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2021-07-23

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抱歉，原内容已删除

2021-06-16

👍

Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>

2021-03-24

😢

Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>

2021-03-20

:'(

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

2021-03-13

I thought weeds can make you high? How come it makes me down 😭

Marijuana stocks fall<blockquote>大麻库存下跌</blockquote>

2021-03-12

🚀🚀🚀🌕

The Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</blockquote>

2021-03-10

👏

Is Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</blockquote>

2021-03-04

👍

What Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</blockquote>

2021-03-02

👍👍👏🙏😁

抱歉，原内容已删除

2021-02-24

, 👍

抱歉，原内容已删除

2021-02-18

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,"images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/172494234","repostId":"2153671844","repostType":4,"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169996301,"gmtCreate":1623811314303,"gmtModify":1631887029530,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169996301","repostId":"1104356504","repostType":4,"repost":{"id":"1104356504","kind":"news","pubTimestamp":1623810135,"share":"https://www.laohu8.com/m/news/1104356504?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:22","market":"us","language":"en","title":"Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104356504","media":"TheStreet","summary":"Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven di","content":"<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s&nbsp;financial results improved even further&nbsp;during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&amp;A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&amp;A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&amp;A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after&nbsp;next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</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>Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</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\">\nCould Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-06-16 10:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s&nbsp;financial results improved even further&nbsp;during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&amp;A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&amp;A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&amp;A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after&nbsp;next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon\">TheStreet</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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104356504","content_text":"Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.\nIn the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.\nIt is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?\nFigure 1: Amazon's fulfilment center.\nCash is not a problem\nOn its path to world domination, Amazon has been performing superbly in the past several years. The company’s financial results improved even further during the pandemic year, as secular trends in online retail and cloud adoption accelerated.\nThe chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.\nFigure 2: Amazon's annual CFOA vs. Capex and cash M&A\nHowever, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.\nThe graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.\nDividend is unlikely for now\nOne could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).\nThe gap between cash from operations and capex plus M&A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.\nYet, I find it unlikely that Amazon will consider paying a dividend soon, even after next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351367963,"gmtCreate":1616566094352,"gmtModify":1631887029534,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"😢","listText":"😢","text":"😢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351367963","repostId":"1124696493","repostType":4,"repost":{"id":"1124696493","kind":"news","pubTimestamp":1616564351,"share":"https://www.laohu8.com/m/news/1124696493?lang=zh_CN&edition=full","pubTime":"2021-03-24 13:39","market":"us","language":"en","title":"Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124696493","media":"fool","summary":"Thestock market  fell sharply on Tuesday, with most of the losses coming late in the session. Declin","content":"<p>Thestock market&nbsp; fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&amp;P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</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>Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</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\">\nYellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-03-24 13:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Thestock market&nbsp; fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&amp;P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/\">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":{},"source_url":"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124696493","content_text":"Thestock market  fell sharply on Tuesday, with most of the losses coming late in the session. Declines for theNasdaq Composite,S&P 500, andDow Jones Industrial Averageweren't all that significant at around 1%, but some other measures of the market showed more substantial losses.\nMost investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.\nWhat the past and current Fed chairs said\nAs a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.\nFor the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.\nAre stocks expensive?\nYet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.\nPowell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.\nBig moves throughout the markets\nThe comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.\nIn the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.\nInvestors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350899736,"gmtCreate":1616172127725,"gmtModify":1631887029542,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":":'(","listText":":'(","text":":'(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350899736","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至HOD，市场似乎确实对美联储的任何行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至HOD，市场似乎确实对美联储的任何行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326047466,"gmtCreate":1615567702455,"gmtModify":1703491143688,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"I thought weeds can make you high? How come it makes me down 😭","listText":"I thought weeds can make you high? How come it makes me down 😭","text":"I thought weeds can make you high? How come it makes me down 😭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326047466","repostId":"1104628946","repostType":4,"repost":{"id":"1104628946","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":1615561247,"share":"https://www.laohu8.com/m/news/1104628946?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:00","market":"us","language":"en","title":"Marijuana stocks fall<blockquote>大麻库存下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104628946","media":"Tiger Newspress","summary":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","content":"<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Marijuana stocks fall<blockquote>大麻库存下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarijuana stocks fall<blockquote>大麻库存下跌</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\">2021-03-12 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ACB":"奥罗拉大麻公司","APHA":"Aphria Inc.","SNDL":"SNDL Inc.","CRON":"Cronos Group Inc.","TLRY":"Tilray Inc.","CGC":"Canopy Growth Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104628946","content_text":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","news_type":1,"symbols_score_info":{"APHA":0.9,"ACB":0.9,"SNDL":0.9,"CGC":0.9,"TLRY":0.9,"CRON":0.9}},"isVote":1,"tweetType":1,"viewCount":360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328843482,"gmtCreate":1615514840446,"gmtModify":1703490271962,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"🚀🚀🚀🌕","listText":"🚀🚀🚀🌕","text":"🚀🚀🚀🌕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328843482","repostId":"1144029837","repostType":4,"repost":{"id":"1144029837","kind":"news","pubTimestamp":1615513990,"share":"https://www.laohu8.com/m/news/1144029837?lang=zh_CN&edition=full","pubTime":"2021-03-12 09:53","market":"sg","language":"en","title":"The Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144029837","media":"Nasdaq","summary":"The stock market has been going through a lot of volatility lately, and theNasdaq Composite(NASDAQIN","content":"<p>The stock market has been going through a lot of volatility lately, and the<b>Nasdaq Composite</b>(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.</p><p><blockquote>股市最近经历了很大的波动，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）发现自己处于劣势。然而周四，纳斯达克又坚持了下来。