question: How likely is astock market crash? Let's take a closer look.\nDouble-digit declines occur every 1.87 years, on average\nTo begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.\nHowever, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.\nWe could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.\nCorrections have been an historical given within three years of a bear market bottom\nAnother interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.\nSince the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).\nPut another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.\nCrashes frequently occur when this valuation metric is hit\nBut the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.\nAs of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.\nTo some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.\nHowever, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.\nKeep that cash handy in the event that opportunity knocks\nTo circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.\nWhile this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.\nThe reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.\nIf you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372531454,"gmtCreate":1619226470878,"gmtModify":1634287652293,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/372531454","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348961101,"gmtCreate":1617880604703,"gmtModify":1634296001548,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Won't stop, can't stop, gamestop","listText":"Won't stop, can't stop, gamestop","text":"Won't stop, can't stop, gamestop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/348961101","repostId":"1159058316","repostType":4,"repost":{"id":"1159058316","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":1617880511,"share":"https://www.laohu8.com/m/news/1159058316?lang=zh_CN&edition=full","pubTime":"2021-04-08 19:15","market":"us","language":"en","title":"GameStop shares rose 3% in pre-market<blockquote>游戏驿站股价盘前上涨3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159058316","media":"Tiger Newspress","summary":"GameStop shares rose 3% in pre-market,which Intends To Elect Ryan Cohen As Chairman.GRAPEVINE, Texas","content":"<p>GameStop shares rose 3% in pre-market,which Intends To Elect Ryan Cohen As Chairman.</p><p><blockquote>游戏驿站股价盘前上涨3%，该公司打算选举Ryan Cohen为董事长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e4c4cd515d841733bdf3d21567a9dd0d\" tg-width=\"913\" tg-height=\"516\" referrerpolicy=\"no-referrer\">GRAPEVINE, Texas, April 08, 2021, GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it is nominating the following six individuals to stand for election to its Board of Directors (the “Board”) at the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) on June 9, 2021: Alan Attal, Larry Cheng, Ryan Cohen, Jim Grube, George Sherman and Yang Xu.</p><p><blockquote>得克萨斯州格雷普韦恩，2021年4月8日，游戏驿站公司（纽约证券交易所代码：GME）（“游戏驿站”或“公司”）今天宣布，提名以下六名个人在2021年6月9日举行的公司年度股东大会（“年会”）上竞选其董事会成员（“董事会”）：Alan Attal、Larry Cheng、Ryan Cohen、Jim Grube、George Sherman和杨旭。</blockquote></p><p>The Company also shared updates that include:</p><p><blockquote>该公司还分享了更新，其中包括：</blockquote></p><p><ul><li>Following the Annual Meeting, the Board intends to elect Mr. Cohen as Chairman;</li><li>Following the Annual Meeting, all directors will be compensated 100% in equity;</li><li>Following the Annual Meeting, individual director compensation will be reduced approximately 28% from the prior year, and</li><li>Effective immediately, the Board has appointed Mr. Grube to serve on the Strategic Planning and Capital Allocation Committee.</li></ul><b>New Director Candidate Biographies</b></p><p><blockquote><ul><li>年会结束后，董事会打算选举科恩先生为主席；</li><li>年会结束后，所有董事将获得100%的股权报酬；</li><li>年会后，个别董事薪酬将较上年减少约28%，并</li><li>董事会已任命Grube先生为战略规划和资本分配委员会成员，立即生效。