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Vincentkhoo1

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2021-04-06

[得意]

United Airlines to open flight school later this year in hiring push, plans to increase diversity

2021-03-31

财神？

President Biden will unveil his $2 trillion infrastructure plan today – here are the details

2021-02-17

Oic[得意]

Index funds don’t buy IPOs but here’s why they should

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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>United Airlines to open flight school later this year in hiring push, plans to increase diversity</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnited Airlines to open flight school later this year in hiring push, plans to increase diversity\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-06 20:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/06/united-airlines-to-open-flight-school-plans-to-increase-diversity.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nUnited said it plans to train 5,000 pilots in its flight academy by 2030 and aims for half of those students to be women or people of color.\nThe airline plans to hire 10,000 pilots by 2030...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/06/united-airlines-to-open-flight-school-plans-to-increase-diversity.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAL":"美国航空"},"source_url":"https://www.cnbc.com/2021/04/06/united-airlines-to-open-flight-school-plans-to-increase-diversity.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1160582584","content_text":"KEY POINTS\n\nUnited said it plans to train 5,000 pilots in its flight academy by 2030 and aims for half of those students to be women or people of color.\nThe airline plans to hire 10,000 pilots by 2030 to account for growth and a wave of retirements.\nThe airline bought a flight-training academy last year, but Covid derailed training plans.\n\nUnited Airlines started accepting applications for its flight academy on Tuesday, part of a push to hire 10,000 pilots by 2030 as more of its aviators reach the federally mandated retirement age of 65.\nThe airline announced in February 2020 that it bought a flight school, but the Covid pandemic forced it to put training plans on hold. United is now resuming plans to refill pilot ranks and prepare for growth as travel demand returns. Last week, it said it will start hiring pilots again, starting with 300 candidates whose hiring process was halted by the pandemic.\nUnited’s flight school is meant to provide training to pilots with little-to-no experience. United said it wants to train 5,000 pilots and aims for half of them to be women and people of color. Just over 7% of United’s more than 12,000 pilots are women and 13% are people of color, United said.\nThe first class of 20 pilots will begin in the third quarter with a graduation date sometime in the first half of 2022, United said.\nUnited and other airlines have ramped up pilot recruitment in recent years. Students will be able to apply for United’s Aviate recruiting program, which extends conditional job offers to candidates as they build up experience during training and working at smaller carriers. It could take a student about five years from starting flight school until reaching a job at United.\nUnited declined to say how much the flight academy would cost students but said it would fund $1.2 million in scholarships “to break down the financial barriers that limited access to the airline pilot career path for generations of women and people of color.JPMorgan Chase said it will provide another $1.2 million in scholarships to help increase diversity.","news_type":1},"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":354716596,"gmtCreate":1617201015615,"gmtModify":1634522089884,"author":{"id":"3574816125989243","authorId":"3574816125989243","name":"Vincentkhoo1","avatar":"https://static.tigerbbs.com/df2edef04256c926759f8d9b3ce93070","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"财神？","listText":"财神？","text":"财神？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354716596","repostId":"1196818239","repostType":4,"repost":{"id":"1196818239","pubTimestamp":1617181590,"share":"https://www.laohu8.com/m/news/1196818239?lang=&edition=full","pubTime":"2021-03-31 17:06","market":"us","language":"en","title":"President Biden will unveil his $2 trillion infrastructure plan today – here are the details","url":"https://stock-news.laohu8.com/highlight/detail?id=1196818239","media":"cnbc","summary":"President Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package on Wednesday.The plan aims to revitalize U.S. transportation infrastructure, water systems, broadband and manufacturing, among other goals.An increase in the corporate tax rate to 28% and measures designed to prevent offshoring of profits will fund the spending, according to the White House.PresidentJoe Bidenwill unveil a more than $2 trillion infrastructure package on Wednesday as his administra","content":"<div>\n<p>KEY POINTS\n\nPresident Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package on Wednesday.\nThe plan aims to revitalize U.S. transportation infrastructure, water ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-includes-corporate-tax-hike-transportation-spending.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>President Biden will unveil his $2 trillion infrastructure plan today – here are the details</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPresident Biden will unveil his $2 trillion infrastructure plan today – here are the details\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-31 17:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-includes-corporate-tax-hike-transportation-spending.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nPresident Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package on Wednesday.\nThe plan aims to revitalize U.S. transportation infrastructure, water ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-includes-corporate-tax-hike-transportation-spending.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff7dc206228e5f0b17e2120c141f32db","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-includes-corporate-tax-hike-transportation-spending.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1196818239","content_text":"KEY POINTS\n\nPresident Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package on Wednesday.\nThe plan aims to revitalize U.S. transportation infrastructure, water systems, broadband and manufacturing, among other goals.\nAn increase in the corporate tax rate to 28% and measures designed to prevent offshoring of profits will fund the spending, according to the White House.\n\nPresidentJoe Bidenwill unveil a more than $2 trillion infrastructure package on Wednesday as his administration shifts its focus to bolstering the post-pandemic economy.