事实上，截至下午1:45美国东部时间今天，成长型股票基准涨幅超过2.5%，引领市场其他股票走高。</blockquote></p><p>A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares of<b><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a></b>(NASDAQ: MELI),<b>Okta</b>(NASDAQ: OKTA), and<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings</b>(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.</p><p><blockquote>最近几周，许多知名成长型股票受到了很大的惩罚，因为投资者对许多有前途的公司的前景遭遇了信心危机。然而，周四，情况似乎有所好转。特别是，<b><a href=\"https://laohu8.com/S/MELI\">自由市场</a></b>（纳斯达克：MELI），<b>奥克塔</b>（纳斯达克：OKTA），以及<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股</b>（纳斯达克：PYPL）的涨幅超过了纳斯达克，并计划从二月底和本月初的挫折中全面反弹。</blockquote></p><p><b>MercadoLibre's back in business</b></p><p><blockquote><b>MercadoLibre重新开业</b></blockquote></p><p>Less than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.</p><p><blockquote>不到一周前，MercadoLibre的股价较今年早些时候的高点下跌了30%。然而，它们已经大幅反弹，今天近10%的涨幅有助于收复失地。</blockquote></p><p>The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.</p><p><blockquote>周四，这位拉丁美洲电子商务专家获得了BTIG分析师的信任票。他们将该股评级从中性上调至买入，并将目标价定为每股1720美元。即使在今天下午较高的价格水平上，这也为MercadoLibre提供了10%的额外上涨空间。</blockquote></p><p>BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.</p><p><blockquote>BTIG喜欢MercadoLibre一直遵循的战略，特别是考虑到它能够在其核心电子商务市场中添加辅助服务的方式。Mercado Pago支付网络本身就大受欢迎，它从MercadoLibre生态系统之外产生了大量流量。该公司似乎也正在从巴西主要市场的其他参与者那里获得整体市场份额。</blockquote></p><p><b>Investors might like Okta's big buy after all</b></p><p><blockquote><b>毕竟投资者可能会喜欢Okta的大举买入</b></blockquote></p><p>Shares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.</p><p><blockquote>Okta股价上涨8%，继续上涨，使这家网络身份专家的股价较近期低点上涨约20%。该股下跌了30%，但从根本上说，Okta看起来做得很好。</blockquote></p><p>The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.</p><p><blockquote>该公司在上周公布第四季度财务业绩时最初下跌。尽管该期间收入同比增长40%且利润不大，但投资者不确定如何接受暗示收入增长放缓和可能亏损的指引。</blockquote></p><p>Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.</p><p><blockquote>Sokta以65亿美元收购专注于客户身份管理的私营Auth0也引发了一些问题。这是一个增长领域，有人说Auth0产品实际上比Okta的竞争产品有一些优势，这使得收购对Okta来说是双赢的。然而，当市场对成长型股票失去信心时，这似乎是一次不合时宜的尝试。</blockquote></p><p>It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.</p><p><blockquote>不过，很明显，Okta不会缺少寻求身份验证服务的客户。这种意识再次提振了该股，从长远来看，它可能有助于为Okta建立更多动力。</blockquote></p><p><b>Paying the piper</b></p><p><blockquote><b>付钱给风笛手</b></blockquote></p><p>Lastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.</p><p><blockquote>最后，PayPal控股股价上涨约5%。这家支付网络专家遭受了25%的打击，但通过一系列战略举措，其业绩正在上升。</blockquote></p><p>First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.</p><p><blockquote>首先，PayPal最近敲定了收购加密货币安全公司Curv的协议。自去年年底开始通过其应用程序提供精选代币以来，加密货币一直是PayPal的一项大业务。随着加密货币价格回到创纪录水平附近，投资者对PayPal在该领域保持有效竞争的潜力感到兴奋。</blockquote></p><p>Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.</p><p><blockquote>与此同时，PayPal还努力允许客户使用短期分期付款计划进行购买，将购买价格分为四次付款。PayPal在4service中的薪资并不是唯一的<a href=\"https://laohu8.com/S/AONE.U\">一</a>在业务中，但它代表了公司进入该领域的竞争力。所有这些因素加在一起，让人们再次对PayPal感到良好。</blockquote></p><p><b>Ride the wave</b></p><p><blockquote><b>乘风破浪</b></blockquote></p><p>Volatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.</p><p><blockquote>波动很难忍受，但在低点卖出很少奏效。PayPal、Okta和MercadoLibre最近的上涨表明，强大的企业可以从逆境中反弹，并奖励坚持到底的股东。</blockquote></p><p></p>","source":"lsy1603171495471","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 Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</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 Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-03-12 09:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market has been going through a lot of volatility lately, and the<b>Nasdaq Composite</b>(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.</p><p><blockquote>股市最近经历了很大的波动，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）发现自己处于劣势。然而周四，纳斯达克又坚持了下来。事实上，截至下午1:45美国东部时间今天，成长型股票基准涨幅超过2.5%，引领市场其他股票走高。</blockquote></p><p>A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares of<b><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a></b>(NASDAQ: MELI),<b>Okta</b>(NASDAQ: OKTA), and<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings</b>(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.</p><p><blockquote>最近几周，许多知名成长型股票受到了很大的惩罚，因为投资者对许多有前途的公司的前景遭遇了信心危机。然而，周四，情况似乎有所好转。特别是，<b><a href=\"https://laohu8.com/S/MELI\">自由市场</a></b>（纳斯达克：MELI），<b>奥克塔</b>（纳斯达克：OKTA），以及<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股</b>（纳斯达克：PYPL）的涨幅超过了纳斯达克，并计划从二月底和本月初的挫折中全面反弹。</blockquote></p><p><b>MercadoLibre's back in business</b></p><p><blockquote><b>MercadoLibre重新开业</b></blockquote></p><p>Less than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.</p><p><blockquote>不到一周前，MercadoLibre的股价较今年早些时候的高点下跌了30%。然而，它们已经大幅反弹，今天近10%的涨幅有助于收复失地。</blockquote></p><p>The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.</p><p><blockquote>周四，这位拉丁美洲电子商务专家获得了BTIG分析师的信任票。他们将该股评级从中性上调至买入，并将目标价定为每股1720美元。即使在今天下午较高的价格水平上，这也为MercadoLibre提供了10%的额外上涨空间。</blockquote></p><p>BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.</p><p><blockquote>BTIG喜欢MercadoLibre一直遵循的战略，特别是考虑到它能够在其核心电子商务市场中添加辅助服务的方式。Mercado Pago支付网络本身就大受欢迎，它从MercadoLibre生态系统之外产生了大量流量。该公司似乎也正在从巴西主要市场的其他参与者那里获得整体市场份额。</blockquote></p><p><b>Investors might like Okta's big buy after all</b></p><p><blockquote><b>毕竟投资者可能会喜欢Okta的大举买入</b></blockquote></p><p>Shares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.</p><p><blockquote>Okta股价上涨8%，继续上涨，使这家网络身份专家的股价较近期低点上涨约20%。该股下跌了30%，但从根本上说，Okta看起来做得很好。</blockquote></p><p>The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.</p><p><blockquote>该公司在上周公布第四季度财务业绩时最初下跌。尽管该期间收入同比增长40%且利润不大，但投资者不确定如何接受暗示收入增长放缓和可能亏损的指引。</blockquote></p><p>Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.</p><p><blockquote>Sokta以65亿美元收购专注于客户身份管理的私营Auth0也引发了一些问题。这是一个增长领域，有人说Auth0产品实际上比Okta的竞争产品有一些优势，这使得收购对Okta来说是双赢的。然而，当市场对成长型股票失去信心时，这似乎是一次不合时宜的尝试。</blockquote></p><p>It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.</p><p><blockquote>不过，很明显，Okta不会缺少寻求身份验证服务的客户。这种意识再次提振了该股，从长远来看，它可能有助于为Okta建立更多动力。</blockquote></p><p><b>Paying the piper</b></p><p><blockquote><b>付钱给风笛手</b></blockquote></p><p>Lastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.</p><p><blockquote>最后，PayPal控股股价上涨约5%。这家支付网络专家遭受了25%的打击，但通过一系列战略举措，其业绩正在上升。</blockquote></p><p>First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.</p><p><blockquote>首先，PayPal最近敲定了收购加密货币安全公司Curv的协议。自去年年底开始通过其应用程序提供精选代币以来，加密货币一直是PayPal的一项大业务。随着加密货币价格回到创纪录水平附近，投资者对PayPal在该领域保持有效竞争的潜力感到兴奋。</blockquote></p><p>Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.</p><p><blockquote>与此同时，PayPal还努力允许客户使用短期分期付款计划进行购买，将购买价格分为四次付款。PayPal在4service中的薪资并不是唯一的<a href=\"https://laohu8.com/S/AONE.U\">一</a>在业务中，但它代表了公司进入该领域的竞争力。所有这些因素加在一起，让人们再次对PayPal感到良好。</blockquote></p><p><b>Ride the wave</b></p><p><blockquote><b>乘风破浪</b></blockquote></p><p>Volatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.</p><p><blockquote>波动很难忍受，但在低点卖出很少奏效。PayPal、Okta和MercadoLibre最近的上涨表明，强大的企业可以从逆境中反弹，并奖励坚持到底的股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/the-nasdaqs-back-and-these-3-stocks-are-flying-high-again-2021-03-11\">Nasdaq</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":{"MELI":"MercadoLibre","PYPL":"PayPal","OKTA":"Okta Inc."},"source_url":"https://www.nasdaq.com/articles/the-nasdaqs-back-and-these-3-stocks-are-flying-high-again-2021-03-11","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144029837","content_text":"The stock market has been going through a lot of volatility lately, and theNasdaq Composite(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares ofMercadoLibre(NASDAQ: MELI),Okta(NASDAQ: OKTA), andPayPal Holdings(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.MercadoLibre's back in businessLess than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.Investors might like Okta's big buy after allShares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.Paying the piperLastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only one in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.Ride the waveVolatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.","news_type":1,"symbols_score_info":{"MELI":0.9,"PYPL":0.9,"OKTA":0.9}},"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323111644,"gmtCreate":1615309008688,"gmtModify":1703487228096,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"👏","listText":"👏","text":"👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323111644","repostId":"1137016104","repostType":4,"repost":{"id":"1137016104","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":1615304114,"share":"https://www.laohu8.com/m/news/1137016104?lang=zh_CN&edition=full","pubTime":"2021-03-09 23:35","market":"us","language":"en","title":"Is Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137016104","media":"Benzinga","summary":"One of the most common questions traders have about stocks is “Why Is It Moving?”\nThat’s why Benzing","content":"<p>One of the most common questions traders have about stocks is “Why Is It Moving?”</p><p><blockquote>交易者对股票最常见的问题之一是“它为什么会变动？”</blockquote></p><p> That’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.</p><p><blockquote>这就是Benzinga在Benzinga Pro中创建“Why Is It Moving”(WIIM)功能的原因。WIIM是对该股票变动原因的一句话描述。</blockquote></p><p> Here’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.