</li></ul><b>新任董事候选人履历</b></blockquote></p><p><b>Larry Cheng</b>is Co-Founder and Managing Partner of Volition Capital, a leading growth equity investment firm based in Boston, Massachusetts and the first investor in Chewy. He has more than two decades of venture capital and growth equity investing experience based on time at Volition Capital, Fidelity Ventures, Battery Ventures, and Bessemer Venture Partners. He presently leads the Internet and Consumer team at Volition, focusing on disruptive companies in e-commerce, internet services, consumer brands, and digital media and gaming. He received his bachelor's degree from Harvard College where he concentrated in Psychology.</p><p><blockquote><b>郑志刚</b>是Volition Capital的联合创始人和管理合伙人，Volition Capital是一家领先的成长型股权投资公司，总部位于马萨诸塞州波士顿，也是Chewy的第一位投资者。他在Volition Capital、Fidelity Ventures、Battery Ventures和Bessemer Venture Partners拥有二十多年的风险投资和成长型股权投资经验。他目前领导Volition的互联网和消费者团队，专注于电子商务、互联网服务、消费品牌、数字媒体和游戏领域的颠覆性公司。他在哈佛学院获得学士学位，主修心理学。</blockquote></p><p><b>Yang Xu</b>is Senior Vice President of Global Finance and Treasury at The Kraft Heinz Company. She has more than 20 years of broad experience across the capital markets, finance, strategic planning, transactions and business operations in the U.S., Asia and Europe. Prior to The Kraft Heinz Company, she held roles with Whirlpool Corporation and General Electric Healthcare. She has a bachelor’s degree in Finance from Wuhan University, a master’s degree in management from the HEC School of Management and a master’s in business administration from the London Business School.</p><p><blockquote><b>杨旭</b>是卡夫亨氏公司全球财务和财务高级副总裁。她在美国、亚洲和欧洲的资本市场、金融、战略规划、交易和业务运营方面拥有20多年的丰富经验。在加入卡夫亨氏公司之前，她曾在惠而浦公司和通用电气医疗保健公司任职。彼持有武汉大学金融学学士学位、香港高等商学院管理学硕士学位及伦敦商学院工商管理硕士学位。</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>GameStop shares rose 3% in pre-market<blockquote>游戏驿站股价盘前上涨3%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop shares rose 3% in pre-market<blockquote>游戏驿站股价盘前上涨3%</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\">2021-04-08 19:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>GameStop shares rose 3% in pre-market,which Intends To Elect Ryan Cohen As Chairman.</p><p><blockquote>游戏驿站股价盘前上涨3%，该公司打算选举Ryan Cohen为董事长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e4c4cd515d841733bdf3d21567a9dd0d\" tg-width=\"913\" tg-height=\"516\" referrerpolicy=\"no-referrer\">GRAPEVINE, Texas, April 08, 2021, GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it is nominating the following six individuals to stand for election to its Board of Directors (the “Board”) at the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) on June 9, 2021: Alan Attal, Larry Cheng, Ryan Cohen, Jim Grube, George Sherman and Yang Xu.</p><p><blockquote>得克萨斯州格雷普韦恩，2021年4月8日，游戏驿站公司（纽约证券交易所代码：GME）（“游戏驿站”或“公司”）今天宣布，提名以下六名个人在2021年6月9日举行的公司年度股东大会（“年会”）上竞选其董事会成员（“董事会”）：Alan Attal、Larry Cheng、Ryan Cohen、Jim Grube、George Sherman和杨旭。</blockquote></p><p>The Company also shared updates that include:</p><p><blockquote>该公司还分享了更新，其中包括：</blockquote></p><p><ul><li>Following the Annual Meeting, the Board intends to elect Mr. Cohen as Chairman;</li><li>Following the Annual Meeting, all directors will be compensated 100% in equity;</li><li>Following the Annual Meeting, individual director compensation will be reduced approximately 28% from the prior year, and</li><li>Effective immediately, the Board has appointed Mr. Grube to serve on the Strategic Planning and Capital Allocation Committee.</li></ul><b>New Director Candidate Biographies</b></p><p><blockquote><ul><li>年会结束后，董事会打算选举科恩先生为主席；</li><li>年会结束后，所有董事将获得100%的股权报酬；</li><li>年会后，个别董事薪酬将较上年减少约28%，并</li><li>董事会已任命Grube先生为战略规划和资本分配委员会成员，立即生效。</li></ul><b>新任董事候选人履历</b></blockquote></p><p><b>Larry Cheng</b>is Co-Founder and Managing Partner of Volition Capital, a leading growth equity investment firm based in Boston, Massachusetts and the first investor in Chewy. He has more than two decades of venture capital and growth equity investing experience based on time at Volition Capital, Fidelity Ventures, Battery Ventures, and Bessemer Venture Partners. He presently leads the Internet and Consumer team at Volition, focusing on disruptive companies in e-commerce, internet services, consumer brands, and digital media and gaming. He received his bachelor's degree from Harvard College where he concentrated in Psychology.