\nThe plan Biden will outline Wednesday will include roughly $2 trillion in spending over eight years, and would raise the corporate tax rate to 28% to fund it, an administration official told reporters Tuesday night.\nThe White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.\nThe proposal would:\n\nPut $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development\nDirect $400 billion to care for elderly and disabled Americans\nInject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids\nPut more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools\nInvest $580 billionin American manufacturing, research and development and job training efforts\n\nThe president will kick off his second major White House initiative after passage of a $1.9 trillion coronavirus relief plan earlier this month. The administration aims to approve a first proposal designed to create jobs, revamp U.S. infrastructure and fight climate change before it turns toward a second plan to improve education and expand paid leave and health-care coverage.\nThrough the plan announced Wednesday, the White House aims to show it can “revitalize our national imagination and put millions of Americans to work right now,” the administration official said.\nThe White House plans to fund the spending by raising the corporate tax rate to 28%. Republicans slashed the levy to 21% from 35% as part of their 2017 tax law.\nThe administration also aims to boost the global minimum tax for multinational corporations and ensure they pay at least 21%. The White House also aims to discourage firms from listing tax havens as their address and writing off expenses related to offshoring, among other reforms.\nBiden hopes the package will create manufacturing jobs and rescue failing American infrastructure as the country tries to emerge from the shadow of Covid-19. He and congressional Democrats also aim to combat climate change and start a transition to cleaner energy sources.\nThe president was set to announce his plans in Pittsburgh, a city where organized labor has a strong presence and the economy has undergone a shift from traditional manufacturing and mining to health care and technology. Biden, who has pledged to create union jobs as part of the infrastructure plan, launched his presidential campaign at a Pittsburgh union hall in 2019.\nWhile Democrats narrowly control both chambers of Congress, the party faces challenges in passing the infrastructure plan. The GOP broadly supports efforts to rebuild roads, bridges and airports and expand broadband access, but Republicans oppose tax hikes as part of the process.\n“We’re hearing the next few months might bring a so-called infrastructure proposal that may actually be a Trojan horse for massive tax hikes and other job-killing left-wing policies,” Senate Minority Leader Mitch McConnell, R-Ky., said earlier this month.\nBiden has said he hopes to win Republican support for an infrastructure bill. If Democrats cannot get 10 GOP senators on board, they will have to try to pass the bill through budget reconciliation, which would not require any Republicans to back the plan in a chamber split 50-50 by party.\nThey would also have to consider whether to package the physical infrastructure plans with other recovery policies including universal pre-K and expanded paid leave. Republicans likely would not back more spending to boost the social safety net, especially if Democrats move to hike taxes on the wealthy to fund programs.\nThe administration official did not say whether Biden would seek to pass the plan with bipartisan support.\n“We will begin and will already have begun to do extensive outreach to our counterparts in Congress,” the official said.\nAsked Monday about how the bill could pass, White House press secretary Jen Psaki said Biden would “leave the mechanics of bill passing to [Senate Majority] Leader [Chuck] Schumer and other leaders in Congress.”\nAs of now, Democrats will have two more shots at budget reconciliation before the 2022 midterms. Schumer, D-N.Y., hopes to convince the chamber’s parliamentarian to allow Democrats to use the process at least once more beyond those two opportunities, according to NBC News.\nThe party passed its $1.9 trillion coronavirus relief package without a Republican vote.","news_type":1},"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":385271315,"gmtCreate":1613559536037,"gmtModify":1634553165671,"author":{"id":"3574816125989243","authorId":"3574816125989243","name":"Vincentkhoo1","avatar":"https://static.tigerbbs.com/df2edef04256c926759f8d9b3ce93070","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Oic[得意]&nbsp;","listText":"Oic[得意]&nbsp;","text":"Oic[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385271315","repostId":"1195476575","repostType":4,"repost":{"id":"1195476575","pubTimestamp":1613555269,"share":"https://www.laohu8.com/m/news/1195476575?lang=&edition=full","pubTime":"2021-02-17 17:47","market":"us","language":"en","title":"Index funds don’t buy IPOs but here’s why they should","url":"https://stock-news.laohu8.com/highlight/detail?id=1195476575","media":"MarketWatch","summary":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S.","content":"<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public</p>\n<p>The U.S. market for IPOs (initial public offerings) was red hot in 2020.&nbsp; Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.&nbsp; The prices of these IPOs jumped during the initial day of trading by 36% on average.</p>\n<p>Despite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.&nbsp; Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.</p>\n<p>Yet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.&nbsp; For example, the price of Tesla&nbsp;spiked once it became likely that the company would be added to the S&amp;P500.</p>\n<p>In this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.&nbsp; Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index&nbsp;to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.</p>\n<p>Like many other studies,the study that I co-authored with two experts on indexing&nbsp;found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.&nbsp; For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.</p>\n<p>The study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.&nbsp; Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.</p>\n<p>The study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.&nbsp; The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.&nbsp; IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.</p>\n<p>The first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%. &nbsp;Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.</p>\n<p>Both of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.