</p><p><blockquote>以下是周一上午小鹏汽车、Palantir、GE和游戏驿站的最新消息和更新。</blockquote></p><p> Daiwa Capital analyst Kelvin Lau&nbsp;upgraded&nbsp;<b>Xpeng Inc </b>from Sell to Buy and announced&nbsp;a $34 price target.</p><p><blockquote>大和资本分析师Kelvin Lau升级<b>小鹏汽车</b>从卖出到买入，并宣布了34美元的目标价。</blockquote></p><p> <b>Palantir Technologies Inc</b>&nbsp;will hold the first in a series of \"Double Click\" demo events at 11 a.m. on&nbsp;Wednesday, April 14, according to a Tuesday&nbsp;press release.</p><p><blockquote><b>Palantir技术公司</b>根据周二的新闻稿，将于4月14日周三上午11点举行一系列“双击”演示活动中的第一场。</blockquote></p><p> Double Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.</p><p><blockquote>Double Click是这家大数据分析公司的一系列软件演示活动，展示了该公司的平台如何在各行各业中使用。</blockquote></p><p> Following news of a&nbsp;potential merger&nbsp;with&nbsp;<b>AerCap Holdings N.V.</b>, BofA Securities analyst Andrew Obin reiterated a&nbsp;Buy rating on<b>General Electric Company</b>&nbsp;and raised the price target from $14 to $15.</p><p><blockquote>在与潜在合并的消息传出后<b>AerCap控股公司。</b>，美银证券分析师Andrew Obin重申买入评级<b>通用电气公司</b>并将目标价从14美元上调至15美元。</blockquote></p><p> The company will&nbsp;host its 2021 GE Investor Outlook&nbsp;event&nbsp;Wednesday. Interested traders and investors can sign up for the stream&nbsp;here.</p><p><blockquote>该公司将于周三举办2021年GE投资者展望活动。感兴趣的交易者和投资者可以在这里注册。</blockquote></p><p> GE passed its 52-week high of $14.35 during Tuesday's premarket&nbsp;session.</p><p><blockquote>通用电气在周二盘前交易中突破了14.35美元的52周高点。</blockquote></p><p> Shares of&nbsp;<b>GameStop Corp.</b>&nbsp;were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.</p><p><blockquote>本公司之股份<b>游戏驿站公司。</b>周一，该公司表示董事会已成立战略规划和资本分配委员会，专注于帮助其业务转型的举措，股价连续第五个交易日走高。</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>Is Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</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\">\nIs Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</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\">2021-03-09 23:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>One of the most common questions traders have about stocks is “Why Is It Moving?”</p><p><blockquote>交易者对股票最常见的问题之一是“它为什么会变动？”</blockquote></p><p> That’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.</p><p><blockquote>这就是Benzinga在Benzinga Pro中创建“Why Is It Moving”(WIIM)功能的原因。WIIM是对该股票变动原因的一句话描述。</blockquote></p><p> Here’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.</p><p><blockquote>以下是周一上午小鹏汽车、Palantir、GE和游戏驿站的最新消息和更新。</blockquote></p><p> Daiwa Capital analyst Kelvin Lau&nbsp;upgraded&nbsp;<b>Xpeng Inc </b>from Sell to Buy and announced&nbsp;a $34 price target.</p><p><blockquote>大和资本分析师Kelvin Lau升级<b>小鹏汽车</b>从卖出到买入，并宣布了34美元的目标价。</blockquote></p><p> <b>Palantir Technologies Inc</b>&nbsp;will hold the first in a series of \"Double Click\" demo events at 11 a.m. on&nbsp;Wednesday, April 14, according to a Tuesday&nbsp;press release.</p><p><blockquote><b>Palantir技术公司</b>根据周二的新闻稿，将于4月14日周三上午11点举行一系列“双击”演示活动中的第一场。</blockquote></p><p> Double Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.</p><p><blockquote>Double Click是这家大数据分析公司的一系列软件演示活动，展示了该公司的平台如何在各行各业中使用。</blockquote></p><p> Following news of a&nbsp;potential merger&nbsp;with&nbsp;<b>AerCap Holdings N.V.</b>, BofA Securities analyst Andrew Obin reiterated a&nbsp;Buy rating on<b>General Electric Company</b>&nbsp;and raised the price target from $14 to $15.</p><p><blockquote>在与潜在合并的消息传出后<b>AerCap控股公司。</b>，美银证券分析师Andrew Obin重申买入评级<b>通用电气公司</b>并将目标价从14美元上调至15美元。</blockquote></p><p> The company will&nbsp;host its 2021 GE Investor Outlook&nbsp;event&nbsp;Wednesday. Interested traders and investors can sign up for the stream&nbsp;here.</p><p><blockquote>该公司将于周三举办2021年GE投资者展望活动。感兴趣的交易者和投资者可以在这里注册。</blockquote></p><p> GE passed its 52-week high of $14.35 during Tuesday's premarket&nbsp;session.</p><p><blockquote>通用电气在周二盘前交易中突破了14.35美元的52周高点。</blockquote></p><p> Shares of&nbsp;<b>GameStop Corp.</b>&nbsp;were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.</p><p><blockquote>本公司之股份<b>游戏驿站公司。</b>周一，该公司表示董事会已成立战略规划和资本分配委员会，专注于帮助其业务转型的举措，股价连续第五个交易日走高。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","PLTR":"Palantir Technologies Inc.","GE":"GE航空航天","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137016104","content_text":"One of the most common questions traders have about stocks is “Why Is It Moving?”\nThat’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.\nHere’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.\nDaiwa Capital analyst Kelvin Lau upgraded Xpeng Inc from Sell to Buy and announced a $34 price target.\nPalantir Technologies Inc will hold the first in a series of \"Double Click\" demo events at 11 a.m. on Wednesday, April 14, according to a Tuesday press release.\nDouble Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.\nFollowing news of a potential merger with AerCap Holdings N.V., BofA Securities analyst Andrew Obin reiterated a Buy rating onGeneral Electric Company and raised the price target from $14 to $15.\nThe company will host its 2021 GE Investor Outlook event Wednesday. Interested traders and investors can sign up for the stream here.\nGE passed its 52-week high of $14.35 during Tuesday's premarket session.\nShares of GameStop Corp. were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.","news_type":1,"symbols_score_info":{"GE":0.9,"PLTR":0.9,"XPEV":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364630207,"gmtCreate":1614844573409,"gmtModify":1703481846182,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364630207","repostId":"1193630485","repostType":4,"repost":{"id":"1193630485","kind":"news","pubTimestamp":1614843805,"share":"https://www.laohu8.com/m/news/1193630485?lang=zh_CN&edition=full","pubTime":"2021-03-04 15:43","market":"us","language":"en","title":"What Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193630485","media":"Investopedia","summary":"(March 4) When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution ","content":"<p>(March 4)&nbsp;When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.</p><p><blockquote>（3月4日）十年前，当比特币被引入世界时，它被认为是金融生态系统的一场革命。但这场革命几乎没有发生。加密货币动荡的第一个十年充满了丑闻、失误和价格剧烈波动。今年比特币价格的暴跌伴随着一系列批评。但投资者和加密货币爱好者对其未来更加乐观。因此，未来十年可能对其存在至关重要。</blockquote></p><p><b>A Compromised Vision</b></p><p><blockquote><b>妥协的愿景</b></blockquote></p><p>As set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1</p><p><blockquote>正如其发明者中本聪在2008年10月31日发布的一篇开创性论文中所阐述的那样，比特币应该是政府和央行控制的法定货币的无国界和去中心化的替代品。关于比特币网络内交易的共识不依赖于第三方调解人。相反，它是在区块链（一个具有电子分类账的点对点系统网络）的帮助下实现的，以验证和认证交易。Nakamoto写道：“调解成本增加了交易成本，限制了最小实际交易规模，切断了小额和随意交易的可能性。”</blockquote></p><p>At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2</p><p><blockquote>然而，在比特币的第一个十年结束时，最初的愿景似乎受到了损害。分权让位于集权。据说，比特币鲸，即大量持有加密货币的投资者，控制着其在市场上的价格。为了大规模矿场的效率，牺牲了通过采矿印钞的民主化。例如，中国半导体制造商比特大陆公司拥有与采矿相关的专用集成电路市场75%的份额。即使是比特币的技术也已经磨损并受到扩展问题的困扰。</blockquote></p><p>But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3</p><p><blockquote>但这些负面影响被繁荣和充满活力的加密生态系统的增长所平衡。不到十年前还不存在的加密货币市场目前价值1.56万亿美元。3</blockquote></p><p>More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.</p><p><blockquote>自比特币首次亮相以来，已有超过1500种加密货币被创建并在交易所交易。3区块链已成为一个家喻户晓的词，并被吹捧为复杂问题的解决方案。在最初的犹豫之后，机构投资者也开始将加密资产作为一种投资形式。</blockquote></p><p><b>Evaluating The Next Decade</b></p><p><blockquote><b>评估未来十年</b></blockquote></p><p>The next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.</p><p><blockquote>未来十年可能会证明其在比特币发展中的重要性。除了金融生态系统内的革命之外，比特币生态系统中还有几个领域值得投资者密切关注。</blockquote></p><p>Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4</p><p><blockquote>目前，加密货币介于价值储存和日常交易媒介之间。尽管日本等世界各国政府已宣布加密货币是一种有效的商品支付形式，但机构投资者仍渴望参与其中并从其价格波动中获利。4</blockquote></p><p>But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.</p><p><blockquote>但是扩展和安全性方面的问题阻止了这两种情况的发生。支付公司Rambus的首席技术官Chakib Bouda表示：“……可以说，过去几年比特币和其他加密货币最大的失败在于安全性。”他指的是被黑客从交易所窃取的价值数十亿美元的比特币和其他加密货币。根据他的说法，一个安全的比特币生态系统将导致广泛采用。“……我们预计10年后，比特币将成为主流，并拥有截然不同的声誉，”他说。</blockquote></p><p>The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.</p><p><blockquote>如果生态系统没有技术改进，比特币作为一种支付机制的主流化（或者就此而言，其作为一种资产类别的吸引力的增加）就不会发生。要被认为是一种可行的投资资产或支付形式，比特币的区块链应该能够在短时间内处理数百万笔交易。闪电网络等几项新技术有望扩大其运营规模。</blockquote></p><p>Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer&nbsp;heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.</p><p><blockquote>随着比特币区块链的改进，Ripple的首席技术官David Schwartz将比特币与Ford的Model Tin 2018进行了比较。汽车制造商预示着一场交通革命，从高速公路到加油站的整个生态系统都在为汽车服务。由于媒体的广泛报道，一个生态系统的开端已经在过去几年扎根。</blockquote></p><p>As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"</p><p><blockquote>随着监管的发展以跟上步伐，生态系统很可能会扩大。施瓦茨预测，未来十年将“带来低成本、高速支付的爆炸式增长，这将像互联网改变信息交换一样改变价值交换。”</blockquote></p><p></p><p>So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.</p><p><blockquote>2021年迄今为止，截至2021年3月，比特币的价格已突破5万美元，交易价格接近6万美元。大型银行继续关注加密货币，高盛重新开放其加密交易部门，纽约梅隆银行开放数字货币托管服务。</blockquote></p><p>Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.</p><p><blockquote>花旗表示，比特币可能成为国际贸易的首选货币。与此同时，PayPal(PYPL)和特斯拉(TSLA)都在2021年初投资了加密货币。特斯拉斥资15亿美元收购了比特币，而PayPal则出价收购加密货币托管机构Curv。花旗指出，比特币的未来仍然非常不确定，但它正处于主流接受的风口浪尖。花旗指出，机构投资者的兴趣正在推动人们对加密货币的广泛兴趣，但托管、安全和资本效率问题仍然是数字资产的阻力。