</p><p><blockquote><b>郑志刚</b>是Volition Capital的联合创始人和管理合伙人，Volition Capital是一家领先的成长型股权投资公司，总部位于马萨诸塞州波士顿，也是Chewy的第一位投资者。他在Volition Capital、Fidelity Ventures、Battery Ventures和Bessemer Venture Partners拥有二十多年的风险投资和成长型股权投资经验。他目前领导Volition的互联网和消费者团队，专注于电子商务、互联网服务、消费品牌、数字媒体和游戏领域的颠覆性公司。他在哈佛学院获得学士学位，主修心理学。</blockquote></p><p><b>Yang Xu</b>is Senior Vice President of Global Finance and Treasury at The Kraft Heinz Company. She has more than 20 years of broad experience across the capital markets, finance, strategic planning, transactions and business operations in the U.S., Asia and Europe. Prior to The Kraft Heinz Company, she held roles with Whirlpool Corporation and General Electric Healthcare. She has a bachelor’s degree in Finance from Wuhan University, a master’s degree in management from the HEC School of Management and a master’s in business administration from the London Business School.</p><p><blockquote><b>杨旭</b>是卡夫亨氏公司全球财务和财务高级副总裁。她在美国、亚洲和欧洲的资本市场、金融、战略规划、交易和业务运营方面拥有20多年的丰富经验。在加入卡夫亨氏公司之前，她曾在惠而浦公司和通用电气医疗保健公司任职。彼持有武汉大学金融学学士学位、香港高等商学院管理学硕士学位及伦敦商学院工商管理硕士学位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159058316","content_text":"GameStop shares rose 3% in pre-market,which Intends To Elect Ryan Cohen As Chairman.GRAPEVINE, Texas, April 08, 2021, GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it is nominating the following six individuals to stand for election to its Board of Directors (the “Board”) at the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) on June 9, 2021: Alan Attal, Larry Cheng, Ryan Cohen, Jim Grube, George Sherman and Yang Xu.The Company also shared updates that include:Following the Annual Meeting, the Board intends to elect Mr. Cohen as Chairman;Following the Annual Meeting, all directors will be compensated 100% in equity;Following the Annual Meeting, individual director compensation will be reduced approximately 28% from the prior year, andEffective immediately, the Board has appointed Mr. Grube to serve on the Strategic Planning and Capital Allocation Committee.New Director Candidate BiographiesLarry Chengis Co-Founder and Managing Partner of Volition Capital, a leading growth equity investment firm based in Boston, Massachusetts and the first investor in Chewy. He has more than two decades of venture capital and growth equity investing experience based on time at Volition Capital, Fidelity Ventures, Battery Ventures, and Bessemer Venture Partners. He presently leads the Internet and Consumer team at Volition, focusing on disruptive companies in e-commerce, internet services, consumer brands, and digital media and gaming. He received his bachelor's degree from Harvard College where he concentrated in Psychology.Yang Xuis Senior Vice President of Global Finance and Treasury at The Kraft Heinz Company. She has more than 20 years of broad experience across the capital markets, finance, strategic planning, transactions and business operations in the U.S., Asia and Europe. Prior to The Kraft Heinz Company, she held roles with Whirlpool Corporation and General Electric Healthcare. She has a bachelor’s degree in Finance from Wuhan University, a master’s degree in management from the HEC School of Management and a master’s in business administration from the London Business School.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187025952,"gmtCreate":1623731388277,"gmtModify":1631884569258,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/187025952","repostId":"1138219989","repostType":4,"repost":{"id":"1138219989","kind":"news","pubTimestamp":1623650085,"share":"https://www.laohu8.com/m/news/1138219989?lang=zh_CN&edition=full","pubTime":"2021-06-14 13:54","market":"us","language":"en","title":"What to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138219989","media":"Barrons","summary":"As the Federal Open Market Committee holds its regular policy meeting this coming week, once again a","content":"<p>As the Federal Open Market Committee holds its regular policy meeting this coming week, once again analysts and investors should flip the Nixon-era cliché and watch what they say, not what they do. What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.