&nbsp; The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.&nbsp; Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.</p>\n<p><b>Risks in the returns</b></p>\n<p>Index funds would face several risks associated with such early purchases of IPOs.</p>\n<p>First, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.&nbsp; An index fund might purchase an IPO stock that doesn’t get added to the index.&nbsp; In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.</p>\n<p>A second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public.&nbsp;Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.</p>\n<p>Third, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.&nbsp; Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.&nbsp; But investors would probably not be overly concerned if the fund beat the index it was designed to track.</p>\n<p>Of course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.</p>\n<p>To mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index. &nbsp; Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.</p>\n<p>This strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.&nbsp; In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.&nbsp; In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.</p>\n<p>The study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)</p>\n<p>The results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.</p>\n<p>For example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.&nbsp; Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.</p>\n<p><img src=\"https://static.tigerbbs.com/0fc52461985f7a3ca10fac53ba2ccf05\" tg-width=\"1260\" tg-height=\"476\"></p>\n<p>My recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.</p>\n<p>I would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle.&nbsp;I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&amp;P 500, where stocks included are chosen by a committee.</p>","source":"market_watch","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>Index funds don’t buy IPOs but here’s why they should</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndex funds don’t buy IPOs but here’s why they should\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 17:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S. market for IPOs (initial public offerings) was red hot in 2020.  Excluding special purpose ...</p>\n\n<a href=\"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1195476575","content_text":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S. market for IPOs (initial public offerings) was red hot in 2020.  Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.  The prices of these IPOs jumped during the initial day of trading by 36% on average.\nDespite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.  Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.\nYet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.  For example, the price of Tesla spiked once it became likely that the company would be added to the S&P500.\nIn this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.  Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.\nLike many other studies,the study that I co-authored with two experts on indexing found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.  For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.\nThe study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.  Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.\nThe study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.  The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.  IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.\nThe first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%.  Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.\nBoth of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.  The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.  Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.\nRisks in the returns\nIndex funds would face several risks associated with such early purchases of IPOs.\nFirst, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.  An index fund might purchase an IPO stock that doesn’t get added to the index.  In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.\nA second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public. Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.\nThird, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.  Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.  But investors would probably not be overly concerned if the fund beat the index it was designed to track.\nOf course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.\nTo mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index.   Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.\nThis strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.  In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.  In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.\nThe study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)\nThe results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.\nFor example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.  Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.\n\nMy recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.\nI would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle. I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&P 500, where stocks included are chosen by a committee.","news_type":1},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":343665218,"gmtCreate":1617714295434,"gmtModify":1634296976960,"author":{"id":"3574816125989243","authorId":"3574816125989243","name":"Vincentkhoo1","avatar":"https://static.tigerbbs.com/df2edef04256c926759f8d9b3ce93070","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343665218","repostId":"1160582584","repostType":4,"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":385271315,"gmtCreate":1613559536037,"gmtModify":1634553165671,"author":{"id":"3574816125989243","authorId":"3574816125989243","name":"Vincentkhoo1","avatar":"https://static.tigerbbs.com/df2edef04256c926759f8d9b3ce93070","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Oic[得意]&nbsp;","listText":"Oic[得意]&nbsp;","text":"Oic[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385271315","repostId":"1195476575","repostType":4,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":354716596,"gmtCreate":1617201015615,"gmtModify":1634522089884,"author":{"id":"3574816125989243","authorId":"3574816125989243","name":"Vincentkhoo1","avatar":"https://static.tigerbbs.com/df2edef04256c926759f8d9b3ce93070","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"财神？","listText":"财神？","text":"财神？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354716596","repostId":"1196818239","repostType":4,"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}