</blockquote></p><p></p>","source":"lsy1606203311635","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 Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</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 Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-03-04 15:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(March 4)&nbsp;When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.</p><p><blockquote>（3月4日）十年前，当比特币被引入世界时，它被认为是金融生态系统的一场革命。但这场革命几乎没有发生。加密货币动荡的第一个十年充满了丑闻、失误和价格剧烈波动。今年比特币价格的暴跌伴随着一系列批评。但投资者和加密货币爱好者对其未来更加乐观。因此，未来十年可能对其存在至关重要。</blockquote></p><p><b>A Compromised Vision</b></p><p><blockquote><b>妥协的愿景</b></blockquote></p><p>As set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1</p><p><blockquote>正如其发明者中本聪在2008年10月31日发布的一篇开创性论文中所阐述的那样，比特币应该是政府和央行控制的法定货币的无国界和去中心化的替代品。关于比特币网络内交易的共识不依赖于第三方调解人。相反，它是在区块链（一个具有电子分类账的点对点系统网络）的帮助下实现的，以验证和认证交易。Nakamoto写道：“调解成本增加了交易成本，限制了最小实际交易规模，切断了小额和随意交易的可能性。”</blockquote></p><p>At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2</p><p><blockquote>然而，在比特币的第一个十年结束时，最初的愿景似乎受到了损害。分权让位于集权。据说，比特币鲸，即大量持有加密货币的投资者，控制着其在市场上的价格。为了大规模矿场的效率，牺牲了通过采矿印钞的民主化。例如，中国半导体制造商比特大陆公司拥有与采矿相关的专用集成电路市场75%的份额。即使是比特币的技术也已经磨损并受到扩展问题的困扰。</blockquote></p><p>But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3</p><p><blockquote>但这些负面影响被繁荣和充满活力的加密生态系统的增长所平衡。不到十年前还不存在的加密货币市场目前价值1.56万亿美元。3</blockquote></p><p>More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.</p><p><blockquote>自比特币首次亮相以来，已有超过1500种加密货币被创建并在交易所交易。3区块链已成为一个家喻户晓的词，并被吹捧为复杂问题的解决方案。在最初的犹豫之后，机构投资者也开始将加密资产作为一种投资形式。</blockquote></p><p><b>Evaluating The Next Decade</b></p><p><blockquote><b>评估未来十年</b></blockquote></p><p>The next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.</p><p><blockquote>未来十年可能会证明其在比特币发展中的重要性。除了金融生态系统内的革命之外，比特币生态系统中还有几个领域值得投资者密切关注。</blockquote></p><p>Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4</p><p><blockquote>目前，加密货币介于价值储存和日常交易媒介之间。尽管日本等世界各国政府已宣布加密货币是一种有效的商品支付形式，但机构投资者仍渴望参与其中并从其价格波动中获利。4</blockquote></p><p>But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.</p><p><blockquote>但是扩展和安全性方面的问题阻止了这两种情况的发生。支付公司Rambus的首席技术官Chakib Bouda表示：“……可以说，过去几年比特币和其他加密货币最大的失败在于安全性。”他指的是被黑客从交易所窃取的价值数十亿美元的比特币和其他加密货币。根据他的说法，一个安全的比特币生态系统将导致广泛采用。“……我们预计10年后，比特币将成为主流，并拥有截然不同的声誉，”他说。</blockquote></p><p>The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.</p><p><blockquote>如果生态系统没有技术改进，比特币作为一种支付机制的主流化（或者就此而言，其作为一种资产类别的吸引力的增加）就不会发生。要被认为是一种可行的投资资产或支付形式，比特币的区块链应该能够在短时间内处理数百万笔交易。闪电网络等几项新技术有望扩大其运营规模。</blockquote></p><p>Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer&nbsp;heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.</p><p><blockquote>随着比特币区块链的改进，Ripple的首席技术官David Schwartz将比特币与Ford的Model Tin 2018进行了比较。汽车制造商预示着一场交通革命，从高速公路到加油站的整个生态系统都在为汽车服务。由于媒体的广泛报道，一个生态系统的开端已经在过去几年扎根。</blockquote></p><p>As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"</p><p><blockquote>随着监管的发展以跟上步伐，生态系统很可能会扩大。施瓦茨预测，未来十年将“带来低成本、高速支付的爆炸式增长，这将像互联网改变信息交换一样改变价值交换。”</blockquote></p><p></p><p>So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.</p><p><blockquote>2021年迄今为止，截至2021年3月，比特币的价格已突破5万美元，交易价格接近6万美元。大型银行继续关注加密货币，高盛重新开放其加密交易部门，纽约梅隆银行开放数字货币托管服务。</blockquote></p><p>Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.</p><p><blockquote>花旗表示，比特币可能成为国际贸易的首选货币。与此同时，PayPal(PYPL)和特斯拉(TSLA)都在2021年初投资了加密货币。特斯拉斥资15亿美元收购了比特币，而PayPal则出价收购加密货币托管机构Curv。花旗指出，比特币的未来仍然非常不确定，但它正处于主流接受的风口浪尖。花旗指出，机构投资者的兴趣正在推动人们对加密货币的广泛兴趣，但托管、安全和资本效率问题仍然是数字资产的阻力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</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":{"MARA":"MARA Holdings","GBTC":"比特币ETF-Grayscale","OBTC":"Osprey Bitcoin Trust","PYPL":"PayPal","MSTR":"Strategy"},"source_url":"https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193630485","content_text":"(March 4) When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.A Compromised VisionAs set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.Evaluating The Next DecadeThe next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.","news_type":1,"symbols_score_info":{"MSTR":0.9,"PYPL":0.9,"MARA":0.9,"GBTC":0.9,"OBTC":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365935165,"gmtCreate":1614688068957,"gmtModify":1703479866053,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"👍👍👏🙏😁","listText":"👍👍👏🙏😁","text":"👍👍👏🙏😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365935165","repostId":"1131103111","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363133046,"gmtCreate":1614098920285,"gmtModify":1631887029618,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":", 👍","listText":", 👍","text":", 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363133046","repostId":"2113801076","repostType":4,"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384246847,"gmtCreate":1613658902189,"gmtModify":1631891739295,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573176886461366","idStr":"3573176886461366"},"themes":[],"htmlText":"👏","listText":"👏","text":"👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384246847","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":61,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":172494234,"gmtCreate":1626970318928,"gmtModify":1631887029507,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/172494234","repostId":"2153671844","repostType":4,"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169996301,"gmtCreate":1623811314303,"gmtModify":1631887029530,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169996301","repostId":"1104356504","repostType":4,"repost":{"id":"1104356504","kind":"news","pubTimestamp":1623810135,"share":"https://www.laohu8.com/m/news/1104356504?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:22","market":"us","language":"en","title":"Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104356504","media":"TheStreet","summary":"Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven di","content":"<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s&nbsp;financial results improved even further&nbsp;during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&amp;A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&amp;A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&amp;A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after&nbsp;next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</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>Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</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\">\nCould Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-06-16 10:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s&nbsp;financial results improved even further&nbsp;during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&amp;A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&amp;A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&amp;A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after&nbsp;next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon\">TheStreet</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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104356504","content_text":"Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.\nIn the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.\nIt is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?\nFigure 1: Amazon's fulfilment center.\nCash is not a problem\nOn its path to world domination, Amazon has been performing superbly in the past several years. The company’s financial results improved even further during the pandemic year, as secular trends in online retail and cloud adoption accelerated.\nThe chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.\nFigure 2: Amazon's annual CFOA vs. Capex and cash M&A\nHowever, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.\nThe graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.\nDividend is unlikely for now\nOne could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).\nThe gap between cash from operations and capex plus M&A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.\nYet, I find it unlikely that Amazon will consider paying a dividend soon, even after next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351367963,"gmtCreate":1616566094352,"gmtModify":1631887029534,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"😢","listText":"😢","text":"😢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351367963","repostId":"1124696493","repostType":4,"repost":{"id":"1124696493","kind":"news","pubTimestamp":1616564351,"share":"https://www.laohu8.com/m/news/1124696493?lang=zh_CN&edition=full","pubTime":"2021-03-24 13:39","market":"us","language":"en","title":"Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124696493","media":"fool","summary":"Thestock market  fell sharply on Tuesday, with most of the losses coming late in the session. Declin","content":"<p>Thestock market&nbsp; fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&amp;P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</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>Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</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\">\nYellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-03-24 13:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Thestock market&nbsp; fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&amp;P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/\">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":{},"source_url":"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124696493","content_text":"Thestock market  fell sharply on Tuesday, with most of the losses coming late in the session. Declines for theNasdaq Composite,S&P 500, andDow Jones Industrial Averageweren't all that significant at around 1%, but some other measures of the market showed more substantial losses.