</p><p><blockquote>随着联邦公开市场委员会下周举行例行政策会议，分析师和投资者应该再次打破尼克松时代的陈词滥调，关注他们的言论，而不是他们的行动。每个人都想知道的是，该小组是否最终开始讨论放弃其超级宽松的货币政策。</blockquote></p><p> We all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).</p><p><blockquote>我们都知道，FOMC不会在其大规模证券购买方面采取任何实质性措施，目前仍以每月1200亿美元的速度运行。至于其关键的联邦基金利率目标，则停留在0%至0.25%（尽管美联储管理的其他一些利率有可能进行技术调整，以解决货币市场上流动的数十亿过剩现金）。</blockquote></p><p> We’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted&nbsp;on the Fed’s website&nbsp;at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.</p><p><blockquote>我们将寻找FOMC的正式政策声明和该小组最新的经济预测摘要中的内容，其中将包括委员会成员对国内生产总值、通胀和失业率等关键经济指标的猜测。最有可能的是，当该消息于下午2点发布在美联储网站上时。周三东部夏令时，大多数人可能会直接关注FOMC对联邦基金利率的猜测，特别是何时最终有望从接近零的利率上升。</blockquote></p><p> The “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.</p><p><blockquote>“点阵图”——或FOMC成员共识猜测的图表——将首次加息一直推迟到2023年之后。这似乎是一个非常长期的预测，正如约翰·梅纳德·凯恩斯（John Maynard Keynes）著名指出的那样，从长远来看，我们都死了。一些美联储观察人士，例如摩根大通首席美国经济学家迈克尔·费罗利(Michael Feroli)，认为这些点表明2023年的经济起飞。</blockquote></p><p> The markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for&nbsp;Natixis.</p><p><blockquote>然而，市场已经预计到2023年联邦基金将加息一次或多次。但在之前讨论的长期债券收益率下滑的同时，利率期货市场实际上已经消化了其中一次短期加息。此外，Natixis分析师表示，衍生品市场目前预计联邦基金利率将达到2%以下的峰值，比今年早些时候的定价低约0.4个百分点。</blockquote></p><p> Long before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.</p><p><blockquote>早在加息之前，美联储就将开始通过放慢目前的证券购买步伐来减少宽松政策，其中包括每月800亿美元的美国国债和400亿美元的机构抵押贷款支持证券。根据美联储上周发布的新数据，美联储和其他央行创造的数万亿美元对提振资产价值大有帮助，第一季度资产价值增加了5万亿美元，达到136.9万亿美元。其中包括家庭持有的股票价值增加3.2万亿美元，房地产持有量增加9680亿美元。</blockquote></p><p> The key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.</p><p><blockquote>美联储宽松政策减少的关键标准是货币当局是否认为在实现他们认为的最大就业方面取得了“实质性的进一步进展”，这可能是一个故意模糊的标准。</blockquote></p><p> But the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed&nbsp;a record 9.3 million unfilled openings&nbsp;in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.</p><p><blockquote>但就业人数的增长似乎既受到劳动力供应的限制，也受到企业招聘意愿的限制。最新的职位空缺和劳动力流动调查（Jolts）显示，4月份有创纪录的930万个职位空缺。此外，当月有38.4万人离职，自愿离职人数达到创纪录的400万人。</blockquote></p><p> Anecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.</p><p><blockquote>轶事证据，包括美联储为即将召开的会议准备的经济状况褐皮书总结中的一些证据，表明由于慷慨的失业补偿，雇主没有找到足够的工人。对于经济学等社会科学来说，不同寻常的是，随着25个州提前结束每周额外支付300美元的费用，将会有一个实时实验来检验这一假设。</blockquote></p><p> Jefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.</p><p><blockquote>杰富瑞经济学家Aneta Markowska和Thomas Simons在一份研究报告中写道，这25个州约占所有失业工人的四分之一。他们估计，终止额外的失业救济金可能会在未来几个月内增加大约200万人的就业机会。在其余州的额外失业保险到期后，9月和10月应该会出现另一次井喷式增长；学校重新开放——为一些潜在工人，尤其是女性提供免费日托；他们补充说，许多上班族回到了办公桌前。</blockquote></p><p> At that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.</p><p><blockquote>到那时，美联储可能会开始谈论实际减少大规模证券购买。鉴于美联储在2013年放缓债券购买时市场引发的“缩减恐慌”，本届美联储将希望披露其计划如何、何时以及以多快的速度放缓注入潘趣酒碗。这就是我们本周要听的。</blockquote></p><p></p>","source":"lsy1601382232898","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>What to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</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\">\nWhat to Expect in This Week’s Federal Reserve Meeting<blockquote>本周美联储会议有何期待</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-14 13:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the Federal Open Market Committee holds its regular policy meeting this coming week, once again analysts and investors should flip the Nixon-era cliché and watch what they say, not what they do. What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.</p><p><blockquote>随着联邦公开市场委员会下周举行例行政策会议，分析师和投资者应该再次打破尼克松时代的陈词滥调，关注他们的言论，而不是他们的行动。每个人都想知道的是，该小组是否最终开始讨论放弃其超级宽松的货币政策。</blockquote></p><p> We all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).</p><p><blockquote>我们都知道，FOMC不会在其大规模证券购买方面采取任何实质性措施，目前仍以每月1200亿美元的速度运行。至于其关键的联邦基金利率目标，则停留在0%至0.25%（尽管美联储管理的其他一些利率有可能进行技术调整，以解决货币市场上流动的数十亿过剩现金）。</blockquote></p><p> We’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted&nbsp;on the Fed’s website&nbsp;at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.</p><p><blockquote>我们将寻找FOMC的正式政策声明和该小组最新的经济预测摘要中的内容，其中将包括委员会成员对国内生产总值、通胀和失业率等关键经济指标的猜测。最有可能的是，当该消息于下午2点发布在美联储网站上时。周三东部夏令时，大多数人可能会直接关注FOMC对联邦基金利率的猜测，特别是何时最终有望从接近零的利率上升。</blockquote></p><p> The “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.</p><p><blockquote>“点阵图”——或FOMC成员共识猜测的图表——将首次加息一直推迟到2023年之后。这似乎是一个非常长期的预测，正如约翰·梅纳德·凯恩斯（John Maynard Keynes）著名指出的那样，从长远来看，我们都死了。一些美联储观察人士，例如摩根大通首席美国经济学家迈克尔·费罗利(Michael Feroli)，认为这些点表明2023年的经济起飞。</blockquote></p><p> The markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for&nbsp;Natixis.</p><p><blockquote>然而，市场已经预计到2023年联邦基金将加息一次或多次。但在之前讨论的长期债券收益率下滑的同时，利率期货市场实际上已经消化了其中一次短期加息。此外，Natixis分析师表示，衍生品市场目前预计联邦基金利率将达到2%以下的峰值，比今年早些时候的定价低约0.4个百分点。</blockquote></p><p> Long before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.</p><p><blockquote>早在加息之前，美联储就将开始通过放慢目前的证券购买步伐来减少宽松政策，其中包括每月800亿美元的美国国债和400亿美元的机构抵押贷款支持证券。根据美联储上周发布的新数据，美联储和其他央行创造的数万亿美元对提振资产价值大有帮助，第一季度资产价值增加了5万亿美元，达到136.9万亿美元。其中包括家庭持有的股票价值增加3.2万亿美元，房地产持有量增加9680亿美元。</blockquote></p><p> The key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.</p><p><blockquote>美联储宽松政策减少的关键标准是货币当局是否认为在实现他们认为的最大就业方面取得了“实质性的进一步进展”，这可能是一个故意模糊的标准。</blockquote></p><p> But the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed&nbsp;a record 9.3 million unfilled openings&nbsp;in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.</p><p><blockquote>但就业人数的增长似乎既受到劳动力供应的限制，也受到企业招聘意愿的限制。最新的职位空缺和劳动力流动调查（Jolts）显示，4月份有创纪录的930万个职位空缺。此外，当月有38.4万人离职，自愿离职人数达到创纪录的400万人。</blockquote></p><p> Anecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.</p><p><blockquote>轶事证据，包括美联储为即将召开的会议准备的经济状况褐皮书总结中的一些证据，表明由于慷慨的失业补偿，雇主没有找到足够的工人。对于经济学等社会科学来说，不同寻常的是，随着25个州提前结束每周额外支付300美元的费用，将会有一个实时实验来检验这一假设。</blockquote></p><p> Jefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.</p><p><blockquote>杰富瑞经济学家Aneta Markowska和Thomas Simons在一份研究报告中写道，这25个州约占所有失业工人的四分之一。他们估计，终止额外的失业救济金可能会在未来几个月内增加大约200万人的就业机会。在其余州的额外失业保险到期后，9月和10月应该会出现另一次井喷式增长；学校重新开放——为一些潜在工人，尤其是女性提供免费日托；他们补充说，许多上班族回到了办公桌前。</blockquote></p><p> At that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.</p><p><blockquote>到那时，美联储可能会开始谈论实际减少大规模证券购买。鉴于美联储在2013年放缓债券购买时市场引发的“缩减恐慌”，本届美联储将希望披露其计划如何、何时以及以多快的速度放缓注入潘趣酒碗。这就是我们本周要听的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-to-expect-in-next-weeks-federal-reserve-meeting-51623457837?mod=RTA\">Barrons</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/what-to-expect-in-next-weeks-federal-reserve-meeting-51623457837?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138219989","content_text":"As the Federal Open Market Committee holds its regular policy meeting this coming week, once again analysts and investors should flip the Nixon-era cliché and watch what they say, not what they do. What everybody wants to know is whether the panel finally has gotten around to talking about talking about moving away from its ubereasy monetary policy.\nWe all know that the FOMC won’t take any substantive steps in terms of its massive securities purchases, which are still running at $120 billion a month. As for its key federal-funds rate target, that’s stuck at 0% to 0.25% (although there’s an outside chance of technical tweaking of some other Fed-administered rates to address the billions in excess cash sloshing around in the money markets).\nWe’ll be looking for what’s in the FOMC’s formal policy statement and the panel’s updated Summary of Economic Projections, which will include the amalgam of the committee members’ guesses on key economic gauges, such as gross domestic product, inflation, and unemployment. Most likely, when that is posted on the Fed’s website at 2 p.m. Eastern Daylight Time on Wednesday, most folks will probably head straight for the FOMC’s guesses on the fed-funds rate, and specifically when liftoff from near-zero is finally expected.\nThe “dot plot”—or graph of the FOMC members’ consensus guesses—puts the first hike all the way out past 2023. That seems a very long-term forecast, and as John Maynard Keynes famously pointed out, in the long run we’re all dead. Some Fed watchers, such as J.P. Morgan’s chief U.S. economist, Michael Feroli, look for the dots to show a 2023 liftoff.\nThe markets, however, already had been pricing in one or more fed-funds rate hikes by 2023. But concurrent with the previously discussed slide in longer-term bond yields, the interest-rate futures markets have effectively priced out one of those short-term rate increases. In addition, the derivatives market now sees the fed-funds rate peaking under 2%, some 0.4 of a percentage point lower than what it had priced in earlier this year, according to analysts for Natixis.