\nMost investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.\nWhat the past and current Fed chairs said\nAs a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.\nFor the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.\nAre stocks expensive?\nYet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.\nPowell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.\nBig moves throughout the markets\nThe comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.\nIn the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.\nInvestors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365935165,"gmtCreate":1614688068957,"gmtModify":1703479866053,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👍👍👏🙏😁","listText":"👍👍👏🙏😁","text":"👍👍👏🙏😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365935165","repostId":"1131103111","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326047466,"gmtCreate":1615567702455,"gmtModify":1703491143688,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"I thought weeds can make you high? How come it makes me down 😭","listText":"I thought weeds can make you high? How come it makes me down 😭","text":"I thought weeds can make you high? How come it makes me down 😭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326047466","repostId":"1104628946","repostType":4,"repost":{"id":"1104628946","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":1615561247,"share":"https://www.laohu8.com/m/news/1104628946?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:00","market":"us","language":"en","title":"Marijuana stocks fall<blockquote>大麻库存下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104628946","media":"Tiger Newspress","summary":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","content":"<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Marijuana stocks fall<blockquote>大麻库存下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarijuana stocks fall<blockquote>大麻库存下跌</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\">2021-03-12 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ACB":"奥罗拉大麻公司","APHA":"Aphria Inc.","SNDL":"SNDL Inc.","CRON":"Cronos Group Inc.","TLRY":"Tilray Inc.","CGC":"Canopy Growth Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104628946","content_text":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","news_type":1,"symbols_score_info":{"APHA":0.9,"ACB":0.9,"SNDL":0.9,"CGC":0.9,"TLRY":0.9,"CRON":0.9}},"isVote":1,"tweetType":1,"viewCount":360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364630207,"gmtCreate":1614844573409,"gmtModify":1703481846182,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364630207","repostId":"1193630485","repostType":4,"repost":{"id":"1193630485","kind":"news","pubTimestamp":1614843805,"share":"https://www.laohu8.com/m/news/1193630485?lang=zh_CN&edition=full","pubTime":"2021-03-04 15:43","market":"us","language":"en","title":"What Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193630485","media":"Investopedia","summary":"(March 4) When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution ","content":"<p>(March 4)&nbsp;When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.</p><p><blockquote>（3月4日）十年前，当比特币被引入世界时，它被认为是金融生态系统的一场革命。但这场革命几乎没有发生。加密货币动荡的第一个十年充满了丑闻、失误和价格剧烈波动。今年比特币价格的暴跌伴随着一系列批评。但投资者和加密货币爱好者对其未来更加乐观。因此，未来十年可能对其存在至关重要。</blockquote></p><p><b>A Compromised Vision</b></p><p><blockquote><b>妥协的愿景</b></blockquote></p><p>As set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1</p><p><blockquote>正如其发明者中本聪在2008年10月31日发布的一篇开创性论文中所阐述的那样，比特币应该是政府和央行控制的法定货币的无国界和去中心化的替代品。关于比特币网络内交易的共识不依赖于第三方调解人。相反，它是在区块链（一个具有电子分类账的点对点系统网络）的帮助下实现的，以验证和认证交易。Nakamoto写道：“调解成本增加了交易成本，限制了最小实际交易规模，切断了小额和随意交易的可能性。”</blockquote></p><p>At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2</p><p><blockquote>然而，在比特币的第一个十年结束时，最初的愿景似乎受到了损害。分权让位于集权。据说，比特币鲸，即大量持有加密货币的投资者，控制着其在市场上的价格。为了大规模矿场的效率，牺牲了通过采矿印钞的民主化。例如，中国半导体制造商比特大陆公司拥有与采矿相关的专用集成电路市场75%的份额。即使是比特币的技术也已经磨损并受到扩展问题的困扰。</blockquote></p><p>But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3</p><p><blockquote>但这些负面影响被繁荣和充满活力的加密生态系统的增长所平衡。不到十年前还不存在的加密货币市场目前价值1.56万亿美元。3</blockquote></p><p>More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.</p><p><blockquote>自比特币首次亮相以来，已有超过1500种加密货币被创建并在交易所交易。3区块链已成为一个家喻户晓的词，并被吹捧为复杂问题的解决方案。在最初的犹豫之后，机构投资者也开始将加密资产作为一种投资形式。</blockquote></p><p><b>Evaluating The Next Decade</b></p><p><blockquote><b>评估未来十年</b></blockquote></p><p>The next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.</p><p><blockquote>未来十年可能会证明其在比特币发展中的重要性。除了金融生态系统内的革命之外，比特币生态系统中还有几个领域值得投资者密切关注。</blockquote></p><p>Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4</p><p><blockquote>目前，加密货币介于价值储存和日常交易媒介之间。尽管日本等世界各国政府已宣布加密货币是一种有效的商品支付形式，但机构投资者仍渴望参与其中并从其价格波动中获利。4</blockquote></p><p>But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.</p><p><blockquote>但是扩展和安全性方面的问题阻止了这两种情况的发生。支付公司Rambus的首席技术官Chakib Bouda表示：“……可以说，过去几年比特币和其他加密货币最大的失败在于安全性。”他指的是被黑客从交易所窃取的价值数十亿美元的比特币和其他加密货币。根据他的说法，一个安全的比特币生态系统将导致广泛采用。“……我们预计10年后，比特币将成为主流，并拥有截然不同的声誉，”他说。</blockquote></p><p>The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.</p><p><blockquote>如果生态系统没有技术改进，比特币作为一种支付机制的主流化（或者就此而言，其作为一种资产类别的吸引力的增加）就不会发生。要被认为是一种可行的投资资产或支付形式，比特币的区块链应该能够在短时间内处理数百万笔交易。闪电网络等几项新技术有望扩大其运营规模。</blockquote></p><p>Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer&nbsp;heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.</p><p><blockquote>随着比特币区块链的改进，Ripple的首席技术官David Schwartz将比特币与Ford的Model Tin 2018进行了比较。汽车制造商预示着一场交通革命，从高速公路到加油站的整个生态系统都在为汽车服务。由于媒体的广泛报道，一个生态系统的开端已经在过去几年扎根。</blockquote></p><p>As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"</p><p><blockquote>随着监管的发展以跟上步伐，生态系统很可能会扩大。施瓦茨预测，未来十年将“带来低成本、高速支付的爆炸式增长，这将像互联网改变信息交换一样改变价值交换。”</blockquote></p><p></p><p>So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.</p><p><blockquote>2021年迄今为止，截至2021年3月，比特币的价格已突破5万美元，交易价格接近6万美元。大型银行继续关注加密货币，高盛重新开放其加密交易部门，纽约梅隆银行开放数字货币托管服务。</blockquote></p><p>Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.</p><p><blockquote>花旗表示，比特币可能成为国际贸易的首选货币。与此同时，PayPal(PYPL)和特斯拉(TSLA)都在2021年初投资了加密货币。特斯拉斥资15亿美元收购了比特币，而PayPal则出价收购加密货币托管机构Curv。花旗指出，比特币的未来仍然非常不确定，但它正处于主流接受的风口浪尖。花旗指出，机构投资者的兴趣正在推动人们对加密货币的广泛兴趣，但托管、安全和资本效率问题仍然是数字资产的阻力。</blockquote></p><p></p>","source":"lsy1606203311635","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 Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</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 Will Happen To Bitcoin In The Next Decade?<blockquote>未来十年，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-03-04 15:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(March 4)&nbsp;When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.</p><p><blockquote>（3月4日）十年前，当比特币被引入世界时，它被认为是金融生态系统的一场革命。但这场革命几乎没有发生。加密货币动荡的第一个十年充满了丑闻、失误和价格剧烈波动。今年比特币价格的暴跌伴随着一系列批评。但投资者和加密货币爱好者对其未来更加乐观。因此，未来十年可能对其存在至关重要。</blockquote></p><p><b>A Compromised Vision</b></p><p><blockquote><b>妥协的愿景</b></blockquote></p><p>As set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1</p><p><blockquote>正如其发明者中本聪在2008年10月31日发布的一篇开创性论文中所阐述的那样，比特币应该是政府和央行控制的法定货币的无国界和去中心化的替代品。关于比特币网络内交易的共识不依赖于第三方调解人。相反，它是在区块链（一个具有电子分类账的点对点系统网络）的帮助下实现的，以验证和认证交易。Nakamoto写道：“调解成本增加了交易成本，限制了最小实际交易规模，切断了小额和随意交易的可能性。”</blockquote></p><p>At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2</p><p><blockquote>然而，在比特币的第一个十年结束时，最初的愿景似乎受到了损害。分权让位于集权。据说，比特币鲸，即大量持有加密货币的投资者，控制着其在市场上的价格。为了大规模矿场的效率，牺牲了通过采矿印钞的民主化。例如，中国半导体制造商比特大陆公司拥有与采矿相关的专用集成电路市场75%的份额。即使是比特币的技术也已经磨损并受到扩展问题的困扰。</blockquote></p><p>But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3</p><p><blockquote>但这些负面影响被繁荣和充满活力的加密生态系统的增长所平衡。不到十年前还不存在的加密货币市场目前价值1.56万亿美元。3</blockquote></p><p>More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.</p><p><blockquote>自比特币首次亮相以来，已有超过1500种加密货币被创建并在交易所交易。3区块链已成为一个家喻户晓的词，并被吹捧为复杂问题的解决方案。在最初的犹豫之后，机构投资者也开始将加密资产作为一种投资形式。</blockquote></p><p><b>Evaluating The Next Decade</b></p><p><blockquote><b>评估未来十年</b></blockquote></p><p>The next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.</p><p><blockquote>未来十年可能会证明其在比特币发展中的重要性。除了金融生态系统内的革命之外，比特币生态系统中还有几个领域值得投资者密切关注。</blockquote></p><p>Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4</p><p><blockquote>目前，加密货币介于价值储存和日常交易媒介之间。尽管日本等世界各国政府已宣布加密货币是一种有效的商品支付形式，但机构投资者仍渴望参与其中并从其价格波动中获利。4</blockquote></p><p>But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.</p><p><blockquote>但是扩展和安全性方面的问题阻止了这两种情况的发生。支付公司Rambus的首席技术官Chakib Bouda表示：“……可以说，过去几年比特币和其他加密货币最大的失败在于安全性。”他指的是被黑客从交易所窃取的价值数十亿美元的比特币和其他加密货币。根据他的说法，一个安全的比特币生态系统将导致广泛采用。“……我们预计10年后，比特币将成为主流，并拥有截然不同的声誉，”他说。