\nLong before making any rate hikes, the Fed will begin to lessen its accommodation by slowing its current pace of securities purchases, which consist of $80 billion of Treasuries and $40 billion of agency mortgage-backed securities every month. The trillions that the Federal Reserve and other central banks have created have gone a long way to boost the values of assets, which rose by $5 trillion, to $136.9 trillion, in the first quarter, according to new Fed data released this past week. That includes a $3.2 trillion rise in the value of equities owned by households and a $968 billion rise in their real estate holdings.\nThe key criterion for reduced Fed accommodation is whether the monetary authorities see “substantial further progress” toward reaching what they deem as maximum employment, probably a deliberately ambiguous standard.\nBut the increase in payrolls appears to be constrained as much by the supply of labor as businesses’ desire to hire. The latest Job Openings and Labor Turnover Survey, or Jolts, showed a record 9.3 million unfilled openings in April. In addition, 384,000 people left their positions that month, bringing the total of voluntary job quitters to a record four million.\nAnecdotal evidence, including some in the Fed’s beige book summary of economic conditions prepared for the coming meeting, suggests that employers aren’t finding enough workers because of generous unemployment compensation. Unusual for a social science such as economics, there will be a real-time experiment to test this hypothesis as 25 states end the extra $300 weekly payment early.\nJefferies economists Aneta Markowska and Thomas Simons write in a research note that these 25 states account for about a quarter of all the unemployed workers. Ending their extra jobless benefits could boost employment by roughly two million in the next few months, they estimate. Another growth spurt should follow in September and October after the extra unemployment insurance expires in the remaining states; schools reopen—providing free daycare for some would-be workers, especially women; and many office employees return to their desks, they add.\nAt that point, the Fed might start talking about actually reducing its massive securities purchases. Given the “taper tantrum” thrown by the markets when the central bank slowed its bond buying in 2013, this Fed will want to disclose how, when, and how fast it plans to slow its pour into the punch bowl. That’s what we’ll be listening for this week.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117687566,"gmtCreate":1623138472855,"gmtModify":1631890126554,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117687566","repostId":"1147768239","repostType":4,"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137915085,"gmtCreate":1622282964347,"gmtModify":1631892440114,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/137915085","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135495546,"gmtCreate":1622174495985,"gmtModify":1631892440128,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/135495546","repostId":"2138179881","repostType":4,"isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373401074,"gmtCreate":1618876237898,"gmtModify":1634290268312,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/373401074","repostId":"2128509894","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370443351,"gmtCreate":1618622344173,"gmtModify":1634291725623,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/370443351","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354704694,"gmtCreate":1617199797518,"gmtModify":1634522103476,"author":{"id":"3550144882339071","authorId":"3550144882339071","name":"Nienz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550144882339071","authorIdStr":"3550144882339071"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/354704694","repostId":"1196818239","repostType":4,"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}