</blockquote></p><p>The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.</p><p><blockquote>如果生态系统没有技术改进，比特币作为一种支付机制的主流化（或者就此而言，其作为一种资产类别的吸引力的增加）就不会发生。要被认为是一种可行的投资资产或支付形式，比特币的区块链应该能够在短时间内处理数百万笔交易。闪电网络等几项新技术有望扩大其运营规模。</blockquote></p><p>Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer&nbsp;heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.</p><p><blockquote>随着比特币区块链的改进，Ripple的首席技术官David Schwartz将比特币与Ford的Model Tin 2018进行了比较。汽车制造商预示着一场交通革命，从高速公路到加油站的整个生态系统都在为汽车服务。由于媒体的广泛报道，一个生态系统的开端已经在过去几年扎根。</blockquote></p><p>As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"</p><p><blockquote>随着监管的发展以跟上步伐，生态系统很可能会扩大。施瓦茨预测，未来十年将“带来低成本、高速支付的爆炸式增长，这将像互联网改变信息交换一样改变价值交换。”</blockquote></p><p></p><p>So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.</p><p><blockquote>2021年迄今为止，截至2021年3月，比特币的价格已突破5万美元，交易价格接近6万美元。大型银行继续关注加密货币，高盛重新开放其加密交易部门，纽约梅隆银行开放数字货币托管服务。</blockquote></p><p>Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.</p><p><blockquote>花旗表示，比特币可能成为国际贸易的首选货币。与此同时，PayPal(PYPL)和特斯拉(TSLA)都在2021年初投资了加密货币。特斯拉斥资15亿美元收购了比特币，而PayPal则出价收购加密货币托管机构Curv。花旗指出，比特币的未来仍然非常不确定，但它正处于主流接受的风口浪尖。花旗指出，机构投资者的兴趣正在推动人们对加密货币的广泛兴趣，但托管、安全和资本效率问题仍然是数字资产的阻力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</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":{"MARA":"MARA Holdings","GBTC":"比特币ETF-Grayscale","OBTC":"Osprey Bitcoin Trust","PYPL":"PayPal","MSTR":"Strategy"},"source_url":"https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193630485","content_text":"(March 4) When it was introduced to the world a decade ago, bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked byscandals, missteps, and wild price swings. The slump in bitcoin’s price this year has been accompanied by afusillade of criticism. But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to its existence.A Compromised VisionAs set forth by its inventor Satoshi Nakamoto in a seminal paper released on Oct. 31, 2008, bitcoin was supposed to be a borderless and decentralized alternative to government- and central bank-controlled fiat currencies. Consensus regarding a transaction within the bitcoin network does not depend on third-party mediators. Instead, it is achieved with the help of blockchain—a peer-to-peer network of systems with electronic ledgers—to verify and authenticate a transaction. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small and casual transactions,” wrote Nakamoto to make his case for removing mediation and replacing it with a peer-to-peer network.1At the end of bitcoin’s first decade, however, that original vision seems compromised. Decentralization has given way to centralization. Bitcoin whales, or investors who have massive holdings of the cryptocurrency, are said to control its price in the markets. The democratization of printing money through mining has been sacrificed for the efficiency of massive mining farms. For example, Chinese company Bitmain, a semiconductor maker, owns 75% of the market for mining-related application-specific integrated circuits. Even bitcoin’s technology has frayed and is afflicted with scaling problems.2But those negatives are balanced by the growth of a thriving and vibrant ecosystem for crypto. The cryptocurrency market, which did not exist less than a decade ago, is currently worth $1.56 trillion.3More than 1500 cryptocurrencies have been created and are being traded onexchangessince bitcoin’s debut.3Blockchain has become a household word and is being touted as a solution to complex problems. After initial hesitation, institutional investors are alsomaking a beelinetowards crypto-assets as a form of investment.Evaluating The Next DecadeThe next decade could prove its importance in bitcoin's evolution. Revolutions within the financial ecosystem apart, there are a couple of areas in bitcoin’s ecosystem that investors should pay close attention to.Currently, the cryptocurrency is poised between being a store of value and a medium for daily transactions.Institutional investorsare eager to get in on the action and profit from the volatility in its prices even as governments around the world, such as Japan, have declared it a valid form of payment for goods.4But problems with scaling and security have prevented both occurrences from happening. “...arguably the biggest failings for bitcoin and other cryptocurrencies over the previous years lies with security,”said Chakib Bouda, CTO at Rambus—a payment firm. He is referring to the billions of dollars’ worth of bitcoin and other cryptocurrencies that have been stolen from exchanges by hackers. According to him, a secure bitcoin ecosystem will lead to widespread adoption. “...we expect in 10 years' time, bitcoin will become mainstream and have a remarkably different reputation,” he said.The mainstreaming of bitcoin (or, for that matter, increase in its attractiveness as an asset class) as a payment mechanism will not occur without technological improvements in its ecosystem. To be considered a viable investment asset or form of payment, bitcoin’s blockchain should be able to handle millions of transactions in a short span of time. Several new technologies, such asLightning Network, promise scale in its operations.Along with improvements in bitcoin’s blockchain, Ripple’s CTO David Schwartz,compared bitcoin to Ford’s Model Tin 2018. The automobile's manufacturer heralded a revolution in transportation and an entire ecosystem, from highways to gas stations, evolved to serve the automobile. Thanks to extensive media coverage, the beginnings of an ecosystem have already taken root in the last couple of years.As regulation evolves to keep pace, it is likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange.\"So far in 2021, as of March 2021, the price of Bitcoin has topped $50,000 and traded close to $60,000. Large banks are continuing to take notice of the cryptocurrency, with Goldman Sachs reopening its crypto trading desk and BNY Mellon opening custody services for digital currencies.Citi saidbitcoin could be the currency of choicefor international trade. This comes as both PayPal (PYPL) and Tesla (TSLA) made investments in cryptocurrency in early 2021. Teslabought$1.5 billion in bitcoin, while PayPalmade a bid to buycrypto custodian Curv. Citi noted that bitcoin’s future is still very uncertain, but that it’s on the cusp of mainstream acceptance. The institutional investor interest is driving broad interest in the cryptocurrency, but issues over custody, security, and capital efficiency are still headwinds for the digital asset, noted Citi.","news_type":1,"symbols_score_info":{"MSTR":0.9,"PYPL":0.9,"MARA":0.9,"GBTC":0.9,"OBTC":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350899736,"gmtCreate":1616172127725,"gmtModify":1631887029542,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":":'(","listText":":'(","text":":'(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350899736","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至HOD，市场似乎确实对美联储的任何行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至HOD，市场似乎确实对美联储的任何行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328843482,"gmtCreate":1615514840446,"gmtModify":1703490271962,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"🚀🚀🚀🌕","listText":"🚀🚀🚀🌕","text":"🚀🚀🚀🌕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328843482","repostId":"1144029837","repostType":4,"repost":{"id":"1144029837","kind":"news","pubTimestamp":1615513990,"share":"https://www.laohu8.com/m/news/1144029837?lang=zh_CN&edition=full","pubTime":"2021-03-12 09:53","market":"sg","language":"en","title":"The Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144029837","media":"Nasdaq","summary":"The stock market has been going through a lot of volatility lately, and theNasdaq Composite(NASDAQIN","content":"<p>The stock market has been going through a lot of volatility lately, and the<b>Nasdaq Composite</b>(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.</p><p><blockquote>股市最近经历了很大的波动，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）发现自己处于劣势。然而周四，纳斯达克又坚持了下来。事实上，截至下午1:45美国东部时间今天，成长型股票基准涨幅超过2.5%，引领市场其他股票走高。</blockquote></p><p>A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares of<b><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a></b>(NASDAQ: MELI),<b>Okta</b>(NASDAQ: OKTA), and<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings</b>(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.</p><p><blockquote>最近几周，许多知名成长型股票受到了很大的惩罚，因为投资者对许多有前途的公司的前景遭遇了信心危机。然而，周四，情况似乎有所好转。特别是，<b><a href=\"https://laohu8.com/S/MELI\">自由市场</a></b>（纳斯达克：MELI），<b>奥克塔</b>（纳斯达克：OKTA），以及<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股</b>（纳斯达克：PYPL）的涨幅超过了纳斯达克，并计划从二月底和本月初的挫折中全面反弹。</blockquote></p><p><b>MercadoLibre's back in business</b></p><p><blockquote><b>MercadoLibre重新开业</b></blockquote></p><p>Less than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.</p><p><blockquote>不到一周前，MercadoLibre的股价较今年早些时候的高点下跌了30%。然而，它们已经大幅反弹，今天近10%的涨幅有助于收复失地。</blockquote></p><p>The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.</p><p><blockquote>周四，这位拉丁美洲电子商务专家获得了BTIG分析师的信任票。他们将该股评级从中性上调至买入，并将目标价定为每股1720美元。即使在今天下午较高的价格水平上，这也为MercadoLibre提供了10%的额外上涨空间。</blockquote></p><p>BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.</p><p><blockquote>BTIG喜欢MercadoLibre一直遵循的战略，特别是考虑到它能够在其核心电子商务市场中添加辅助服务的方式。Mercado Pago支付网络本身就大受欢迎，它从MercadoLibre生态系统之外产生了大量流量。该公司似乎也正在从巴西主要市场的其他参与者那里获得整体市场份额。</blockquote></p><p><b>Investors might like Okta's big buy after all</b></p><p><blockquote><b>毕竟投资者可能会喜欢Okta的大举买入</b></blockquote></p><p>Shares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.</p><p><blockquote>Okta股价上涨8%，继续上涨，使这家网络身份专家的股价较近期低点上涨约20%。该股下跌了30%，但从根本上说，Okta看起来做得很好。</blockquote></p><p>The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.</p><p><blockquote>该公司在上周公布第四季度财务业绩时最初下跌。尽管该期间收入同比增长40%且利润不大，但投资者不确定如何接受暗示收入增长放缓和可能亏损的指引。</blockquote></p><p>Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.</p><p><blockquote>Sokta以65亿美元收购专注于客户身份管理的私营Auth0也引发了一些问题。这是一个增长领域，有人说Auth0产品实际上比Okta的竞争产品有一些优势，这使得收购对Okta来说是双赢的。然而，当市场对成长型股票失去信心时，这似乎是一次不合时宜的尝试。</blockquote></p><p>It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.</p><p><blockquote>不过，很明显，Okta不会缺少寻求身份验证服务的客户。这种意识再次提振了该股，从长远来看，它可能有助于为Okta建立更多动力。</blockquote></p><p><b>Paying the piper</b></p><p><blockquote><b>付钱给风笛手</b></blockquote></p><p>Lastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.</p><p><blockquote>最后，PayPal控股股价上涨约5%。这家支付网络专家遭受了25%的打击，但通过一系列战略举措，其业绩正在上升。</blockquote></p><p>First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.</p><p><blockquote>首先，PayPal最近敲定了收购加密货币安全公司Curv的协议。自去年年底开始通过其应用程序提供精选代币以来，加密货币一直是PayPal的一项大业务。随着加密货币价格回到创纪录水平附近，投资者对PayPal在该领域保持有效竞争的潜力感到兴奋。</blockquote></p><p>Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.</p><p><blockquote>与此同时，PayPal还努力允许客户使用短期分期付款计划进行购买，将购买价格分为四次付款。PayPal在4service中的薪资并不是唯一的<a href=\"https://laohu8.com/S/AONE.U\">一</a>在业务中，但它代表了公司进入该领域的竞争力。所有这些因素加在一起，让人们再次对PayPal感到良好。</blockquote></p><p><b>Ride the wave</b></p><p><blockquote><b>乘风破浪</b></blockquote></p><p>Volatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.</p><p><blockquote>波动很难忍受，但在低点卖出很少奏效。PayPal、Okta和MercadoLibre最近的上涨表明，强大的企业可以从逆境中反弹，并奖励坚持到底的股东。</blockquote></p><p></p>","source":"lsy1603171495471","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 Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</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 Nasdaq's Back, and These 3 Stocks Are Flying High Again<blockquote>纳斯达克回来了，这3只股票又高飞了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-03-12 09:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market has been going through a lot of volatility lately, and the<b>Nasdaq Composite</b>(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.</p><p><blockquote>股市最近经历了很大的波动，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）发现自己处于劣势。然而周四，纳斯达克又坚持了下来。事实上，截至下午1:45美国东部时间今天，成长型股票基准涨幅超过2.5%，引领市场其他股票走高。</blockquote></p><p>A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares of<b><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a></b>(NASDAQ: MELI),<b>Okta</b>(NASDAQ: OKTA), and<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings</b>(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.</p><p><blockquote>最近几周，许多知名成长型股票受到了很大的惩罚，因为投资者对许多有前途的公司的前景遭遇了信心危机。然而，周四，情况似乎有所好转。特别是，<b><a href=\"https://laohu8.com/S/MELI\">自由市场</a></b>（纳斯达克：MELI），<b>奥克塔</b>（纳斯达克：OKTA），以及<b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股</b>（纳斯达克：PYPL）的涨幅超过了纳斯达克，并计划从二月底和本月初的挫折中全面反弹。</blockquote></p><p><b>MercadoLibre's back in business</b></p><p><blockquote><b>MercadoLibre重新开业</b></blockquote></p><p>Less than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.</p><p><blockquote>不到一周前，MercadoLibre的股价较今年早些时候的高点下跌了30%。然而，它们已经大幅反弹，今天近10%的涨幅有助于收复失地。</blockquote></p><p>The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.</p><p><blockquote>周四，这位拉丁美洲电子商务专家获得了BTIG分析师的信任票。他们将该股评级从中性上调至买入，并将目标价定为每股1720美元。即使在今天下午较高的价格水平上，这也为MercadoLibre提供了10%的额外上涨空间。</blockquote></p><p>BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.</p><p><blockquote>BTIG喜欢MercadoLibre一直遵循的战略，特别是考虑到它能够在其核心电子商务市场中添加辅助服务的方式。Mercado Pago支付网络本身就大受欢迎，它从MercadoLibre生态系统之外产生了大量流量。该公司似乎也正在从巴西主要市场的其他参与者那里获得整体市场份额。</blockquote></p><p><b>Investors might like Okta's big buy after all</b></p><p><blockquote><b>毕竟投资者可能会喜欢Okta的大举买入</b></blockquote></p><p>Shares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.</p><p><blockquote>Okta股价上涨8%，继续上涨，使这家网络身份专家的股价较近期低点上涨约20%。该股下跌了30%，但从根本上说，Okta看起来做得很好。</blockquote></p><p>The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.</p><p><blockquote>该公司在上周公布第四季度财务业绩时最初下跌。尽管该期间收入同比增长40%且利润不大，但投资者不确定如何接受暗示收入增长放缓和可能亏损的指引。</blockquote></p><p>Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.</p><p><blockquote>Sokta以65亿美元收购专注于客户身份管理的私营Auth0也引发了一些问题。这是一个增长领域，有人说Auth0产品实际上比Okta的竞争产品有一些优势，这使得收购对Okta来说是双赢的。然而，当市场对成长型股票失去信心时，这似乎是一次不合时宜的尝试。</blockquote></p><p>It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.</p><p><blockquote>不过，很明显，Okta不会缺少寻求身份验证服务的客户。这种意识再次提振了该股，从长远来看，它可能有助于为Okta建立更多动力。</blockquote></p><p><b>Paying the piper</b></p><p><blockquote><b>付钱给风笛手</b></blockquote></p><p>Lastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.</p><p><blockquote>最后，PayPal控股股价上涨约5%。这家支付网络专家遭受了25%的打击，但通过一系列战略举措，其业绩正在上升。</blockquote></p><p>First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.</p><p><blockquote>首先，PayPal最近敲定了收购加密货币安全公司Curv的协议。自去年年底开始通过其应用程序提供精选代币以来，加密货币一直是PayPal的一项大业务。随着加密货币价格回到创纪录水平附近，投资者对PayPal在该领域保持有效竞争的潜力感到兴奋。</blockquote></p><p>Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.</p><p><blockquote>与此同时，PayPal还努力允许客户使用短期分期付款计划进行购买，将购买价格分为四次付款。PayPal在4service中的薪资并不是唯一的<a href=\"https://laohu8.com/S/AONE.U\">一</a>在业务中，但它代表了公司进入该领域的竞争力。所有这些因素加在一起，让人们再次对PayPal感到良好。</blockquote></p><p><b>Ride the wave</b></p><p><blockquote><b>乘风破浪</b></blockquote></p><p>Volatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.</p><p><blockquote>波动很难忍受，但在低点卖出很少奏效。PayPal、Okta和MercadoLibre最近的上涨表明，强大的企业可以从逆境中反弹，并奖励坚持到底的股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/the-nasdaqs-back-and-these-3-stocks-are-flying-high-again-2021-03-11\">Nasdaq</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":{"MELI":"MercadoLibre","PYPL":"PayPal","OKTA":"Okta Inc."},"source_url":"https://www.nasdaq.com/articles/the-nasdaqs-back-and-these-3-stocks-are-flying-high-again-2021-03-11","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144029837","content_text":"The stock market has been going through a lot of volatility lately, and theNasdaq Composite(NASDAQINDEX: ^IXIC)has found itself on the short end of the stick. Yet on Thursday, the Nasdaq is holding its own again. In fact, as of 1:45 p.m. EST today, the growth-stock benchmark had managed to gain more than 2.5%, leading the rest of the market higher.A lot of well-knowngrowth stockshave taken a lot of punishment in recent weeks, as investors suffered a crisis of confidence in the prospects for many promising companies. On Thursday, though, things seemed to be turning around. In particular, shares ofMercadoLibre(NASDAQ: MELI),Okta(NASDAQ: OKTA), andPayPal Holdings(NASDAQ: PYPL)are outpacing the Nasdaq's gains and aiming to bounce back fully from their setbacks in late February and earlier this month.MercadoLibre's back in businessLess than a week ago, shares of MercadoLibre were down as much as 30% from their highs from earlier this year. Yet they've bounced back considerably, with today's nearly 10% gain helping to claw back lost ground.The Latin American e-commerce specialist got a vote of confidence from analysts at BTIG on Thursday. They upgraded the stock from neutral to buy and set a price target of $1,720 per share. That provides MercadoLibre with additional upside of another 10% even from this afternoon's elevated price levels.BTIG likes the strategy that MercadoLibre has been following, especially given the way that it has been able to add in ancillary services to its core e-commerce marketplace. The Mercado Pago payment network has been a hit all on its own, and it's generating considerable traffic from outside the MercadoLibre ecosystem. It also appears that the company is gaining market share overall from other players in the key Brazilian market.Investors might like Okta's big buy after allShares of Okta were up 8%, continuing an advance that has taken the cyber-identity specialist's stock up about 20% from its recent lows. The stock was down as much as 30%, but fundamentally, Okta looks like it's doing things right.The company originally lost ground when it reported fourth-quarter financial results last week. Despite year-over-year revenue gains of 40% and a modest profit for the period, investors weren't sure how to take guidance that suggested somewhat slower revenue growth and a possible loss.Also raising a few questions wasOkta's $6.5 billion acquisition bidfor privately held Auth0, which focuses on customer identity management. That's a growth area, and some have said that the Auth0 product actually has some advantages over Okta's competing offering that made a buyout a win-win for Okta. Yet when the market was losing faith in growth stocks, it seemed like an ill-timed foray.It's clear, though, that Okta isn't going to have any shortage of clients looking for identity verification services. That awareness is lifting the stock once again, and it could help build more momentum for Okta in the long run.Paying the piperLastly, shares of PayPal Holdings gained about 5%. The payment network specialist has taken a 25% hit, but it's rising on a number of strategic moves.First,PayPal recently finalized its agreement to buy Curv, a cryptocurrency security company. Crypto has been a big business for PayPal since late last year, when it started offering select tokens through its app. With crypto prices back near record levels, investors are excited about the potential for PayPal to keep competing effectively in the space.Meanwhile, PayPal has also embraced efforts to allow customers to make purchases using short-term installment plans, breaking up purchase prices into four payments. PayPal'sPay in 4service isn't the only one in the business, but it represents the company's competitive entry into the space. Together, all these factors are making people feel good about PayPal once again.Ride the waveVolatility is hard to endure, but selling at lows rarely works out. The recent gains in PayPal, Okta, and MercadoLibre show that strong businesses can bounce back from adversity and reward shareholders who stay the course.","news_type":1,"symbols_score_info":{"MELI":0.9,"PYPL":0.9,"OKTA":0.9}},"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323111644,"gmtCreate":1615309008688,"gmtModify":1703487228096,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👏","listText":"👏","text":"👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323111644","repostId":"1137016104","repostType":4,"repost":{"id":"1137016104","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":1615304114,"share":"https://www.laohu8.com/m/news/1137016104?lang=zh_CN&edition=full","pubTime":"2021-03-09 23:35","market":"us","language":"en","title":"Is Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137016104","media":"Benzinga","summary":"One of the most common questions traders have about stocks is “Why Is It Moving?”\nThat’s why Benzing","content":"<p>One of the most common questions traders have about stocks is “Why Is It Moving?”</p><p><blockquote>交易者对股票最常见的问题之一是“它为什么会变动？”</blockquote></p><p> That’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.</p><p><blockquote>这就是Benzinga在Benzinga Pro中创建“Why Is It Moving”(WIIM)功能的原因。WIIM是对该股票变动原因的一句话描述。</blockquote></p><p> Here’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.</p><p><blockquote>以下是周一上午小鹏汽车、Palantir、GE和游戏驿站的最新消息和更新。</blockquote></p><p> Daiwa Capital analyst Kelvin Lau&nbsp;upgraded&nbsp;<b>Xpeng Inc </b>from Sell to Buy and announced&nbsp;a $34 price target.</p><p><blockquote>大和资本分析师Kelvin Lau升级<b>小鹏汽车</b>从卖出到买入，并宣布了34美元的目标价。</blockquote></p><p> <b>Palantir Technologies Inc</b>&nbsp;will hold the first in a series of \"Double Click\" demo events at 11 a.m. on&nbsp;Wednesday, April 14, according to a Tuesday&nbsp;press release.</p><p><blockquote><b>Palantir技术公司</b>根据周二的新闻稿，将于4月14日周三上午11点举行一系列“双击”演示活动中的第一场。</blockquote></p><p> Double Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.</p><p><blockquote>Double Click是这家大数据分析公司的一系列软件演示活动，展示了该公司的平台如何在各行各业中使用。</blockquote></p><p> Following news of a&nbsp;potential merger&nbsp;with&nbsp;<b>AerCap Holdings N.V.</b>, BofA Securities analyst Andrew Obin reiterated a&nbsp;Buy rating on<b>General Electric Company</b>&nbsp;and raised the price target from $14 to $15.</p><p><blockquote>在与潜在合并的消息传出后<b>AerCap控股公司。</b>，美银证券分析师Andrew Obin重申买入评级<b>通用电气公司</b>并将目标价从14美元上调至15美元。</blockquote></p><p> The company will&nbsp;host its 2021 GE Investor Outlook&nbsp;event&nbsp;Wednesday. Interested traders and investors can sign up for the stream&nbsp;here.</p><p><blockquote>该公司将于周三举办2021年GE投资者展望活动。感兴趣的交易者和投资者可以在这里注册。</blockquote></p><p> GE passed its 52-week high of $14.35 during Tuesday's premarket&nbsp;session.</p><p><blockquote>通用电气在周二盘前交易中突破了14.35美元的52周高点。</blockquote></p><p> Shares of&nbsp;<b>GameStop Corp.</b>&nbsp;were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.</p><p><blockquote>本公司之股份<b>游戏驿站公司。</b>周一，该公司表示董事会已成立战略规划和资本分配委员会，专注于帮助其业务转型的举措，股价连续第五个交易日走高。</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>Is Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</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\">\nIs Now The Time To Buy Stock In Xpeng, Palantir, GE Or GameStop?<blockquote>现在是购买小鹏汽车、Palantir、GE或游戏驿站股票的时候吗？</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\">2021-03-09 23:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>One of the most common questions traders have about stocks is “Why Is It Moving?”</p><p><blockquote>交易者对股票最常见的问题之一是“它为什么会变动？”</blockquote></p><p> That’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.</p><p><blockquote>这就是Benzinga在Benzinga Pro中创建“Why Is It Moving”(WIIM)功能的原因。WIIM是对该股票变动原因的一句话描述。</blockquote></p><p> Here’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.</p><p><blockquote>以下是周一上午小鹏汽车、Palantir、GE和游戏驿站的最新消息和更新。</blockquote></p><p> Daiwa Capital analyst Kelvin Lau&nbsp;upgraded&nbsp;<b>Xpeng Inc </b>from Sell to Buy and announced&nbsp;a $34 price target.</p><p><blockquote>大和资本分析师Kelvin Lau升级<b>小鹏汽车</b>从卖出到买入，并宣布了34美元的目标价。</blockquote></p><p> <b>Palantir Technologies Inc</b>&nbsp;will hold the first in a series of \"Double Click\" demo events at 11 a.m. on&nbsp;Wednesday, April 14, according to a Tuesday&nbsp;press release.</p><p><blockquote><b>Palantir技术公司</b>根据周二的新闻稿，将于4月14日周三上午11点举行一系列“双击”演示活动中的第一场。</blockquote></p><p> Double Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.</p><p><blockquote>Double Click是这家大数据分析公司的一系列软件演示活动，展示了该公司的平台如何在各行各业中使用。</blockquote></p><p> Following news of a&nbsp;potential merger&nbsp;with&nbsp;<b>AerCap Holdings N.V.</b>, BofA Securities analyst Andrew Obin reiterated a&nbsp;Buy rating on<b>General Electric Company</b>&nbsp;and raised the price target from $14 to $15.</p><p><blockquote>在与潜在合并的消息传出后<b>AerCap控股公司。</b>，美银证券分析师Andrew Obin重申买入评级<b>通用电气公司</b>并将目标价从14美元上调至15美元。</blockquote></p><p> The company will&nbsp;host its 2021 GE Investor Outlook&nbsp;event&nbsp;Wednesday. Interested traders and investors can sign up for the stream&nbsp;here.</p><p><blockquote>该公司将于周三举办2021年GE投资者展望活动。感兴趣的交易者和投资者可以在这里注册。</blockquote></p><p> GE passed its 52-week high of $14.35 during Tuesday's premarket&nbsp;session.</p><p><blockquote>通用电气在周二盘前交易中突破了14.35美元的52周高点。</blockquote></p><p> Shares of&nbsp;<b>GameStop Corp.</b>&nbsp;were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.</p><p><blockquote>本公司之股份<b>游戏驿站公司。</b>周一，该公司表示董事会已成立战略规划和资本分配委员会，专注于帮助其业务转型的举措，股价连续第五个交易日走高。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","PLTR":"Palantir Technologies Inc.","GE":"GE航空航天","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137016104","content_text":"One of the most common questions traders have about stocks is “Why Is It Moving?”\nThat’s why Benzinga created the Why Is It Moving, or WIIM, feature inBenzinga Pro. WIIMs are a one-sentence description as to why that stock is moving.\nHere’s the latest news and updates for Xpeng, Palantir, GE and GameStop Monday morning.\nDaiwa Capital analyst Kelvin Lau upgraded Xpeng Inc from Sell to Buy and announced a $34 price target.\nPalantir Technologies Inc will hold the first in a series of \"Double Click\" demo events at 11 a.m. on Wednesday, April 14, according to a Tuesday press release.\nDouble Click is a series of software demo events from the big data analytics company that showcase how the company's platforms are used across industries.\nFollowing news of a potential merger with AerCap Holdings N.V., BofA Securities analyst Andrew Obin reiterated a Buy rating onGeneral Electric Company and raised the price target from $14 to $15.\nThe company will host its 2021 GE Investor Outlook event Wednesday. Interested traders and investors can sign up for the stream here.\nGE passed its 52-week high of $14.35 during Tuesday's premarket session.\nShares of GameStop Corp. were trading higherfor the fifth consecutive trading day Monday after the company said its board has constituted a strategic planning and capital allocation committee to zero in on initiatives to aid its business transformation.","news_type":1,"symbols_score_info":{"GE":0.9,"PLTR":0.9,"XPEV":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363133046,"gmtCreate":1614098920285,"gmtModify":1631887029618,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":", 👍","listText":", 👍","text":", 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363133046","repostId":"2113801076","repostType":4,"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384246847,"gmtCreate":1613658902189,"gmtModify":1631891739295,"author":{"id":"3573176886461366","authorId":"3573176886461366","name":"rontan09","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573176886461366","authorIdStr":"3573176886461366"},"themes":[],"htmlText":"👏","listText":"👏","text":"👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384246847","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":61,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}